TCRAP_Public/170330.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 30, 2017, Vol. 20, No. 64

                            Headlines


A U S T R A L I A

CAPITAL HYDRAULICS: First Creditors' Meeting Set for April 7
MARLBOROUGH NICKEL: First Creditors' Meeting Set for April 6
QUINTIS LIMITED: Moody's Alters Outlook to Neg. & Affirms B2 CFR
SGS CIVIL: First Creditors' Meeting Set for April 5
TRANSSPEC CUSTOM: First Creditors' Meeting Set for April 6


C H I N A

CHINA HUISHAN: FrieslandCampina Faces Up to EUR46MM Paper Loss
CHINA HUISHAN: Turmoil Highlights China's $8TT Shadow Loan Risk
CHINA XD: Fitch Says CapEx for New Plant to Delay Deleveraging
GEELY AUTOMOBILE: 2016 Results Support Ba2 CFR, Moody's Says
HONGHUA GROUP: Fitch Keeps CCC IDR on Rating Watch Positive

KWG PROPERTY: Achieves Balance on Growth and Leverage, Fitch Says
TEXHONG TEXTILE: S&P Affirms 'BB' CCR, Outlook Stable


I N D I A

A & A MODULAR: CARE Assigns B+ Rating to INR7.50cr LT Loan
A.M. RICE: CARE Assigns B+ Rating to INR12cr LT Loan
ACCORD COMMUNICATIONS: CARE Cuts Rating on INR5.24cr Loan to D
BRAVO AGENCIES: CARE Lowers Rating on INR7.50cr LT Loan to D
C.I. AUTOMOTORS: CARE Reaffirms B+ Rating on INR17.50cr Loan

GARE BROTHERS: CARE Assigns B- Rating to INR5.0cr LT Loan
GUPTA TEX: CARE Assigns 'D' Rating to INR9.76cr LT Loan
IND-BARATH THERMOTEK: CARE Lowers Rating on INR699cr Loan to D
JAGRATI TRADE: CARE Assigns B+ Rating to INR0.50cr LT Loan
K. G. ISPAT: CARE Revises Rating on INR4.0cr LT Loan to 'B'

MOTODEN AUTOMOTIVE: CARE Assigns 'B' Rating to INR15cr Loan
NAVBHARAT EXPLOSIVES: CARE Assigns B+ Rating to INR8.50cr Loan
NORTECH POWER: CARE Assigns 'C' Rating to INR2cr LT Loan
P.M. COT: CARE Lowers Rating on INR7.11cr Loan to 'D'
PEE KAY: CARE Assigns B+ Rating to INR13.48cr LT Loan to B+

PRAYAN ISPAT: CARE Lowers Rating on INR5.09cr LT Loan to D
PUNE BUILDTECH: CARE Reaffirms 'D' Rating on INR286cr LT Loan
RAM NATH: CARE Lowers Rating on INR20.15cr LT Loan to 'D'
RAKESH KUMAR: CARE Assigns 'B+' Rating to INR7.64cr Loan
SALIENT CERAMIC: CARE Revises Rating on INR7.32cr Loan to B+

SHAH GROUP: CARE Lowers Rating on INR135cr LT Loan to 'D'
SHREE MANDVI: CARE Assigns 'D' Rating to INR53.91cr Loan
SHRI GANESH: CARE Assigns B+ Rating to INR8.78cr LT Loan
SHRI KRISHNASHRAY: CARE Assigns B+ Rating to INR12.80cr Loan
SRINIVASA EDUCATIONAL: CARE Lowers Rating on INR37.20cr Loan to D

STERLING CAST: CARE Assigns B+ Rating to INR3.35r LT Loan
SUD PINES: CARE Assigns B+ Rating to INR4.50cr LT Loan to B+
SUPREME AHMEDNAGAR: Ind-Ra Affirms 'D' Rating on INR4.050MM Loan
SUPREME BEST: Ind-Ra Affirms 'D' Ratings on 2 Loan Facilities
SUPREME PANVEL: Ind-Ra Affirms 'D' Rating on INR9BB Bank Loans

SUPREME VASAI: Ind-Ra Affirms 'D' Rating on INR1.54BB Bank Loans
T S REALTECH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
TECHNITHON TECHNOLOGIES: CARE Assigns B Rating to INR7.99cr Loan
VINDESHWARI EXIM: Ind-Ra Affirms 'B' Long-Term Issuer Rating
WHITE PEARLS: CARE Reaffirms B+ Rating to INR15cr LT Loan


I N D O N E S I A

JAPFA COMFEED: S&P Raises CCR to 'BB-' on Successful Refinancing


J A P A N

TOSHIBA CORP: Board Approves Westinghouse Bankruptcy Filing
TOSHIBA CORP: SK Hynix Joins Bid to Buy Firm's Memory Business


N E W  Z E A L A N D

EVALUATION CONSULT: In Liquidation After Failing to Recover Debt


S I N G A P O R E

BW GROUP: Moody's Affirms Ba1 CFR on Sale of VLCC Fleet
DBS VICKERS: Hit With $2 Million Fine Over Regulatory Breaches
GREENKO ENERGY: Fitch Says US$155M Funding Cements Parent Support


S O U T H  K O R E A

KUMHO TIRE: Creditors Vote to Disallow Park's Consortium


                            - - - - -


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


CAPITAL HYDRAULICS: First Creditors' Meeting Set for April 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Capital
Hydraulics & Drains Pty Ltd will be held at the Antill Room,
Ainslie Football Club, 52 Wakefield Avenue, in Ainslie, ACT, on
April 7, 2017, at 11:00 a.m.

Michael Slaven & Aaron Torline of Ernst & Young were appointed as
administrators of Capital Hydraulics on March 28, 2017.


MARLBOROUGH NICKEL: First Creditors' Meeting Set for April 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Marlborough Nickel Pty Ltd will be held at the Chartered
Accountants, Level 13, Waterfront Place, 1 Eagle Street, in
Brisbane, Queensland, on April 6, 2017, at 10:00 a.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Marlborough Nickel on March 25, 2017.


QUINTIS LIMITED: Moody's Alters Outlook to Neg. & Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service has revised the rating outlook to
negative from stable for Quintis Limited (formerly known as TFS
Corporation Ltd). The corporate family and senior secured debt
ratings are affirmed at B2.

RATINGS RATIONALE

"The change in outlook reflects the uncertainty in the strategic
direction of the company, given the resignation of the Managing
Director, who was also a founder of the company" says Kirsten
Lee, a Moody's Analyst. "The appointment of new management also
creates uncertainty around the company's future business strategy
and financial policy.

"The resignation of the Managing Director could impact the
company's ability to execute its strategy of increasing revenue
from the sale of oil and heartwood, as well as attracting
institutional investment. This, together with the cessation of
shipment under the supply contract to its major Chinese customer,
which results in a loss of around USD22.5m per annum in revenue,
if not replaced by an alternative buyer, could see Quintis'
credit metrics weaken over the next 12 to 18 months," says Lee.

Moody's further notes that the ultimate impact on Quintis'
ratings would take into account a number of factors, including:
(1) Quintis' business strategy and financial policy under new
management; (2) ability to replace earnings lost from the Chinese
contract; (3) ability to maintain continued institutional
investment to support revenue and cashflow; and (4) the impact of
a potential takeover and resultant change in ownership.

Quintis' credit profile will remain exposed to volatility -- with
ongoing investments in plantation assets driving the company's
credit metrics -- until the revenue generated from its Indian
sandalwood oil sales accounts for a much larger portion of total
cash revenue.

Quintis currently has elevated levels of leverage of around 5.0x
adjusted debt/EBITDA for the half year ended December 31, 2016.
This limits the company's ability to manage any unforeseen
events.

For the outlook to return to stable, Moody's would expect to see
a clear strategic direction from the new management, supporting
ongoing development of saleable plantations; continued execution
of existing contracts; securing new supply contracts as the
sandalwood plantations reach maturity; and maintaining credit
metrics within the tolerance levels set for its B2 rating.

What Could Change the Rating - Down

Quintis' rating could be downgraded if: [1] the company is unable
to execute its strategy of increasing revenue from the sale of
oil and heartwood; [2] there are adverse tax rulings affecting
its MIS business; [3] or yields and sales from its harvests fall
below expectations.

Any of the above developments could reduce expected cash flow
generation and demand for its investment products, such that its
credit metrics fall outside of the range expected for the rating.

Credit metrics that Moody's would look for on an ongoing basis to
maintain the current rating include EBITDA/Interest staying above
2.0x and debt/EBITDA comfortably below 5.5x.

What Could Change the Rating - Up

An upgrade is unlikely until the company significantly increases
its scale -as measured by cash revenue -- and at the same time
raises earnings from its oil and heartwood sales -- to at least
50% of cash revenue, in order to eliminate any risks associated
with volatility in its revenue.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.

Quintis Limited is one of the world's largest vertically
integrated manager and grower of Indian Sandalwood plantations,
with over 12,182 hectares of sandalwood trees under management.


SGS CIVIL: First Creditors' Meeting Set for April 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- SGS Civil Pty Ltd
   -- SGS Civil Resources Pty Ltd
   -- SGS Civil & Environmental Pty Ltd
   -- Lakes Environmental Pty Ltd
   -- Badgerys Civil Pty Ltd
   -- Badgerys Resources Pty Ltd

will be held at Suite 1206, Level 12, 14 Martin Place, in Sydney,
on April 5, 2017, at 11:00 a.m.

Scott Turner at Hedge and Associates was appointed as
administrator of SGS Civil on March 24, 2017.


TRANSSPEC CUSTOM: First Creditors' Meeting Set for April 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Transspec Custom Vehicles Pty Ltd will be held at Level 27,
Waterfront Place, 1 Eagle Street, in Brisbane, Queensland, on
April 6, 2017, at 11:00 a.m.

Darryl Kirk and Bruno Secatore of Cor Cordis were appointed as
administrators of Transspec Custom on March 27, 2017.



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


CHINA HUISHAN: FrieslandCampina Faces Up to EUR46MM Paper Loss
--------------------------------------------------------------
Tom Hancock, Sherry Ju and Jennifer Hughes of The Financial Times
report that one of Europe's biggest dairy companies,
FrieslandCampina, is facing a paper loss of up to
EUR46 million from its holdings in China Huishan Dairy, the
financially stressed company whose shares on Hong Kong's
exchanged suddenly plummeted 90% last week.

The Dutch company formed a joint-venture with Huishan in 2015 as
part of a deal for greater access to China's vast baby formula
market, which saw it buy $30 million worth of shares in its
Chinese partner, the FT says.  FrieslandCampina also paid
$700 million for half of Huishan Dairy's Xiushui plant in the
city of Shenyang, the FT relates.

According to the FT, the company valued the stake at
EUR53 million as of December 31, since when Huishan's shares have
fallen 86% - all of that on March 24. At current prices, that
implies the Dutch group has lost EUR45.6 million, the FT notes.

"FrieslandCampina is closely monitoring the situation and will,
if necessary, take appropriate action to ensure successful
continuation of the joint venture's activities in the Chinese
market," the company said in a statement to the Financial Times.

Huishan suspended trading in Hong Kong on March 24 after its
shares suddenly slumped. The FT says the company confirmed on
March 28 that it had met with almost two dozen creditors after
failing to make interest payments, adding it had lost contact
with the head of its treasury operations.

FrieslandCampina was the world's sixth largest dairy company last
year, according to Rabobank, with a milk-related turnover of
$12.3 billion, the FT discloses. Other European dairies have also
bought into their Chinese counterparts, with Danone owning a more
than 10% share in Mengniu, its joint venture partner in China,
the FT adds.

                     About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.


CHINA HUISHAN: Turmoil Highlights China's $8TT Shadow Loan Risk
---------------------------------------------------------------
Bloomberg News reports that turmoil at small Chinese dairy
company China Huishan Dairy Holdings Co. is shedding rare light
on the final destination for some of the country's estimated
$8 trillion of shadow banking loans.

Jilin Jiutai Rural Commercial Bank Corp., a major creditor to
embattled China Huishan Dairy Holdings Co., said late on March 28
it has extended a total of CNY1.35 billion ($196 million) in
credit to the dairy producer, including CNY750 million through
the purchase of investment receivables from a finance lease
company, according to Bloomberg.

Investment receivables -- a category that can include using
wealth-management products, asset-management plans and trust-
beneficiary rights to disguise what are in effect loans -- allow
banks to reduce the amount of cash they need to set aside for
capital and provisions for loan losses, Bloomberg says.

Bloomberg notes that the practice of recording loan-type
exposures on balance sheets under categories including investment
receivables has allowed hundreds of smaller Chinese banks to
boost assets and profits. At the same time, it has created opaque
risks that could lead to failures, bailouts or liquidity shocks
with the potential to jolt national and global markets.

The external public relations agency for Jiutai didn't
immediately reply to an email seeking comment, Bloomberg says.
The bank doesn't appear to have broken any disclosure rules on
its receivables, Bloomberg states.

China's shadow banking system could lead to losses of
$375 billion, CLSA Ltd. estimated in September, according to
Bloomberg.  The report relates that the brokerage said such
financing expanded at an annual 30% pace from 2011 through 2015
to reach CNY54 trillion, or 79% of the nation's gross domestic
product. But details have rarely surfaced on the specifics of
individual shadow banking arrangements, adds Bloomberg.

"Chinese banks are lending more and more money to companies in
recent years through investment receivables, partly to circumvent
regulatory or internal rules," Bloomberg quotes Yulia Wan, a
Shanghai-based banking analyst at Moody's Investors Service, as
saying.  Lenders don't disclose enough information about where
the money goes, according to Wan, Bloomberg relays.

In addition, the banks usually don't provision enough for such
exposures, and they fund the transactions through short-term
borrowing from other financial institutions, Mr. Wan said. "This
practice poses risks to both investors and banks themselves."

While China's shadow-financing system is smaller and less complex
than in developed markets, the challenges include poor
disclosure, which hampers investors' assessment of risks. The
nation's financial regulators have taken steps since August to
limit exposure at smaller lenders that used short-term interbank
borrowings to boost investments in opaque products issued by
other financial institutions, Bloomberg says.

Huishan Dairy called a meeting with eight creditors on March 27
asking them not to call in outstanding loans, delay new loans or
file lawsuits, according to a message posted March 28 by Hongling
Capital Chairman Zhou Shiping in the company's media WeChat
group, Bloombeg reports. The P2P lender has brokered loans to
Huishan.

