TCRAP_Public/170323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 23, 2017, Vol. 20, No. 59

                            Headlines


A U S T R A L I A

ALINTA ENERGY: Moody's Corrects March 16 Release
AQUAINT CAPITAL: Australian Financial Services License Cancelled
CMS CONSTRUCTION: Unsecured Creditors Tap Preferred Liquidators
EXPLORE AUSTRALIA: Event Organizer Goes Into Liquidation
HAMILTON TILING: First Creditors' Meeting Set for April 3

HERAYMILA DEVELOPMENTS: First Creditors' Meeting Set for March 29
NATIONWIDE QUARRIES: First Creditors' Meeting Set for March 31
WRELD TRANSPORT: First Creditors' Meeting Set for March 30


C H I N A

AGILE GROUP: Solid 2016 Results Support Moody's Ba3 CFR
CAR INC: Faces Margin Pressure and Higher Capex Needs, Fitch Says
CHINA MEDICAL: Founder, Former CFO Charged in Fraud Case
YINGDE GASES: Fitch Puts B+ IDR on Rating Watch Negative


I N D I A

AASHIRWAD INDUSTRIES: CARE Cuts Rating on INR13.80cr LT Loan to B
AGARWAL TOUGHENED: CARE Reaffirms B+ Rating on INR6.55cr LT Loan
AL-SUPER FROZEN: CRISIL Cuts Rating on INR25MM Term Loan to D
ANCHOR AGRITECH: CARE Lowers Rating INR7cr LT Loan to B+
BABA STRUCTURAL: CRISIL Hikes Rating on INR9.5MM Loan to B+

COIRFOAM INDIA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
EASTSTAR MANUFACTURING: CARE Assigns B+ Rating to INR6.5cr Loan
GOEL ROADWAYS: CARE Raises Rating on INR6cr LT Loan to BB-
GLOBAL DENIMS: CARE Reaffirms B+ Rating on INR8cr LT Loan
GYANSAGAR TEXTILE: CRISIL Assigns B+ Rating to INR4MM LT Loan

HKR ROADWAYS: Ind-Ra Lowers Rating on INR15.25BB Bank Loan to 'D'
HONEST MARKETING: CRISIL Reaffirms 'B' Rating on INR4MM Loan
INFINITY INFRATECH: CARE Reaffirms B+ Rating on INR4.91cr Loan
KAMINENI STEEL: CARE Assigns 'D' Rating to INR1,777.91cr Loan
KAMLESH KUMAR: CRISIL Assigns B+ Rating to INR4MM Bank Loan

KESHAV PULSES: CRISIL Assigns B+ Rating to INR4.50MM Cash Loan
KSHATRIYA LABORATORIES: CRISIL Assigns B Rating to INR9MM Loan
MANOHAR FOOD: CARE Assigns B+ Rating to INR3.0cr LT Loan
MB POWER: Ind-Ra Assigns Prelim. 'BB' Rating on INR51.96BB Loan
MOTHER LAM: CARE Lowers Rating on INR11.58cr LT Loan to 'D'

NAKODA FRUIT: CARE Reaffirms B+ Rating on INR3cr LT Loan
NAVBHARAT FUSE: CARE Assigns B+ Rating to INR31.30cr LT Loan
NIKITA CORPORATION: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
NILKANTH KRAFT: CARE Assigns B+ Rating to INR8.50cr LT Loan
PRANAAV MARATHE: CARE Raises Rating on INR32.20cr LT Loan to B+

QUALITY FOODS: CARE Reaffirms 'B' Rating on INR2.17cr LT Loan
R L CONSTRUCTION: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
R D FASHIONS: CRISIL Assigns B+ Rating to INR5.4MM Term Loan
RMJ MOTORS: CARE Reaffirms B+ Rating on INR14.75cr LT Loan
S.K. AGRI: CARE Hikes Rating on INR8.40cr LT Loan to BB-

SAHANU SPONGE: CARE Reaffirms B+ Rating on INR11.21cr LT Loan
SAI POULTRY: CARE Reaffirms B+ Rating on INR6.30cr LT Loan
SAMRUDH PHARMACARE: CRISIL Reaffirms B- Rating on INR8.89MM Loan
SETMAX CERAMIC: CARE Assigns B+ Rating to INR5.24cr LT Loan
SOM AUTOTECH: CARE Hikes Rating on INR26.71cr LT Loan to B+

SOUTH PARK: CRISIL Assigns B+ Rating on INR10MM Overdraft
SURYA COTTON: CARE Reaffirms B+ Rating on INR6.83cr LT Loan
UTM ENGINEERING: CRISIL Reaffirms 'B' Rating on INR1.5MM Loan
VASA NONWOVEN: CARE Revises Rating on INR5.09cr Loan to B+
WHITELOTUS INDUSTRIES: CARE Assigns C Rating to INR27.07cr Loan


M A L A Y S I A

1MALAYSIA DEVELOPMENT: US Preparing Charges Against Jho Low
PETROL ONE: Plan Implementation Deadline Extended Until Aug. 13
YFG BERHAD: Restraining Order Extended to September 4
YFG BERHAD: Unit Settles Payment Claim With Agni Power


N E W  Z E A L A N D

INFRATECH MINING: Owner Banned From Managing Any Company


                            - - - - -


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A U S T R A L I A
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ALINTA ENERGY: Moody's Corrects March 16 Release
------------------------------------------------
Moody's Investors Service issued a correction to its March 16,
2017 press release on Alinta Energy Finance Pty Ltd.

The first paragraph of the press release was changed to the
following: "Moody's Investors Service has changed the outlook of
Alinta Energy Finance Pty Ltd (AEF) and Alinta Holdings to
developing from positive. At the same time, Moody's has affirmed
AEF's Ba3 senior secured bank credit facility rating and Alinta's
Ba3 corporate family rating."

The Ratings Rationale heading was also added after second
paragraph.

The revised release is as follows:

Moody's Investors Service has changed the outlook of Alinta
Energy Finance Pty Ltd (AEF) and Alinta Holdings to developing
from positive. At the same time, Moody's has affirmed AEF's Ba3
senior secured bank credit facility rating and Alinta's Ba3
corporate family rating.

RATINGS RATIONALE

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

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

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

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

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

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

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

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

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

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

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

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.

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

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


AQUAINT CAPITAL: Australian Financial Services License Cancelled
----------------------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the Australian financial services (AFS) license of Aquaint
Capital Limited.

Aquaint is the responsible entity for Aquaint Income Fund ARSN
114 372 619 (the Scheme). It was placed into liquidation on
September 1, 2016 following a creditors' resolution that Aquaint
be wound up on the basis that it is insolvent. The Liquidators
commenced winding up the Scheme on September 14, 2016.

The cancellation is subject to a specification under section 915H
of the Corporations Act that the AFS license continues in effect
as though the cancellation had not happened for a period of 12
months from the date of the cancellation in order to facilitate
the winding up of the Scheme.

The AFS license was cancelled on February 28, 2017.


CMS CONSTRUCTION: Unsecured Creditors Tap Preferred Liquidators
---------------------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that unsecured
construction industry creditors have had another win, securing
the appointment of their preferred liquidator to the Ashtay Group
trading as CMS Construction.

According to the report, the victory follows similar success by
subcontractors in December in resisting the appointment of the
Cullen Group Australia's preferred liquidator.

Sunshine Coast Daily says the company's director Charles Schultz
failed to appear at the first creditors' meeting at which the
liquidator's appointment was ratified.

Sunshine Coast Daily relates that subcontractors Alliance head
Les Williams said subbies had had enough and would increasingly
challenge liquidation appointments to ensure their rights were
properly addressed.

He accused some company directors of shopping around for
compliant liquidators who would not look too deeply into a
company's affairs, the report says.

"Unsecured creditors want liquidators to do their jobs properly
and in their best interests," the report quotes Mr. Williams as
saying.  "They will be working actively to ensure that happens in
the future."

He said creditors are frustrated that after four years, two
liquidators - neither of whom subbies had a say in the
appointment - and AUD2 million in fees including AUD500,000
provided by the Queensland government, they were yet to see the
final liquidator's report into the 2013 Walton Construction
collapse that cost Sunshine Coast businesses AUD3 million and
ultimately totalled AUD80 million, according to Sunshine Coast
Daily.

"None of the debtors' claims and counter claims have been
interrogated and what recovery action that has been taken to date
has failed," Mr. Williams said, the report relays.

"We're disappointed no action has been taken against Craig
Walton. We will be seeking an independent investigation of that
collapse and prosecution of Walton if required in Queensland."


EXPLORE AUSTRALIA: Event Organizer Goes Into Liquidation
--------------------------------------------------------
Blair Thomson at The Border Mail reports that Border business
owners are fuming after being left tens of thousands of dollars
out of pocket by the collapse of the Henty 4WD and Outdoor
Adventure Expo.

The Border Mail says the company behind the event, which was to
run Friday to Sunday, has gone into liquidation owing AUD297,000.

Organiser Paul Morgan has switched his phone off and directed all
enquiries to the liquidator, the report relates.

According to the Border Mail, Gervase Consulting Pty Ltd was
appointed liquidator of Explore Australia Exhibitions Pty Ltd in
court on March 3.

But Border business owners -- some of whom had spent thousands
for a stall at the site and tens-of-thousands of dollars for
stock -- were shocked when told it had collapsed by The Border
Mail on March 6.

The report relates that Jason Wyatt of Opposite Lock Albury-
Wodonga said he had been warned against getting involved in the
event.

"I told him (Mr. Morgan) last week we weren't going - we had
reservations about the whole ordeal . . . he turned it around as
if we were leaving him in the lurch by not attending," the report
quotes Mr. Wyatt as saying.  "Now he's turned around and done
that to us."

The Border Mail relates that Mr. Wyatt had spent AUD2,200 for a
stall and bought AUD20,000 in stock for the event, and estimated
he will lose AUD20,000.

Liquidator John Shannahan said the company behind the expo owed
AUD297,000 before the event.

Mr. Shannahan is trying to figure out what else is owed to those
who signed up for the inaugural event, adds The Border Mail.


HAMILTON TILING: First Creditors' Meeting Set for April 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Hamilton Tiling Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 8, 102 Adelaide Street, in
Brisbane, Queensland, on April 3, 2017, at 10:30 a.m.

Lee Crosthwaite and Michael Griffin of Worrells Solvency were
appointed as administrators of Hamilton Tiling on March 22, 2017.


HERAYMILA DEVELOPMENTS: First Creditors' Meeting Set for March 29
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Heraymila
Developments Pty Ltd will be held at the offices of Nicols +
Brien, Level 2, 350 Kent Street, in Sydney, NSW, on March 29,
2017, at 3:00 p.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Heraymila Developments on March 19, 2017.


NATIONWIDE QUARRIES: First Creditors' Meeting Set for March 31
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nationwide
Quarries Pty Ltd, Blackwater Properties Pty Ltd, and Blackwater
Quarries & Concrete Pty Ltd will be held at United Services Club
Queensland, 183 Wickham Terrace, in Spring Hill, Queensland, on
March 31, 2017, at 11:00 a.m.

Geoffrey Trent Hancock and Bradley John Tonks of PKF were
appointed as administrators of Nationwide Quarries on March 21,
2017.


WRELD TRANSPORT: First Creditors' Meeting Set for March 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wreld
Transport Pty Ltd will be held at the offices of Vince &
Associates, 51 Robinson Street, in Dandenong, Victoria, on
March 30, 2017, at 11:00 a.m.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Wreld Transport on March 21,
2017.



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AGILE GROUP: Solid 2016 Results Support Moody's Ba3 CFR
-------------------------------------------------------
Moody's Investors Service says that Agile Group Holdings Limited
reported solid results for 2016, as reflected by its higher
presales and revenues, better margins, and stronger financial and
liquidity positions.

The improved results support the company's Ba3 corporate family
rating and stable rating outlook.

"Moody's expects that Agile's credit profile will be largely
stable over the next 12-18 months, supported by the company's
moderate growth in revenues and pre-sales, as well as the
continuing improvement in its margins," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

"But higher spending on land and construction to support its
growth could increase its funding needs," adds Tsang.

Moody's expects that Agile will achieve a moderate growth in pre-
sales in 2017 to around RMB55-RMB60 billion, because the company
has better positioned its portfolio of saleable resources to take
advantage of the spillover demand into second- and third-tier
cities surrounding metropolitan cities. However, the growth pace
will be partly moderated by the government's tighter regulatory
controls to slow the growth of property prices.

At the same time, Moody's believes the company will purchase more
land to replenish its land bank and increase construction in 2017
to support its higher pre-sales. These activities will increase
the company's funding needs. As a result, its revenue/adjusted
debt will dip to around 85% over the next 12-18 months versus 90%
at end-2016.

Nevertheless, Moody's expects that the company will maintain its
financial discipline, such that its investments in land will stay
at around 40% of total pre-sales. Such a ratio was at around 36%
in 2016.

Moody's also expects that Agile's EBIT/interest will improve to
around 3.5x over the next 12-18 months from 3.1x in 2016, based
on the company's improving margins and lower funding costs. The
company's average funding cost fell to 7.11% in 2016 from 8.01%
in 2015, as it refinanced or redeemed early its high cost debt.

Agile's projected credit metrics position its corporate family
rating well in the Ba3 category.

Moody's further notes that Agile's solid 2016 results reflected
its 9% year-on-year increase in revenues and an improvement in
its gross margin to 26.5% in 2016 from 25.1% in 2015.
Accordingly, its EBIT/interest rose to 3.1x from 2.8x over the
same period.

Meanwhile, the company's leverage, as measured by
revenue/adjusted debt, was largely stable at 90% at end-2016
compared to 91% at end-2015.

The company also achieved a 19% year-on-year growth in pre-sales
in 2016 to RMB52.8 billion, driven mainly by a 14% year-on-year
growth in its average selling price. These improvements will
continue to support its revenue growth and margin improvements
over the next 12-18 months.

Agile's liquidity also strengthened in 2016 because of the growth
in pre-sales, its improved cash collection, and successful
refinancing of short-term debt.

Its cash holdings jumped to RMB22.3 billion at end-2016 from
RMB13.1 billion at end-2015.

Accordingly, its cash/short-term debt more than doubled to 174%
at end-2016 from 80% at end-2015.

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

Agile Group Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. At 31
December 2016, the company had a land bank with a total gross
floor area of 32.6 million square meters. Southern China - mainly
Guangdong Province - represents its largest market, accounting
for around 34% of the company's land bank at 31 December 2016 and
around 48.6% of its pre-sales in 2016.


CAR INC: Faces Margin Pressure and Higher Capex Needs, Fitch Says
-----------------------------------------------------------------
The credit implications from the 2016 results of CAR Inc.
(BB/Negative) and UCAR were mixed, says Fitch Ratings. On one
hand, CAR Inc.'s standalone results were weaker than expected and
the company faces margin pressure and higher capex requirements
in 2017. On the other hand, UCAR, CAR Inc.'s largest shareholder
and largest customer, showed its operations continue to improve,
which alleviates some of Fitch's concerns over CAR Inc.'s
dependence on UCAR.

CAR Inc.'s fleet leased to UCAR dropped from an average of 30,000
vehicles in 9M16 to 28,000 by 4Q16 as UCAR increased efficiency
and diversified its supplier source. CAR Inc.'s average daily
rental revenue per short-term rental vehicle in the fourth
quarter also dropped compared with a quarter ago and year ago.
Fitch expects the earnings outlook for 2017 to remain subdued, as
management is planning to cut prices to drive volume growth and
utilisation rates, which may negatively impact margins. CAR Inc.
turned FCF positive in 2016 as capital expenditures were limited,
but Fitch expects this to reverse in 2017 given the company's
large fleet renewal plans. Nonetheless, Fitch expects CAR Inc.'s
net leverage to remain below 3.0x, the level at which Fitch would
consider negative rating action.

UCAR's losses narrowed in 2H16 on the back of strong revenue
growth and economies of scale. Fitch views UCAR's 2016 results as
promising, although it remains to be seen whether it can generate
operating profits on a sustained basis amid a rapidly changing
operating environment. UCAR's financial health is an important
driver of CAR Inc.'s credit profile, as UCAR is CAR Inc.'s
single-largest customer, accounting for 40% of rental revenue in
2016 and more than half of CAR Inc.'s planned used-car disposals.

Fitch downgraded the rating on CAR Inc. to 'BB' with Negative
Outlook, from 'BB+' with Stable Outlook, in July 2016 to reflect
the substantial and growing related-party transactions with UCAR,
which had a weaker credit profile. The Outlook may be revised to
Stable if UCAR generates sustained positive EBITDA, revenue
contribution from UCAR is sustained below 20%, and there is no
further weakening in CAR Inc.'s financial profile.


CHINA MEDICAL: Founder, Former CFO Charged in Fraud Case
--------------------------------------------------------
Bloomberg News reports that the founder and a former executive of
China Medical Technologies Inc. were charged in the U.S. with
stealing more than $400 million from investors in the bankrupt
maker of medical diagnostic tests as part of a seven-year scheme.

Xiaodong Wu, 59, who was chief executive officer of the Beijing-
based company, and former Chief Financial Officer Tak Yung Samson
Tsang, 46, allegedly lied about how they would spend the proceeds
of note offerings from January 2005 to November 2012, saying they
would be used for general corporate purposes, to buy businesses
and technologies and to repurchase outstanding notes, prosecutors
said, Bloomberg relates.

According to Bloomberg, prosecutors said the two men diverted
more than $400 million to entities controlled by or affiliated
with them. Wu and Tsang also allegedly forced China Medical's
independent director and outside auditor to resign, halted public
disclosures of material events affecting its securities and
ceased making interest payments. The note offerings were based on
intellectual property that was more than two decades old, off-
patent, and had minimal value, Bloomberg relays citing federal
prosecutors in Brooklyn, New York, where an indictment was
unsealed on March 20.

Both men live in China and are fugitives, prosecutors said,
Bloomberg relates. Nellin McIntosh, a spokeswoman for the U.S.
Attorney in Brooklyn, declined to comment on possible extradition
proceedings. The U.S. does not have an extradition treaty with
China, according to a list posted on the U.S. Department of
State's website, Bloomberg notes.

                         About China Medical

China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate
money fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands. Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding" The liquidator filed a Chapter 15
petition for China Medical (Bankr. S.D.N.Y. Case No. 12-13736) on
Aug. 31, 2012. Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel.

China Medical listed as much as $500 million in assets and debt,
according to Bloomberg News.

Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

          Cosimo Borrelli
          Yuen Lai Yee (Liz)
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


YINGDE GASES: Fitch Puts B+ IDR on Rating Watch Negative
--------------------------------------------------------
Fitch Ratings has placed Yingde Gases Group Company Limited's
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
of 'B+' on Rating Watch Negative (RWN) due to the uncertainties
caused by its potential acquisition by private equity firm, PAG
Asia.

PAG made a general offer for Yingde's shares on March 13, 2017,
but has yet to detail its plans for Yingde's operational and
financial direction. Yingde has significant onshore debt maturing
over 2017 and it is not clear how refinancing has progressed due
to several key management changes and further possible changes
post acquisition. The potential acquisition may also trigger the
change of control (CoC) clause in Yingde's offshore bond
documentation, which may mean the company must refinance its
offshore debt as well.