Bloomberg relates that Jiutai said in its statement on March 28
that there have been no defaults on interest due from the CNY1.35
billion in total credit to Huishan Dairy, which includes
CNY750 million extended on Dec. 1 and CNY600 million on March 7.
The lender also said it will take all necessary measures to
ensure the security of the credit, adds Bloomberg.

                     About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.


CHINA XD: Fitch Says CapEx for New Plant to Delay Deleveraging
--------------------------------------------------------------
China XD Plastics Co Ltd's (XD Plastics, B+/Stable) recent plan
to invest around CNY2.5 billion in a new plant is likely to
result in its FFO-adjusted net leverage remaining at around 2.8x
at end-2017, Fitch Ratings says. This level of leverage is close
to 3x, the level at which Fitch would consider negative rating
action.

The new production facility will add products that are likely to
generate higher margins to XD Plastics' current product range of
petroleum-based materials. However, the capex requirements for
the new plant are likely to prevent the company from deleveraging
rapidly, as Fitch previously expected. The rating may come under
pressure if leverage increases more than Fitch expects in the
next six to 12 months due to higher-than-expected capex or lower-
than-expected performance of its new Sichuan and Dubai plants.

XD Plastics recently announced it signed an agreement to set up
another new plant in China's Sichuan Province, which will have
capacity to produce 300,000 metric tonnes of bio-composite
materials and additives, and 20,000 tonnes of functional
masterbatch, a high-end colour additive used in plastics
manufacturing. The project is likely to start production by the
end of 2018.

XD Plastics recorded strong financial performance in 2016 with
revenue rising 20% to US$1.2 billion due to a 21% increase in
sales volume. Sales growth was mainly driven by stronger domestic
demand that the company met with increased capacity utilisation
from its new Sichuan plants and relatively stable average selling
prices. Its net debt/operating EBITDA was 2.4x in 2016, much
lower than Fitch previous expectation of 3.2x, mainly due to an
increase in operating EBITDA and stable net debt positions. The
company's gross profit margin also improved to 20.6% in 2016
(2015: 18.2%) due to increased sales of higher-end products.


GEELY AUTOMOBILE: 2016 Results Support Ba2 CFR, Moody's Says
------------------------------------------------------------
Moody's Investors Service said that Geely Automobile Holdings
Limited's 2016 results support the company's Ba2 corporate family
and senior unsecured bond ratings.

The ratings outlook remains positive.

"Geely's strong revenue and unit sales growth in 2016 reflect the
positive market response to its new models and healthy growth in
China's auto market," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

Geely's sales grew 50% year-on-year to 765,970 units in 2016.
This growth was led by domestic sales which grew 54% to 744,191
units, offsetting a 15% year-on-year decline in export sales to
21,779 units.

Its sales growth in 2016 reflected (1) a positive market response
to its new models and robust sales of existing models; and (2) an
improvement in its product mix, reflecting the introduction of
higher-end models in its line-up and greater consumer acceptance
of such products.

Geely has also benefitted from stronger year-on-year sales growth
in auto market units since October 2015 because China cut the
vehicle-purchase tax for passenger vehicles with engines sized
1.6L and below to 5% from 10%, effective during the period
spanning October 2015 to end-2016. The tax break has been
extended to end-2017, but the tax rate has been raised to 7.5%
from 5% in 2016.

Benefitting from the tax cut, China's auto market posted healthy
growth of 14% year-on-year in 2016. As a result of its faster-
than-market sales growth, Geely's market share rose to 2.7% in
2016 from 2.1% in 2015.

Moody's expects Geely's unit sales to grow about 30% year-on-year
in 2017 and its market share in China's auto market to continue
to rise during the same period.

Geely will launch new models based on the Compact Modular
Architecture (CMA) platform under the brand name of LYNK & CO in
Q4 2017. The introduction of CMA-based models will likely expand
Geely's product line-up and help the company achieve higher price
points, while enhancing its product breadth and strength in the
medium term. As a result, it will be able to expand its
addressable market.

The positive ratings outlook reflects Moody's expectations that
Geely's profitability and credit profile will continue to improve
over the next 12-18 months, with meaningful growth in its overall
market share and product breadth, and its expected display of
strength through industry cycles.

"Geely's improvement in profitability supports its positive
ratings outlook," adds Ho.

While Geely's gross margin of 18.3% in 2016 was stable versus
18.2% a year ago, the company's adjusted EBITA margin improved to
about 7.7% in 2016 from 5.4% in 2015, reflecting positive
operating leverage. Moody's expects Geely's EBITA margin to
improve to about 8.2% in the next 12-18 months. Moody's also
expects the company's profitability -- as measured by EBITA
margins, net of subsidies - to continue to improve during the
same period.

Geely's low debt leverage - as measured by debt/EBITDA - also
supports its Ba2 ratings. Despite a rise in adjusted debt to
about RMB2.3 billion in 2016 from RMB2.0 billion a year ago, the
company's leverage fell to about 0.5x in 2016 from 0.9x a year
ago, reflecting the strong growth in adjusted EBITDA to about
RMB4.9 billion in 2016 from RMB2.3 billion a year ago.

Moody's expects the company's debt leverage will improve to about
0.3x over the next 12-18 months, which is strong for its Ba
ratings category.

Geely's liquidity profile is solid. The company's net cash
position-excluding pledged cash-rose to RMB13 billion at end-2016
from RMB7 billion at end-2015.

The principal methodology used in these ratings was Global
Automobile Manufacturer Industry published in June 2011.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops, manufactures
and sells passenger vehicles sold in China and globally. Its
chairman and founder, Mr. Li Shufu, and his family, held a 44.19%
stake at end-December 2016. The company is incorporated in the
Cayman Islands and listed on the Hong Kong Stock Exchange.


HONGHUA GROUP: Fitch Keeps CCC IDR on Rating Watch Positive
-----------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Positive (RWP) on
Honghua Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'CCC' and its senior unsecured rating of 'CCC'
with a Recovery Rating of 'RR4'.

The RWP remains in place because Honghua's equity placement to
China Aerospace Science and Industry Corporation (CASIC) and
Beijing Jianhong Capital Management Co. Ltd. has yet to be
completed. The placement, which will raise an estimated HKD1.6
billion in net proceeds, is subject to approvals, including those
of the Hong Kong Stock Exchange and relevant government
authorities. The transaction received shareholder approval in
February 2017 and Honghua expects it to be completed by April
2017. Fitch may consider upgrading Honghua if the company uses
the proceeds from the share placement to reduce its net debt and
net leverage.

KEY RATING DRIVERS

Refinancing Ability Strengthened: The proposed equity placement
significantly improves Honghua's ability to roll over its short-
term debt, given the credibility CASIC, who would become
Honghua's largest shareholder, with 29.99% of the enlarged
capital. CASIC is wholly owned by the Central State-Owned Asset
Supervision and Administration Commission and is the main
contractor for China's space programme.

Balance Sheet Improvement: The proposed equity placement will
immediately improve Honghua's balance sheet, as the company
stated its intention to use half of the net proceeds to refinance
existing bank loans at lower interest rates while the remainder
will be used for working capital purposes. Fitch expects
Honghua's net debt to drop to below CNY2 billion after the
completion of the equity placement. Honghua is also likely to
maintain a higher level of liquidity to secure better financing
terms and credit facilities.

Liquidity Remains Adequate: Fitch expects Honghua's liquidity to
improve as the company would have about CNY3 billion of cash on
hand after the placement, compared with just CNY1.3 billion at
end-1H16. This would be in addition to its CNY8 billion of unused
banking facilities. Honghua's liquidity remains comfortable, with
about CNY2.3 billion of debt falling due in 2017.

PLNG Deal to Boost Profitability: Honghua in October 2016 entered
into an agreement with Argo LNG to deliver and construct an
offshore LNG platform (PLNG) worth around US$1.8 billion for the
US-based LNG producer. Fitch expects Honghua to receive
additional revenue of US$300 million-400 million each year over
the next three years if the project goes ahead, which would
substantially boost Honghua's profitability in the near term.

DERIVATION SUMMARY

Honghua's 'CCC' rating reflects substantial weakness in the
company's operations and financial performance amid a weak
operating environment. Honghua exhibited much higher levels of
volatility in its profitability and leverage than other capital
goods manufacturers, such as Zoomlion Heavy Industry Science and
Technology Co. Ltd (B-/Stable), during the industry downturn. The
RWP reflects Fitch's view that Honghua will substantially lower
its net debt position with the proceeds from the equity
placement.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Capex of CNY100 million each year in 2017 and 2018.
- No major M&As.

RATING SENSITIVITIES

The Rating Watch Positive will be resolved once the equity
placement is completed, and Fitch may upgrade the ratings on
Honghua if it is able to reduce its net debt and net leverage
with the proceeds.

Fitch is likely to affirm Honghua's current ratings if the
company does not complete the equity placement, or Honghua's net
debt position does not improve.

LIQUIDITY

Fitch estimates that Honghua's cash on hand after the equity
placement will be sufficient to refinance its short-term debt of
CNY2.3 billion. In addition, Honghua also maintains around CNY8
billion of unused credit facilities and maintains good
relationships with its major banking partners.

FULL LIST OF RATING ACTIONS

Honghua Group Limited

Rating Watch Positive maintained on Long-Term Foreign-Currency
IDR of 'CCC'

Rating Watch Positive maintained on senior unsecured rating of
'CCC', with Recovery Rating of 'RR4'

Rating Watch Positive maintained on the rating on the US$200
million 7.45% senior notes due 2019 of 'CCC', with Recovery
Rating of 'RR4'


KWG PROPERTY: Achieves Balance on Growth and Leverage, Fitch Says
-----------------------------------------------------------------
China real estate group KWG Property Holding Limited (KWG,
BB-/Stable) has achieved a balance between growth and leverage.
However, its ratings are limited by its small scale, says Fitch
Ratings.

KWG's leverage on an attributable basis - as measured by net
debt/adjusted net inventories - had improved to around 28% by
December 2016 from 39% in December 2015. The level is below the
current positive rating trigger of 30%. KWG's leverage is
correlated with its contracted sales growth rate and its land-
bank replenishment strategy, and Fitch expects leverage to
stabilise at around 30%-40% for the next two years.

KWG's small scale is illustrated by its attributable contracted
sales which grew by 10.6% to CNY22.3 billion in 2016 from CNY20.2
billion in 2015. This was slow compared with other 'BB-' rated
peers. Fitch believes the company has enough sellable resources
to meet its CNY28 billion attributed contracted sales target for
2017, up 25.6% from 2016. KWG's attributable sellable resources
are around CNY46.0 billion for 2017, a 37% increase from CNY33.5
billion in 2016.

KWG was conserving its inventories for higher average selling
prices in 2017. This resulted in the total debt/contracted sales
(attributable basis) dropping to around 0.5x from 0.7x in 2015,
which is a similar strategy shared by other margin-focused
homebuilders with a supportive balance sheet. Fitch expects this
ratio to remain stable at around 0.5x-0.7x. The EBITDA margin was
at around 31%-32% in 2016, which Fitch expects to be maintained
at around 30%-35% in the next two years.


TEXHONG TEXTILE: S&P Affirms 'BB' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its long-term corporate credit rating
on Texhong Textile Group Ltd. at 'BB'.  The outlook is stable.
S&P also affirmed its long-term Greater China regional scale
rating on the China-based textile manufacturer at 'cnBBB-'.

"We affirmed the rating because we expect Texhong's cash flows to
remain strong over the next 12 months.  The company should
therefore maintain adequate liquidity over the period despite a
recent rise in short-term debt," said S&P Global Ratings credit
analyst Clifford Kurz.  "That's even under a hypothetical
sovereign stress scenario for Vietnam, where the company has
significant assets and production."

The material rise in Texhong's short-term debt was due to a
requirement by cotton suppliers to prepay for cotton inventory as
a result of cotton shortages that occurred in the second half of
2016.  Last year, Texhong had roughly Chinese renminbi (RMB) 1.8
billion of cash outflow for inventory and prepayments related to
the procurement of raw materials.  As a result, short-term debt
increased to RMB3.5 billion from RMB1.5 billion at the end of
2015.

However, S&P expects cotton prices and supply to stabilize this
year, given China's large cotton reserves and cotton prices at
near recent highs.  This should allow the company to generate
working capital inflow of about RMB800 million over the next 12
months as Texhong digests its prepaid inventory.  The cash inflow
combined with the management's track record of generally prudent
capital management should alleviate some of the liquidity
pressure from higher short-term debt.

S&P has raised its 2017 and 2018 base-case forecasts for revenue
and EBITDA to reflect Texhong's better-than-expected 2016
results. The company's reported revenue and EBITDA were 13% and
27% higher than S&P's previous forecast, respectively, largely
due to faster-than-anticipated capacity growth.  S&P has raised
its base-case revenue forecast by 30% for 2017 and 2018 and its
EBITDA forecast by 37% for 2017 and 33% for 2018 to account for
additional capacity additions of about 15% in 2017.

S&P's new base case assumes continued volume growth driven by
Texhong's capacity expansion in yarn and jeans in Vietnam and
China, offset by lower margins given rising cotton prices.  S&P's
new base case forecasts a debt-to-EBITDA ratio of about 1.5x-2.0x
(net of surplus cash) and EBITDA interest coverage of about 6.5x-
7.0x over the next two years.

Based on S&P's revised projections, it do not expect the recent
increase in Texhong's short-term debt to be a rating constraint,
even in a hypothetical sovereign stress scenario for Vietnam
(BB-/Stable/B; axBB+/axB).  S&P estimates that roughly 45% of
Texhong's production is located in Vietnam, which translates to a
little less than 50% of the company's EBITDA.

S&P still expects Texhong to maintain sufficient liquidity to
meet its financial obligations even in a hypothetical sovereign
stress scenario for Vietnam, assuming only 25% of cash flows from
Vietnam can be used to repay the company's foreign debt.
Moreover, S&P expects Texhong to continue its centrally
controlled treasury functions and to keep limited cash balance in
Vietnam to limit the exposure to sovereign risks.

The stable outlook reflects S&P's expectation that Texhong's
increasing capacity in Xinjiang and Vietnam will continue to
drive strong sales volume growth over the next 12 months.  S&P
also expects the company to maintain its debt-to-EBITDA ratio at
around 2x.  S&P anticipates that the company will actively manage
its capital structure and working capital movements, such that it
will have sufficient liquidity to fulfill financial obligations
even in a hypothetical sovereign stress scenario for Vietnam.

S&P could lower the rating if Texhong's debt-funded investment is
more than S&P expects or, in a less likely scenario, if the
company's profitability and cash flow substantially deteriorate
due to more volatile cotton and yarn prices than expected.  A
ratio of debt-to-EBITDA exceeding 3.0x on a sustainable basis
could indicate such weakness.  Additionally, S&P could downgrade
the company if the liquidity buffer decreases more than it
expects, driven by sustained high levels of working capital
outflow and short-term debt or if the exposure to Vietnam
increases materially.

S&P sees limited upside to its rating.  However, S&P could raise
the rating if Texhong improves its debt-to-EBITDA ratio to below
2.0x and EBITDA interest coverage to above 10x on a sustained
basis, provided the company's dependence on Vietnam reduces
dramatically or S&P raises the sovereign rating on Vietnam.



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


A & A MODULAR: CARE Assigns B+ Rating to INR7.50cr LT Loan
----------------------------------------------------------
CARE Ratings has been seeking information from A & A Modular
Systems (AAM) 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
A & A Modular Systems bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.50       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             1.00       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).

Detailed description of the key rating drivers

At the time of last rating in September 3, 2015, the following
were the rating strengths and weaknesses:

Key Rating Strengths

Experienced management: The firm was established in November,
2003 and is currently being managed by Mr. Darshan Singh Kalsi
and Mr. Gurinder Pal Singh. Both the partners have total work
experience of around three & a half decades and two decades
respectively.

Positive outlook for the industry: The Indian furniture market is
worth US$8 billion and is growing at a CAGR of about 30%. The key
growth drivers are the gradual rise in the construction and
hospitality industry, expansion of residential and commercial
infrastructure across metros and smaller cities, rising income
levels, and increased consumption of lifestyle products,
including furniture.

Key Rating Weaknesses

Small scale of operation: Despite being in operations for more
than one decade, the firm's scale of operations has remained low
marked by Total Operating Income (TOI) of INR15.38 crore for
FY15(Provisional, refers to the period April 1 to March 31) and
tangible net worth of INR6.25 crore as on March 31, 2015. Weak
Financial Risk Profile: The financial risk profile of the firm is
marked by healthy PBILDT margins, low PAT margin and weak
solvency position. Firm had high PBILDT margin of 22.80% in FY15
but low PAT margin of 0.75% in FY15 and overall gearing ratio of
3.04x as on March 31, 2015.

Elongated operating cycle: The average operating cycle of the
firm remained elongated at about 452 days, as on March 31, 2015.

Fragmented and competitive nature of industry with margins
susceptible to volatility and raw material prices: The firm faces
high competition from other players present in both organized and
unorganized market space. Furthermore, timber, plywood board and
paint are the major inputs required to manufacture modular
furniture, the prices of which are highly volatile. Any sudden
spurt in these raw material prices might not be passed on to the
end customers, instantly, on account of highly fragmented and
competitive nature of the industry, which could lead to decline
in profitability margins.

Constitution of the entity being a partnership firm: AAM's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingencies.

AAM was established in November 2003 as a partnership firm with
Mr. Darshan Singh Kalsi and Mr. Gurvinder Pal Singh as its
partners, sharing profits and losses in the ratio of 45% and 55%,
respectively. The operations of the firm commenced from October
2004. AAM is engaged in the manufacturing of modular kitchen at
its manufacturing facility located in Solan, Himachal Pradesh.
The raw materials required for manufacturing are paints, timber,
plywood board, lamination, etc, which are procured from Delhi,
Maharashtra, Punjab, etc, while one of the raw materials-PVC
furniture film is imported from Germany and Italy. The firm sells
its products under the brand name of 'Aura' and 'Aida' through
its established dealer network of 45 dealers located throughout
India and also through its two exclusive retail outlets in Mohali
(Punjab) and Delhi. Furthermore, AAM also supplies the kitchen
sets to various builders and developers and also exports the same
to USA and Nepal (exports constituted approximately 3% of the
total sales in FY15).


A.M. RICE: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------
CARE Ratings has been seeking information from A.M. Rice Mills to
monitor the rating(s) vide e-mail communications/letters dated
March 10, 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 ratings on SK Overseas's bank facilities will
now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              12        CARE B+; ISSUER NOT
                                      COOPERATING

   Short-term Bank          6        CARE A4; ISSUER NOT
   Facilities                        COOPERATING

Users of this ratings (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 January 12, 2016, the following
were the rating strengths and weaknesses

Key Rating Weakness

Modest scale of operations: Despite being operational for almost
three decades the scale of operations has remained small marked
by a total operating income and gross cash accruals of INR53.43
crore and INR0.41 crore respectively during FY15 (refers to the
period April1 to March31) Weak financial risk profile: Total
operating income of the firm had grown from INR39.78 crore in
FY13 to INR53.43 crore in FY15 on account of higher quantity sold
due to repeat orders from existing customers. The TOI had grown
by 8% in FY15 as compared to FY14.

The PBILDT margin of the firm improved in FY15 due to higher
proportion of basmati rice sold which fetches better margin. PAT
margin of the firm continued to remain below unity on account of
high interest expense. The capital structure of the firm improved
marginally but continued to remain highly leveraged due to low
net worth base and high reliance on external debt.

The debt service coverage indicators marked by interest coverage
ratio and total debt to GCA stood weak at 1.33x and 36.58x
respectively in FY15 due to high debt levels and low
profitability.

Working capital intensive nature of operations: The operations of
the firm continue to remain working capital intensive in nature
though operating cycle remained moderate at 93 days during FY15.
The inventory holding remains high as the firm procures paddy
from November to January so as to build up raw material inventory
to cater to the milling and processing of rice throughout the
year. Furthermore, high dependence on bank borrowings to fund its
working capital requirements resulted in 90% utilization of its
sanctioned limits during the 12 months ended November 2015.

Foreign exchange fluctuation risk: AMRM derives nearly around 25%
of its sales through exports to Middle East. This exposes the
firm to adverse changes in the government policies in these
countries with respect to rice import. With initial cash outlay
for procurement in domestic currency and sales realization in
foreign currency, the firm is also exposed to the fluctuation in
exchange rates.

Business susceptible to the vagaries of nature: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which varies with different
harvesting periods. Paddy is the major raw material and the peak
paddy procurement season is during November to January during
which the firm builds up raw material inventory to cater to the
milling and processing of rice throughout the year.

Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. There are several small scale
operators which are not into end-to-end processing of rice from
paddy, instead they merely complete a small fraction of
processing and dispose-off semi-processed rice to other big rice
millers for further processing.

Regulatory policy risk: The Government of India (GoI), every year
decides a minimum support price (MSP) of paddy which limits the
bargaining power of the rice millers over the farmers. Sale of
rice in the open market is also regulated by the government
through the levy system under which the rice millers have to
first supply to the government through Food Corporation of India
(FCI) at the predetermined prices.

Partnership nature of constitution: AMRM's constitution as a
partnership firm has the inherent risk of withdrawal of the
partner's capital at the time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of partner.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Key Rating Strengths

Experience of partners in trading and processing of rice: AMRM is
currently being managed by Mr. Anil Kumar Gupta and his son Mr.
Abhishek Gupta. Mr. Anil Kumar Gupta has experience of almost
three decades through his association with AMRM. He is supported
by his son in managing the overall operations of the firm who has
experience of around five years through AMRM.

Favorable manufacturing location: AMRM is mainly engaged in
milling and processing of rice. The main raw material, Paddy is
procured from local grain markets, located in Karnal, Haryana.
The firm's processing facility is situated in Karnal, Haryana
which is among the highest producers of paddy in India. Proximity
of the mill to one of the major rice growing areas of the country
results in easy availability of paddy.

Karnal-based (Haryana) AMRM was established in 1986 as
partnership concern by Mr. Anil Kumar Gupta, Mr. Ajay Gupta and
Mr. Ram Prakash Gupta. In April, 2011 Mr. Ajay Gupta and Mr. Ram
Prakash Gupta retired from the partnership and Mr. Abhishek Gupta
was admitted as new partner sharing profit and loss equally. Mr.
Anil Kumar Gupta and Mr. Abhishek Gupta look after the overall
operations of the firm. AMRM is engaged in milling, processing
and trading of both basmati and non-basmati rice with an
installed capacity of 5 metric tonne per hour (MTPH).The firm
procures the raw material i.e paddy from grain markets in Haryana
through commission agents. It sells its product to local export
houses in Haryana and also exports around 25% of its sales to
Middle East.

In FY15, AMR achieved total operating income (TOI) of INR52.98
crore with PAT of INR0.14 crore.


ACCORD COMMUNICATIONS: CARE Cuts Rating on INR5.24cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Accord Communications Limited (ACL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.24       CARE D Revised from
                                     CARE B-

   Short-term Bank
   Facilities             2.00       CARE D Revised from
                                     CARE A4

Rating Rationale

The revision in rating of Accord Communications Limited (ACL)
takes into account delays in the ongoing debt servicing
due to stressed liquidity position.

Detailed description of the key rating drivers

The company's financial risk profile weakened on y-o-y basis in
last 3 financial years (FY14-FY16 - refers to the period April 1
to March 31) marked by fluctuating total operating income,
operating losses led to erosion of net worth, highly leveraged
capital structure. The cash losses lead to stressed liquidity
position which resulted into delays in debt servicing.

Accord Communications Limited (ACL) was incorporated in 1990 by
Mr. P K Mohta, Mr. A K Mohta, Mrs Sushma Mohta and Mrs Shailly
Mohta who have an experience of over two decades in the
manufacturing of EPABX system industry. ACL is engaged in
designing, manufacturing and marketing of Electronic Private
Automatic Branch Exchange (EPABX) systems. Apart from
manufacturing, the company is also engaged into the trading of
EPABX systems, intercom, phone and phone accessories. The
manufacturing facility of ACL is located in Meerut, Uttar
Pradesh.. The manufacturing process of ACL is ISO 9001 certified.
The main customers of ACL are government agencies like CRPF, BSF,
Northern Command, etc. The raw material includes IC (Integrated
circuit), PCB (Printed circuit board), transformers, capacitors,
resistance, etc., which is procured from Delhi, Haryana,
Bangalore, etc. CLD Electronics & Communication and Digital
Electronics & Telecom are associate concern of ACL which are
engaged in the manufacturing spare parts for mobile phone.


BRAVO AGENCIES: CARE Lowers Rating on INR7.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bravo Agencies Private Limited (BAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.50       CARE D Revised from
                                     CARE BB-


   Short-term Bank
   Facilities             7.50       CARE D Revised from
                                     CARE A4

Rating Rationale

The revision in the ratings of Bravo Agencies Private Limited
(BAPL) takes into account ongoing delays in debt servicing
due to stressed liquidity position.

Detailed description of the key rating drivers
Bravo Agencies Private Limited (BAPL) is engaged trading of flat
rolled steels like cold rolled steel, hot rolled steel,
electrical steel. The company's financial risk profile is
affected by the slowdown in demand of iron and steel products due
to subdued industry performance. The same led to stressed
liquidly issues which resulted into delays in debt servicing.

Delhi-based BAPL was incorporated in April 1995. The company is
currently promoted by Mr. Balwant Jain and Mr. Pawan Mittal. BAPL
is engaged trading of flat rolled steels like cold rolled steel,
hot rolled steel, electrical steel, tin mill products, etc. The
warehouses are located at Mundka, Delhi. The company procures
steel from various mills throughout the country. The company
undertakes only domestic sales wherein it sells the product to
various other equipment manufacturers and traders of steel.


C.I. AUTOMOTORS: CARE Reaffirms B+ Rating on INR17.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
C.I. Automotors Private Limited (CIAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             17.50      CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of C.I. Automotors
Private Limited (CIAPL) continues to remain constrained on
account of its financial risk profile marked by thin
profitability margins, leveraged capital structure, weak debt
coverage indicators and high working capital intensity leading to
weak liquidity. The rating is further constrained due to CIAPL's
presence in highly competitive and fragmented auto dealership
business with linkage with cyclical automobile Industry
and limited bargaining power with Original Equipment Manufacturer
(OEM).

The rating however continues to derive strength from the vast
experience of the promoters in the automobile dealership business
along with its long standing association with reputed OEM,
Mahindra & Mahindra Limited (M&M). Ability of the company to
increase its scale of operations along with improvement in
profitability margins, capital structure and efficient working
capital management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness
Thin profitability margins, highly leverage capital structure and
weak debt coverage indicators: The PBILDT margins of CIAPL
remained thin although improved marginally during FY16 on account
of increased share of spare parts income in the total operating
income for the year. PAT margins although improved remained weak
on the back of high interest and finance cost. The capital
structure although improved, remained highly leveraged marked by
overall gearing of 10.47 times as on March 31, 2016 mainly due to
high working capital borrowings and low net worth base. Further,
the debt coverage indicators have remains weak due to low
profitability and high debt levels.

High Working capital intensity: The operations of CIAPL are
working capital intensive in nature with substantial investment
required in maintaining inventory of various models to meet the
customer demand and unforeseen supply shortage. The liquidity of
the company remained tight marked by low cash accruals, below
unity current ratio as on March 31, 2016 and almost full
utilization of fund based working capital limits for past 12
months ended January 2017. Highly competitive and fragmented auto
dealership business along with cyclical nature of automobile
industry: Indian auto dealership business is highly fragmented
and competitive with presence of large number of auto dealers
catering to different brands. CIAPL faces aggressive competition
on account of established presence of other automobile
manufacturers like Honda, Maruti, Chevrolet, Nissan, Fiat, Tata,
Renault, Skoda, Hyundai in car segment. Moreover, the auto
industry is inherently vulnerable to the economic cycles and is
highly sensitive to the interest rates and fuel prices.

Key Rating Strengths
Vast experience of the promoters and established track record of
operations in the automobile dealership business: CIAPL is
promoted by Mr. Rakesh Malik who has been associated with the
automobile dealership industry for more than 20 years and looks
after the overall operations of the company. He is well supported
by Mrs Anju Malik and other directors who also have an overall
experience of more than two decades in the automobile dealership
industry. CIAPL was established in the year 1997 and has a track
record of more than 20 years in the automobile industry. CIAPL
provides authorized after sales service and also deals in
original accessories and spare parts, apart from selling vehicles
by virtue of being a '3-S' dealer of M&M.

Incorporated in May 1997, CIAPL is promoted by Mr. Rakesh Malik,
Chairman, of C. I. group of companies and has experience of more
than three decades in managing various businesses. CIAPL
primarily deals in M&M's vehicles, spare parts and accessories
while it also offers servicing of M&M vehicles. The company
operates 3 showrooms and 2 service centers in Bhopal catering to
the passenger and commercial vehicle segment which are owned by
directors and given on rent to CIAPL.