KEY RATING DRIVERS

Post-Acquisition Uncertainty: PAG's general offer for Yingde's
shares will become unconditional if shares representing more than
50% of voting rights are tendered by April 10, 2017. PAG has
received irrevocable undertakings from Yingde's major
shareholders, representing close to 42% of the voting rights, to
accept the offer unless they receive a higher competing offer.
Thus, the potential for PAG to control Yingde appears high.

PAG's post-acquisition plans for Yingde are unknown and as
Yingde's major shareholders, who are also its key managers, have
undertaken to sell their shares, PAG may need to put in place a
new management team to run the company. Any delays in this
transition may worsen Yingde's credit profile, as it has to
address around CNY2 billion of non-cash-backed short-term debt,
including an onshore note of CNY880 million maturing in July
2017. In addition, Yingde's core industrial gas business still
has collection issues, with high delinquencies, that need
management attention.

Potential CoC Clause Trigger: Yingde's offshore bond
documentation contains CoC clauses that are triggered if a change
in ownership is followed by a rating downgrade. This clause may
be triggered if a worsening liquidity position results in
negative action by Fitch, which would accelerate the repayment of
Yingde's USD675 million offshore bonds and other offshore
borrowings amounting to USD100 million.

Shareholder Dispute Appears Resolved: Yingde's key shareholders
and managers were involved in a public dispute beginning in Q416,
but the dispute no longer appears to be an issue, as both
disputing parties have agreed to sell their shares to PAG. Also,
the CEO and COO, who had been removed, were returned to their
positions following a shareholder meeting on 8 March 2017.

Business Profile Intact: Yingde's business profile remains intact
and is supported by China's recovering steel industry. The
company has scaled back capex, which should boost free cash flow.
The company's profile is constrained by its high level of
delinquent receivables and reliance on short-term debt.

DERIVATION SUMMARY

Yingde's 'B+' rating reflects its high EBITDA margin (1H16:
36.7%) and lower capex relative to other chemical companies rated
'B+', including China XD Plastics Co Ltd (B+/Stable). The RWN
reflects possible delays in addressing liquidity and collection
issues due to the potential shareholder and management
transition.

KEY ASSUMPTIONS

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

- No further deterioration in working capital.
- No significant deviation from current business trajectory.

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include a deterioration of the
company's business and financial profile, including worsening
liquidity, higher leverage, with FFO-adjusted net leverage
sustained above 5.5x, significant decline in revenue and
operating EBITDA margin and a long-term high delinquency rate on
trade receivables.

If a rating downgrade triggers the redemption of Yingde's
offshore bonds, any liquidity shortfall for the bond redemption
could result in a multiple-notch rating downgrade.

Positive: Developments that may, individually or collectively,
lead to the removal of the Rating Watch Negative include:

- the shareholder and management transition taking place without
   delay;
- no change in Yingde's business and financial profile post
   acquisition; and
- short-term maturities being adequately addressed.

LIQUIDITY

Fitch estimates that Yingde's total available cash and unused
bank credit facilities at end-2016 are enough to meet its short-
term debt requirements if most of the bank facilities rolled-
over, even after the change in ownership and management. Any
delay in the transition may make it difficult to address short-
term debt maturities. A trigger of the offshore bonds' CoC clause
may result in the acceleration of the bonds' repayment.

FULL LIST OF RATING ACTIONS

Yingde Gases Group Company Limited

- Long-Term Issuer Default Rating of 'B+' placed on Rating Watch
   Negative

- Senior unsecured rating of 'B+' placed on Rating Watch
   Negative; with Recovery Rating of 'RR4'

Yingde Gases Investment Limited (wholly owned by Yingde)

- Rating on USD425 million 8.125% senior notes due 2018 of 'B+'
   placed on Rating Watch Negative; with Recovery Rating of 'RR4'

- Rating on USD250 million 7.25% senior notes due 2020 of 'B+'
   placed on Rating Watch Negative; with Recovery Rating of 'RR4'



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AASHIRWAD INDUSTRIES: CARE Cuts Rating on INR13.80cr LT Loan to B
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aashirwad Industries Private Limited (AIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.80       CARE B; Stable Revised
                                     from CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
AIPL is mainly on account of decline in total operating income
and net losses along with deterioration in capital structure and
debt coverage indicators and elongation of operating cycle during
FY16 (refers to the period April 1 to March 31).  The rating,
continues to be constrained by modest scale of operations, highly
leveraged capital structure, weak solvency position, weak debt
coverage indicators and moderate profitability margins. The
rating is further constrained by working capital intensive nature
of operations, vulnerability of margins to fluctuations in raw
material prices and exchange rate fluctuations alongwith threats
of restrictions on the usage of asbestos.

However, the rating continues to factor in experience of
promoters, increasing demand amongst rural market and diversified
customer and supplier base.

The ability of the company to increase its scale of operations,
improve its solvency position and profitability margins alongwith
efficient management of working capital requirements remain the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters along with rising demand in rural market
and diversified customer base: AIPL's promoters have an average
experience of around half decade in manufacturing of asbestos
sheet and are ably supported by experienced personnel in second-
tier management. The products manufactured by AIPL (i.e. AC
sheets) continue to remain the most affordable product for
roofing needs in the rural areas on account of its product
characteristics. The company targets customers in Maharashtra,
Madhya Pradesh, Chhattisgarh, etc. through distribution network
to around 100 dealers across India leading to diversification of
sales and higher negotiation power.

Key Rating Weaknesses

Modest scale with low profitability and leveraged capital
structure: Despite being in existence for around half a decade,
the scale of operations of the company remained small with low
networth base thus depriving it of scale benefits. High
dependence on external borrowings by the company resulted in
leveraged capital structure and weak debt coverage indicators.

Working capital intensive nature of operations: The operations of
the entity remained working capital intensive in nature with high
amount of funds blocked in inventory and debtors as reflected by
high gross current asset days of 369 days during last three years
ending FY16. The same resulted in high utilization of working
capital limits.

Susceptibility of margins to fluctuating input prices and
restriction on usage of asbestos: Raw material is the largest
cost component, which contributed more than 35% towards total
cost in FY16. The raw material costs has been fluctuating owing
to scarcity and hazardous nature of asbestos (mining already
banned in India). As a result the material (asbestos fibre) is
being imported, resulting in limited availability of raw material
and making profits susceptible in fluctuation of its prices and
exchange rates.

Aashirwad Industries Pvt Ltd (AIPL) is a Nagpur-based company,
incorporated in June 2012. Promoted by Mr. Shivkumar Agarwal and
Mr. Sanjay Agarwal, AIPL is engaged in the manufacturing of
Asbestos Cement (AC) roofing sheets and accessories. Located in
Butibori Industrial area of Nagpur, the unit has an installed
capacity of manufacturing 54,000 Metric Tonne Per Annum (MTPA) of
asbestos cement.

AC corrugated sheets manufactured by the company are extensively
used for roofing of factory buildings, warehouses, godowns,
railway platforms garage, low cost housings in rural areas and
others. Raw material required for manufacturing includes asbestos
fiber, cement and fly ash. Due to ban on mining of asbestos in
India, Indian players are dependent on the asbestos exporting
nations like Russia, Brazil, Canada, China and others. AIPL
imports asbestos fibre from Russia, Brazil, Canada and while fly
ash (sourced from power companies) and cement is procured
locally. The company sells its products under the brand name
"Vishwas", and targets customers in Maharashtra, Madhya Pradesh,
Chhattisgarh, etc.

The company reported TOI of INR11.07 crore with net loss of
INR0.02 crore in FY16 against TOI of INR18.37 crore with a net
loss of INR0.10 crore in FY15.


AGARWAL TOUGHENED: CARE Reaffirms B+ Rating on INR6.55cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Agarwal Toughened Glass India Private Limited (ATPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6.55      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ATPL continues to
remain constrained on account of its presence in the highly
fragmented and competitive glass industry. The rating, further,
continues to remain constrained on account of vulnerability of
operating margins to the fluctuation in the prices of soda ash as
well as fuel and its nascent stage of operations with moderate
profitability, leveraged capital structure and moderate liquidity
position.

The rating, however, continues to derive strength from
experienced management with strong group support. The rating,
further, derives strength from successful completion of its
greenfield project.

Ability of the company to achieve the envisaged level of TOI and
profitability with better management of working capital would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Nascent stage of operations with moderate profitably margins,
leveraged capital structure and moderate liquidity position FY17
(refers to the period April 1 to March 31) is the first year of
operations of the company and till January 31, 2016, ATPL has
generated TOI of INR10.79 crore. The company has registered
moderate profitability margins in FY17. The capital structure of
the company stood leveraged owing to term loan taken for project
funding and working capital bank borrowings. It has utilized 80%-
90% of its working capital bank borrowings in the last nine
months ended January 2017.

Key Rating Strengths

Completion of the debt funded project within time and cost
parameters

ATPL had undertaken a greenfield project to set up plant for
manufacturing of toughened glass (single and double glazed) at
Jaipur. The company has completed the project within time and
cost parameters and started commercial production from May 22,
2016.

Jaipur-based (Rajasthan) Agarwal Toughened Glass India Private
Limited (ATPL) was incorporated in October, 2009 by Mr. Uma
Shankar Agarwal and Mr. Mahesh Kumar Agrawal with an objective to
set up a greenfield project for manufacturing of toughened glass
(single and double glazed) at Jaipur. ATPL envisaged total
project cost of INR8.41 crore towards the project which envisaged
to be funded through debt equity mix of 2 times. The company had
completed its project and started its operations with project
cost of INR8 crore to be funded through term loan of INR3.55
crore and the remaining RS4.45 crore through unsecured loan from
relatives and promoters and share capital. The plant of the
company has processing capacity of 5.90 (LSMPA) of toughened
glass.

Furthermore, the promoters of ATPL have been engaged in the
trading of glass since 1997 through its group concern, Agarwal
Glass House (AGH). ATPL's products will be sold under the brand
name of 'Agarwal Tough' mainly in North India viz. Uttar Pradesh,
Delhi, Haryana, Punjab and Rajasthan.


AL-SUPER FROZEN: CRISIL Cuts Rating on INR25MM Term Loan to D
-------------------------------------------------------------
CRISIL has withdrawn its ratings on INR30 crore of bank limits
while has downgraded the rating on remaining INR25 crore of long-
term bank facilities of Al-Super Frozen Foods Private Limited
(ASFF) to 'CRISIL D' from 'CRISIL B-/Stable'. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank loans.

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

   Proposed Long Term
   Bank Loan Facility      45.76     CRISIL B-/Stable (Withdrawn)

   Term Loan               25        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects significant delays by ASFF in servicing
its debt, because of weak liquidity as its new facility
will begin commercial production only in February 2017.

Analytical Approach

For arriving at the rating, CRISIL has taken a standalone
approach for the assessment of ratings as ASFF is now bought by
the promoters of Mirha Exports Pvt Ltd. Previously, ASFF used to
be part of the Al Nafees group and CRISIL had taken a
consolidated approach with its other group entities (mainly Al
Nafees Frozen Foods Pvt Ltd).

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile:

ASFF has a weak financial risk profile, with high gearing and
subdued debt protection metrics. As on March 31, 2016, gearing
was 5.74 times, and is expected to remain high at 5-6 times over
the medium term. Debt protection metrics are below-average, with
interest coverage and net cash accrual to adjusted debt ratios of
1.46 times and 0.03 time, respectively, in fiscal 2016.

* High funding risk:

ASFF is planning a capital expenditure (capex) of INR20-25 crore
for automation and upgrade of plant. It is expected to be funded
by fresh term loan of INR10-12 crore and rest by promoters'
unsecured loans. However, financial closure is yet to happen.
Thus, CRISIL believes that funding of the capex will be a key
rating sensitivity factor.

Strength

* Established market position and extensive experience of
promoters:

The promoters have been in the meat exporting business since the
past 17 years and have developed an understanding of the dynamics
of the business, and have established relationships with
customers. CRISIL believes ASFF will continue to benefit from its
promoters' extensive experience, their understanding of the
dynamics of the market, and their established relationships with
customers.

ASFF, promoted by Mirha Exports Pvt Ltd, processes and exports
buffalo meat. Its plant in Unnao (Uttar Pradesh) has capacity to
process 600 animals daily.

ASFF reported a net profit of INR0.22 crore on net sales of
INR37.24 crore for Fiscal 2016, as against a net profit of
INR0.92 crore on net sales of Rs73.19 crore for fiscal 2015.


ANCHOR AGRITECH: CARE Lowers Rating INR7cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anchor Agritech, as:

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

Detailed rationale

The revision in the long-term rating assigned to the bank
facilities of Anchor Agritech takes into account delay of one
year in commencement of operations. The rating, further,
continues to remain constrained on account of seasonal and
perishable nature of agro-commodities along with fragmented
nature of industry with high government regulations.

The rating continues to derive benefits from experienced and
resourceful promoters, location advantage for cold storage and
benefits available under Mission for Integrated Development of
Horticulture scheme (MIDH).

Anchor's ability to complete the project within time and cost
parameters and achievement of envisaged sales and profitability
while managing its working capital efficiently post completion of
project would be key rating sensitivity.

Detailed description of key rating drivers

Key Rating Strengths

Benefits available under the MIDH scheme
Anchor is eligible for benefits under MIDH scheme operated by
Ministry of Agriculture & Farmers Welfare (Government of India)
for development of Horticulture in the country. Under MIDH
(Mission for Integrated Development for Horticulture), credit
linked back ended one-time subsidy [50% of the project cost since
the project shall be set up in an Integrated Tribal Development
Programme (ITDP) Notified Area] is available for creation of
post-harvest infrastructure including establishment of pack
houses, cold storages, processing units, pre-cooling units,
controlled atmosphere storage, reefer vans, low energy cold
chambers and ripening chambers. Anchor is expected to receive a
subsidy of INR3.27 crore by the beginning of FY18 (refers to the
period April 1 to March 31). The proceeds of this subsidy would
directly discharge the ear-mark term loan sanctioned by the bank.
Moreover, Anchor would also be eligible for sales tax exemptions
and rebates on electricity tariff, octroi duty, property taxes
and excise duty on purchase of plant and machinery, under this
scheme.

Key Rating Weaknesses

Delay in commencement of operations
As per the initial estimation Anchor had envisaged to commence
commercial operations from Q1FY17, however, due to delay in
installation of machinery. Now, the machinery has been installed
by the firm and as per the new schedule the trial run will start
by the end of the March 2017 and its commercial operations will
commence by the end of April 2017.

Seasonal and perishable nature of agro-commodities
Agro-commodity business is highly seasonal and is largely
dependent on monsoons which impacts availability of crops
and leads to volatility in prices. Moreover, agro-commodities are
perishable in nature, which results in lower bargaining power for
the supplier. Furthermore, maintenance of correct temperature and
humidity levels, proper classification and grading of various
agro-products and close monitoring of their shelf lives are
crucial to ensure longer storage. Anchor shall start with storage
and distribution of onions and shall later diversify into storage
of other fruits, vegetables, grains, etc.

Onion is mainly a rabi crop. It is highly perishable in nature
and care in post-harvest activities is thus necessary to preserve
the post-harvest quality of the onions.

Fragmented nature of the industry with high level of government
regulation

Anchor shall operate in a highly fragmented industry wherein
there is presence of a large number of players in the unorganized
and organized sectors. There are number of small and regional
players catering to the same market which shall limit Anchor's
bargaining power and exert pressure on its margins. The
government intervenes in the market to keep a check on the prices
to safeguard the interest of farmers, which in turn limits the
bargaining power of the buyers. However, the government also
provides subsidies like MIDH subsidy to encourage demand in the
industry.

M/s. Anchor Agritech (Anchor) was initially setup by Mrs Kalpana
Desai as a sole proprietorship firm in 2013 under the name of
M/s. Anchor Chemicals. It was reconstituted into a partnership
firm in September 2015, under its current name by adding spouse
of Mrs Kalpana Desai, Mr. Jayesh Desai as a partner in the firm.

Anchor is undertaking a green-field project in Valsad (Gujarat)
of setting up a ripening and freezing room facility (cold storage
facility) having a capacity of 5000 Metric Tonnes (MT). The firm
will be engaged in storage and handling of fruit and vegetables
and their ripening, packaging and distribution. The firm plans to
start its activities with cold storage of onions and subsequently
other agro commodity items like grains, spices, food flavors,
etc. would be handled. Moreover, Anchor shall also rent out the
empty storage space to farmers and other traders from time to
time. The total cost of envisaged project is INR10.34 crore which
would be funded through debt and equity in proportion of 1.38:1,
respectively. Debt has been sanctioned and term loan has been
fully disbursed. Cash credit is yet to be sanctioned as
commercial operations are not yet started. As per the initial
estimation the commercial operations was expected to be started
in Q1FY17, however, due to delay in installation of machinery
project got delayed. Presently, the partners have confirmed to
start the trial run in March 2017 and start commercial operation
is in April 2017.


BABA STRUCTURAL: CRISIL Hikes Rating on INR9.5MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Baba Structural Private Limited (BSPL) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'; while reaffirming its rating on the
short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .6        CRISIL A4 (Reaffirmed)

   Cash Credit            9.5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     6.76       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               .14       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in BSPL's financial risk profile
as seen by improved capital structure and interest coverage
ratio. Total outside liabilities to adjusted networth (TOLANW)
ratio improved to 1.4 times as of March 2016, from 2.3 times the
previous year on account of repayment of term loans. TOLANW ratio
is expected to further improve and remain at 1.0-1.1 time over
the medium term, with improvement in networth. Interest coverage
ratio has also improved to 2.5 times in fiscal 2016 from 0.9 time
in fiscal 2015 on account of improvement in profitability.
Repayment of term loans have also led to improvement in
liquidity, with expected moderate cash accrual of INR1-2 crore
over the medium term against nil fixed repayment obligations.

Key Rating Drivers & Detailed Description

Weaknesses

*Large working capital requirement:

Operations, though improved, are working capital intensive, with
gross current assets of 140 days as on March 31, 2016, primarily
on account of high debtors coupled with moderate inventory.

*Exposure to intense competition resulting in low profitability:

The steel industry in India is dominated by a large number of
unorganised players catering to local demand. Profitability is
also linked to the overall performance of the steel industry.
Given the fragmentation, operating margins of players are low;
BSPL's operating margin was at 1.7-5.1% over the five years
through fiscal 2016.

Strength

*Promoters' extensive experience in the steel industry:

BSPL is managed by the Agarwal family which has been associated
with the steel industry for over 15 years through various
companies. Over the years, the promoters have established strong
relationships with suppliers and a large customer base.
Outlook: Stable

CRISIL believes BSPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the scale of operations and
profitability improve, resulting in a substantial increase in
cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of decline in profitability, large working
capital requirement, or substantial capital expenditure plan.

BSPL, established in 2011 by the Agarwal family, is a part of the
Baba group. It manufactures mild steel (MS) angles, MS channels,
MS strips, and electric resistance welded pipes at its facility
in Raniganj (West Bengal).