CIAPL belongs to C.I group headquartered in Bhopal, Madhya
Pradesh. The group has two other companies viz; C.I.
Finlease Limited (CIFL; rated; CARE BB-; Stable) having a
dealership of Hyundai Motors India Limited (HMIL) and C.I.
Builders Private Limited engaged in the real estate development.
As per the audited result for FY16, CIAPL reported a PAT of
INR0.12 crore on a total operating income of INR137.07 crore
as against PAT of INR0.06 crore on a total operating income of
INR134.74 crore for FY15 (A). During 9MFY17, CIAPL
reported total operating income of INR100.38 crore


GARE BROTHERS: CARE Assigns B- Rating to INR5.0cr LT Loan
---------------------------------------------------------
CARE Ratings has been seeking information from Gare Brothers to
monitor the rating(s) vide e-mail communications/ letters dated
February 20, 2017, February 3, 2017 and November 25, 2016 and
numerous phone calls. However, despite CARE's repeated requests,
the Gare Brothers 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 Gare Brothers long term bank facilities and
short term bank facilitiess will now be denoted as CARE B-/CARE
A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B-; ISSUER NOT
                                     COOPERATING

   Short-term Bank        1.50       CARE A4; ISSUER NOT
   Facilities                        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).

Detailed description of the key rating drivers

At the time of last rating in October 1, 2015, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced Promoters: GB is promoted by Mr. Suresh Gare having
an experience of more than two decades in trading of
waste coal.

Long and established relationship with customers: With the
promoters' extensive industry experience coupled with marketing
efforts, the company has been able to establish strong
relationship with its customers. The top customers of GB include
MAHAGENCO's thermal plants located in Bhusawal, Chandrapur,
Khaparkheda, Parli, etc. The firm procures waste coal and sells
them on cash basis to various brick manufacturers in Maharashtra.

Key Rating Weaknesses

Small scale of operations along with partnership nature of
constitution: The scale of operations of the firm remained
small with TOI of INR3.43 crore in FY15. Further, the firm has a
small net worth base of INR0.63 crore as on March 31, 2015
limiting its financial flexibility.

Tender-based nature of operations: GB's major portion of revenue
comes from tenders floated by MAHAGENCO.

Furthermore, tender driven nature and lengthy bidding process can
impact the waste coal procurement process and the revenue growth
of the entity.

Weak solvency position: The solvency position of the company
remained weak with near unity overall gearing and moderate debt
protection metrics. The solvency position and debt coverage
indicators remained weak on account of high interest charges and
dependence on working capital bank borrowings.

Established in 1996, Gare Brothers (GB) is a partnership firm
based out of Nasik (Maharashtra) and is engaged in trading of
scrap coal with two partners namely Mr. Suresh Gare and Mr. Dilip
Gare sharing profit equally. The firm procures scrap/waste coal
from various thermal plants of Maharashtra State Power Generation
Company Limited (MAHAGENCO) located in Chandrapur, Bhusawal,
Koradi, Khaperkheda, Parli Vaijnath and others and sells it to
various brick manufacturing units located in Maharashtra. GB
generally procures coal during October to May. It has a coal
depot with a total storage area of about 3,000 sq. feet. located
at Nashik, Maharashtra.


GUPTA TEX: CARE Assigns 'D' Rating to INR9.76cr LT Loan
-------------------------------------------------------
CARE Ratings has been seeking information from Gupta Tex Prints
Private Limited to monitor the rating(s) vide e-mail
communications/ letters dated May 2, 2016, October 4, 2016,
November 7, 2016, November 15, 2016, January 30, 2017, February
1, 2017, February 9, 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.
Further, Gupta Tex Prints Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The ratings on Gupta Tex Prints Private
Limited's bank facilities will now be denoted as CARE D/CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          9.76      CARE D; ISSUER NOT
   Facilities                        COOPERATING; Based on best
                                     Available information

   Long-term/Short         7         CARE D/CARE D; ISSUER NOT
   Term Bank                         COOPERATING; Based on best
   Facilities                        Available information

   Short-term Bank         0.25      CARE D; ISSUER NOT
   Facilities                        COOPERATING; Based on best
                                     Available information

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

The ratings take into account ongoing delays in servicing of debt
obligations due to weak liquidity position. Establishing a clear
track record of timely servicing of debt obligations along with
improvement in the liquidity position remain the key rating
sensitivities.

Detailed description of key rating drivers

At the time of last rating in September 21, 2015, the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: GTPPL has been irregular in
servicing its debt obligation even after restructuring of the
account; owing to weak liquidity position.

Gupta Tex Prints Private Limited (GTPPL) was initially formed as
Gupta Dyeing and Printing Mills (GDPM), a partnership firm in
1979 by Gupta family of Surat. Later on in 2007, GDPM was
converted into a private limited company. GTPPL is primarily
engaged in fabric processing (bleaching, printing, dyeing &
embroidery) and also does the job work activities as well as
trading of grey yarn and finished fabric. The fabric processed by
GTPPL is primarily used for making sarees& ladies dress material.
The finished fabric is marketed under the brand name of 'Gupta
Sarees'. GTPPL has an installed capacity of 1.25 lakh meters per
day for processing of grey fabric at its sole processing unit
located in Surat (Gujarat).

During FY16 (refers to the period April 1 to March 31), the
company reported net loss of INR1.99 crore on a TOI of INR30.21
crore as against a net loss of INR5.27 crore on a TOI of INR38.83
crore during FY15.


IND-BARATH THERMOTEK: CARE Lowers Rating on INR699cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ind-Barath Thermotek, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible        699        CARE D Revised from
   Debenture issue-                  CARE B+
   Series I


   Non-Convertible         80        CARE D Revised from
   Debenture issue-                  CARE B+
   Series II

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-convertible
debentures of Ind-Barath Thermotek Private Limited is constrained
by the stretched liquidity position on account of subdued
financial performance of the company. Establishing a clear debt
servicing track record with improvement in its liquidity position
is the key rating sensitivity.
Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position

On account delayed project implementation of IBEUL, liquidity
position of IBTPL remained stressed. As the company is unable to
generate sufficient cash flows to meet the coupon obligation of
NCD, MIRA (investor) has exercised its option of rollover of the
scheduled coupon payment on NCD after the due date.

Delay in commencement of commercial operations of IBEUL

As on March 31, 2016, the company has successfully completed the
trial runs for Unit I and obtained necessary regulatory
approvals, however the project is yet to commence its commercial
operations. The delayed project implementation of IBEUL had a
direct bearing on the financial risk profile of IBTPL during FY16
(refers to the period April 1 to March 31) given the fortune of
the latter is linked to revenue generation of IBEUL as financials
of IBTPL are majorly dependent on the cash flows generated by
subsidiary IBEUL.

Key rating strengths

Long track record of group in Power segment and experienced
promoters

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

Ind-Barath Thermotek Private Limited (IBTPL) belongs to IndBarath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra
Limited (IBPIL), the flagship company of the group. Incorporated
on December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O &M) activity of the subsidiary Ind-Barath

Energy (Utkal) Limited (IBEUL) which is setting up a 700 MW (2*
350 MW) coal-based power plant in Orissa.

IBTPL was incorporated as a holding company of IBEUL and to
acquire entire stake from the existing stake holders [IndBarath
Power Infra Limited, IndBarath Sun Energy Limited and PTC
Financial Services Limited (PTC)].

During FY16 (refers to the period April 1 to March 31), IBTPL has
reported loss at PBILDT level of INR0.55 crore and net loss of
INR74.43 crore on total operating income of INR0.33 crore.


JAGRATI TRADE: CARE Assigns B+ Rating to INR0.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jagrati Trade Services Private Limited (JTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-
   term Bank
   Facilities             0.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.40       CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Jagrati Trade
Services Private Limited (JTPL) are constrained by its small
scale of operations with operating loss in FY16 (refers to the
period April 1 to March 31); however there is no cash loss, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players and working capital
intensive nature of business. The ratings, however, derive
strength from experienced promoter with long track record of
operations and comfortable leverage ratios. Going forward,
ability to improve the scale of operations and profitability
margins and ability to manage working capital effectively will be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with operating loss in FY16; however
there is no cash loss

JTPL is a relatively small player in the jute industry having
Total Operating Income (TOI) and PAT of INR23 crore and INR0.51
crore respectively in FY16. The total capital employed was also
moderately low at around INR31.31 crore as on March 31, 2016.
JTPL incurred operating loss during FY16 in view of higher
operating cost. In spite of operating loss, the company earned
net profit in FY16 primarily on the back of profit amounting to
INR1.82 crore earned from investing in real estate activities
through joint venture with different entities. Accordingly, the
company did not incur cash loss during FY16. The GCA declined
from INR0.75 crore in FY15 to INR0.58 crore in FY16.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players

The jute industry in which the company operates is highly
fragmented and competitive marked by the presence of numerous
players across India. Hence, the players in the industry do not
have any pricing power and are exposed to competition induced
pressures on profitability.

Working capital intensive nature of business

JTPL's business, being trading of raw jute is working capital
intensive mainly due to high average collection period. The
average collection period remained high in the range of 167-187
days during FY14-FY16 on the back of delays in receipt of
payments from its clients on the back of weak sentiment prevalent
in the jute textile industry. The company mainly uses non-fund
based trade limits to finance its working capital requirements.
Furthermore, the entity also has cash credit limit which is a
sublimit of the non-fund based trade limits and the utilization
of its bank limit was at around 90% during the last 12 months
ended on December 30, 2016.

Key Rating Strengths

Experienced promoter with long track record of operations JTPL is
currently managed by Mr. Jagdish Sarda and Mr. Krishna Chandra
Senapati of Kolkata, West Bengal. Mr. Jagdish Sarda, the Managing
Director, is aged about 52 years, having around three decades of
experience in the jute industry, looks after the overall
management of the company with active support from the other
promoter and team of experienced personnel. Furthermore, SEPL
commenced commercial operation since 1986 and accordingly has a
long track record of operations of more than two decades.

Comfortable leverage ratios
Both the long term debt equity ratio and the overall gearing
ratio (including acceptances) remained comfortable at below unity
as on the last three account closing dates with the same
remaining at 0.13x and 0.53x as on March 31, 2016.

Jagrati Trade Services Private Limited (JTPL) was incorporated on
September 11, 1986 by Mr. Jagdish Sarda and Mr. Krishna Chandra
Senapati, based out of Kolkata, West Bengal. Since inception, the
company is engaged in trading of raw jute primarily in the state
of West Bengal and the entity is located at Kolkata. Furthermore,
JTPL is also engaged in trading of shares and it also derives
revenue from money lending activities to corporate entities.

During FY16, the company reported a total operating income of
INR23 crore (FY15: INR20.28 crore) and PAT of INR0.51 crore (in
FY15: PAT of INR0.65 crore).


K. G. ISPAT: CARE Revises Rating on INR4.0cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings has been seeking information from K. G. Ispat
Private Limited (KIPL) to monitor the rating(s) vide e-mail
communications/letters dated January 4, 2017, January 6, 2017,
January 9, 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.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.00       CARE B; ISSUER NOT
                                     COOPERATING; Revised
                                     from CARE B+ on the
                                     basis of best available
                                     information

   Short-term Bank        1.25       CARE A4; ISSUER NOT
   Facilities                        COOPERATING; Based on best
                                     available information

The ratings of K. G. Ispat Private Limited bank facilities will
now be denoted as CARE B/ CARE A4; ISSUER NOT COOPERATING.

The ratings have been revised on account of consistent decline in
scale of operations, leveraged capital structure, deterioration
in debt coverage indicators, and elongation in operating cycle
with frequent instances of overdrawals in cash credit account
allowed by the banker in FY16 (refers to the period of April 1 to
March 31). The ratings further remained constrained on account of
thin profitability, presence in highly fragmented steel industry
and susceptibility of profit margins to fluctuation in raw
material prices.

The ratings, however, continue to draw strength from experience
of the promoters.

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 March 4, 2016, the following were
the rating strengths and weaknesses.

Key Rating Strengths

Experienced promoters in steel industry: Mr. Rajkumar Gupta is a
commerce graduate and has long experience of 20 years in the
steel industry.

Key Rating Weaknesses

Financial risk profile marked by modest scale of operations and
thin profitability: During FY16, total operating income (TOI) of
KIPL has reduced by 31% to INR52.87 crore from INR76.65 crore.
However, during FY16, the PBILDT margin increased by 80 bps and
remained at 2.31% as against 1.51% during FY15. The PAT margins
have remained thin at 0.15% in FY16 (FY15: 0.32%). PAT margins
have decreased due to higher financial cost.

Leveraged capital structure, weak debt coverage indicators and
liquidity position: The capital structure of the company remained
leveraged marked by overall gearing of 2.88 times [FY15: 2.99
times] as on balance sheet date. The debt coverage indicators
also remained weak marked by TDGCA of 95.19 years [FY15: 28.43
years] and interest coverage of 1.13 times [FY15: 1.51 times] as
on balance sheet date. The current ratio of the company improved
from 1.17 times during FY15 to 1.26 times to FY16. The operating
cycle remained stretched at 76 days as compared with 40 days
during FY15. Also, there were frequent instances of overdrawing
during past 12 months.

Operations in a highly fragmented steel industry: KIPL is present
in highly fragmented iron and steel industry with presence of
large number of organized as well as unorganized players.
Furthermore, due to the fragmented nature of the steel trading
industry, bargaining power of traders like KIPL with
manufacturers and customers are restricted which is also
reflected in the low profit margins.

Susceptibility of profit margins to fluctuations in raw material
prices

The price of key raw material has been volatile in nature and
therefore cost base remains exposed to any adverse price
fluctuations in the prices of raw materials. Accordingly, the
profit margin of the company is susceptible to fluctuation in
the raw material prices.

Indore-based (Madhya Pradesh), KIPL was incorporated in 2004, is
promoted by Mr. Rajkumar Gupta & Ms Deepti Gupta. They both
jointly manage the operations of the company. KIPL is engaged in
trading of iron & steel scrap and products. KIPL primarily
purchase MS scrap and MS bars, angles, plates, ingots and other
MS products and primarily sells to manufacturers of MS products
and dealers. KIPL primarily sells in the state of Madhya Pradesh.

As per the audited results for FY16, KIPL reported a PAT of
INR0.08 crore on a total operating income (TOI) of INR52.87 crore
as against a PAT of INR0.25 crore on a TOI of INR76.65 crore
during FY15 (Audited).