Profit after tax was INR0.53 crore on net sales of INR77.87 crore
in fiscal 2016 as against loss of INR0.05 crore on net sales of
INR90.82 crore in fiscal 2015.


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

   -- INR70 mil. Fund-based working capital limits assigned with
      IND BB-/Stable/IND A4+ rating; and

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

                        KEY RATING DRIVERS

The ratings reflect CIPL's fluctuating revenue, weak to moderate
credit metrics and elongated working capital cycle.  Revenue was
INR476.73 million in FY16 (FY15: INR463.47 million; FY14:
INR529.47 million; FY13: INR524.19 million).  In FY16, leverage
(total adjusted debt/operating EBITDAR) was 4.05x (FY15: 3.70x),
interest cover (operating EBITDA/gross interest expense) was
1.70x (1.52x) and working capital cycle was 131 days (102 days).

The ratings also reflect CIPL's tight liquidity position,
indicated by a 103.49% average utilization of the working capital
limits during the 12 months ended February 2017.

The ratings, however, are supported by a moderate operating
profitability of 5.32% in FY16 (FY15: 5.55%), an established
nationwide network of about 85 distributors and brand name
(corfom), a long operational track record and the promoters' two-
decade experience in coir and spring mattress manufacturing.

                         RATING SENSITIVITIES

Negative: Deterioration in credit metrics will lead to a negative
rating action.

Positive: An increase in revenue, along with an improvement its
credit metrics, will lead to a positive rating action.

COMPANY PROFILE

CIPL was incorporated as a partnership firm by the Agarwal family
in 1978.  In 1997, CIPL was taken over by Mr. Inderjeet Singh
Khurana, Mr. Sukhdeep Singh Khurana, Mr. Pankaj Agarwal and
Mr. Jagdish Prasad Agarwal from the Aggarwal family.

The firm manufactures coir and spring mattresses at its facility
in Faridabad (Haryana).  As of Feb. 28, 2017, the site had an
annual installed capacity to manufacture 2,800 tonnes of coir and
spring mattresses.  Furthermore, the firm is engaged in the
trading of home furnishing items such as pillows, cushions and
blankets.

CIPL registered INR470 million in revenue for 11MFY17
(unaudited).


EASTSTAR MANUFACTURING: CARE Assigns B+ Rating to INR6.5cr Loan
---------------------------------------------------------------
CARE has been seeking information from Eaststar Manufacturing
Syndicate to monitor the rating(s) vide e-mail communications/
letters dated February 28, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Eaststar
Manufacturing Syndicate's bank facilities will now be denoted as
CARE B+/CARE A4; ISSUER NOT COOPERATING. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             1.40       CARE A4; ISSUER NOT
                                     COOPERATING

Detailed description of the key rating drivers

At the time of last rating in June 16, 2016 the following were
the rating strengths and weaknessess:

Key Rating Strengths
Experienced partners: Mr. Rajesh Kumar Garg and Mr. Ashwini Kumar
have experience of around three decades in the trading industry
whereas Mr. Sanjay Kumar has experience of around two decades,
through their association with EMS, M/s Krishna Pharmaceuticals
and M/s Kulwant Rai Mohan Lal.

Moderate operating cycle: The average operating cycle of the firm
stood moderate at 28 days for FY15 (refers to the period April 1
to March 31). The average utilization of the working capital
limits stood at about 85% for the last 12 months period ended
August, 2015.

Established distribution network: The firm started its operations
in 2005 and has established the dealership network since its
inception. As on September, 2015, the firm has 160 dealers for
mobile handsets, 80 dealers of electronic goods and around 85
dealers of batteries in Punjab.

Key Rating Weaknesses

Modest scale of operations with low net-worth base: Despite being
in operations for around one decade, the firm's scale of
operations has remained low marked by Total Operating Income
(TOI) of INR56.30 crore for FY15 and tangible net worth of
INR2.02 crore as on March 31, 2015.

Low profitability margins: The PBILDT margin and PAT margin of
the firm stood at 0.81% and 0.15% respectively in FY15.

Weak solvency position: The firm has a moderately leveraged
capital structure marked by overall gearing ratio of 2.53x as
on March 31, 2015. Furthermore, the debt coverage indicators of
the firm remained weak marked by interest coverage ratio of 1.31x
in FY15 and total debt to GCA of 43.00x for FY15.

Highly fragmented nature of industry characterized by competition
from other brands: The mobile phone segment is highly fragmented
with a large number of organized and unorganized players
operating in the market. The firm also faces competition from
low-priced products from China in the mobile handset and
accessories segment.

Rapid changes in technology leading to obsolescence risks: As the
major share of revenue is derived from distribution business of
mobile handsets, the mobile handsets and accessories segment is
characterized by rapid changes in technology keeping in line with
the changing customer preferences and requirements and continuous
innovation.


GOEL ROADWAYS: CARE Raises Rating on INR6cr LT Loan to BB-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goel Roadways (GRW), as:
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               6        CARE BB-; Stable Suspension
                                     revoked and rating revised
                                     from CARE B

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of GRW
was primarily on account of improvement in capital structure and
liquidity position during FY16 (refers to the period April 1 to
March 31). The ratings continue to derive strength from
experienced proprietor in the transportation and logistics
business. The rating, however, continues to remain constrained
due to its modest scale of operations, its fluctuating profit
margins, moderate debt coverage indicators coupled with
proprietorship nature of constitution. The rating is further
constrained on account of customer concentration risk coupled
with presence in highly competitive nature of transportation and
logistics
business with presence of large number of small players. The
ability of GRW to increase its scale of operations along with
the customer diversification, improvement in the profitability
and continuation of its long-standing association with its key
customers would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest Scale of operations, fluctuating profitability and
moderate debt coverage indicators

During FY16, GRW achieved TOI of INR64.14 crore as against
INR64.25 crore during FY15. However, it continues to remain
at moderate level. The profit margins of GRW have remained
fluctuating in the range of 11.82% to 17.17% during last three
years ended FY16 on account of year on year wide fluctuations in
operating expenses such as fuel cost, freight expenses, repairs
and maintenance of vehicles. During FY16, PBILDT margin declined
and stood at 11.82% as against 14.47% during FY15. Debt coverage
indicators remained at moderate level with marginal
deterioration.

Customer concentration risk

The firm is into providing services such as transportation and
renting of equipment through its six offices located at various
districts of Madhya Pradesh and Uttar Pradesh. During FY16,
around 70% of GRW's revenue was generated from Prism Cement
Limited as against 100% during FY15.

Highly competitive nature of transportation and logistics
business with presence of large number of small players and
proprietorship nature of constitution

Transportation and logistics business is a highly competitive
business on account of high degree of fragmentation in the
industry with presence of a large number of small players having
limited fleet size, both in organized and unorganized sectors.
Also, being a proprietorship firm, it is exposed to the risk of
withdrawal of capital by partners due to personal exigencies.

Key Rating Strengths

Improvement in capital structure and liquidity position
The capital structure of GRW improved as marked by overall
gearing of 1.18 times as on March 31, 2016, as against 1.78 times
as on March 31, 2015, on the back of improvement in net worth
base.

The liquidity position though improved and remained modest marked
by low current ratio of 1.15 times and quick ratio of 1.11 times
as on March 31, 2016 (0.94 times and 0.93 times as on March 31,
2015) on account of high scheduled repayment of term loans due
within one year. The working capital limits remain utilized at
around 80% during past 12 months ended January 2017.

Experienced proprietor
GRW is promoted by Mr. Motilal Goel who has an experience of more
than three decades in transportation and mining business. He is
also supported by his wife Mrs Rajbala Goel and his son Mr. Sunny
Goel.

Incorporated in 1993, GRW is a part of 'Goel Group' based out at
Satna, Madhya Pradesh. GRW is a proprietorship concern and
promoted by the Mr. Motilal Goel. GRW extracts limestone from
mines and deliver the same to the plant of Prism Cement Limited
(PCL) situated at Satna (M.P.) on a contractual basis and also
provides transportation services for delivering goods from plant
of PCL to various districts of Madhya Pradesh and Uttar Pradesh.
GRW has fleet size of 101 trucks as on March 31, 2016.

During FY16 (A), GRW reported PAT of INR0.74 crore on a TOI of
INR64.14 crore as against PAT of INR0.43 crore on a TOI of
INR64.25 crore during FY15. During 9MFY17 (Provisional), GRW has
achieved a turnover of INR43.57 crore.


GLOBAL DENIMS: CARE Reaffirms B+ Rating on INR8cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Global Denims Private Limited (GDPL), as:

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

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of GDPL is primarily
constrained on account of delay in commencement of operations,
operations in a highly fragmented textile industry and limited
presence in the textile value chain along with susceptibility of
operating margins to raw material price fluctuation.

The rating, however, derives strength from experienced promoters,
government benefits and presence in the textile cluster with easy
access to raw material and labor.

GDPL's ability to complete the project within time and cost
parameters and achievement of envisaged sales and profitability
while managing its working capital efficiently post completion of
project would be key rating sensitivity.

Key Rating Weaknesses

Delay in commencement of operations
As per the initial estimation GDPL had envisaged to commence
commercial operations from October 2016, however due to delay in
the order placed for the machineries the commercial production
has not started yet.

Operations in a highly fragmented textile industry and limited
presence in textile value chain

The fabric manufacturing industry segment is highly fragmented
marked by presence of large number of independent and small scale
unorganized players leading to high competition among industry
players. The smaller companies with limited presence in textile
value chain are more vulnerable to intense competition and have
limited pricing flexibility, which constrains their
profitability.

Operating margins susceptible to raw material price fluctuation
Major raw material for GDPL is cotton yarn whose prices are
directly linked to cotton prices which are highly volatile in
nature. Any adverse movement in the price of raw materials
exposes the low operating profit margins to further decline
resulting in losses.

Key Rating Strengths

Experienced promoters

Mr. Sushil Somani is the key director who has over a decade and
half of experience in the industry, and will handle the entire
operations of the GDPL.

Government benefits

GDPL would receive benefits under Technology Up-gradation Fund
Scheme (TUFS) scheme and Government of Gujarat (GoG) textile
policy. Under TUFS it would receive capital subsidy, interest
subsidy, VAT reimbursement upto certain limit, duty off on power
consumption and concessional power terrify.

Presence in textile cluster with easy access to raw material and
labor

The main raw material of the firm is cotton yarn. The plant is
located at Dahej, Gujarat, near Surat (Gujarat) which is one
of the largest textile clusters in India and majority of these
industries are engaged in the manufacturing cotton yarn which
gives the benefits of easy access to customers, low
transportation cost (both on transportation and storage), easy
availability of raw materials as well as skilled/unskilled labor
and procurement of raw materials (grey cloth) at effective prices
and closeness to main demand hub.

Surat-based (Gujarat) GDPL was incorporated in August 2012 as a
private limited company by Mr. Sushil Somani, Mr. Rakesh Somani
and Mrs Neelam Somani to undertake green field project in the
field of finished gray fabrics. GDPL is setting-up plant at in
Dahej (Gujarat) with an installed capacity of 3240 MTPA of grey
fabrics. GDPL would install 24 imported Japanese Air Jet Looms of
Toyota brand for manufacturing of grey fabrics mainly used in
shirting.

The total project cost is envisaged at INR11.47 crore, which is
to be funded through term loan of INR6.00 crore, unsecured loan
of INR2.86 and balance INR2.61 crore by way of the promoters'
capital. As per the initial estimation GDPL had envisaged
commencing commercial production from October 2016 which has been
delayed due to late order placed for the machineries by four
months and now GDPL will start its commercial production by the
end of February 2017. The project over run cost was INR1.00 crore
which was funded through promoters' contribution.


GYANSAGAR TEXTILE: CRISIL Assigns B+ Rating to INR4MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its rating on the long term bank facilities
of Gyansagar Textile Private Limited (GTPL) to 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              2.85      CRISIL B+/Stable

   Cash Credit            4         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      .15      CRISIL B+/Stable

The rating reflects the modest scale of operations and below
average financial risk profile marked by modest net worth and
high capital structure. However these rating weaknesses are
partially offset by the extensive experience of promoters in
textile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations

GTPL has reported scale of operation of about INR19.89 during FY
2015-16 and expected to maintain it by about INR22 crore to INR23
crore in FY 2017. Small scale of operations amid intense
competition leads to low bargaining power with suppliers and
customers. Moreover, the company is a non-integrated player, and
thus has limited ability to pass on cost escalation.

* Below average financial risk profile

The company is reported below average financial risk profile
marked by modest net worth and high capital structure.

Strength

* Extensive experience of promoters

The promoters have extensive experience in the textile business
under various group companies. Over the years, they have
developed healthy relationships with customers, thereby
facilitating repeat orders. Benefits from extensive experience of
promoters are expected to support business risk profile over the
medium term.

Outlook: Stable

CRISIL believes that GTPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
better than expected accruals leading to improvement of the
liquidity profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes any larger-than-expected,
debt funded capex programme or reports deterioration in its
working capital management, leading to Weakening of its financial
risk profile, or if there is any pressure on its profitability
because of Intense industry competition.

GTPL, was incorporated in 2009, is engaged in manufacturing of
Gray fabrics. The company was promoted by Sumit Wadhwa and its
manufacturing plant is located at Bhiwandi (Maharashtra)

GTPL reported a profit after tax (PAT) of INR0.27 crore on net
sales of INR19.89 crore for fiscal 2016 against INR0.25 Crore and
INR14.66 crore for fiscal 2015.


HKR ROADWAYS: Ind-Ra Lowers Rating on INR15.25BB Bank Loan to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ratings on HKR
Roadways Limited's (HKRRL) bank loans as

   -- INR15.250 bil. Bank Loan lowered to IND D rating

                         KEY RATING DRIVERS

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

                       RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

HKRRL is a special purpose company incorporated to implement a
lane expansion (to four lanes from two lanes) project on a
design, build, finance, operate and transfer basis under a 25-
year concession from Andhra Pradesh Road Development Corporation
(APRDC).  Gayatri Projects Limited (GPL), along with its
subsidiary, Gayatri Infra Ventures Ltd and Gayatri Projects owns
11% and 26% equity in HKRRL, respectively.  Of the remaining 63%
equity, Megha Engineering & Infrastructures Ltd ('IND A+'/Stable)
owns 37%, and DLF and its associates own 26%.  The project cost
which is estimated at INR22,090 million is being funded by a term
loan of INR15,250 million, a sponsor contribution of
INR2,300 million and a grant of INR4,540 million from APRDC.


HONEST MARKETING: CRISIL Reaffirms 'B' Rating on INR4MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Honest Marketing Private Limited
(HMPL).

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

   Proposed Cash
   Credit Limit             4        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations, low operating profitability, and below-average
financial risk profile because of modest networth and weak debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in the liquor distribution
business, and healthy relationships with suppliers and customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and low operating profitability:

The company's modest scale is indicated by revenue of INR93.22
crore in fiscal 2016 and expected revenue of INR99 crore in
fiscal 2017. Operating profitability was 2-3% in the 3 fiscals
through 2016 because of trading business.

* Below-average financial risk profile:

Networth was at a modest INR50.0 lakh as on March 31, 2016. Debt
protection metrics were weak, with interest coverage ratio at
1.11 times in fiscal 2016.

Strength
* Promoters' extensive experience in liquor distribution, and
healthy relationships with suppliers and customers:

HMPL's promoters Mr. Manish Patel, Mr. Sumeet Gupta, Mr.
Bhupinder Singh, and Mr. Yohan Rubthe, have experience of 28
years in the liquor distribution industry, which has led to
steady relationships with suppliers and customers.

Outlook: Stable

CRISIL believes HMPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a sustained increase in cash accrual
supported by growth in revenue and profitability, and if working
capital management improves. The outlook may be revised to
'Negative' if the financial risk profile deteriorates on account
of decline in operating profitability, or a stretch in working
capital cycle, or funding support to group entities or
associates.

Incorporated in 1990, HMPL distributes alcoholic beverages in
Nasik, Maharashtra, for Diageo India Pvt Ltd ('CRISIL AA-
/Stable'), Allied Blenders and Distillers Pvt Ltd, Carlsberg
India Pvt Ltd, and Nashik Vinters Pvt Ltd. The company's
operations are managed by Mr. Sumeet Gupta, Mr. Manish Patel, Mr.
Bhupinder Singh, and Mr. Yohan Rubthe.

Profit after tax (PAT) was INR0.17 crore on total revenue of
INR93.22 crore in fiscal 2016, against a PAT of INR0.20 crore on
total revenue of INR71.41 crore in fiscal 2015.


INFINITY INFRATECH: CARE Reaffirms B+ Rating on INR4.91cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Infinity Infratech (IIT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.91       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             0.60       CARE A4 Reaffirmed

Detailed Rationale

The ratings assigned to the bank facilities of IIT continue to
remain constrained on account of its proprietorship nature of
constitution, fluctuating scale of its operations, declining
profit margins, leveraged capital structure and moderate debt
coverage indicators. The ratings are further constrained on
account of its working capital intensive operations with moderate
liquidity position, its presence in the fragmented and
unorganised stone crushing industry characterized by
environmental issues associated with stone crushing and risk
associated due to linkage with the real estate sector.

The ratings continue to derive strength from experience of the
proprietor and established relationship with customers and
suppliers.

IIT's ability to increase scale of operations along with
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
are the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Strengths

Experienced proprietor and established relationship with
customers and suppliers

Mr. Pratik Desai, the proprietor, aged 29 years is B.Tech by
qualification. Mr. Pratik has an experience of 6 years in the
stone aggregate and concrete pipe industry. He has well
established relationship with the customers and suppliers.

Key Rating Weaknesses

Proprietorship nature of constitution

The constitution as a proprietorship firm restricts IIT's overall
financial flexibility in terms of limited access to external
funds for any future expansion plans. Furthermore, there is
inherent risk of possibility of withdrawal of capital and closure
of the firm in case of death/insolvency of the proprietor.

Fluctuating scale of operations

The total operating income (TOI) of IIT during FY16 (refers to
the period April 1 to March 31)has reached to INR17.26 crore
which shows increase of almost 3 fold as compared with FY15 while
TOI during FY15 was INR6.16 crore which had declined by 14.80% as
compared with FY14.

Declining profit margins

PBILDT margin of IIT has declined to 12.35% during FY16 as
compared with 24.75% during FY15. This decline was mainly due to
increase in material cost. Despite decline in operating margins,
the PAT margin decreased by 62 bps during FY16 and remained at
2.99% (3.61% during FY15).

Leveraged capital structure and moderate debt coverage indicators

The capital structure of IIT although improved substantially
stood leveraged marked by an overall gearing of 2.03 times as on
March 31, 2016 as against 6.81 times as on March 31, 2015. The
debt coverage indicators remained moderate marked by total debt
to GCA of 3.49 times [FY15: 5.36 years] and interest coverage
ratio of 4.47 times [FY15: 6.93 times] in FY16 due to healthy
operating margins but leveraged capital structure.

Working capital intensive nature of operations with moderate
liquidity position

The operations of IIT are working capital intensive in nature as
marked by current ratio and quick ratio at 1.15 times and 1.12
times respectively as on March 31, 2016. Its cash credit limit
was utilized at around 85% over the past 12 months ended March
31, 2016. The firm had an operating cycle of 18 days in FY16. The
cash flow from operations remained low at INR2.00 crore during
FY16 as against negative INR0.55 crore during FY15.

Operates in the fragmented and unorganized sector characterized
by environmental issues associated with stone crushing

IIT predominantly operates in the unorganized and fragmented
sector, which is marked by severe price undercutting especially
among the small players leading to intense competition. Also, the
stone crushing industry is perceived to be a highly polluting
industry both in terms of noise pollution and air pollution and
also unscrupulous mining activities associated with the stone
crushing industry.

Risk inherent due to linkage with the real estate sector which is
cyclical in nature coupled with low entry barriers IIT supplies
to the construction and real estate sector mainly in Gujarat,
Maharashtra and Dadra Nagar & Haveli, the demand for which is
linked to the economic cycles. Furthermore, due to low entry
barriers the competition gets intensified, which might put
pressure on profitability of the existing as well as new players.


KAMINENI STEEL: CARE Assigns 'D' Rating to INR1,777.91cr Loan
-------------------------------------------------------------
CARE has been seeking information from Kamineni Steel & Power
India Private Limited to monitor the ratings vide e-mail
communication dated December 15, 2016, December 19, 2017,
February 16, 2017, February 21, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information, which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

The rating on Kamineni Steel & Power India Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          1,777.91      CARE D; Issuer not
                                     cooperating. Based on best
                                     available information

The ratings take into account the delays in debt servicing on
account of stressed liquidity position. Ability of the company
to improve its liquidity and regularize its debt servicing will
be the key rating sensitivity.

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

Detailed description of the key rating drivers

At the time of last rating in March 08, 2016 the following were
the rating strengths and weaknesses:

Key Rating weakness

Stressed liquidity position and subdued industry demand leading
to delays in debt servicing FY15 ( refers to the period April 01
to March 31) was the first full year of operation however due to
the subdued steel industry scenario due to cheap imports of steel
in domestic market has led to huge net loss in FY15 and negative
cash accrual. Furthermore, along with losses incurred in its
initial period of operation has led to erosion in the networth of
the company. Accordingly, due to stressed liquidity position
there have been delays in honoring the debt service obligations
on time.

Key rating strengths

Experienced and resourceful promoters:
KSP has experienced board of directors who earlier were in the
business of steel manufacturing and trading. Mr. Kamineni
Suryanarayana, Chairman of the company, has about four decades of
experience in the steel manufacturing and marketing businesses.
Mr. Kamineni Sashidhar, the Managing Director, has about two
decades of experience in the health care industry. Mrs Kamineni
Indira and Mr. Sridhar Kamineni are the other two directors who
have about a decade of experience as entrepreneurs.

Kamineni Steel and Power India Private Limited (KSP) is a part of
Hyderabad-based Kamineni group which has presence in steel pipes,
healthcare and education sectors. KSP has set up a 360,000 MT
round billet manufacturing plant at Narketpally, Nalgonda
district, Andhra Pradesh. The plant is adjacent to its group
companies namely Oil Country Tubular Limited and United Seamless
Tubular Private Limited. KSP was promoted as a backward
integration of the group and will be supplying billets to USTPL,
which has capacity of 300,000 MT and also to USAI Forge (group's
forging unit).

The company has reported a net loss of INR274.93 crore during
FY16 on total operating income of INR65.57 crore.


KAMLESH KUMAR: CRISIL Assigns B+ Rating to INR4MM Bank Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Kamlesh Kumar (KK). The ratings
reflect small scale of operations in a highly competitive
industry, large working capital requirement, and geographical
concentration in revenue. These weaknesses are primarily offset
by the extensive experience of proprietor in the construction
industry, and moderate order book.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Term Loan        3         CRISIL B+/Stable
   Proposed Overdraft
   Facility                   .5       CRISIL B+/Stable
   Proposed Bank Guarantee   4         CRISIL B+/Stable
   Bank Guarantee            3.5       CRISIL A4
   Overdraft                 1         CRISIL A4

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations due to intense competition in the
civil construction industry:

The scale has remained modest, as reflected in average sales of
INR10 crores over the five years through fiscal 2016, due to
intense competition in the civil construction industry.

* Geographical concentration in revenue:

KK undertakes projects only in Gaya, Bihar. Thus revenue growth
depends more on regional impetus on infrastructure development.
Any slowdown in the infrastructure spending in the area may
impact revenue growth.

* High working capital intensity: Working capital requirement is
large as reflected in gross current assets of 305 days as on
March 31, 2016, driven primarily by inventory of 132 days and
high security deposits required.

Strengths

* Extensive experience of proprietor in the civil construction
industry and strong project execution capability:

Experience of over two decades in the civil construction industry
should continue to help Mr. Kamlesh Kumar, the proprietor, get
repeat orders.

* Moderate order book:

An unexecuted order book of over INR45 crore to be executed in
the next two years provides high revenue visibility in the medium
term. The firm recorded revenue of INR15 crore between April 2016
and January 2017, and is expected to book INR20-25 crore in
fiscal 2017.

Outlook: Stable

CRISIL believes KK will continue to benefit over the medium term
from the proprietor's extensive experience and current moderate
order book. The outlook may be revised to 'Positive' in case of
substantial growth in scale of operations while improving its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if any decline in revenue or significant deterioration
in profitability, significantly impacts the financial risk
profile

Established as a proprietorship firm by Mr. Kamlesh Kumar, KK,
based in Gaya, undertakes civil contracting works of government
clients (mostly public works department and rural works
department) on a tender basis. The operations are managed by the
proprietor.

Mr. Kumar also undertakes clearing and forwarding of 'Heidelberg
Cement' (previously Diamond Cement) under M/S Ashirwad Trading,
in Gaya.

KK booked net profit of INR56.9 lakh on revenue of INR8.8 crore
in fiscal 2016 as against net profit of INR77.49 lakh on revenue
of INR15.35 crore in fiscal 2015.


KESHAV PULSES: CRISIL Assigns B+ Rating to INR4.50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Keshav Pulses (KESPUL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               .19       CRISIL B+/Stable
   Cash Credit            4.50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     1.31       CRISIL B+/Stable

The rating reflects the modest scale of operations in the
intensely competitive pulses processing industry, and low
operating margins susceptible to volatile raw material cost.
These weaknesses are partially offset by the extensive experience
of the partners.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the partners as neither debt nor equity as these loans carry
a rate of interest, lower than the market rate, and should remain
in the business over the medium term.
Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive pulses
processing industry

Intense competition, limited value addition in the pulse
processing business, and lack of integrated operations, have
constrained the scale of operations and profitability (revenue
was Rs26.16 crore in fiscal 2016 and operating margin has been
low at 2-3%).

* Low operating margins susceptible to volatile raw material cost

Due to lower value addition in pulse processing chain cycle and
stiff competition among various industry players, the firm
operating margins have remained low at about 2-3 per cent over
the past. Also, the margins are vulnerable to raw material price
volatilities due to commodity nature of product.

Strength

* Extensive experience of the promoter in the agro-commodity
industry

Benefits from the three decade-long presence of the partners in
the agro commodity industry, via other associate concerns, their
keen grasp over the local market dynamics, and the wide
distribution networth of over 40-50 dealers/brokers, will
continue.

Outlook: Stable

CRISIL believes KESPUL will continue to benefit from the
extensive experience of its partners. The outlook may berevised
to 'Positive' if substantialincrease in cash accrual or capital
infusion, and efficient working capital management, strengthen
the financial risk profile. The outlook may be revised to
'Negative' if lower-than-anticipated cash accrual, a significant
stretch in the working capital cycle, or sizeable, debt-funded
capital expenditure, weakens liquidity.

KESPUL was set up as a partnership firm, at Indore, Madhya
Pradesh in 2009. The firm mills, polishes, and sort's pulses,
mainly masoor dal, and has three partners, Mr. Manish Bansal, Ms
Megha Bansal, and Ms Bhagwati Bansal.

Profit after tax (PAT) of INR0.14 crore and operating income of
INR26.16 crore were reported in fiscal 2016, against INR0.12
crore and INR21.67 crore, respectively, in fiscal 2015.


KSHATRIYA LABORATORIES: CRISIL Assigns B Rating to INR9MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kshatriya Laboratories Private Limited.
The ratings reflect KLP's weak financial risk profile, its
nascent and modest scale of operations and exposure to risks
related to intense competition in bulk drugs industry. These
rating weaknesses are partially offset by the benefits derived
from promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           9        CRISIL B/Stable
   Cash Credit              6        CRISIL B/Stable
   Letter of Credit         2.5      CRISIL A4

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
KLP's financial risk profile is weak marked by small net worth,
high gearing and weak debt protection metrics. The company's net
worth stood at INR6.1 crores as on March 31, 2016 with a gearing
of 1.87 times. Also owing to negative accruals over the year, the
debt protection measures were weak.

* Nascent stage and modest scale of operations
KLP started commercial operations in fiscal 2016. Owing to its
nascent stage of operations, the revenues were small at around
INR13.1 crore in fiscal 2016. In the current year, the revenues
for the period April to February 2017 were around INR20 crores.
The small scale of operations would constrain KLP's cash
accruals, resulting in a small net worth.

Strength

* Promoters' extensive industry experience

KLP has a professional management team, which has extensive
experience in Pharma industry and various marketing and financial
assignments. Mr. D. Jagannadha Raju, Managing Director of KLP is
a Post Graduate in chemistry, has about 25 years of experience in
production, operations and R&D. He is an expert in bulk drug
industry and has been instrumental in scaling up operations of
KLP with his acumen. Also the other directors have extensive
entrepreneurial experience from which KLP would continue to
benefit over the medium term.
Outlook: Stable

CRISIL believes that KLP will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company enhances its scale of operations and
net worth, and diversifies its revenue profile, while improving
its profitability. Conversely, the outlook may be revised to
'Negative' if KLP's takes longer than expected to scale up
operations, weakening its financial risk profile, particularly
liquidity.

Hyderabad based KLP, incorporated in 2012 as a private limited
company manufactures drug intermediates and bulk drugs. The
company is promoted by Mr. D. Jagannadha Raju, Ch V G Krishnam
Raju, Ch Subba raju and family.

KLP reported a net loss of INR2.2 crore on operating income of
INR13.1 crore for fiscal 2016. The company commenced commercial
operations in fiscal 2016


MANOHAR FOOD: CARE Assigns B+ Rating to INR3.0cr LT Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Manohar Food
Industry to monitor the rating(s) vide e-mail communications/
letters dated February 28, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requiste information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Manohar Food
Industry's bank facilities will now be denoted as CARE B+/CARE
A4; ISSUER NOT COOPERATING. Users of this rating (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.00       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             4.25       CARE A4; ISSUER NOT
                                     COOPERATING

Detailed description of the key rating drivers

At the time of last rating in October 13, 2015, the following
were the rating strengths and weaknesses.

Key Rating Strengths

Experienced partners: Mr. Ram Nath Sharma has a total experience
of three decades in the business of processing of paddy. Mr.
Sidharth Sharma has an experience of around one decade in the
same business through his experience with MFI.

Comfortable capital structure: The firm had comfortable capital
structure reflected by overall gearing ratio of 0.91x as on
March 31, 2014.

Key rating Weaknesses

Small scale of operations: The firm's scale of operations has
remained low marked by TOI of INR12.45 crore for FY14 (refers to
the period April 1 to March 31). Furthermore, the firm's GCA was
relatively small at INR0.21 crore for FY14. Low profitability
margins: The profitability margins of MFI remained low reflected
by PBILDT margin and PAT margin of 3.77% and 1.22% in FY14.
Weak debt coverage indicators: Interest coverage ratio stood
moderate at 2.16x in FY14; however, the total debt to GCA
stood high at 9.28x for FY14.

Working capital intensive nature of operations: The working
capital cycle stood at 92 days for FY14. The average utilization
of the working capital limits stood around 75% for last 12-month
period ended June 2015.

Partnership nature of its constitution: MFI's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The monsoon has a huge bearing on crop availability
which determines the prevailing paddy prices. Since there is a
long time lag between raw material procurement and liquidation of
inventory, the firm is exposed to the risk of adverse price
movement resulting in lower realization than expected.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation.

MFI was established in the year 2006 as a proprietorship firm by
Mr. Sidharth Sharma. Later, in November 2014, the firm was
converted into a partnership firm and is currently being managed
by Mr. Ram Nath Sharma and Mr. Sidharth Sharma sharing profit and
loss equally. The firm is engaged in the processing of paddy at
its manufacturing unit located at Karnal, Haryana, with total
installed capacity of 7,200 metric ton per annum (MTPA), as on
March 31, 2015. The firm procures paddy from the local grain
markets through dealers and agents mainly from the state of Jammu
& Kashmir, whereas it sells its products, viz, both basmati and
non-basmati rice in the states of Jammu & Kashmir and Delhi
through a network of commission agents and traders.


MB POWER: Ind-Ra Assigns Prelim. 'BB' Rating on INR51.96BB Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MB Power (Madhya
Pradesh) Limited's (MBPL) debt facilities provisional ratings as:

   -- INR51.960 bil. *Proposed rupee term loan provisionally
      assigned with IND BB/Stable rating; and

   -- INR2.5 bil. *Proposed short term loan under working capital
      Facility provisionally assigned with IND A4+ rating

*The final ratings are contingent upon the receipt of the pending
final documents conforming to the information already received.
According to the management, the documentation process under the
flexible structuring is underway.  Ind-Ra would look into final
documents including but not limited to, loan agreements,
accession deed, trust and retention agreements and no dues
certificate from all the banks before assigning final ratings.
The ratings are for the proposed term loan and working capital
facilities of MBPL.  The provisional ratings are for the future
long term rupee loans and short term rupee loans and do not apply
to the existing facilities.

The ratings are constrained by the non-operation of Unit-II due
to boiler explosion within two months after the commencement of
commercial operations in March 2016 and tight liquidity position
aggravated by increasing receivable days from Uttar Pradesh
discom.  However, the project benefits from low principal
repayments in FY18 under proposed facility, long-term power sale
agreement with Uttar Pradesh and Madhya Pradesh state utilities,
and merchant power tie-up.  The insurance claim proceeds received
in FY17 and the balance amount to be received by the company in
FY18 could temporarily alleviate the liquidity strain.  That
being said, timely commencement and stabilization of Unit-II and
timely revenue receipts from discoms are crucial for the
sustenance of the ratings.  The ratings also factor in the
proposed mega-power status for the project.

                        KEY RATING DRIVERS

Stable Unit II Ramp-up Crucial for Rating Sustenance: Unit-I was
commissioned on 20-April-2015, and is running satisfactorily.  In
FY17, Unit-I availability and plant load factor (PLF) haven been
hovering in the range of 85% and 70%.  The Unit-II was
commissioned on March 30, 2016, and is presently non-operational
on account of a boiler explosion.  Repair and restoration works
are going on.  MBPL insured the project for material damages and
for any loss of profit due to business interruption, post 21 days
deductible period.  Accordingly, the company received INR2
billion in FY17 and expects to receive the balance approved
amount in FY18.

Although the temporary liquidity issues could be alleviated by
the insurance proceeds timely commencement of Unit-II and a
stable ramp up is pivotal for the ratings' sustenance.

Revenue Risk: MBPL has moderate revenue risk given that the power
purchase agreements (PPAs) for 67% of the installed capacity
(1,200MW) have been signed for the tenor of 20 to 25 years with
MPPTCL and UP discoms.  360MW tied up with MPPTCL will receive
capacity and variable charges based on Madhya Pradesh Electricity
Regulatory Commission's norms.  Another 60MW sold to MPPTCL will
receive only variable charges.  Tariff for 383MW tied up with the
UP discoms was discovered in case-1 bid.  MBPL has also tied-up
short term PPAs/merchant power for 350MW.  Any delays in the Unit
II and low PLFs on the Unit II could stress the coverage ratios.

Operation Risk: Operation & Maintenance (O&M) is carried out in-
house. MBPL's in-house O&M team has adequate experience in
commissioning and operation of power plants.  The management
expects the O&M cost to be at INR16.2m/MW which is higher than
the normative O&M cost of INR15.0m/MW according to Central
Electricity Regulatory Commission's norms.

Full Fuel Availability Under Long-term Fuel Supply Agreement
(FSA): MBPL has entered into a Fuel Supply Agreement (FSA) with
Southern Eastern Coalfields Limited (SECL) for a 20 year long-
term supply of 4.99MTPA.  Subsequently, FSA for Annual Contracted
Quantity (ACQ) of 3.5MTPA has been signed by the company.  ACQ
quantity will be adjusted in accordance with further tie up of
capacity under long-term PPA.  Balance coal of 0.90 MTPA is
proposed (by the management) to be procured from e-auction
sources.

Coal from SECL mines is being transported from Korba to Jaithari
line of South Eastern Railways (SECR) and from Jaithari to plant
through a dedicated private railway siding.

Counterparty Risk: Madhya Pradesh Power Trading Company Ltd
(MPPTCL) of Madhya Pradesh and Uttar Pradesh Power Company Ltd
(UPPCL) of Uttar Pradesh are the two major off-takers of the
project.  MPPTCL had been making payments to the project company
on an average within 30 days and UPPCL within 60 days.  However,
UPPCL has been delaying payments in 4QFY17 thereby stressing the
project liquidity.  Ind-Ra's assessment on the financial and
operational profile of the off-takers is moderate to weak.

Moderate Debt Structure: The project company has opted for the
flexible structuring of the long-term loan facilities and the
repayments in FY18 are minimal.  75% of the proposed rupee term
loan would have a repayment tenor of 18 years with 72 structured
quarterly installments commencing from May 1, 2016, and ending
April 15, 2034.  Balance proposed rupee term loan would have a
repayment tenor of 16.5 years with 66 structured quarterly
installments commencing from Nov. 1, 2017, and ending Feb. 1,
2034.  Terms and conditions of other long term loans
USD126.27 million ECB will remain unchanged and principal
repayments and interest payments are hedged for 10 years.

Debt Service Reserve Account (DSRA) for two quarters of debt
servicing is stipulated by the lenders and the same has to be
created by Sept. 30, 2019.

                       RATING SENSITIVITIES

Positive: Stabilization of both the units, proven track record of
timely receipt of tariffs from discoms in accordance with the
PPA, higher PLFs leading to sustained improvements in coverage
ratios beyond.  Ind-Ra's base case could result in rating
upgrade.

Negative: Individual or combined impact of these could lead to
rating downgrade

  1. Any further increase in receivable days,
  2. Delays in receipt of insurance claims
  3. Delays in commissioning and stabilisation of Unit II
  4. Significant increase in operating costs
  5. Failure to obtain mega power status

COMPANY PROFILE

MBPL is a 100% subsidiary of Hindustan Thermal Projects Limited
("HTPL").  HTPL in turn is a 100% subsidiary of Hindustan Power
Projects Private Limited ("HPPPL").  HPPPL is the energy holding
company of the group and has 100% step-down subsidiaries for
Thermal, Hydro and Solar verticals.