MOTODEN AUTOMOTIVE: CARE Assigns 'B' Rating to INR15cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Motoden Automotive Private Limited (MAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               15       CARE B; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of Motoden Automotive
Private Limited (MAPL) is constrained by its nascent stage of
operations and weak financial risk profile as reflected by
leveraged capital structure and working capital intensive nature
of operations. The rating is further constrained by MAPL's
fortunes being linked to performance of Honda Motorcycles and
Scooter India (HMSI) as well as its presence in a cyclical and
intensely competitive automobile industry. The aforementioned
weaknesses are partially mitigated by the resourcefulness and
vast experience of its promoters in the automobile dealership
business.

The ability of the company to successfully stabilize its
operations in light of competitive nature of industry and improve
capital structure and efficiently manage its working capital
requirement is the key rating sensitivity.
Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations and weak financial risk profile: MAPL
is relatively in the nascent stage of operations and faces risk
of timely stabilization of operations in light of high
competition. Furthermore, with trading nature of operations
profitability is expected to remain low. Also operations are
expected to remain working capital intensive in nature with
inventory to be maintained for display and timely delivery of
products to customers.

Fortunes linked to performance of HMSI: Being in the automobile
dealership business, MAPL's sales are dependent on performance of
HMSI and any fall in demand for existing products or low demand
for future models will significantly impact its growth.
Furthermore, its profit margins are decided by HMSI with MAPL
having marginal influence over profitability in sale of spares.

Presence in cyclical and intensely competitive automotive
industry: The auto industry is inherently vulnerable to the
economic cycles and is highly sensitive to the interest rates and
fuel prices of petrol and diesel. The company thus faces
significant risks associated with the dynamics of the auto
industry.

Furthermore, the company is exposed to external competition from
dealers of other automobile manufacturers such as Bajaj Auto,
Hero Motocorp, TVS and others.

Key Rating Strengths

Experienced promoters: MAPL is promoted by Mr. Aditya Jakhete and
his mother Mrs. Preeti Jakhete both of whom have been in the
automobile industry for over a decade. Mr. Jakhete is also the
promoter of Prabhanjan Automobiles Private Limited which is a
HMSI dealer in Vasai and Jalgaon regions and has an established
presence of over a decade.

Incorporated in February 2016 by Mr. Aditya Jakhete as a private
limited company, Motoden Automotive Private Limited (MAPL) is an
authorized dealer of Honda Motorcycle and Scooter India Private
Limited (HMSI). It commenced operations in November 2016 and
opened its first HMSI showroom at Mahim, Mumbai, spread over 3000
sq. ft.

The company is in its nascent stage of operations and completed 3
months of operations in FY17 (refers to the period April 1 to
March 31; viz. November 2016 to January 2017) during which it
achieved a turnover of INR9.52 crore.


NAVBHARAT EXPLOSIVES: CARE Assigns B+ Rating to INR8.50cr Loan
--------------------------------------------------------------
CARE Ratings has been seeking information from Navbharat
Explosives Company Ltd (NECL) to monitor the ratings vide letter
dated February 7, 2017 & e-mail communications dated December 26,
2016 November 08, 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
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.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             7.50       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.

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 of the company in FY15:
Total operating income of NECL declined significantly (by 26.6%)
in FY15 vis-a-vis FY14 due to slowdown in demand for industrial
explosives on account of slower economic growth resulting in
lower order inflow from Coal India Ltd (CIL). This apart, writing
off the bad debt of earlier years along with high capital charge
has led to net and cash loss for the company in FY15.

Moderate scale of operation with low capacity utilisation: NECL's
scale of operations is small as reflected through its low
operating income of INR15.2 crore in FY15 (Rs.20.7 crore in
FY14). Capacity utilisation (CU) for the bulk explosives and
cartridge explosives segment was 1.45% and 41.35% respectively in
FY15 vis-a-vis 2.55% and 49.34% respectively in FY14 on account
of non-participation in CIL tenders by NECL due to lower prices.

Presence in a hazardous business segment with regulated nature of
operations leading to high entry barriers: NECL 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. Furthermore, the explosives industry is
prone to accidents on account of being hazardous in nature,
although there is adequate insurance coverage for the same.

Working capital intensive nature of operations with elongated
operating cycle: High working capital requirements and working
capital intensiveness of operations is an inherent characteristic
of the industry. NECL maintains stock of around 40 days and has
higher receivables days. Average collection period of NECL has
increased from 161 days in FY14 to 223 days in FY15, resulting in
an elongated working capital cycle from 123 days in FY14 to 194
days in FY15.

Key Rating Strengths

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

Strategic location of the plant with proximity to end users:
NECL's has four manufacturing facilities, three of which are
located in Chhattisgarh and one is located in Madhya Pradesh.
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.

Steady off-take arrangement with Coal India Ltd: NECL's major
customers include Coal India Limited (CIL) and its subsidiaries,
and others. Through a tender-based system, the company has been
getting running contracts from CIL for the supply of explosives
since the past 20 years. NECL has long-standing relationship with
CIL and its subsidiaries and has been getting repeat orders from
them.

Incorporated in the year 1984, NECL is a part of the Navbharat
group of companies based in Raipur, Chattisgarh. Controlled by
the Singh family, the group has interests in steel, mining,
explosives and real estate sector. NECL is a manufacturer of
industrial explosives and accessories, which encompass cartridge
explosives, bulk explosives, detonating fuse and cast booster.
The company has three manufacturing facilities, with a combined
installed capacity of 28,000 Metric Tonnes Per Annum (MTPA).

NECL registered net loss of INR0.83 crore on total operating
income of INR15.18 crore in FY15 (refers to the period April 1
to March 31) as compared to PAT of INR0.88 crore on a total
operating income of INR20.68 crore in FY14.

Status of non-cooperation with previous CRA: CRISIL has suspended
its ratings vide press release dated December 6, 2013 on account
of non-cooperation by NECL with CRISIL's efforts to undertake a
review of the outstanding ratings.


NORTECH POWER: CARE Assigns 'C' Rating to INR2cr LT Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Nortech Power
Projects Pvt. Ltd. (NPPL) to monitor the ratings vide letter
dated February 28, 3017, & e-mail communications dated
February 7, 2017, January 31, 2017, November 16, 2016, 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 ratings on NPPL's bank
facilities will now be denoted as CARE C/CARE A4; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               2        CARE C; Issuer not
                                     cooperating; Based on best
                                     available information

   Short-term Bank         10        CARE A4; Issuer not
   Facilities                        cooperating; Based on best
                                     available Information

The ratings take into account the instances of overdrawals in
cash credit account in the past, relatively small size of the
company, high average collection period leading to working
capital intensiveness of the business, vulnerability of margins
to volatile input prices, NPPL's moderate order book position,
significant exposure in group companies, moderate financial
performance with high gearing ratio. However, the above
constraints are partially offset by satisfactory experience of
promoters in execution of hydroelectric power projects and major
clients being government departments/enterprises leading to
relatively low counterparty credit risk. The ability of the
company to effectively manage the working capital and restrict
its drawings within the sanctioned line of credit from banks,
increase its scale of operations and improve profitability along
with timely execution of orders and receipt of contract proceeds
on time would remain the key rating sensitivities.

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 14, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses
Overdrawals in cash credit account: NPPL has been facing
liquidity problems on account of delays in receipt of dues from
its debtors resulting in frequent overdrawals in CC account.
However, these overdrawals were generally regularized within 7-10
days.

High average collection period leading to working capital
intensiveness of the business: NPPL has a high average collection
period. Average collection period deteriorated from 236 days in
FY14 (refers to the period April 1 to March 31) to 243 days in
FY15, leading to working capital intensiveness of the business.
However, the major clients of the company are central and state
government organisations and hence, the default risk is
insignificant.

Vulnerability of margins to volatile input prices: The prices of
all hydroelectric power equipments are subject to price
fluctuation. NPPL does not have price escalation clause in its
contracts and thus, is vulnerable to the increase in costs.
Moderate order book position: The order book position of NPPL
(including on-going projects) was INR55.8 crore as on
December 31, 2015 (i.e. 1.72x of its FY15 income). The company
has been awarded contracts under the Rural Electrification
Projects of RGGVY Scheme.

Significant exposure in group companies: NPPL has significant
exposure to its group and associated companies. As on March 31,
2015, the company has an aggregate exposure of INR29.7 crore in
the form of investments in shares of group and other companies
and loans and advances to related parties. This apart, NPPL has
also extended corporate guarantee of INR280.3 crore to the bank
facilities of its group company Green Valley Industries Ltd.

Moderate financial performance with high gearing ratio: Gross
billing improved in FY15 vis-a-vis FY14 (by 17.6%) on account of
higher volume of order execution during such period. PBILDT level
increased during the same period. However, PBILDT margin
deteriorated due to increase in purchase cost of input items
(such as transformers, steel poles etc.). However, PAT (after
deferred tax) level and margin improved due to lower capital
charge on account of lower interest charges. Interest coverage
was satisfactory at 2.26 in FY15. Furthermore, the gearing levels
of the company improved marginally to 1.84x as on March 31, 2015,
vis-a-vis 1.99x as on March 31, 2014, on account of accretion of
profits to reserve.

Key Rating Strengths

Experienced promoters: The promoters of the company, Mr. Praveen
Agarwal and Mr. Vineet Agarwal have over a decade of experience
in the construction industry (mainly in execution of
hydroelectric power projects).

Major clients being Govt. departments and/or enterprises: NPPL
has mostly government enterprises, and/or departments as its
clients with Dept. of Hydro Power (DHPD), Govt. of Arunachal
Pradesh, Power & Electricity Dept., Govt. of Mizoram, awarding
the maximum contracts to the company. The major clients being
government enterprises, creditworthiness of them is a matter of
comfort.

NPPL was incorporated in January 1999, by Mr. Praveen Agarwal and
Mr. Vineet Agarwal. NPPL is engaged in setting up hydroelectric
power plants and infrastructure projects in the North-Eastern
States of India on a turnkey basis. It has experience in setting
up various mini, micro & small hydroelectric turbo alternator
sets along with other allied equipments and control systems in
remote rural areas. This apart, NPPL has also been awarded
contracts under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY)
for rural electrification.

In FY16, NPPL reported a PAT of INR0.45 crore (Rs.1.43 crore in
FY15) on a total operating income of INR33.64 crore (Rs. 32.40
crore in FY15).


P.M. COT: CARE Lowers Rating on INR7.11cr Loan to 'D'
-----------------------------------------------------
CARE Ratings has been seeking information from P.M. Cot Fibers to
monitor the rating(s) vide e-mail communications/letters dated
October 4, 2016, January 7, 2017, February 1, 2017 and
February 17, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisIte
information for monitoring the ratings. Furthermore, the firm has
not paid the surveillance fees for the rating exercise as agreed
to in its Rating Agreement. 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 P.M.
Cot Fiber's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.11       CARE D; ISSUER NOT
                                     COOPERATING; Revised from
                                     CARE B on the basis of best
                                     available information

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

The rating has been revised on the back of irregularity in debt
servicing owing to which the account has become NPA.
Detailed description of the key rating drivers
Delay in debt servicing

There are ongoing delay in debt servicing owing to which the
account has become NPA.

Barwani-based (Madhya Pradesh) PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project
in the field cotton ginning & pressing of cotton bales and cotton
seeds. PMCF operates from its sole manufacturing facility located
in Barwani (Madhya Pradesh) with proposed installed capacity of
25,000 MTPA for cotton bales.


PEE KAY: CARE Assigns B+ Rating to INR13.48cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has been seeking information from Pee Kay Shuttering
House (PKS) 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 Pee Kay
Shuttering House bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         13.48      CARE B+; ISSUER NOT
   Facilities                        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).

Detailed description of the key rating drivers

At the time of last rating in May 5, 2015, the following were the
rating strengths and weaknesses:

Key Rating Strengths

Experienced promoter: The firm was established in 1990 and is
currently being managed by Mr. Tejpal Gupta. He has total work
experience of around two and a half decades in construction
material industry. He gained this experience through his
association with PKS and various other entities Moderate
profitability margins: The profitability margins of the firm are
comfortable as reflected by PBILDT margin and PAT margin of
47.47% and 3.15%, respectively, in FY14 (refers to the period
April 1 to March 31).

Moderate debt coverage indicators: The debt coverage indicators
of the firm are moderate as reflected by interest coverage ratio
and total debt to GCA of 2.06x and 9.48x, respectively, for FY14.

Key rating Weaknesses

Fluctuating and small scale of operations: Despite being in
operations for around two and half decades, the firm's
scale of operations has remained low marked by TOI of INR15.21
crore for FY14

Furthermore, the total operating income of the firm witnessed a
fluctuating trend from FY12-FY14 period. The TOI declined in FY14
on account of slowdown in the real estate industry.

Elongated operating cycle: The operations of the firm are working
capital intensive as reflected by average operating cycle of 287
days for FY14. The same got elongated from 176 days for FY13.

Exposure to cyclicality in real estate and construction sector:
The prospects of the firm are primarily dependent upon the demand
of real estate and construction sector. The real estate industry
is cyclical in nature and is exposed to various external factors
like the deposable income, interest rate scenario, etc. Any
adverse movement in the macro economic factors may affect the
real estate industry, which in turn would impact the demand for
PKS's products.

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

Proprietorship nature of constitution: PKS's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contigencies.

PKS was established as a proprietorship firm in 1990 by Mr.
Tejpal Gupta. PKS is engaged in providing construction material
like shuttering plates, planks, couplers and cuplock to various
builders and developers located in Punjab, Haryana & Himachal
Pradesh on rental basis. The premises of the firm are based in
Zirakpur, Punjab. PKS procures the construction material directly
from the manufacturers based in Punjab on hire or purchase basis.
Pee Kay Shuttering & Scaffolding Limited (incorporated in 2006)
and Citi Centre Developers (rated 'CARE B', established in 2013)
are the group concerns of the firm engaged in the business of
supplying of construction material and real estate development,
respectively.


PRAYAN ISPAT: CARE Lowers Rating on INR5.09cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Prayan Ispat, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.09       CARE D Revised from
   Facilities                        CARE B+

   Short-term Bank        1.50       CARE D Revised from
   Facilities                        CARE A4

Rating Rationale

The revision in rating of Prayan Ispat and Steel Private Limited
(PIS) takes into account ongoing delays in debt servicing
due to stressed liquidity position.

Detailed description of the key rating drivers

Prayan Ispat and Steel Private Limited (PIS) is engaged
manufacturing of M S Ingots. The company's financial risk profile
is affected by the slowdown in demand of iron and steel products
due to subdued industry performance. The same led to stressed
liquidly issues which resulted into delays in debt servicing.

Uttar Pradesh-based PIS, is a private limited company
incorporated in 2010 and is currently managed by Mr. Amit Agarwal
Mrs Gaura Agarwal. PIS is engaged in the manufacturing of M S
Ingots. The manufacturing facility of the company is located in
Bijnor, Uttar Pradesh. The product finds its application in
manufacturing of TMT bars. The company sells its products mainly
in Uttranchal and Uttar Pradesh to the TMT bar manufacturers. The
main raw material for the manufacturing of MS Ingots is sponge
iron and iron scrap which is procured domestically. Agarwal Sales
Corporation is the group associates of PIS which is engaged in
trading of iron & steel product.


PUNE BUILDTECH: CARE Reaffirms 'D' Rating on INR286cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pune Buildtech Private Limited (PBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          286       CARE D Reaffirmed
   Facilities
   (Fund-based)

Detailed Rationale & Key Rating Drivers

The rating of the bank facilities of PBPL continues to factor in
the ongoing delays in servicing of debt obligations by the
company on account of its constrained liquidity position.

PBPL (formerly known as Dynamix Balwa's Resorts Pvt. Ltd.) is a
wholly-owned subsidiary of Marine Drive Hospitality & Realty
Pvt. Ltd. (MDHRPL), formerly known as DB Hospitality Pvt. Ltd.
MDHRPL is a private limited company incorporated with an
object of setting up chain of hotels across the country under
five star deluxe, five star, four star categories and
construction of real estate buildings. MDHRPL has been promoted
by DB Group, a diversified business group in India with interests
in real estate and hospitality and currently operates two hotel
properties.

PBPL is developing a project 'DB Solitaire' with both residential
and commercial use near Pune Airport. PBPL had initial plans to
develop a residential project but to tap in the demand for the
commercial space; PBPL is developing the project as a mix use -
residential and commercial. Due to this change, the total
saleable area potential of the project has reduced to 5.76 lsf
from 6.1 lsf envisaged earlier. The project building consists of
one tower having two wings - one residential and other commercial
of 18 floors each. Total number of units for sale is 380.


RAM NATH: CARE Lowers Rating on INR20.15cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ram Nath Memorial Trust Society, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             20.15      CARE D Revised from CARE BB-

Rating Rationale

The revision in the rating of Ram Nath Memorial Trust Society
takes into account delays in the ongoing debt servicing due to
stressed liquidity position. Detailed description of the key
rating drivers The Ram Nath Memorial Trust Society (RNMS) under
its different institutions provides graduate / diploma courses in
various fields of Engineering, Bachelors in Education, Bachelors
in Physical Education, Masters in Education and Management.
Society's liquidly issues resulted into delays in servicing of
interest and principal repayment of ongoing term loan.

RNMS was established in 1999 under the Society registration Act,
1860, with an objective to provide education services. Currently,
Ms Seema Singhal is the President of the society. The day-to-day
affairs of the society are carried out by Mr. P.N. Singhal,
Secretary-cum-treasurer of the society. The society under its
different institutions provides graduate / diploma courses in
various fields of Engineering, Bachelors in Education, Bachelors
in Physical Education, Masters in Education and Management. The
course being offered is affiliated to Board of Technical
Education (BTE), Lucknow, and Charan Singh University, Meerut.


RAKESH KUMAR: CARE Assigns 'B+' Rating to INR7.64cr Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Rakesh Kumar Gupta
Rice Mills Pvt. Ltd. (RKGPL) to monitor the ratings vide email
communications/letters dated February 16, 2017, February 28,
2017, March 1, 2017 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 rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on RKGPL's bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             7.64       CARE B+; ISSUER NOT
                                     COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in July 11, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths:

Experienced Promoters
The company is headed by Mr. Bharat Prasad Gupta, having around
four decades of experience in this line of business.

Proximity to raw material sources
RKGPL's plant is located in Patna District, Bihar which is in the
vicinity to a major rice growing area, thus, resulting in
logistic advantage. The entire raw material requirement is met
locally from the farmers (or local agents) helping the
company to save simultaneously on transportation cost and paddy
procurement cost.

Key Rating Weaknesses:
Small scale of operation with thin profitability margins
The total operating income of the company remained modest at
INR43.86 crore in FY16 Prov. with a y-o-y growth of about 0.23%
over FY15. Furthermore, the total capital employed was also
moderate at INR12.97 crore as on March 31, 2016.

Volatility in profit margins subject to government regulations
The Government of India (GoI) decides a minimum support price
(MSP - to be paid to paddy growers) for paddy every year limiting
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2016-17 to
INR1470/quintal from INR1410/quintal in crop year 2015-16. Given
the market determined prices for finished product vis-a-vis fixed
acquisition cost for paddy, the profitability margins are highly
volatile.

Leveraged capital structure owing to high working capital
intensity of operations

The capital structure has deteriorated as on Mar.31, 2016 (prov.)
with deterioration in overall gearing ratios to 4.30x from
3.46x in FY15 owing to higher utilisation of working capital
borrowings.

Fragmented and competitive nature of industry

RKGPL's plant is located in Patna, Bihar which is in close
proximity to hubs for paddy/rice cultivating region of Bihar and
West Bengal. Owing to the advantage of close proximity to raw
material sources, large numbers of small units are engaged in
milling and processing of rice in the region. This has resulted
in intense competition which is also fuelled by low entry
barriers. Given that the processing activity does not involve
much of technical expertise or high investment, the entry
barriers are low.

Rakesh Kumar Gupta Rice Mill Pvt. Ltd. (RKGPL) was incorporated
in November, 2005 by Gupta family of Patna, Bihar. The company is
engaged in the processing and milling of rice. The milling unit
of the company is located at Patna, Bihar with processing
capacity of 57,600 Metric Tonne Per Annum (MTPA). RKGPL procures
paddy from farmers & local agents and sells its products through
the wholesalers and distributors across 9 states in India and
Nepal.


SALIENT CERAMIC: CARE Revises Rating on INR7.32cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Salient Ceramic (SC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.32       CARE B+; Stable Revised
                                     from CARE B

   Short-term Bank
   Facilities             1.65       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating assigned to the bank
facilities of Salient Ceramic (SC) is on account of stabilization
of operations and consequent increase in scale of operations. The
ratings continue to derive benefits from the experience of
partners coupled with its presence in the ceramic tile hub with
easy access to raw material, power and fuel.

The ratings continue to remain constrained on account of its
nascent stage of operations, low cash accruals, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operation. The ratings further continue to
remain constrained due to partnership nature of business
operations, presence in the highly fragmented and competitive
ceramic industry along with fortune dependants upon the real
estate market and susceptibility of margins to volatility in raw
material and fuel (natural gas) prices. The ability of SC to
increase its scale of operations along with improvement in
profitability, capital structure, debt coverage indicators and
efficient working capital management in light of volatile input
prices in the competitive industry remains the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Nascent stage of operations and low cash accruals

SC commenced operations from July 2015 hence track record and
size of operations has remained very small. During its nine
months of operations in FY16, SC achieved a TOI of INR6.27 crore,
net loss of INR0.91 crore and GCA of INR0.40 crore. Leveraged
capital structure and weak debt coverage indicators SC's capital
structure remained leveraged marked by an overall gearing of
4.54x as on March 31, 2016 on account of high debt level and low
net worth base. Furthermore, low cash accruals have also led to
weak debt coverage indicators marked by total debt to GCA of
27.96x as on March 31, 2016. Working capital intensive nature of
operations SC's operations are working capital intensive in
nature marked by high utilisation of working capital borrowings
(70%) as funds are blocked in inventory and debtors. Operating
cycle also remained long at 115 days during FY16 while current
ratio stood at 1.59x as on March 31, 2016.

Partnership nature of business operation coupled with operations
in a fragmented industry and growth depends on
real estate activities

Being a partnership firm, SC is exposed to risk of withdrawal of
capital by the partners in case of need arises which could put
pressure on capital structure of firm. SC operates in a ceramic
industry which is highly competitive and fragmented with the
presence of numerous organized as well as unorganized players in
the domestic market. Furthermore, growth prospect of the ceramic
industry depends on the growth of real estate industry which is
highly sensitive to interest rates and liquidity position in the
market.

Key rating strengths

Experienced partners

Overall operations of SC are managed by 14 partners. All partners
possess relevant experience in the ceramic industry thereby
benefits SC to run its operations in an efficient manner.
Location advantage with easy access to raw material, power and
fuel SC is located in Morbi which is a ceramic hub in India. It
helps the firm to get easy access to raw material and other
facilities at an effective cost.

Morbi-based (Gujarat) Salient Ceramics (SC) was established on
May 20, 2013 as a partnership firm by six partners to undertake
green field project in manufacturing of ceramic glazed wall
tiles. Reconstitution of the firm took place on March 18, 2014
subsequent to the admission of eight new partners in the firm. SC
has successfully completed its project & commenced operations
from July, 2015 onwards. Reconstitution of the firm also took
place in FY17 with 11 new partners replacing 11 old partners.

During FY16 (A), SC reported net loss of INR0.91 crore on a TOI
of INR6.27 crore. During 10MFY17 (Provisional), SC has achieved a
TOI of INR14.57 crore.


SHAH GROUP: CARE Lowers Rating on INR135cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings has been seeking information from Shah Group
Builders Ltd to monitor the rating(s) vide email dated
February 24, 2017, November 11, 2016, June 21, 2016, June 13,
2016, and numerous phone calls. However, despite CARE's repeated
requests, the company 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. As per banker interaction, there are
ongoing delays in the debt servicing by Shah Group Builders Ltd.
In line with the extant SEBI guidelines CARE's rating on Shah
Group Builders Ltd's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             135        CARE D; ISSUER NOT
                                     COOPERATING REVISED FROM BB

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

The ratings of Shah Group Builders Ltd's factors in ongoing
delays in servicing of the Bank facilities by the company, due to
liquidity issues faced by the company and on the back of SEBI's
order dated February 23, 2017, regarding attachment of some of
the assets belonging to the company and its directors.

Shah Group Builders Limited (SGBL) is closely-held public limited
company incorporated in June 26, 2006. SGBL is wholly-owned
subsidiary of Shah Group Builders & Infraprojects Ltd.  Shah
Group through SGBIL has successfully implemented several projects
in Navi Mumbai. The group had developed about 97,600 sq. ft. of
area as on January 31, 2016. SGBL is currently implementing a
commercial-cum-residential complex "SHAH KINGDOM" spread over a
land area of 14,028 Sq. Mtrs. at Sector-20 Kharghar, Navi Mumbai.


SHREE MANDVI: CARE Assigns 'D' Rating to INR53.91cr Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Shree Mandvi
Vibhag Sahakari Khand Udyog Mandli Limited to monitor the ratings
vide e-mail communications/letters dated February 3, 2017,
February 22, 2017, February 27, 2017, March 2, 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
Shree Mandvi Vibhag Sahakari Khand Udyog Mandli Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             53.91      CARE D; 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.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses
Depressed sugar scenario led stressed liquidity position: During
11MFY16, the society has produced 20,548 metric tonne (MT) sugar
and reported 69.06% of capacity utilisation. The TOI during the
period was INR44.58 crore including sale of stock of previous
year. However, due to delay in the commencement of operations of
the manufacturing facility, lower than envisaged generation of
cash accruals owing to depressed sugar prices and lower level of
sanctioned working capital facility as compared with its scale of
operations have resulted into cash-flow mismatch and consequently
delay in its debt servicing.

Key Rating Strengths
Experienced promoters: SMSKL is promoted by the sugarcane growers
of Mandvi Taluka in Surat District of Gujarat. Mr. Babubhai
Badan, aged 73 years, is the Chairman of the Society and has been
on the Board since its inception. Mr. Ravindra Vallabhbhai Patel,
Managing Director, holds a Master Degree in Social Work and has
an experience of over two decades with various sugar factories in
India. The Vice-Chairman, Mr. Balubhai Gamit, is a retired
Mamlatdar (Taluka revenuecollector) of the Government of Gujarat.
The society has approximately 35,000 members out of which
approximately 25,000 are sugarcane growers.

SMSKL (erstwhile known as Shree Surat Jila Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) was formed in 1994 as a co-
operative society registered under The Gujarat Co-operative
Society Act 1961. Initially, the society was engaged in the
trading of sugarcane, procuring sugarcane from farmer members and
supplying to sugar mill in the vicinity.

During FY15 (refers to the period April 1 to March 31), SMSKL has
set-up a green-field sugar manufacturing unit with an installed
capacity of 2,500 tonnes of sugarcane crushing per day (TCD) and
a godown with a capacity of 24,000 metric tonnes (MT; two godowns
of 12,000 MT each) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat.

The project becomes operational from February 2015 with delay of
about 8 months as against its envisaged completion timeline of
May 2014.


SHRI GANESH: CARE Assigns B+ Rating to INR8.78cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Ganesh Industries (SGI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.78       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             3.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SGI are
constrained by its small scale of operations, weak financial risk
profile characterised by low PAT margin, leveraged capital
structure, weak debt coverage indicators and elongated operating
cycle. The rating is further constrained by the entity's
constitution being a partnership firm, susceptibility to
fluctuation in raw material prices and its presence in a
competitive industry with high government regulation. The
ratings, however, derive strength from the experienced partners
with demonstrated financial support and location advantages.

Going forward, the ability of the firm to scale-up its operations
while improving its profitability margins and overall solvency
position along with efficient management of working capital
requirements would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and low PAT margins: The firm's scale
of operations has remained small marked by Total Operating Income
(TOI) of INR28.68 crore in FY16 (refers to the period April 01 to
March 31). Furthermore, though the PBILDT margin of the firm
stood at a moderate level of 6.40% in FY16. The PAT margin
remained below unity during last three financial years on account
of high depreciation and interest costs.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged with overall
gearing ratio of 3.90x as on March 31, 2016. Additionally, the
debt coverage indicators also remained weak with the total debt
to GCA at 21.87x for FY16 and interest coverage ratio at 1.45x in
FY16.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 137 days for FY16. As per the banker, the average
utilization of the working capital limits remained at a moderate
level of around 75% for the last 12-month period ended November
2016.