MBPL has set up a 2 x 600 MW coal based sub-critical thermal
power plant in district Anuppur of Madhya Pradesh. Unit-I (600
MW) of the plant was commissioned on April 20, 2015, and Unit-II
(600 MW) was commissioned on March 30, 2016.  However, Unit-II is
has been non-operational since May 2016 on account of boiler
explosion.  The final project cost was INR80.00 billion
(excluding custom and excise duties of INR5.3 billion) as against
original envisaged cost of INR62.40 billion.  The equity injected
by the sponsors was INR20.95 billion and the debt/equity ratio
was 2.83:1.  The total debt outstanding including working capital
limits at the end of February was INR65.19 billion.

In FY16, MBPL has reported revenue of INR12,453 million and
EBITDA of INR3,776 million.  The total debt outstanding at end
February was INR65.19 billion.


MOTHER LAM: CARE Lowers Rating on INR11.58cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mother Lam Private Limited (MLPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             11.58      CARE D Revised from
                                     CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
MLPL is on account of delay in debt repayment owing to weak
liquidity position.

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

Detailed description of key rating drivers

Key Rating Weaknesses
Ongoing delay in debt servicing: GLPL has been irregular in
servicing its debt obligation as the cash credit account remained
overdrawn for a maximum period of around 45 days. The same is due
to devolvement of Letter of Credit which the company was unable
to repay on account of non-availability of funds.

Ahmedabad-based (Gujarat) Mother Lam Private Limited (MLPL) was
incorporated in January 2012 by Mr. Mahesh Patel, Mr. Nilesh
Patel, Mr. Kantilal Patel and Mr. Rajesh Gothi. The company is
engaged in the manufacturing of decorative residential and
industrial laminates which is used as an overlay over plywood or
other wooden furniture. MLPL commenced its manufacturing
operations from June 2013 onwards, from its sole manufacturing
plant situated in Sabarkantha (Gujarat) with an installed
capacity of 14.40 lakh sheets per annum as on May 18, 2016. MLPL
caters mainly to domestic demand and markets its product under
its flagship brand "NOCTE Lam".

Status of non-cooperation with previous CRA: CRISIL has suspended
its rating vide press release dated November 2, 2016 on account
of non-cooperation by Mother Lam Private Limited with CRISIL's
efforts to undertake a review of the rating outstanding.


NAKODA FRUIT: CARE Reaffirms B+ Rating on INR3cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nakoda Fruit Products Private Limited (NFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              3         CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              7         CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NFPL continue to
be constrained by moderate scale of operations with low
capitalization, low profitability margins due to trading nature
of operations, leveraged capital structure, weak debt coverage
indicators, working capital intensive nature of operations and
presence in highly fragmented agro trading industry.

The above weaknesses continue to be offset by the experience of
the promoters in the agro industry, NFPL being part of
established Nakoda group which has presence in agro sector,
operational synergies form group and long association with
diversified clientele of group.

The ability of the company to increase its scale of operations,
improve profitability and capital structure while efficiently
managing its working capital requirement is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths
Long experience of promoters and part of Nakoda group: The
promoters of the entity have an experience of more than a decade
in food processing sector. Nagpur-based Nakoda group was
established in 1989 and is into trading and processing of dry
fruits, spices and other agro commodities. Over the years, the
group has developed a market for its products and established
good relations with various suppliers and customers.

Operational synergies with Group: The group companies have a
common management team with operational and financial linkage
between them. Companies utilize a common procurement,
manufacturing, marketing and advertising network. Based on the
availability of labour, machine capacity, bank facilities and
others, the group undertakes processing of products under
different entities of its group. Furthermore, all group companies
sell products under the common brand name. As a result, companies
derive benefit from the synergy of their operations with each
other.

Long association with reputed clientele of Group: The group has
an established sales network all over India, with presence in 60
districts in all major states of India. The company has a wide
base of customers spread across domestic and international
market, which reflect geographical diversification of customers
and mitigates the risk related to significant reduction in the
revenue in case of lower demand from any particular state. The
group's major customers include leading food product
manufacturers and have long-standing relationship of about one
decade with them.

Key Rating Weaknesses
Moderate scale of operations with low profit margins: The income
from operations of the company has grown during last three years
ending FY16. However, the scale of operations remained modest
with low capitalization restricting its financial flexibility.
Profitability margin of the company remained low inherent to
limited value addition nature of operations.

Leveraged capital structure and weak debt coverage indicators:
Capital structure of the company remained leveraged owing to high
external borrowings availed to support the operations of the
company. Furthermore, owing to low profitability and high debt
levels, debt coverage indicators remained weak.

Working capital intensive nature of operations: Operations of the
company are working capital intensive with high gross current
asset days of 160 days leading to high limit utilizations. The
company has to maintain bulk inventory to ensure uninterrupted
operations resulting in high inventory period. Furthermore,
payment from clients is received in around three months. Thus,
the company has an elongated working capital cycle.

Highly fragmented agro processing trading industry: The Indian
trading industry is highly unorganized & fragmented in nature.
Due to low entry barriers, the trading Industry in the country is
flooded with many unorganized players. This has led to high level
of competition in the industry and players work on wafer-thin
margins. The company faces competition from organized as well as
unorganized players. Within the organized sector it faces
competition from many established players at both national and
international level. Considering the unorganized sector, the
competition for the company is intense, due to the presence of
small and regional players primarily catering to low income level
customers.

Incorporated in 2009, NFPL is engaged in trading and processing
of spices and dry fruits. Till FY15 (refers to the period April 1
to March 31), the company was only engaged in the trading
activity. However, from FY16 (November 2015), the company has
forayed into the processing of spices and dry fruits. The
products of the company include spices, chick peas, roasted dry
fruits, and raw dry fruits. The company procures its raw material
from local suppliers and sells the same in the domestic market.

NFPL is a part of the 'Nakoda' group engaged in the trading and
processing of dry-fruits, candied fruit cubes (tutti-frutti,
candied karonda) and other agro-based food products. The 'Nakoda'
group was established in the year 1989 by the Chaudhary family is
based in Nagpur, Maharashtra. Currently, the group is managing
five entities, viz, Nakoda Group of Industries Private Limited
[NGPL], Nakoda Agro Commodities Private Limited [NACPL],
Parshvanath Overseas LLP [PO], Parshva Food International (PFI)
and NFPL.


NAVBHARAT FUSE: CARE Assigns B+ Rating to INR31.30cr LT Loan
------------------------------------------------------------
CARE Ratings has been seeking information from Navbharat Fuse
Company Limited (NFCL) to monitor the ratings vide letter dated
February 7, 2017 & e-mail communications dated December 26, 2016
November 8, 2016, September 14, 2016 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requiste information for monitoring the ratings. In
the absence of minimum information required for the purpose of
the rating, CARE is unable to express opinion on the rating. In
line with the extant SEBI guidelines CARE's rating on NECL's bank
facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             31.30      CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             23.50      CARE A4; ISSUER NOT
                                     COOPERATING

Detailed description of the key rating drivers

At the time of last rating in March 25, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Deterioration in financial risk profile: Total operating income
of NFCL declined significantly in FY15 (refers to the period
April 1 to March 31) vis-a-vis FY14 on account of explosion in
the detonating fuse unit of its Abhanpur plant on July 31, 2014
leading to shutdown of operation for a significant period (around
50 days). The company has reported operating income of INR46.84
crore in FY15 vis-a-vis INR110.44 crore in FY14.

Low capacity utilisation: The capacity utilisation for the
cartridge explosives segment has declined in FY15 to 34.73%
from 70.01% in FY14 due to shutdown of the plant for a
significant period (around 50 days) on account of explosion in
its detonating fuse plant at Abhanpur, Chattisgarh, on July 31,
2014, and lower demand from CIL. This apart, capacity utilisation
for the sponge iron plant has declined to 14.59% in FY15 from
19.86% in FY14, on account of slow demand from the steel sector.

Significant exposure in group companies: NFCL has significant
exposure to its group and associated companies. As on March 31,
2015, the company has an aggregate exposure of INR8.06 crore in
the form of investments in shares of group company (Rs.0.06 crore
as on March 31, 2014) forming 18.5% of its networth.

Working capital intensive nature of operations: NFCL has a high
average collection period mainly due to high bargaining power of
the clients. Average collection period deteriorated from 170 days
in FY14 to 362 days in FY15. This translates into high operating
cycle of 339 days in FY15 leading to working capital
intensiveness of the business. The average working capital
utilisation was high around 99% during last 12 months ended
January 2015.

Key Rating Strengths

Experience of the promoters with long and established track
record of the group: The Navbharat group has been promoted by the
Mr. Vijay Kumar Singh of Raipur who has over 30 years of
experience in mining and manufacturing of industrial explosives.

High entry barriers: NFCL is governed by the Explosives Act 1984
and its operations and activities are constrained by the various
provisions and regulations mentioned under the stated act.
Additionally, the availability of adequate land, and high land
area requirement to ensure safety norms as per Explosives Act
1984, acts as a barrier to entry into the explosives business.

Strategic plant location: NFCL's plants for manufacturing of bulk
explosives are located across six locations in Chhattisgarh
(Rajhara, Korba, Raigarh and Deohara) and Orissa (Basundhara and
Talcher). These locations, by virtue of being in close proximity
to the mining facilities in West Bengal, Bihar, Jharkhand, Orissa
and others, enjoy the locational advantage by way of lower
transportation and logistics costs. This apart, NFCL's plant for
manufacturing of sponge iron is located in the Jagdalpur area of
Chhattisgarh which is entitled to capital subsidy of 35% of total
capital cost. Also, the plant is located in the mineral rich
state of Chhattisgarh where various other steel players with
upstream products are operating.

Diversified revenue profile: Apart from manufacturing of
industrial explosives, the company has also forayed into
manufacturing of sponge iron with a 60,000 TPA plant in
Chhattisgarh from FY04. NFCL derives a substantial portion of its
overall revenue (47.81% in FY15) from the sale of sponge iron and
allied products like iron ore fines.

Steady off-take arrangement with Coal India Ltd.: NFCL gets into
running contracts with Coal India Ltd (CIL) for the supply of
explosives. The contract is valid for a period of two years with
a provision for yearly re-setting of price. Such arrangement is
beneficial for the company as it ensures steady off-take of its
products and provides reasonable revenue visibility in the near
term.

NFCL was incorporated in 1988 for manufacturing of industrial
explosives at Raipur, Chhattisgarh. The company produces bulk and
cartridge explosives with an aggregate installed capacity of
50,000 tons per annum (TPA). The company supplies explosives
majorly to Coal India Ltd (CIL) and its subsidiaries including
South Eastern Coalfields Ltd, Northern Coalfields Ltd, Eastern
Coalfields Limited, etc. This apart, the company is also engaged
into manufacturing of sponge iron with a 60,000 TPA plant at
Jagdalpur, Chhattisgarh. Main promoters of the group- the Singh
family of Raipur - have over three decades of track record in the
industrial explosives segment.

NFCL registered net loss of INR2.84 crore on total operating
income of INR46.84 crore in FY15 as compared with PAT of INR0.97
crore on a total operating income of INR110.44 crore in FY14.

Status of non-cooperation with previous CRA: CRISIL has suspended
its ratings vide press release dated December 11, 2013 on account
of non-cooperation by NFCL with CRISIL's efforts to undertake a
review of the outstanding ratings.


NIKITA CORPORATION: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
---------------------------------------------------------------
CRISIL rating to the long-term bank facility of Nikita
Corporation continue to reflect Nikita's exposure to risks
related to implementation and saleability of its ongoing project,
accentuated by the initial stage of project implementation. The
rating also factors in exposure to cyclicality inherent in the
Indian real estate sector. These weaknesses are mitigated by the
promoters' extensive experience in Navi Mumbai's real estate
market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8.5      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks and cyclicality inherent in the Indian real
estate industry:

The real estate sector in India is cyclical and is marked by
volatile prices, opaque transactions, and a highly fragmented
market structure. Also, there are multiple property laws and non-
standardised government regulations across states, and shortage
of manpower (project engineers and skilled labour). With increase
in supply and attractive prices offered by various builders and
constant regulatory changes, the profitability of real estate
players is expected to come under strain over the medium term.
Also, continuous changes in fiscal and monetary measures will
cause variations in interest rates impacting demand for housing
loans. The absence of regulatory certifications on land titles
exposes the developers to legal risks. Moreover, high transaction
costs constrain the development of a robust secondary market,
leading to liquidity risks. Nikita is exposed to geographic
concentration in revenue profile as all its projects are in
Mumbai. CRISIL believes Nikita will remain exposed to inherent
risks and cyclicality in the real estate sector over the medium
term.

Strength

* Promoters' extensive industry experience:

The Munot family has experience of about 13 years in the
residential real estate development business. Over this period,
they have developed eight projects in Mumbai. The management
targets the middle income group segment for sale of developed
space. The Indra Valley, which was completed recently, has
received about 50 per cent bookings. Nikita continues to benefit
from the experience and competence of its promoters, who also
provide need-based funding support in the form of capital and
unsecured loans. CRISIL believes Nikita will continue to benefit
from the extensive experience of its promoters in the Mumbai real
estate market

Outlook: Stable

CRISIL believes Nikita Corporation (Nikita) will benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if sizeable bookings of
units and timely customer advances lead to substantial cash
inflows. Conversely, the outlook may be revised to 'Negative' if
slow bookings of units or delays in receipt of customer advances
affect project implementation and constrain liquidity.

Nikita, a partnership firm set up in 2014 by Mr. Basant J Munot,
Mr. Sorab S Munot and Ms. Indu B Munot, develops residential real
estate projects, mainly in Navi Mumbai. It is undertaking a
project, Indra Riverside, in New Panvel.

Nikita was set up in 2014-15 and it hasn't generated any revenues
on account of the projects stage of its real estate operations.


NILKANTH KRAFT: CARE Assigns B+ Rating to INR8.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Nilkanth Kraft Paper Mill (NKPM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE B+; Stable Assigned

   Long-term/Short-
   Term Bank Facilities   3.00       CARE B+; Stable/CARE A4;
                                     Assigned

   Short-term Bank
   Facilities             0.33       CARE A4

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of NKPM are primarily
constrained on account of nascent stage of operations,
partnership nature of constitution, susceptibility to the raw
material price fluctuation coupled with competition from other
local players.

The ratings, however, take comfort from the long experience of
the promoters in the paper industry and stable outlook of the
paper industry.

The ability of the firm to increase its scale of operations,
improve its profitability in light of volatility associated with
the raw material prices along with efficient management of its
working capital going forward would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations
NKPM has started its commercial production from August, 2016 and
during its five months of operations till December 2016, the firm
has registered a TOI of INR16.76 crore.

Partnership nature of constitution
NKPM is a partnership firm hence, constitution as partnership
firm restricts its overall financial flexibility in terms of
limited access to external funds for any future expansion plans.
There is an inherent risk of withdrawal of capital due to the
partnership constitution of the entity.

Susceptibility to the raw material price fluctuation
NKPM is engaged in the business of manufacturing of Kraft &
Absorbent Paper used in the manufacturing for making paper
grocery bags, wrapping paper, envelops and various types of
corrugated boxes. Waste paper is the raw material which is driven
by demand and supply scenario led to volatility in the prices.

Key Rating Strengths

Experienced partners
All the eleven partners have extensive experience in the same
line  of business and they look after respective departments of
NKPM as per their expertise.

Stable outlook of paper industry
NKPM is engaged in manufacturing of Kraft & Absorbent Paper of
various sizes and strengths which find applications for different
industries. The outlook for the long term remains stable on the
back of key demand drivers such as increased economic activity,
increasing government spending on education, rising population
and incomes levels and greater use of paper packaging over
plastic packaging.

Mehsana-based (Gujarat), NKPM was established in July 2015 by 11
partners. NKPM has successfully completed the project for
manufacturing of Kraft & Absorbent Paper (KAP) by installing
fully automatic machines. Total cost of project wasRs.14.85
crore, which was funded through project debt to equity mix of
0.62:0.38. The manufacturing unit of the firm is located at the
Survey No. 256/1, Kherva - Jagudan Road, At: Kherva, Ta: Mehsana,
Dist: Mehsana, having capacity of manufacturing of Kraft &
Absorbent Paper of 25000 MTPA. Commercial production started from
August, 2016 and NKPM is selling its products to various players
in the nearby domestic area.


PRANAAV MARATHE: CARE Raises Rating on INR32.20cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pranaav Marathe Jewellers Private Limited (MJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             32.20      CARE B+; Stable Suspension
                                     Revoked and rating revised
                                     from CARE BB+ to CARE D
                                     and upgraded to CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long-term bank
facilities of MJ to 'CARE D' reflects overdraw in the working
capital facilities by the company in Q4FY16 (refers to the period
January 1 to March 31) for over 30 day as per CARE's policy of
recognizing default. However, following the regularization of
debt servicing by the company from April 2016, the rating stands
revised to CARE B.

The rating assigned to the bank facilities of Pranaav Marathe
Jewellers Private Limited (MJ) continues to remain constrained by
MJ's relatively short track record and small scale of operations
and its presence in a fragmented retail jewelry industry marked
by intense competition from regional players. The rating is
further constrained by the working capital-intensive nature of
operations, exposure to volatility in raw material prices and
moderate capital structure.

The rating continues to draw strength from the wide experience of
the promoters in the gems and jewellery (G & J) segment. The
rating further takes into account improvement in scale of
operations and profit margins during 9MFY17 (refers to the period
April 2016 to December 2016).

The ability of the company to maintain the increased scale of
operations through increased market penetration and geographical
presence, improvement in capital structure and debt coverage
indicators and manage the working capital cycle efficiently are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Qualified promoters with extensive experience in the jewelry
business: MJ is engaged in the manufacturing and designing of all
types of gems, diamonds, precious and semi-precious stone studded
jewelry in gold, silver and platinum along with jewelry made of
natural and artificial pearls and corals. The directors of MJ
have extensive experience in the gems and jewelry (G&J) industry
and have prior experience of 14 years in the retail jewelry
segment with PNG Jewelry and Gems.

Financial risk profile marked by decline in sales and
profitability, increased debt and moderate debt coverage
indicators: MJ's total operating income has seen de growth from
INR89.17 crore in FY15 to INR70.77 crore during FY16 which was
mainly on account of strike owing to imposition of Central Excise
Duty on Gems & Jewelry industry, wherein the Government announced
to 1% Excise Duty on Gems & Jewelry sector without input credit &
12.5% with input credit due to which jewelry shops in and around
Pune were shut for about 40 days from March end to April 2016.

PBILDT margin marginally improved to 9.43% during FY16 as against
9.33% during FY15. In spite of improvement in PBILDT margin, PAT
margin deteriorated to 1.30% during FY16 as against 3.74% during
FY15 mainly due to increase in interest cost on account of higher
level of utilization of working capital bank borrowings and term
loans. MJ's debt profile is characterized by working capital bank
borrowings, term loans from bank and unsecured loans from
directors. Term debt to equity ratio stood at 1.59x as on
March 31, 2016 as against 0.44x as on March 31, 2015, led by
higher amount of unsecured loans from directors and term loans.