Susceptibility to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, due to its
dependence on raw materials whose availability is affected
directly by the vagaries of nature. Adverse climatic conditions
can affect their availability and leads to volatility in raw
material prices. Any sudden spurt in the raw material costs may
not be passed on to customers due to firm's presence in highly
competitive industry.

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.

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

Key Rating Strengths

Experienced partners with demonstrated financial support: SGI was
established in 2006 by Mr. Ramesh Kumar and Mrs Geeta Garg. Mr.
Ramesh Kumar has an industry experience of two decades through
his association with SGI and Shri Ganesh Rice Mil (SGR), a
partnership firm engaged in similar business operations. On the
other hand, Mrs Geeta Garg has an industry experience of more
than two decades Furthermore, partners are resourceful having
infused funds amounting to INR5.57 crore in FY14-16 (Rs.1.51
crore in the form of capital and INR4.06 crore in the form of
unsecured loans). Location advantages: SGI's manufacturing unit
is located in Sirsa, Haryana. The area is one of the hubs for
paddy/rice, leading to its easy availability. The unit is also in
proximity to the grain market resulting in procurement at
competitive rates and lower logistical costs.

Shri Ganesh Industries (SGI) was established in 2006 as a
partnership firm by Mr. Ramesh Kumar and Mrs Geeta Garg sharing
profit and losses in the ratio of 3:2, respectively. The firm is
engaged in processing of paddy at its manufacturing facility
located in Sirsa, Haryana with an installed capacity of 43,200
Tonnes per annum as on December 31, 2016. SGI sells basmati and
non-basmati rice through a network of 10-12 brokers to various
wholesalers based in Delhi, Gujarat, Ahemdabad, Haryana, etc. SGI
sells its finished products under the brand name of "PCS"
(Parkash Chand Surtia). The raw material, primarily paddy, is
procured from grain markets through commission agents based in
Haryana. SGI has a group concern, namely, Parkash Chand Rampal
Commission Agent (PCR) which was established in 1992 as a
proprietorship firm and is working as a commission agent for
buying and selling paddy.

In FY16 (refers to the period April 1 to March 31), SGI has
achieved a total operating income (TOI) of INR28.68 crore with
PAT of INR0.02 crore as against total operating income of
INR21.56 crore with PAT of INR0.02 crore in FY15. In 8MFY17
(Provisional), the firm has achieved TOI of INR20.57 crore.


SHRI KRISHNASHRAY: CARE Assigns B+ Rating to INR12.80cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Krishnashray (India) Private Limited (SKS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12.80      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SKS is constrained
by modest & fluctuating scale of operations, low and fluctuating
profitability coupled with net losses in the last 2 years ended
FY16 (refers to the period April 1 to March 31), leveraged
capital structure & weak debt coverage indicators, stressed
liquidity position with elongated inventory holding & collection
period and significant customer concentration risk.

The rating, however, derives strength from company's long track
record of over two decades of operations in manufacturing of
modular switches, step lights & LED lights, highly experienced &
resourceful promoters with an average of three decades of
experience in the aforementioned activities and assured off-take
agreement with Polycab Wires Private Limited (PWPL).

The ability of SKS to increase the scale of operations and
improve profit margins and also improve capital structure and
liquidity position by efficiently managing working capital
requirement is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record of operations: SKS possesses a long track
record of over two decades of operations in the manufacturing
activities of modular switches, step lights and LED lights at its
manufacturing facility located at Bhimpore, Nani Daman. The
various types of modular switches manufactured by it are sold
under the brands 'Jewelite', 'Aryan' and 'Jash', depending upon
the type and the end-user class catered to. Highly experienced
promoters: The overall operations of SKS are looked after by Mr.
Jagat Killawala with his wife Mrs Charu Killawala. Mr. Jagat
Killawala possesses a total experience of over four decades
mainly into the manufacturing activities of various types of
switches. On the other hand, Mrs Charu Killawala possesses a
total experience of over 19 years in the same field.

Assured off-take agreement with Polycab Wires Private Limited:
SKS has entered into an assured off-take agreement with PWPL in
September 2013, wherein the latter has assured to provide orders
~INR15 crore annually, with an annual escalation clause thus
providing revenue visibility.

Key Rating Weaknesses

Weak financial risk profile: The scale of operations of SKS has
remained modest over FY13-FY16, whereas the same has been
fluctuating over the aforementioned period owing to fluctuation
in orders received. On the other hand, the PBILDT margin of the
company has remained in the range of 5-25% over the
aforementioned period, whereas the same has been fluctuating
owing to volatility in prices of brass, poly carbonate, silver,
etc. Moreover, the capital structure has remained highly
leveraged whereas the debt coverage indicators have remained
weak, with high reliance on debt and low capitalization led by
accumulated losses in the past. Furthermore, the operations of
the company are highly working capital intensive in nature with
gross current assets of over 200 days.

Significant customer concentration risk: SKS faces a significant
customer concentration risk with a single customer itself
contributing to 38.11% of the gross sales in FY16. However the
same is partly mitigated owing to off-take agreement with the
same. Moreover, the top 5 customers contributed to 93.68% of the
gross sales in the same year, thereby implying significant
customer concentration risk for the company.

Incorporated in 2001 by Mr. Jagat Killawala with his wife Mrs
Charu Killawala, SKS (erstwhile Shri Krishnashray, proprietorship
entity established in 1996, later converted into a private
limited company in 2001) is engaged in the manufacturing of
modular switches, step lights and LED lights at its manufacturing
facility located at Bhimpore, Nani Daman, possessing a capacity
to manufacture ~60,000 switches per day. The modular switches and
LED lights find a wide range of applications in the residential &
commercial real estate sector, whereas the step lights find
application in the theaters and auditoriums. Moreover, the
company has entered into an assured off-take agreement with PWPL,
which sells the modular switches manufactured by the company
under its own brand name "Polycab". On the other hand, SKS
procures its raw materials viz. electronic components, solid
brass components, hardware, polymer & plastic granules, etc, from
the local players mainly based out of Mumbai. During FY16, the
total operating income of the company stood at INR25.13 crore
(vis-a-vis INR11.93 crore in FY15), whereas the net loss during
the same year stood at INR1.62 crore (vis-a-vis INR1.09 crore in
FY15).

Status of non-cooperation with previous CRA: India Ratings and
Research (Ind-Ra) has withdrawn M/s Shri Krishnashray (India)
Private Limited's (SKIPL) 'IND B-' Long-Term Issuer Rating vide
their press release dated December 29, 2016. The Outlook was
Stable. The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SKIPL.


SRINIVASA EDUCATIONAL: CARE Lowers Rating on INR37.20cr Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Srinivasa Educational Academy (SEA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             37.20      CARE D Revised from CARE BB

Detailed Rationale

The ratings assigned to the Srinivasa Educational Academy (SEA)
takes into account the instances of delays in servicing debt
obligations.

Detailed description of the key rating drivers

Srinivasa Educational Academy (SEA) is a voluntary non-
governmental trust registered under Registration of Societies Act
XXI of 1860. The trust had set up hospital which has commenced
its operations in 2013. The trust has been undertaking large
capex plans for setting up a medical college named 'RVS Institute
of Medical Sciences' since FY15 (refers to the period April 1 to
March 31). During FY16, SEA incurred capex of around INR40 crore
partly funded by debt. Also, there is delay in receipt of fee
reimbursement from the Government of Andhra Pradesh. With
internal accruals generated being used to part fund the capex
activities, along with cash flow mismatches due to fee collection
pattern of the trust has resulted in tight liquidity position.

The trust was incorporated in 1998 by Dr R Venkataswamy, a
philanthropist and an educationist, to render educational and
development facilities in the rural areas of Chittoor District in
Andhra Pradesh (A.P.). The oldest educational institute of the
trust is Sri.R.K.M Law College started in 1991-1992 which was
taken over from Swami Vivekananda Society. His family members are
the trustees for SEA. SEA currently manages eleven educational
institutions, which include engineering, law, computer science,
pharmacy, business management, nursing, medicine, etc. SEA also
provides hostel facilities to its students, teachers and other
staffs. The trust had set-up a 362 bedded hospital in 2013. Out
of the eleven institutes, two institutes are located in
Hyderabad, Telangana while the rest are in Chittoor district,
A.P.


STERLING CAST: CARE Assigns B+ Rating to INR3.35r LT Loan
---------------------------------------------------------
CARE Ratings has been seeking information from Sterling Cast and
Forge 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 Sterling Cast
and Forge's bank facilities will now be denoted as CARE B+/CARE
A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.35       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             2.00       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).

Detailed description of the key rating drivers

At the time of last rating in July 7, 2015, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters: Mr. Subhash Chander and Mrs Anjana Shoor
have total work experience of around four decades and three & a
half decades, respectively, in the manufacturing of hand tools.
Both the partners have accumulated this experience though their
association with SCF and other regional entities engaged in
similar business. Moderate profitability margins: The
profitability margins of the firm are moderate as reflected by
the PBILDT margin and PAT margin of 7.98% and 1.92%,
respectively, in FY14 (refers to the period April 1 to March 31).

Key rating Weaknesses

Small scale of operations with low net worth base: The firm's
scale of operations has remained low marked by Total Operating
Income (TOI) of INR12.32 crore for FY14 and tangible net worth of
INR2.37 crore as on March 31, 2014.

Leveraged capital structure: The firm has a leveraged capital
structure marked by overall gearing ratio of 2.00x as on
March 31, 2014.

Weak debt coverage indicators: The debt coverage indicators of
the firm are weak as reflected by interest coverage ratio and
total debt to GCA of 1.88x and 10.82x, respectively, for FY14.

Working capital intensive nature of operations: The operations of
the firm are working capital intensive as reflected by
average operating cycle of 151 days as on March 31, 2014. The
working capital limits stood fully utilized for 12 months
period ended May 2015.

Susceptible to volatility in raw material prices: The main raw
materials of the firm are steel and iron alloys. The prices
of steel are driven by the international prices which had been
volatile in past.

Foreign exchange fluctuation risk: With cash outlay for
procurement in Indian currency and sales realization in foreign
currency, the firm is exposed to the fluctuation in exchange
rates.

Highly fragmented and competitive nature of the industry: SCF is
also exposed to high fragmentation in the hand tools industry,
which has numerous players at the bottom of the value chain due
to low entry barriers, low capital and technology requirements.

Partnership nature of its constitution: SCF'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.

Sterling Cast and Forge (SCF) was established in April 2010 as a
partnership firm with Mr. Subash Chander (aged 62 years) and Mrs
Anjana Shoor (aged 57 years) as its partners sharing profits and
losses equally. The firm is engaged in manufacturing of hand
tools such as spanners, hammers, pliers, wrenches etc at its
manufacturing facility located in Jalandhar, Punjab, with
installed capacity of manufacturing 1400 tonne of hand tools per
annum. The raw materials required for manufacturing of tools are
steel and iron alloys which are procured from Punjab. The firm
exports its hand tools under the brand name of "Metaque" and
covers the market of Egypt, UAE, USA, South Africa, etc (exports
constituted ~75% of the total sales in FY14). The remaining
portions of the finished products are sold to various wholesalers
and retailers located in Punjab, Delhi and Maharashtra under the
brand name of 'Sterling'.


SUD PINES: CARE Assigns B+ Rating to INR4.50cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has been seeking information from Sud Pines Private
Limited 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
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 Sud Pines Private
Limited's bank facilities will now be denoted as CARE B+/CAREA4;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.50       CARE B+; Issuer not
                                     cooperating; Based on best
                                     available information

   Short-term Bank        1.38       CARE A4; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

The ratings take into account small scale of operations with low
net worth base and weak financial risk profile characterized by
low profitability margins, leveraged capital structure and weak
coverage indicators. The ratings are further constrained by
susceptibility of margins to fluctuations in raw material prices,
SPP's presence in a highly fragmented industry characterized by
intense competition as well as the company's exposure to foreign
exchange fluctuation risk. The ratings, however, derive comfort
from experienced promoters, growing scale of operations and
association with reputed customer base. 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 June 3, 2015, the following were
the rating strengths and weaknesses.

Key Rating Strengths

Experienced management: The directors, Mr. Satish Chandra Sood
and Mrs Neena Sood have total work experience of around three and
a half decades in chemical and oil industry. The directors have
accumulated this experience through their association with SPP
and another group concern namely 'Jammu Pine and Synthetic
Products (JPS)', a partnership firm established in 1981 by Mr.
Satish Chandra Sood and his father (operations got discontinued
in 2010).

Moderate Operating Cycle: The average operating cycle of the
company stood moderate at 49 days for FY14 (refers to the period
April 1 to March 31). The average utilization of working capital
limits stood 95% for 12-month period ended April 2015.

Association with reputed customer base: The company is supplying
to various reputed players like Reckitt Benckiser group, Kelkar
group (Keva Fragrances Private Limited, S.H Kelkar and Company
Limited and K.V Arochem Private Limited).

Key rating Weaknesses

Small scale of operations with low networth base: The company's
scale of operations has remained low marked by Total Operating
Income (TOI) of INR25.44 crore for FY14 and tangible net worth of
INR1.15 crore as on March 31, 2014. Low profitability margins:
The profitability margins of the company are low as indicated by
PBILDT margin and PAT margin of 3.04% and 0.18%, respectively, in
FY14.

Leveraged capital structure: The company has a leveraged capital
structure marked by overall gearing ratio of 4.53x as   Weak debt
coverage indicators: The debt service coverage indicators stood
weak marked by interest coverage ratio of 1.30x and total debt to
GCA ratio of 32.09x for FY14.

Highly competitive industry along with susceptibility to
volatility in prices of raw materials: SSP operates in highly
fragmented industry which has large number of organized and
unorganized players leading to intense competition. Moreover,
alpha pinene and turpentine oil are derived from pine trees which
make them forest-based products. This exposes the raw materials
to various policies of the government and fluctuations in prices.

Dependence on imports for raw material and exposure to foreign
fluctuations: The company mainly imports its raw materials from
China and Indonesia and its import contribution to total
purchases stood at about 80% for FY14, while the finished goods
are sold in domestic markets. With cash outlay for procurement in
foreign currency and sales realization in Indian currency, the
company is exposed to the fluctuation in exchange rates.