Due to increase in debt and decline in PAT, Term Debt to Gross
Cash Accruals (GCA) ratio deteriorated to 26.45x during FY16 as
compared to 6.87x during FY15. Interest coverage stood at 1.54x
during FY16 as against 2.86x during FY15 owing to de-growth in
total operating income coupled with increased finance costs.
During 9MFY17 MJ reported total sales of about INR110 crore.

Key Rating Weakness
Working capital-intensive nature of operations: G & J industry is
highly labor and working capital intensive in nature.
Furthermore, MJ being into the retailing of jewelry the company
is required to maintain a large amount of inventory. The average
inventory holding period stood at 263 days in FY16 as compared to
171 days during FY15. Furthermore, MJ procures gold and diamonds
from the open market, while the company gets a credit period for
about 60 to 90 days on diamond purchases; it has to make
immediate payment for its gold purchases impacting in increase in
working capital cycle. Working capital cycle elongated to 158
days during FY16 as compared to 96 days during FY15. The same was
on account of higher inventory period.

Pranaav Marathe Jewellers Private Limited (MJ) incorporated in
the year 2012, is a closely held company led by Mr. Balwant
Marathe and his brother Mr. Kaustubh Marathe. MJ is engaged in
the designing and retailing of all types of gems, diamonds,
precious and semi-precious stone studded jewelry in gold, silver
and platinum along with jewelry made of natural and artificial
pearls and corals.


QUALITY FOODS: CARE Reaffirms 'B' Rating on INR2.17cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Quality Foods (QF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.17       CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities             5.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of QF continue to
remain constrained on account of modest scale of operations of
entity with low capitalization, financial risk profile marked by
low and declining profit margins, leveraged capital structure and
moderate debt protection metrics. The ratings are further
constrained by working capital intensive nature of operations,
minimal product differentiation and inherent risk associated with
sea food industry along with partnership nature of constitution.

However, the ratings derive strength from significant experience
of partners in sea food processing and export business, long
track record of operations of entity along with inherent location
advantage emanating from presence of entity close to west coast
of India.

The ability of the entity to increase its scale of operations,
improve its solvency position and profit margins amidst
competitive scenario alongwith efficient management of working
capital requirements is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced and resourceful promoters and location advantage:
QF's promoters have an average experience of more than a decade
in sea food industry and are ably supported by experienced
personnel in second- tier management.

Furthermore, the location of entity near west coast sea of India,
results in lower logistic expenditure (both on transportation and
storage), and easy availability and procurement of raw materials
at effective prices.

Key Rating Weaknesses

Modest scale and leveraged capital structure: Despite being in
existence for around one and half decade, the scale of operations
of the entity remained small with low networth base thus
depriving it of scale benefits. Dependence on external borrowings
remained high resulting in leveraged capital structure owing to
low networth base.

Low profitability with minimal product differentiation and
inherent risk with sea food industry: Sea food industry is
marked by limited product differentiation and presence of
numerous players due to low entry barriers. In view of the same
the sector has an intense competition having a negative bearing
on the profitability. The same impacted the profitability of QF
where the profit margins remained low and declining during last
three years ending FY16 (refers to the period April 1 to March
31). Furthermore, the seafood market is characterized by
uncertainty, which is more pronounced in supply than in demand.

Cuncolim-based (Goa) Quality Foods (QF) is a partnership firm,
established in November 2003 and engaged in processing and export
of sea foods to countries like Indonesia, Malaysia, Thailand,
China and Africa (about 10%). QF has its processing unit which is
ISO 9001:2008 certified, located in industrial area of Cuncolim
situated in Salcete district of South Goa and operates with a
processing capacity of 43 tonne of fish per day (TPD). The firm
also has storage facility of 1000 tonnes capacity located in the
same premises and deals in variety of sea products, which are
sold under brand name "Viva" and "Sea Mac Island" and are HACCP
(Hazard Analysis and Critical Control Point) certified.

The entity reported TOI of INR32.43 crore with net profit of
INR0.25 crore against TOI of INR29.54 crore with a net loss of
INR0.27 crore in FY15.


R L CONSTRUCTION: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R L
Construction's (RLC) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects RLC's continued moderate scale of
operations and moderate credit metrics.  In FY16, revenue was
INR689 million (FY15: INR605 million), interest coverage
(operating EBITDAR/gross interest expense) was 4.8x (4.3x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) was 1.3x (0.1x).

The ratings are constrained by the firm's partnership nature of
business.  The ratings are further constrained by the firm's
geographical concentration risk emanating from its contract
execution activities mostly based in and around Northeast India
only.

The ratings reflect RLC's tight liquidity profile as evidenced by
its 98% use of working capital limits on an average during the 12
months ended February 2017, with few instances of over
utilization which were regularized in within one day.

The ratings, however, are supported by over two decades of
experience of the promoters in the construction business.

                        RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
maintenance of the current credit metrics, or a change in the
organizational constitution, will be positive for the ratings.

Negative: Any deterioration in profitability along with other
credit metrics will be negative for the ratings.

COMPANY PROFILE

Silchar (Assam)-based RLC executes earthwork and construction
work for the North-Eastern Railway.  The firm is managed by
Gouranga Paul and Mukul Paul.


R D FASHIONS: CRISIL Assigns B+ Rating to INR5.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R D Fashions Private Limited (RDF).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             0.5        CRISIL B+/Stable
   Cash Credit           5.4        CRISIL B+/Stable
   Letter of Credit      0.35       CRISIL A4

The ratings reflect the working capital-intensive operations and
a modest scale in an intensely competitive industry. The rating
also factors weak financial risk profile. These weaknesses are
partially offset by the extensive experience of its promoters in
the ready-made garments industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations:

Operations are working capital intensive as reflected in gross
current assets of 237 days as on March 31, 2016, mainly because
of receivables of 56 days and inventory of 158 days.

* Weak financial risk profile:

Networth was small at INR3.30 crore and gearing high at 3 times
as on March 31, 2016.

* Modest scale of operations in the intensely competitive RMG
industry:

Scale of operations has remained small and the company remains
exposed to intense competition in the RMG industry.

Strength

* Extensive experience of promoters and established relationship
with customers and suppliers:

Presence of more than three decades in the ready-made garments
segment has enabled the promoters to establish strong
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes RDF will continue to benefit over the medium term
from the extensive experience of its promoters and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of a significant and sustained
improvement in revenue and profitability, while maintaining
capital structure. The outlook may be revised to 'Negative' if a
significant decline in revenue or profitability, stretched
working capital cycle, or larger-than-expected, debt-funded
capital expenditure further weakens financial risk profile.

Incorporated in 2006 by Mr. Rajan Dsouza, RDF manufactures ready-
made garments for men and children at its facility in Vasai,
Maharashtra.

Profit after tax (PAT) was INR0.05 crore on net sales of INR21.69
crore in 2015-16 (refers to financial year, April 1 to March 31)
against INR-0.01 crore on net sales of INR21.33 crore in 2014-15.


RMJ MOTORS: CARE Reaffirms B+ Rating on INR14.75cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
RMJ Motors Private Limited (RMJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.75        CARE B+; Stable Reaffirmed

Detailed Rationale

The rating assigned to the bank facilities of RMJ continues to
remain constrained on account of modest scale of operations along
with thin profit margins, weak capital structure, weak debt
coverage indicators, modest liquidity position and working
capital intensive operations during FY16 (refers to the period
April 1 to March 31) (Audited). The rating also remains
constrained due to its short track record of operations and
volume-driven business and intense competition.

The rating, however, continues to derive strength from its
experience of the promoters in the industry.

The ability of RMJ to improve its sales volume, profitability and
capital structure would remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Strengths

Experienced promoters

Mr. Abhishek Jain, Managing Director of RMJ, is an Electrical
Engineer and has been associated with various R M Group entities
for more than a decade.

Key Rating Weaknesses

Improvement in profit margins albeit decline in scale of
operations

The total operating income (TOI) of RMJ declined by around 6.57%
to INR74.98 crore during FY16 as against INR80.25 crore during
FY15 due to decrease in sales volume on account of subdued demand
of passenger vehicles of TATA Motors Limited. However, during
FY16, the PBILDT margin of the company improved by 401 bps to
4.86% as against 0.85% during FY15 on account of decrease in cost
of traded goods. The PAT margin also improved but remained thin
at 0.35% during FY16 as against losses of INR3.54 crore during
FY15. The company also reported cash profit of INR0.89 crore
during FY16 as against cash loss of INR2.46 crore during FY15.

Weak capital structure and debt coverage indicators
The capital structure of RMJ is weak marked by an overall gearing
of 37.32 times as on March 31, 2016, owing to depleted reserves
on account of losses during FY15. The debt coverage indicators of
RMJ also remained weak marked by total debt to GCA of 27.56 years
[FY15: 10.16 years] and interest coverage remained at 1.32 times
[FY15: 0.22 times] during FY16 on account of lower GCA and higher
PBILDT in absolute terms, respectively.

Modest liquidity position and working capital intensive
operations

The current ratio of the company remained modest at 0.84 times as
on March 31, 2016. The operating cycle of RMJ remained elongated
at 80 days due to high inventory period. The cash flow from
operations stood at INR4.35 crore during FY16, which improved
from INR3.36 crore during FY15. The average working capital
utilization remains almost 75% during past 12 months ended
January 2017.

Volume driven business with intense competition in the auto
dealership industry

Indian automobile industry is highly competitive in nature as
there are a large number of players operating in the passenger
car market like Maruti Suzuki, Hyundai, Honda, Tata Motors, etc.
OEMs are encouraging more dealerships to improve penetration and
sales, thereby increasing competition amongst dealers. The auto
dealers have lower bargaining power as against OEMs, resulting in
low operating margins.

Incorporated in October 2008, RMJ Motors Pvt. Ltd. (RMJ) is
promoted by the Bhopal-based RM group. RMJ is engaged in
sales and services of passenger cars of Maruti Suzuki India
Limited (MSIL). RMJ is an authorized dealer for passenger
vehicles of MSIL in Bhopal (Madhya Pradesh) and operates through
three showrooms and three workshops located in the region.

The company was earlier engaged in sales and services of TATA
Motors Limited, but it discontinued the same due to lower demand
for TATA motors passenger vehicles and switched to Maruti Suzuki
India Limited since September 2016.  The RM Group has diversified
business interest and through its various group entities it
undertakes manufacturing of detergent powder and detergent cakes
(on job work basis), edible oil extraction, merchant export of
chemicals and automobile dealership.

As per the audited results for FY16, RMJ reported a PAT of
INR0.27 crore on a total operating income (TOI) of INR74.98 crore
as against net loss INR3.54 crore on a TOI of INR80.25 crore
during FY15 (Audited). Till February 24, 2017, the company has
clocked a turnover of INR46 crore.


S.K. AGRI: CARE Hikes Rating on INR8.40cr LT Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S.K. Agri Products Pvt. Ltd. (SAP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.40       CARE BB-; Stable Revised
                                     From CARE B+

Detailed Rationale

The revision in the rating of S.K. Agri Products Pvt. Ltd.
factors in the growth in the scale of operations, improvement in
the overall gearing ratio and coverage indicators. The rating,
further, continues to draw comfort from experience of the
promoters in the seed processing business, moderate profitability
and locational advantages arising from its presence in the agro
cluster of Uttarakhand.

The rating, however, continues to remain constrained on account
of small scale of operations with low net worth base and working
capital intensive nature of operations. The rating is further
constrained by seasonality associated with the sector, along with
exposure to the vagaries of nature and its operation in highly
fragmented and competitive nature of agro industry.

Going forward, the ability of SAP to profitably grow its scale of
operation along with improvement in capital structure and
effective working capital management would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small though growing scale of operations: Total operating income
(TOI) of the company stood small which limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. However, the risk is partially mitigated by the
fact that the scale of operation is growing continuously. For the
period FY14-FY16 (refers to the period April 01 to March 31),
SAP's total operating income grew on y-o-y basis and compounded
annual growth rate (CAGR) was around .9.52.% for the said period.

Working capital intensive nature of business: The firm has to
hold the high inventory during the months April to December,
thereby has to rely majorly on working capital borrowings to fund
its day-do-day operations, resulting in higher utilization of
working capital limit during peak season.

Intensely competitive nature of the industry characterized by a
number of small players: SAP operates in a highly fragmented
industry marked by the presence of a large number of players in
the unorganized sector. Furthermore, with presence of various
players, the same limits bargaining power which exerts pressure
on its margins.

Long-standing experience of the promoters Mr. Sudhanshu Jindal
looks after the overall day-to-day affairs of the company. He has
more than one and a half decades of experience in agro-related
business. He is also well supported by other experienced
directors looking after the operational and administrative
departments.

Moderate Profitability margins

The PBILDT margins of the firm continue to remain moderate in
FY16 with marginal improvement registered in PAT margin on
account of lower interest and depreciation cost.

Improvement in overall gearing ratio and debt service coverage
indicators Overall gearing (including acceptance) of the company
improved mainly on account of lower utilization of the working
capital limits as on balance sheet date coupled with improvement
in the net worth on account of accretion of profits to reserves.
The debt service coverage indicators also improved on account of
lower interest cost owing to lower debt levels.

Presence in the agro cluster at Uttarakhand: SAP's presence in
the region gives an additional advantage over the competitors in
terms of easy availability of the raw material as well as
favorable pricing terms

Nainital-based (Uttarakhand) S.K. Agri Products Private Limited
(SAP) was incorporated in January 2011 by Mr. Sudhanshu Jindal
and his family members. The company is engaged in the processing
and trading of wheat & paddy seeds. The seed processing unit of
the company is located at Nainital, Uttarakhand, having a
processing and grading capacity of 7,500 tonnes per annum (TPA)
as on January 31, 2017. SAP purchases the breeder seeds (initial
level or raw seeds) of wheat and paddy from the state authorities
or agriculture universities and provides them to farmers for
germination. After the receipt of germinated foundation seeds
from the farmers, the company gets them certified from a seed
certifying agency.

These certified seeds are graded and then sold to the retailers
and distributors in Uttar Pradesh, Bihar, Punjab, Uttaranchal,
Haryana and West Bengal. SAP sells the certified seeds under the
brand name of 'SK Agri Seeds'. Northern Agro Seed Products is
group associate and engaged in trading and processing of seeds.

For FY16, SAP achieved a total operating income (TOI) of INR10.88
crore with profit after tax (PAT) of and INR0.12 crore,
respectively, as against TOI of INR10.36 crore with PAT of
INR0.09 crore, in FY15. Furthermore, the firm has achieved total
TOI of INR14.00 crore till 10MFY17 (refers to the period April 01
to January 31, based on the provisional results).


SAHANU SPONGE: CARE Reaffirms B+ Rating on INR11.21cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sahanu Sponge & Power Limited (SSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             11.21      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              0.30      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSPL continue to
remain constrained by modest scale of its operations with
fluctuating income and cash accruals, presence in the highly
competitive and fragmented steel bars segment, weak financial
profile characterized by low profitability, highly leveraged
capital structure and weak debt coverage indicators, cyclical
nature of the steel sector and exposure to volatile raw material
prices.

The ratings, however, continue to take into account the long
experience of the promoters in the steel sector through
association with Ambey Metallic Limited, Jay Ambey Iron Private
Limited, Goa Ispat Limited, HariPriya Corporation and Hari Priya
Steel Industries operating in same business line and its
diversified customer base.

Ability of the company to increase its scale of operations,
improve profitability while managing volatility in raw material
prices and capital structure along with efficient working capital
management is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths
Established track record and long experience of the promoters:
SSPL has a track record of around 15 years in the manufacturing
of Thermo-Mechanical Treatment (TMT) bars, and such other steel
rolled products. In its 15 years of operations the company has
developed good relations with customers and suppliers. The
directors of the company have over two decades of experience in
the industry.

Diversified customer base: The company sells directly to
construction companies and other clients due to which revenue
concentration risk remains low. In FY16, the top five customers
contributed 20% to the revenues of the company.

Furthermore, customers of the company are sector diversified and
operate in infrastructure, construction and engineering sectors
mitigating sector concentration risk.

Key Rating Weaknesses

Presence in the highly competitive and fragmented steel bars
segment: The company operates in the steel industry which
comprises of several small players in the unorganized sector and
is also characterized by high degree of fragmentation. There also
exist big sized players with established and integrated
operations along with strong marketing & distribution network
resulting in intense competition in the industry.

Susceptible of profit margins to fluctuation in input prices: The
key raw material required for the manufacturing steel rebars is
MS ingots which are procured at market-linked rates. Prices of
raw material as well as finished goods have always been volatile.
SSPL operates on moderate margin and raw material is a major cost
drivers (constituting about an 1Complete definition of the
ratings assigned are available at average of 85-90 % of the sales
in last two years ending FY16). Hence the company is sensitive to
adverse movement in prices of finished goods and/or raw
materials.

Highly leveraged capital structure and stressed debt coverage
indicators: Due to increase in low capitalization the entity
has to rely on external debt resulting in leveraged capital
structure. Furthermore, owing to low profitability debt coverage
indicators remained weak.

Goa-based, Sahanu Sponge Power Ltd (SSPL), was incorporated in
June 2003 for the manufacturing of TMT bars from 2003 to 2012,
the company was dormant and did not undertake any manufacturing
operations on account of regulatory hurdles. Later in May 2012,
the company acquired the manufacturing facilities of 'Srithik
Rolling Private Limited'.

Subsequently in July 2012, after acquiring the necessary
licenses, SSPL restarted commercial production of TMT bars under
the new management.

SSPL is a closely held company promoted by three directors, Mr.
Sunil Garg, Mr. Pawan Bansal and Mr. Tushar Garg. SSPL
manufactures Thermo-mechanically treated (TMT) steel bars which
are marketed under the brand name of 'GOA GOLD TMT'. The company
manufactures these TMT bars / rebars in various lengths as per
customer specifications and supplies the same to the
infrastructure, construction and engineering sector, directly and
through dealers. The company procures MS-ingots as raw material,
which is sourced from Goa and Karnataka.

SSPL has an annual installed capacity of 45,000 MTPA as on
January 31, 2017, with the products of the company being ISI
certified. SSPL generated a total operating income of INR84.84
crore with PBILDT of INR3.68 crore and APAT of INR0.49 crore in
FY16.


SAI POULTRY: CARE Reaffirms B+ Rating on INR6.30cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sai Poultry Farm (SPF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.30       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPF continues to be
constrained by the small scale of operations of the firm with
revenues geographically concentrated to a particular region, low
profitability indicators, moderate capital structure & weak debt
coverage indicators during the year ended FY16 (refers to the
period April 1 to March 31). The rating also factors in highly
fragmented & competitive nature of the industry with large number
of unorganized players and vulnerability of the poultry segment
to outbreaks of bird flu & other diseases. However, the rating
derives strength from qualified & experienced promoters and long
track record of operations of the firm in the poultry segment.

Going forward, the ability of the firm to scale up operations and
improve profitability & capital structure while managing the
working capital efficiently would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations with revenues concentrated towards a
single region

The scale of operations of SPF remains small with the operating
income of INR26.66 crore during FY16 as against INR22.58 crore in
FY15. The sales of eggs are also geographically concentrated with
around 95% of sales made to Kerala during FY16

Financial profile marked by low profitability & moderate capital
structure

The PBILDT margin of the firm remained thin at 3.31% in FY16 as
against 3.52% in FY15 on account of higher raw material prices,
primarily maize and corn feeds.

The promoters have withdrawn INR1.39 crore during FY16 and the
capital structure moderated to 2.32x as on March 31, 2016 as
against 1.63x as on March 31, 2015. With low PBILDT levels, the
interest coverage remains moderate at 1.08x for FY16 as against
1.03x during FY15.

Profit margins vulnerable to volatility in raw material prices
Maize is relatively a small scale crop in India and being a rain-
fed crop, any monsoon failure will affect its harvest. The
Poultry industry consumes more than 50% of the domestic maize
production and its demand is expected to exceed the overall
supply in the future. As the poultry industry is virtually a
buyers' market, any sharp increase in raw material prices may not
be fully passed on to the consumers thereby affecting the profit
margin of the firm.

Working capital intensive operations

The inventory comprises of birds and closing stock of eggs and
the average inventory holding remains high at 151 days in FY16
albeit improved from 195 days in FY15. The firm has working
capital limits of INR6.3 crore and the average utilization for
the past 12 months ended January 2017 stood high at around 95%.

Key Rating Strengths

Qualified and experienced promoters

Mr. R Chinnapagounder, founder promoter of the firm has over four
decades of experience in poultry management and poultry products
marketing. The other three partners are Doctors by profession and
also oversee the day-to-day operations of the firm.

Long track record of operations
SPF is primarily engaged in manufacture of table eggs with an
operational track record of more than three decades. The firm has
around 7 lakh birds including 4.5 lakh egg-laying birds

SPF is a partnership firm incorporated in the year 1983 by Mr. R
Chinnapa Gounder and his son Dr C K Samy. Currently, the firm has
four active partners namely Mr. R Chinnapa Gounder, Dr C K Samy,
Dr S Senthil kumar (son of Dr C K Samy) and Dr S Shornalatha
(wife of Dr S Senthil kumar). The firm is engaged in the sale of
eggs and cull birds. As on January 31, 2017, SPF has around 7
lakh hens at its four farms spread across 28 acres in Chittode,
TamilNadu (TN). SPF sells around 4 lakh eggs per day.

During FY16, the firm reported PAT of INR0.06 crore on total
income of INR26.66 crore as against INR0.03 crore and INR22.58
crore respectively during FY15.


SAMRUDH PHARMACARE: CRISIL Reaffirms B- Rating on INR8.89MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Samrudh Pharmacare Private Limited (SPL) at 'CRISIL
B-/Stable' and has reassigned the rating on the short-term bank
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            1         CRISIL B-/Stable (Reaffirmed)

   Term Loan              8.89      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .11      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        .50      CRISIL A4 (Reassigned)

The ratings reflect SPL's stretched liquidity with cash accrual
expected to be inadequate to meet debt obligation, and a below-
average financial risk profile because of small networth, high
total outside liabilities to adjusted networth (TOLANW) ratio and
weak debt protection metrics. The rating is also constrained by
the small scale of operations, customer concentration in revenue
profile, and exposure to intense competition in the
pharmaceutical formulations segment. These weaknesses are
partially offset by the extensive experience of the promoters in
the pharmaceutical industry, the funding support received from
them, and the company's efficient working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

*Stretched liquidity:

SPL has stretched liquidity as reflected in its insufficient cash
accruals vis-a-vis term debt repayment obligations. SPL is
expected to generate insufficient cash accruals in fiscal 2017
and fiscal 2018 against its debt repayment obligation of INR2.17
crore.

*Below-average financial risk profile:

Networth was small at INR79 lakhs while TOLANW ratio was high at
22.5 times as on March 31, 2016 on account of high reliance on
outside liabilities. Interest coverage ratio was also weak at 0.6
times for fiscal 2016.

*Small scale of operations and customer concentration in revenue
profile:

SPL scale of operations is small which restricts the company's
bargaining power with customers and suppliers in highly
fragmented formulations industry. Further there is high
concentration in revenue profile as top 5 customers constitutes
around 90% of the total revenues.

*Exposure to intense competition:

In the pharmaceutical formulations industry SPL manufactures
veterinary pharmaceutical formulations. The domestic formulation
drugs industry is driven by heightened competition due to
presence of a large number of organized and unorganized players
in the market.

Strengths

*Extensive experience of promoters in the pharmaceutical industry
and funding support received from them:

The company is promoted by Mr. Sharad S. Sheth and family.
Mr.Sharad has over 3 decades of experience in the pharmaceutical
industry. He had been founder and working partner with S.R.
Pharmaceutical, which used to cater to the multinationals
requirements. Further the promoter's extend unsecured loans to
the company to meet its working capital requirements and its debt
repayment obligations. Unsecured loans as on March 31, 2016 was
INR3.81 crore which is expected to increase to INR6 crore as on
March 31, 2017.

*Efficient working capital management:

SPL's business is efficient, as reflected in gross current asset
(GCA) days of 67 days as on March 31, 2016; the GCA days emanates
from the company's inventory levels of around 49 days and
receivables cycle of 14 days.

Outlook: Stable

CRISIL believes SPL's liquidity is supported by timely unsecured
loans infused by promoters and their extensive industry
experience. The outlook may be revised to 'Positive' if there is
a substantial and sustained increase in profitability, or
substantial improvement in liquidity on the back of sizeable
equity infusion by the promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant weakening of the liquidity caused most
likely by a large, debt-funded capital expenditure or a stretch
in the working capital cycle.

SPL (formerly known as Samrudh Packaging Pvt Ltd) was
incorporated in 1995. It is promoted by Mr. Sharad Sheth, Mr.
Piyush Shah, Mr. Alok Sheth and Mr. J C D'Souza. The company
manufactures external-application pharmaceutical products such as
ointments and creams. It is headquartered in Mumbai, and its
manufacturing facility is in Tarapur, Maharashtra.

Net loss was INR68 lakh on net sales of INR17.0 crore in fiscal
2016 as against net loss of INR2.07 crore on net sales of
INR17.12 crore.


SETMAX CERAMIC: CARE Assigns B+ Rating to INR5.24cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Setmax
Ceramic (Setmax), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.24       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.50       CARE A4 Assigned

Detailed rationale

The ratings assigned to the bank facilities of Setmax remained
constrained on account of modest scale of operations with low net
worth base, moderate liquidity position during FY16 (refers to
the period April 1 to March 31).

The ratings are further constrained on account of its presence in
the highly fragmented industry along with fortunes dependent upon
real estate and operating margins are susceptible to raw material
and fuel (natural gas) price fluctuation.

The ratings, however, continue to derive benefits from moderate
profit margins, comfortable capital structure and debt coverage
indicators during FY16. Furthermore, it derives benefits from
experience of the partners in the ceramic industry location
advantage due to easy access to raw material, power and fuel
coupled with wide distribution network.

The ability of Setmax to increase its scale of operations coupled
with improvement in profitability and capital structure along
with efficient management of its working capital requirements are
the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Strengths

Experienced partners

The overall operations of Setmax are looked after by Mr.
Hardikbhai Ghodasara. He has 7 years of experience in the
industry. He looks after accounts and operations. Mr. Vinodbhai
Bhadja has more than a decade of experience in the ceramics
industry and he looks after marketing and production, while Mr.
Chandreshbhai Bhadja has 4 years of experience in the industry
and he looks after the sales department.

Comfortable capital structure and debt coverage indicators
The long-term debt level seems to be comfortable marked by debt
equity ratio of 0.25 times as on March 31, 2016, as against 0.27
times as on March 31, 2015. The overall gearing also remained
comfortable marked by 0.73 times as on March 31, 2016, as against
0.71 times as on March 31, 2015. The debt protection metrics also
stood comfortable marked by interest coverage of 2.25 times in
FY16 and total debt to GCA of 5.28 times in FY16 as against 2.35
times and 4.64 times, respectively, at the end of previous year.

Located in the ceramic tiles hub with easy access to raw
material, power and fuel

Setmax's manufacturing facility is located in Wankaner, Gujarat,
which is one of the largest ceramic clusters in India. Over
70% of the total ceramic tiles production in India comes from the
Morbi - Wankaner cluster which houses more than 600 units engaged
in manufacturing of wall tiles, vitrified tiles, floor tiles,
sanitary wares, roofing tiles and such other products.

Wide distribution network
The firm produces different types of floor tiles and it has
established a strong dealer/ distributor network in the domestic
market. Currently, Setmax has a network of around 100 dealers
through whom it sells majority of its products. The firm sells
its products through its dealer network to states like Gujarat,
Rajasthan, Maharashtra, Andhra Pradesh and Karnataka.

Key Rating Weaknesses

Moderate operating profit margins
The PBILDT margin of Setmax remained in the range of 7.53-10.25%
during past three years ended FY16. The PBILDT margin of the firm
improved by 111 bps and remained moderate at 8.64% during FY16 as
against 7.53% during FY15. The improvement in PBILDT margin was
on account of decrease in power & fuel costs from 48.69% of TOI
during FY15 to 10.46% of TOI during FY16. The PAT margin of the
firm deteriorated marginally but remained modest 0.85% during
FY16.

Partnership nature of constitution
Being a partnership firm, Setmax is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners.

Modest scale of operations with low net worth
The scale of operations of the firm remained modest as indicated
by the total operating income (TOI) of INR21.20 crore during
FY16. The TOI of Setmax declined by 15.73% to INR21.20 crore
(Rs.25.16 crore during FY15) due to intense competition from
other players in the market that lead to pricing pressure on
floor tiles during FY16. Furthermore, its tangible networth also
stood low at INR7.43 crore (including unsecured loan of INR2.93
crore as quasi equity) as on March 31, 2016, which also restricts
its financial flexibility to a large extent.

Moderate liquidity Setmax's current ratio remained modest at 1.49
times as on March 31, 2016, as against 1.32 times as on March 31,
2015, due to higher proportionate decrease in the current
liability. Gross current assets days deteriorated from 124 days
in FY15 to 146 days in FY16 due to decline in TOI of the firm
during FY16 which led to increase in debtors and inventory days.
The cash flow from operating activities remained at INR2.02 crore
during FY16 which improved marginally from INR1.65 crore during
FY15 due to release in amount locked up in receivables. The cash
credit limit of INR3.50 crore was 90% utilized in the last 12
months ended April 2016.

Susceptibility of margins to volatility in raw material and fuel
(natural gas) prices

The price of raw material i.e. clay is market driven which due to
higher demand is expected to remain firm and put pressure on the
margins of tile manufacturers. Furthermore, Setmax was using
Liquefied Natural Gas (LNG) as fuel for firing of kilns till
FY15. During FY16, Setmax installed Gasifiers which has led to
significant decline in the power & fuel cost.

However, going forward, any adverse change in government policies
against the use of coal gasifiers might have a negative impact on
the firm.

Presence in highly fragmented industry along with fortunes
dependent upon real estate market

Setmax operates in single segment of ceramic industry i.e.
vitrified tiles which is highly competitive and fragmented with
the presence of numerous organized as well as unorganized players
operating in the domestic market. Low entry barriers, easy
availability of raw material and limited initial capital
investment requirement has attracted a large number of regional
and unorganized players putting pressure on profitability of the
existing as well as new players.

Wankaner-based (Gujarat), Setmax was established as a partnership
firm in the year 2012 by Mr. Hardikbhai Ghodasara, Mr. Vinodbhai
Bhadja, Mr. Chandreshbhai Bhadja and 13 other partners. Setmax is
engaged in the manufacturing of floor tiles with an installed
capacity of 17.36 lakh square meter per annum as on March 31,
2016. The firm sells its tiles under the brand name of 'SETMAX'.

During FY16, the firm operated at 80% of its installed capacity.
As per the audited results for FY16, Setmax reported profit after
tax (PAT) of INR0.18 crore on a total operating income (TOI) of
INR21.20 crore as against INR0.22 crore on a TOI of INR25.16
crore during FY15 (A).


SOM AUTOTECH: CARE Hikes Rating on INR26.71cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Som Autotech Private Limited (SOM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             26.71      CARE B+; Stable Revised
                                     from CARE BB-

   Short-term Bank
   Facilities              9.71      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of SOM is mainly on account of decline in
profitability, deterioration in the solvency position and debt
coverage indicators during FY16 (refers to the period April 1 to
March 31).

The ratings continue to be constrained low and declining
profitability, leveraged capital structure and weak debt coverage
indicators with slightly stretched liquidity position,
susceptibility of margins to raw material price fluctuation,
presence in the highly fragmented industry along with fortunes
linked to the automobile industry.

The ratings, however, continue to draw support from the
experience of the promoters, increasing scale of operations,
commencement of new product lines and reputed customer base.

Ability of the company to increase its scale of operations,
improve profitability amidst fluctuation in input prices and
solvency and liquidity position are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters: The promoters of the company have industry
experience of more than two decades in the industry and have over
the years maintained relation with its customers and suppliers.

Reputed client base: SAPL manufactures high pressure die casting
parts two wheelers of BAL which has contributed more than 90
percent of the total sales in the past three years ending FY16.
SAPL has diversified its client base by securing three new
clients in 10MFY17 viz Greaves Cotton Limited, Varrock Polymers
Private Limited and Value India Private Limited.

However, the contribution of these customers other than BAL
remained low in 10MFY17 at less than 10% of the total sales as
indicated by the management.

Reputed customer base: SAPL has diversified its client base by
securing three new clients in FY16 viz Greaves Cotton Limited,
Varrock Polymers Private Limited and Value India Private Limited.
However, the contribution of these customers other than BAL
remained low in 10MFY17 at below 10 percent as indicated by the
management.

Key Rating Weaknesses

Low profitability, leveraged capital structure and weak debt
coverage indicators: The profit margins of the entity remained
low and declining. Further owing to low capitalization, reliance
on external borrowings remained high leading to weak solvency
position. The same also resulted in weak debt coverage
indicators.

Raw material price fluctuation risk: The key raw material
required for manufacturing steel bars is MS ingots which are
procured at market-linked rates. Prices of raw material as well
as finished goods have always been volatile. SSPL operates on
moderate margin and raw material is a major cost drivers
(constituting about an average of 85-90 % of the sales in last
two years ending FY16). Hence, the company's profitability is
sensitive to adverse movement in prices of finished goods and/or
raw materials. The ability of the company to pass on the price
increase to its customers, with the competition existing in this
segment, remains a concern

Presence in the fragmented auto ancillary industry: The Indian
auto component is highly fragmented and predominately controlled
by the unorganised sector. Hence, the stiff competition makes it
difficult to completely pass on the rising input cost to the
OEMs. The replacement and export market is also much priced
sensitive and hence the auto component manufacturers hardly have
any bargaining power in these segments as well. The sector also
faces major challenge from cheap imports. SAPL caters majorly to
one industry i.e. automobile industry and thus, the fortunes of
the company are closely tied to this industry. The automobile
industry has historically exhibited high degrees of cyclicality
and therefore, SAPL is exposed to variability in performance
arising due to business cycle.


SOUTH PARK: CRISIL Assigns B+ Rating on INR10MM Overdraft
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of South Park Motor Private Limited (SPMPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Drop Line Overdraft
   Facility                 10        CRISIL B+/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                  15        CRISIL B+/Stable

The rating reflects the company's early stage of operations,
average financial risk profile because of small networth, high
gearing and average debt protection metrics, and exposure to
intense competition in the automobile dealership business. These
weaknesses are partially offset by its promoters' extensive
experience and funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Early stage of operations:

The company has been operational only since October 2016, and
hence the scale will likely remain modest over the near term.

* Average financial risk profile:

With gearing likely to be over 5 times as on March 31, 2017 and
interest coverage ratio of below 2 times in fiscal 2017, SPMPL
has an average financial risk profile.

* Exposure to intense competition in the automobile dealership
industry:

SPMPL's principal, Maruti Suzuki India Pvt Ltd (MSIL), faces
competitive pressures from other four-wheeler manufacturers.
Competition has compelled automakers to cut costs, including
reducing their commissions to dealers. Furthermore, SPMPL faces
intense competition from other dealers in the region.

Strength

* Promoters' extensive experience and funding support:

Promoters, the Mohandas family, also run the South Park group,
which has diversified business interests across hospitality,
education and pharma sector, apart from auto dealership. They
have also infused unsecured loans to support operations.

Outlook: Stable

CRISIL believes SPMPL will benefit from the promoters'
experience. The outlook may be revised to 'Positive' if improved
scale and profitability strengthens the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens because of a stretched working
capital cycle or on account of any debt-funded capital
expenditure in the near future.

Incorporated in February 2016, SPMPL, promoted by the Mohandas
family, is a part of the South Park group and a dealer of MSIL
passenger vehicles in Thiruvananthapuram. It has been running one
showroom and workshop since October 2016.


SURYA COTTON: CARE Reaffirms B+ Rating on INR6.83cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Surya Cotton Industries (SCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.83       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SCI continues to
remain constrained on account of thin profit margins, moderate
capital structure and weak debt coverage indicators. The rating
continues to remain constrained on account of its constitution as
a partnership firm, its working capital intensive nature of
operations and vulnerability of profits to fluctuations in the
raw material prices along with government regulations for price
and supply of cotton. The rating, however, continues to derive
benefits from the vast experience of partners in the cotton
industry and location advantage. The rating also take into
consideration improvement in scale of operations during FY16
(refers to the period April 1 to March 31). The ability of SCI to
increase the scale of operations along with an improvement in
profit margins and capital structure while managing its working
capital requirements efficiently are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile marked by thin profit margins, moderate
capital structure and weak debt coverage indicators During FY16,
PBILDT margin of SCI declined by 114 bps to 3.84% as against
4.98% during FY15, mainly on account of higher procurement cost.
Overall, margins though improved remained thin on account of
limited value addition and presence in highly competitive cotton
ginning industry. Capital structure of SCI improved as on
March 31, 2016 as reflected by debt equity ratio of 0.40 times
(0.67 times: as on March 31, 2015) and overall gearing ratio of
1.55 times (2.96 times: as on March 31, 2015). Debt coverage
indicators though improved remained at weak level due to thin
profitability and moderately leveraged capital structure.

Working capital intensive nature of operations
SCI maintains around two months' inventory on account of seasonal
cotton ginning operations. During FY16, operating cycle
marginally improved to 79 days as against 84 days during FY15.
Overall operations of SCI remained working capital intensive in
nature marked by average utilization of working capital
facilities at around 80% during past 12 months period ended
January 2017.

Vulnerability of profits to fluctuations in the raw material
prices along with partnership constitution of entity

High proportion of small scale units operating in cotton ginning
and pressing industry has resulted in fragmented nature of
industry leading to intense competition amongst the players.
Furthermore, the cotton prices in India are regulated by
government through fixation of MSP (Minimum Support Price).
Hence, prospects of players in cotton ginning industry are also
susceptible to adverse changes in government policies.
Furthermore, cotton ginners usually have to procure raw
material at significantly higher volume to bargain bulk discount
from suppliers. Cotton is a seasonal crop which results in higher
inventory holding period. Thus, aggregate effect of both the
above factors results in exposure of ginners to price volatility
risk. Furthermore, SCI being a partnership entity, it is exposed
to inherent risk of partner's capital being withdrawn at time of
personal contingency.

Key Rating Strengths

Improvement in scale of operations during FY16
During FY16, SCI's total operating income improved to INR35.65
crore as against INR30.05 crore during FY15 mainly on account of
higher cotton bales sold (2,445,053 kg as against 1,865,742 kg
during FY15) on the back of increased demand from its customers.

Vast experience of promoters in cotton industry
Key partners, Mr. Pravin Sorathia, Mr. Velji Sorathia, Mr.
Bhagvan Sorathia, Mr. Dilip Bambhaniya and Mr. Vinesh Sorathia
have experience of more than two decades in cotton industry and
they look after overall operations of SCI.

Location advantage
SCI is based at Kutch in Gandhidham region of Gujarat. Gujarat
produces around 32% of total national production of cotton. SCI's
presence in cotton producing region leads to benefit derived out
of lower logistic expenditure (both on transportation and
storage) and easy availability and procurement of raw cotton at
effective prices.

Surya Cotton Industries (SCI) was established in October 2011 as
a partnership concern by five partners. SCI is engaged in cotton
ginning and pressing. SCI is into the business of manufacturing
of cotton bales, cotton seed cake and cotton seed oil with
installed capacity of 1,500 Metric Tonnes Per Annum (MTPA), 2,800
MTPA and 336 MTPA respectively.

During FY16 (A), SCI reported PAT of INR0.13 crore on a TOI of
INR35.65 crore as against PAT of INR0.03 crore on a TOI of
INR30.05 crore during FY15. During 9MFY17 (Provisional), SCI has
achieved a turnover of INR18.50 crore.


UTM ENGINEERING: CRISIL Reaffirms 'B' Rating on INR1.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of UTM Engineering Private Limited (UTM) at 'CRISIL
B/Stable/CRISIL A4'. The ratings reflect the modest scale of
operations, and networth. These weaknesses are partially offset
by experience of the promoters in the mining and tunnel
construction industry, and comfortable interest coverage ratio.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          6.5       CRISIL A4 (Reaffirmed)
   Cash Credit             1.5       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:

The modest scale of operations was reflected in the operating
income of around INR15 crore in fiscal 2016, which was the first
full year of operations.

* Modest networth:

Networth at INR2.3 crore as on March 31, 2016 is expected to
remain modest in the absence of equity infusion.

Strengths

* Experience of the promoters in the mining and tunnel
construction industry:

The decade-long presence in the construction and mining industry,
has enabled the promoter to successfully bag orders.

* Comfortable interest coverage ratio:

Interest coverage ratios, at 4.1 times in fiscal 2016, is
expected to be over 3 times in the medium term.

Outlook: Stable

CRISIL believes UTM will benefit from the extensive experience of
its promoters, in the medium term. The outlook may be revised to
'Positive' if improvement in operating income and margin leads to
increase in cash accruals or in case of equity infusion thereby
improving financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected operating income or
margin or debt funded capex lead to low accrual and thus, weaken
liquidity.

UTM was established by Mr. Krupa Sindhu Mandal and Mr. Rajesh
Singh at Gurgaon in 2014. The company undertakes tunnel
construction and mining activities for the government and private
companies. Operations commenced in April 2015.

Profit after tax (PAT) of INR0.28 crore was reported on net sales
of around INR15 crore for fiscal 2016.


VASA NONWOVEN: CARE Revises Rating on INR5.09cr Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vasa Nonwoven Industries Private Limited (VNPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.09       CARE B+; Stable Revised
                                     From CARE B

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
VNPL takes into account healthy growth in total operating income
along with improvement in profit margins, capital structure and
debt protection metrics and satisfactory operating cycle in FY16
(refers to the period April 01 to March 31). The rating also
derives comfort from the established operational track record of
the company and experienced management.

However, the rating continues to be constrained by small scale of
operation, raw material price volatility risk, high bargaining
power of suppliers and presence in the highly fragmented
industry.

Going forward, the ability of the company to increase its scale
of operations and profitability, improve capital structure
and debt coverage indicators and efficiently manage its working
capital requirements will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations: The scale of operations of the company
marked by total operating income (TOI) is increasing year-on-
year, however, continues to remain small at INR31.68 crore in
FY16. Furthermore, the net worth base of the company stood low at
INR3.61 crore as on March 31, 2016, thereby limiting its
financial flexibility to meet any exigency.

Raw material price volatility risk & high bargaining power of
suppliers: The primary raw materials used by the company are PP
granules, which is a derivative of crude oil. Thereby any adverse
fluctuation in crude oil prices is likely to impact the
profitability margins of VNPL. Furthermore, since majority of the
purchase is undertaken from domestic supplier's viz.

Reliance Industries Limited (RIL) and Indian Oil Corporation
Limited (IOCL), wherein the company has low bargaining power.

Highly fragmented and competitive nature of industry: The Indian
non-woven industry is characterized by high fragmentation and
competitive intensity, resulting in low capital intensive and
technical complexity along with lower product differentiation.

Key Rating Strengths
Growth in total operating income and profitability: The total
operating income of the company grew significantly by 47% and
stood at INR31.68 crore in FY16 as against INR21.50 crore in FY15
driven by full utilization of the production capacity due to
increase in the number of orders. PBILDT margin of the company
increased by 198 bps to 6.87% in FY16 as against 4.90% in FY15 on
the back of significant growth in scale of operations resulting
in absorption of fixed overheads.

Furthermore, the company achieved PAT of INR0.81 crore in FY16
compared to net loss of INR0.07 crore in FY15 due to substantial
growth in PBILDT resulting in absorption of capital charges.

Comfortable gearing and debt protection metrics: The capital
structure of the company marked by overall gearing improved from
2.43x as on March 31, 2015 to 1.62x as on March 31, 2016 due to
repayment of term loan installments, lower outstanding balance of
cash credit facility as on account closing date and increase in
networth due to accretion of profit. Furthermore, the debt
coverage indicators has improved significantly marked by TD/GCA
of 3.33x in FY16 as against 8.83x in FY15 on back of reduction in
the total debt and increase in profitability and cash accruals.

Interest coverage ratio also improved and stood moderate at 2.87x
in FY16 as against 1.70x in FY15 on back of increase in the
PBILDT of the company.

Satisfactory operating cycle: The company is required to keep
P.P. granules inventory to cater to 15-20 days requirement.
To meet the working capital requirement, VNPL relies on working
capital facility. With comfortable average collection and
average inventory period, the operating cycle stood satisfactory
at 45 days in FY16 compared to 51 days in FY15.

Established operational track record of the company with
experienced management: Mr. K S Ponnusamy is the promoter
director and has more than a decade of business experience in the
printing industry. Furthermore, he is assisted by other three
directors who are reasonably experienced with around decade of
experience of managing the business.

Incorporated in March 2011 by Mr. K S Ponnusamy, Vasa Nonwoven
Industries Private Limited (VNPL) is engaged in the business of
manufacturing non-woven sacks which find application in packaging
of food grains and in the retail industry.  VNPL commenced its
commercial production in January 2013. VNPL has its manufacturing
facility located at Tirupur (Tamilnadu) with an installed
capacity of 3600 tonnes per annum (TPA) as on January 31, 2017.
VNPL procures its major raw material i.e. P.P. granules
(Polypropylene) domestically mainly from Reliance Industries
Limited (RIL) and Indian Oil Corporation Limited (IOCL).
Furthermore, VNPL sells its sacks primarily in the domestic
market to the rice mills and other
retail players.

In FY16, TEIPL reported a PAT of INR0.81 crore on a total
operating income of INR31.68 crore, as against a net loss and TOI
of INR0.07 crore and INR21.05 crore respectively in FY15.


WHITELOTUS INDUSTRIES: CARE Assigns C Rating to INR27.07cr Loan
---------------------------------------------------------------
CARE Ratings has been seeking information from Whitelotus
Industries Limited to monitor the rating(s) vide e-mail
communications/letters dated dated January 18, 2017, February 2,
2017, February 28, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information, which however,
in CARE's opinion is not sufficient to arrive at a fair rating.

The rating of Whitelotus Industries Limited bank facilities will
now be denoted as CARE C; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            27.07       CARE C; Issuer not
                                     cooperating; Based on best
                                     available information

The rating takes into account its short track record of
operation, continued net losses, highly leveraged capital
structure, weak debt coverage indicators, susceptibility of
margin due to raw material price fluctuation risk and its
presence in a highly competitive and fragmented industry.

The rating, however, continue to draw strength from experience of
the promoters and locational advantage. The reaffirmation of
rating also factor in satisfactory track-record of timely debt
servicing post restructuring of account in FY16 (refers to the
period April 1 to March 31) along the modest improvement in the
total operating income and operating profit margin during FY16.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).

Detailed description of the key rating drivers

At the time of last rating in November 18, 2015, the following
were the rating strengths and weaknesses

Key Rating Strengths

Increase in total operating income however with cash loss: During
FY16, TOI of WIL has increased by 38.39% to INR87.77 crore from
INR63.26 crore in FY15. However, the company continued to incur
net loss of INR0.24 crore during FY16 as against net loss of
INR2.57 crore during FY15. The company reported cash profit of
INR2.31 crore during FY16 as against cash loss of INR1.29 crore
during FY15.

Key Rating Weaknesses

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and liquidity position:

Capital structure has continued to remain leveraged marked by
overall gearing ratio of 9.88 times as on March 31, 2016
as against 8.20 times as on March 31, 2015. Debt coverage
indicators remained weak marked by interest coverage ratio
of 1.42 times in FY16 as compared to 0.58 times in FY15.
Liquidity position has also remained weak marked by current ratio
of 1.10 times as on March 31, 2016 as against 1.15 times as on
March 31, 2015. Operating cycle remained at 56 days in FY16 as
compared to 54 days in FY15.

Surat-based (Gujarat), WIL was incorporated in 2011. It is
promoted by Mr. Sumant Jalan and his family members. WIL started
its commercial production in February, 2013 for manufacturing of
metalized yarn which is used in textile industry and printed
laminated roll which is used as a flexible packaging material in
various industries. WIL has an installed capacity of 4,800 metric
tonnes per annum (MTPA) for coating metalized polyester film,
2,400 MTPA for blown film and 3,840 MTPA for manufacturing
printing laminated sheet as on October 14, 2015.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: US Preparing Charges Against Jho Low
-----------------------------------------------------------
En Han Choong and and Andrea Tan at Bloomberg News, citing the
Wall Street Journal, report that U.S. authorities are planning to
file criminal charges against Malaysian financier Jho Low in a
money laundering investigation surrounding 1Malaysia Development
Bhd.

Bloomberg relates that the charges would also include wire fraud
against Low and some of his associates, the paper said, citing
people it didn't identify. The report said the prosecution's
plans could change or be dropped as the probe continues and there
was no timing provided on when the charges could be filed,
Bloomberg relays.

According to Bloomberg, the Malaysian investment fund is at the
heart of multiple investigations across the globe, with U.S.
prosecutors previously characterizing Low as the controller of a
scheme involving dozens of illicit payments draining billions
from 1MDB.  Bloomberg says the U.S. Department of Justice said in
July that more than $3.5 billion was misappropriated from 1MDB,
as the agency sought to seize about $1 billion of assets it
claims was laundered through the U.S. banking system.

DOJ officials visited Singapore earlier this month and conducted
interviews in the city relating to Low and his connections with
1MDB, Bloomberg reports citing two people familiar with the
matter. Among the questions asked were about his attendance at
certain meetings and his role in structuring deals, said the
people, who asked not to be identified because the matter is
private, Bloomberg relays.

Low, known for partying with Lindsay Lohan and Paris Hilton,
directed funds from 1MDB to connected individuals and for the
"personal gratification" of himself and his associates, U.S.
prosecutors had said, relates Bloomberg. Low had described to
newspapers his ties to 1MDB as informal consulting work that
didn't break any laws, Bloomberg says.

Bloomberg notes that Singapore police in November identified Low
as a "key person of interest" in its money laundering probe that
it described as a complex and sophisticated investigation
involving billions of dollars. Singapore is also building a
potential criminal case against Low, the WSJ said, citing a
person familiar with the probe that it didn't identify, relays
Bloomberg.

Malaysia's government has said it will cooperate with lawful
investigations of local companies or its citizens in relation to
the fund, adds Bloomberg.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


PETROL ONE: Plan Implementation Deadline Extended Until Aug. 13
---------------------------------------------------------------
Petrol One Resources Berhad said that Bursa Securities had, via
its letter dated March 15, 2017, granted the Company an extension
of time up to Aug. 13, 2017, to implement its Proposed
Regularisation Plan.

The extension of time is without prejudice to Bursa Securities'
right to proceed to suspend the trading of the listed securities
of PETONE and to de-list the Company in the event the Company
fails to implement its Proposed Regularisation Plan within the
time frame or extended time frame stipulated by any of the
regulatory authorities.

Upon occurrence of the event above, Bursa Securities shall
suspend the trading of the listed securities of PETONE on the 6th
market day after the date of notification of suspension by Bursa
Securities and de-list the Company, subject to the Company's
right to appeal against the delisting.

Petrol One Resources Berhad is engaged in investment holding and
provision of management services to the subsidiaries. The
Company's main commercial activities are centered on storage of
crude oil and its derivative products such as fuel oil and
petrochemicals both in onshore facilities, as well in floating
storage units; oil terminal support services; leasing and
operating standby safety vessels for rig support; ship-to-ship
transfer operations.

The company slipped into Practice Note 17 (PN17) status on
Aug. 30, 2012, after the shareholders' equity of the group on a
consolidated basis was less than 25% of its issued and paid-up
capital, which was also less than MYR40 million.


YFG BERHAD: Restraining Order Extended to September 4
-----------------------------------------------------
YFG Berhad said the Shah Alam High Court had on March 9, 2017,
granted the following orders under Section 176 of the Companies
Act, 1965:

   1. the Restraining Order made on Jan. 19, 2016, restraining
      any and all proceedings and/or actions and/or further
      proceedings against YFG, YFG Engineering Sdn Bhd and YFG
      Trolka Sdn Bhd be further extended from March 9, 2017,
      to Sept. 4, 2017; and

   2. that consequently an order be made restraining any and
      all proceedings and/or actions and/or further proceedings
      and/or action(s) against the Applicant and/or in respect
      of Applicant and/or assets and/or assets employed in its
      business, including without limitation any winding up,
      execution, arbitration proceedings, act of repossession
      or purported repossession, the appointment of receivers
      and managers, liquidators, provisional liquidators or
      otherwise whatsoever; by any creditors or any other
      persons whatsoever, except by leave of the Court, for
      a period from March 9, 2017 to Sept. 4, 2017.

The Extended RO is to facilitate the Group's submission to Bursa
Malaysia Securities Berhad, for its approval for the
implementation of the proposed regularisation plan to regularise
the Group's financial condition in accordance with paragraph
8.04(3) of the Main Market Listing Requirements, and is not
expected to have any material impact on the financial and
operational matters of the Company.

YFG Berhad is an investment holding company, which is engaged in
the provision of management services. The Company is engaged in
construction of buildings, provision of electrical and mechanical
engineering services and maintenance works.


YFG BERHAD: Unit Settles Payment Claim With Agni Power
------------------------------------------------------
YFG Berhad said that its major subsidiary, YFG Engineering Sdn
Bhd (YFGE) had on March 21, 2017, entered into a Settlement
Agreement with Agni Power Sdn Bhd (APSB).

The Settlement Agreement is made for the purpose of resolving the
issue of payment claimed by YFGE from APSB for the work done
pursuant to the Engineering, Procurement and Construction
Contract ("EPCC") prior to the termination. APSB agreed to pay
YFGE the sum of MYR1.8 million as full and final settlement of
all claims in relation to the EPCC, with three (3) equal monthly
postdated cheques of MYR600,000 each, beginning from March 27,
2017.

The Settlement Agreement shall be invalid in the event of the
return of any of the postdated cheques.

The settlement sum of MYR1.8 million is expected to contribute
positively to the earnings of the Group for the financial year
ending Sept. 30, 2017. There is no operational impact on the
Group as the EPCC project has been terminated since 2015.

YFG Berhad is an investment holding company, which is engaged in
the provision of management services. The Company is engaged in
construction of buildings, provision of electrical and mechanical
engineering services and maintenance works.

YFG entered into the PN17 classification on September 22, 2016.
The company posted a net loss of MYR46.1 million for the year
ended Sept. 30 2016.



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


INFRATECH MINING: Owner Banned From Managing Any Company
--------------------------------------------------------
Charles Anderson at Stuff reports that a Nelson businessman whose
company lost millions of investor dollars on the premise that he
could set up Colombia's largest and most profitable gold mine has
been banned from being a director for a record 10 years.

Infratech Mining's sole director Bob Cottle, set up the company
in 2009, days after he was discharged from a 2006 bankruptcy,
according to Stuff.

The report notes that the company documents prepared in 2009,
claimed Infratech owned licenses to set up gold and platinum
mines in Colombia that could see annual returns of up to 1000 per
cent.

The pitch grew from seeking NZ$9 million to NZ$100 million and
led Mr. Cottle to some dubious money lenders around the world,
including businessmen who had been convicted of running Ponzi
schemes, the report relates.

The report says Mr. Cottle claimed the mine could produce 428,000
ounces of gold annually resulting in profits of more than NZ$100
million.  The mine was never built and no investors repaid.

A report prepared by the Official Assignee looking after the
liquidation revealed that NZ$1.9 million had been raised from
shareholders, mostly from the Nelson region, along with total
claims by creditors of NZ$4.3 million, Stuff notes.

Now, the Registrar of the Companies Office has prohibited Cottle
from being a director or promoter of, or being concerned in or
taking part, whether directly or indirectly, in the management of
any company for a period of 10 years, the report discloses.  This
was the maximum ban the office was able to enforce.

The report relates that Mr. Cottle said he did not get a hearing
regarding the ban and did not know about it.

"I couldn't defend myself," the report quoted Mr. Cottle as
saying.

The report notes that the fallout from the company had caused his
family much stress.

"The business went bust because of some wrong decisions. End of
story."

The report relays he said he would never be involved in another
business.

Lyndsay Newton, an investor who put NZ$200,000 into the scheme
and also moved to liquidate Infratech, said he wanted it recorded
that Cottle got "a smack on the wrist that has cost him nothing,"
the report notes.

Ms. Newton paid the court costs for the liquidation but said
there was no chance any money would be recovered from the
company, the report relays.

"I have probably done a good civil service, which doesn't give me
much other than a warm feeling," the report discloses.

A High Court judgement on the liquidation of Infratech Mining
said the company had no assets and its evidence that it owned
mining licenses was at best "equivocal," the report notes.

Court documents showed how Mr. Cottle appeared to have invested
hundreds of thousands of dollars into dubious finance schemes
around the world, the report relays.

Emails also show how Mr. Cottle looked to a company linked to
Utah businessman Pete Buffo, who was convicted and sentenced to
five years in prison in 1998 for his role in a plot that bilked
investors of US$33 million, the report notes.

Infratech Mining Limited was put into Liquidation on June 26,
2015.


                             *********

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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