Sud Pines Private Limited (SPP) was incorporated in June 1988 and
is currently being managed by Mr. Satish Chandra Sood and Mrs
Neena Sood. SPP is engaged in the manufacturing of oil and
chemicals like Pine oil, Terpineol, and Terpinolene. The company
has its manufacturing facility located at Jammu, Jammu & Kashmir
with total installed capacity of manufacturing 20 lakh litre of
chemicals and oils per annum as on March 31, 2015. The company
sells its products to numerous manufacturers in industries like
perfumes, disinfectants, soaps and paints and also to various
wholesalers located in Maharashtra, Gujarat, Uttaranchal, Tamil
Nadu and Karnataka. The main raw materials for SPP are Alpha
Pinene and Turpentine oil which are imported from China and
Indonesia and the rest are procured directly from manufacturers
based in Jammu & Kashmir and Himachal Pradesh.


SUPREME AHMEDNAGAR: Ind-Ra Affirms 'D' Rating on INR4.050MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme
Ahmednagar Karmala Tembhurni Tollways Private Limited's (SAKTTL)
long-term senior project bank loan as:

   -- INR4.050 mil. Bank loans affirmed with IND D rating

                        KEY RATING DRIVERS

The affirmation reflects SAKTTL's continuing delays in debt
servicing since the last rating review, as reported in the
company's annual report for FY16, because of a tight liquidity
position.

                         RATING SENSITIVITIES

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

COMPANY PROFILE

SAKTTL is an SPV incorporated to implement a 61.71km lane
extension (two- to four-laning) on the Ahmednagar-Karmala-
Tembhurni section of State Highway 141 in Maharashtra, under a
22.78-year concession from the state government.  The project is
sponsored by Supreme Infrastructure India Ltd ('IND D').


SUPREME BEST: Ind-Ra Affirms 'D' Ratings on 2 Loan Facilities
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme Best
Value Kolhapur (Shiroli) Sangli Tollways Private Limited's
(SKSTPL) term loan as:

   -- INR1.8 bil. Term loan - Facility A affirmed with 'IND D'
      rating; and

   -- INR675 mil. Term loan - Facility B affirmed with 'IND D'
      rating

                        KEY RATING DRIVERS

The affirmation reflects continued debt servicing delays by
SKSTPL since the last rating review, as reported in its FY16
annual report, due to a tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

SKSTPL was set up by Supreme Infrastructure BOT Holdings Private
Limited, a subsidiary of Supreme Infrastructure India Ltd (SIIL;
'IND D') to complete the construction of, and operate and
maintain the 52km stretch of state highway connecting Shiroli and
Sangli under a concession from the Public Works Department, the
government of Maharashtra.


SUPREME PANVEL: Ind-Ra Affirms 'D' Rating on INR9BB Bank Loans
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme Panvel
Indapur Tollways Private Limited's (SPITPL) long-term senior
project bank loans as:

   -- INR9 bil. Bank loans affirmed with 'IND D' rating

                        KEY RATING DRIVERS

The affirmation reflects SPITPL's continuing delays in debt
servicing since the last rating review, as reported in the
company's annual report for FY16, because of a tight liquidity
position.

                        RATING SENSITIVITIES

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

COMPANY PROFILE

SPITPL is a special purpose company incorporated to implement a
84km lane expansion (from two lanes to four lanes) project on a
design, build, finance, operate and transfer basis, under a 21-
year concession from National Highways Authority of India
('IND AAA'/Stable).  The project is a JV between Supreme
Infrastructure India Ltd (64%, 'IND D'), China State Construction
Engineering Hong Kong Limited (26%) and Mahavir Road and
Infrastructure Pvt Limited (10%).


SUPREME VASAI: Ind-Ra Affirms 'D' Rating on INR1.54BB Bank Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme Vasai
Bhiwandi Tollways Private Limited's (SVBTPL) long-term senior
project bank loans as:

   -- INR1.54 bil. Bank loans affirmed with 'IND D' rating

                        KEY RATING DRIVERS

The affirmation reflects SPITPL's continuing delays in debt
servicing since the last rating review, as reported in the
company's annual report for FY16, because of a tight liquidity
position.

                        RATING SENSITIVITIES

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

COMPANY PROFILE

SVBTPL is a special purpose vehicle, acquired by Supreme Infra
BOT Private Limited in October 2013.  Supreme Infra BOT is a 100%
subsidiary of Supreme Infrastructure India Ltd ('IND D') and the
holding company of the Supreme Group for its build-operate-
transfer projects.  SVBTPL has taken over the concession and toll
collection rights of the 26.425km road in Maharashtra.  This was
through the execution of a concession agreement among the Public
Works Department, the government of Maharashtra, lenders'
consortium and the concessionaire, after the erstwhile
concessionaire failed to meet the obligations under the
agreements.  The total project cost of INR2,140 million is being
financed by debt of INR1.54 billion debt and the remaining by
equity.


T S REALTECH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned T S Realtech
Private Limited (TSRPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The agency has taken this action on this
company's term loan:

   -- INR100 mil. Term loan assigned with IND BB-/Stable rating

                         KEY RATING DRIVERS

The ratings reflect the time and cost overrun risk for TSRPL's
on-going commercial project IRIS Broadway in Gurugram.  The
ratings are constrained by the demonetization impact on real
estate sector as it is a labor intensive industry; due to this,
there was an impact on the construction progress during the three
months ended 3QFY17.  The commercial project is 70% completed and
around 24.17% (100 commercial shops) in the project has been
booked.

The ratings, however, benefit from the established track record
and over six decades of experience of the promoter in residential
and commercial real estate projects in Delhi/NCR.  The ratings
are supported by the liquidity available in the form of unsecured
loans from shareholders of the company.

                        RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units
leading to stressed cash flows could lead to a negative rating
action.

Positive: An improvement in the sales along with timely receipt
of advances from customers, leading to stronger cash flows could
lead to a positive rating action.

COMPANY PROFILE

TSRPL was incorporated in July 2006, and is a group company of
Trehan Promoters & Builders Private Limited.  TSRPL is engaged in
real estate development with its business interest ranging from
construction of commercial complexes and I.T. parks to the
development of residential townships.

The total project cost is INR2,083.74 billion, funding for which
has been met through INR100 million term loan from banks and the
rest through advances and unsecured loans from shareholders.


TECHNITHON TECHNOLOGIES: CARE Assigns B Rating to INR7.99cr Loan
----------------------------------------------------------------
CARE Ratings has been seeking information from Technithon
Technologies Private Limited to monitor the rating(s) vide e-mail
communications/letters dated August 11, 2016, November 16, 2016
and December 30, 2016, February 20, 2017 and numerous phone
calls. However, despite CARE's repeated requests, Technithon
Technologies Private Limited 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
Technithon Technologies Private Limited's bank facilities will
now be denoted as CARE B/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.99       CARE B; ISSUER NOT
   Facilities                        COOPERATING; Based on best
                                     Available information

   Short-term Bank        5.00       CARE A4; ISSUER NOT
   Facilities                        COOPERATING Based on best
                                     Available information

The rating takes into account deterioration in operational
performance characterized by fluctuating operating income and
cash accruals, leveraged capital structure and weak liquidity
profile, working capital intensive nature of operations and
customer concentration risk. The ratings draw support from the
experienced promoters and established relationship with reputed
client base. 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 August 27, 2015, following were the
rating strengths and weaknesses:

Key rating strengths:

Extensive experience of the promoters in the industry: The
promoters of the entity have over two decades of experience
in the chemical process equipment industry. Furthermore, CEPL has
experienced management team and also gets technical support from
Chemithon Enterprise Inc. USA.

Established relations with the customers albeit concentrated: The
company has established relation with reputed clientele in the
industry. Around 46% of total operating income has been earned
from top two customers during FY15.

Also around 64% of order book consists of orders from a single
entity.

Key rating weaknesses

Fluctuating income and cash accruals: The scale of operations
have remained modest with fluctuation in income and cash accruals
on account of fluctuation in orders being received owing to
sluggish demand scenario in the capital goods industry along with
intense competition.

Moreover, the company witnessed losses at operating level in the
past few years, owing to significant drop in the income and
intense competition in industry (leading to excessive price
bidding), which lead to its inability to even cover the fixed
cost in the business.

Leveraged capital structure: The capital structure has remained
leveraged on account of erosion of net worth due to net losses
incurred in the past few years along with increase in debt
outstanding. Moreover, the debt coverage indicators also stood
weakened due to deterioration in accruals; nevertheless certain
comfort can be drawn as the promoter supported the operations
through infusion of unsecured loans to the tune of INR3.68 crore
forming 31% of total debt outstanding as on March 31, 2015.

Significant elongation in operating cycle: The operating cycle
has significantly elongated owing to significant stretch in the
inventory holding. The stretch in inventory holding was on
account of procurement of material in anticipation of demand and
slow take offs due to sluggish demand which lead to high
inventory at end of year. Furthermore, the collection period
significantly stretched on account of projects halted by the
customers.

Technithon Technologies Pvt. Ltd. (TTPL) (Erstwhile Chemithon
Engineers Pvt. Ltd.), incorporated in 1989 (as a joint venture
promoted by Mr. Sanjay Trivedi and Chemithon Enterprise Inc, USA)
and currently Mr. Sanjay Trivedi and his family holds entire
stake in the company.

CEPL is in the business of manufacturing sulfonation process
equipment, flue gas conditioning system (FGC) and customized
process equipment for various process industries. It also
provides consulting services for process engineering and
operation and maintenance services for FGC system.

During FY16 (Audited, refers to the period April 01 to March 31),
the total operating income (TOI) of LEPL stood at INR7.54 crore
(compared to INR1.73 crore in FY15), while net profit of the
company stood at INR0.05 crore in FY16 (compared to net loss
INR2.30 crore FY15).


VINDESHWARI EXIM: Ind-Ra Affirms 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vindeshwari Exim
Private Limited's (VEPL) Long-Term Issuer Rating at 'IND B'.  The
Outlook is Stable.  The instrument-wise rating action is:

   -- INR240 mil. Non-fund-based limits affirmed with IND A4
      rating

                        KEY RATING DRIVERS

The affirmation reflects VEPL's continued moderate scale of
operations and weak credit metrics, despite a sharp improvement
in net leverage because the company was no longer dependent on
short-term debt to fund its working capital requirement.  In
FY16, revenue was INR814 million (FY15: INR838 million),
operating profitability was 1.19% (0.76%), net interest coverage
was 1.49x (1.40x) and net leverage was 4.09x (11.17x); the
company's interest expenses are offset partially by the interest
income earned on fixed deposits.  As per the provisional
financial statements, the company reported revenue of INR466
million in 9MFY17.

The company now uses only non-fund-based facilities to meet its
working capital requirement.

However, the ratings continue to draw support from the founders'
over three decades of experience in the trading business and
established customer relationships.

                       RATING SENSITIVITIES

Negative: Any decline in the operating profitability resulting in
deterioration in the net interest coverage will be negative for
the ratings.

Positive: An improvement in the revenue along with
maintenance/improvement in the operating profitability leading to
an improvement in the net interest coverage will be positive for
the ratings.

COMPANY PROFILE

VEPL was incorporated in August 2013 and commenced operations in
February 2014.  The company is engaged in the trading of edible
oils, fertilizers, pulses and metal scraps.


WHITE PEARLS: CARE Reaffirms B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
White Pearls Hotels and Investments Private Limited (WHIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of White Pearls Hotels
and Investments Private Limited (WHIPL) continues to be
constrained by its modest scale of operations, leveraged capital
structure and weak debt protection metrics. The rating further
continues to be constrained by investment in loss-making
subsidiaries and its presence in the highly competitive and
fragmented industry with demand linkage from the cyclical real
estate sector.

The rating continues to derive strength from experience and
resourcefulness of the promoters in hospitality and real
estate leasing business, WHIPL's long track record and location
advantage of its hotel and real estate properties and healthy
profit margins.

Going forward, the company's ability to timely receive the lease
rentals and maintain occupancy in both hospitality and lease
rental business amidst increasing competition along with any
further investment in the loss making subsidiaries are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations: WHIPL being incorporated in 1983,
owns and operates a budget hotel with 22 rooms. And with average
occupancy rate being between 60%-65% during the past three years,
its scale of operations is modest thereby limiting its financial
flexibility. Leveraged capital structure and moderate debt
coverage indicators: WHIPL's capital structure continues to
remain moderately leveraged due to high reliance on external
borrowings to fund working capital requirements coupled with its
low net-worth base.

Investment in loss making subsidiaries: The company has invested
in equity share capital of various group companies engaged into
business of buying and leasing out real estate. Furthermore,
WHIPL has also given unsecured loans to group companies which do
not have a fixed repayment schedule. Furthermore, all group
companies are loss making during the past 2 years.

Key Rating Strengths
Experienced and resourceful promoters: The day to day operations
of the company are handled by Mr. Manish Doshi who has over two
decades of experience in the hospitality industry. Furthermore,
Mr. Abu Azmi (Director) is the president of Samajwadi Party for
Maharashtra and currently represents the Mankhurd Shivaji Nagar
of Mumbai Suburban District in the Maharashtra Legislative
Assembly. Healthy profit margins: The profit margins of the
company have remained comfortable due to minimal running costs
with majority revenue coming from property rentals. Its PBILDT
margin was high and in the range of 41%-50% during last three
years ending FY16.

White Pearls Hotels & Investments Private Limited (WPHI) was
incorporated in 1983 by Mr. Ganesh Kumar Gupta and late Mr.
Dilkhush Doshi. As on November 1, 2014, WPHI owns & operates a
budget hotel of 22 air-conditioned rooms at Colaba, Mumbai (the
company has reduced the rooms from 43 in FY13; as the area of the
remaining rooms have been given on lease) located near the
Gateway of India which is a prime tourist destination in Mumbai
and attracts foreign tourists. The hotel also has tie-ups with
corporate clients who book multiple rooms for a period of one to
three months. Besides the hotel business, WPHI also invests in
real estate business wherein it buys residential and commercial
properties (properties mainly located in South Mumbai, Bandra,
Khar Road and other suburbs in Mumbai) and leases them out.

During FY16 (refers to the period April 1 to March 31), the
company reported total operating income of INR12.93 crore (vis-a-
vis INR12.40 crore during FY15) and PAT of INR2.87 crore (vis-a-
vis INR3.11 crore during FY15). Also the provisional 9MFY17 total
operating income is INR9.16 crore.



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


JAPFA COMFEED: S&P Raises CCR to 'BB-' on Successful Refinancing
----------------------------------------------------------------
S&P Global Ratings said it raised its long-term corporate credit
rating on Indonesia-based integrated poultry producer PT Japfa
Comfeed Indonesia Tbk. to 'BB-' from 'B+'.  The outlook is
stable. At the same time, S&P raised its ASEAN regional scale
rating on the company to 'axBB+' from 'axBB' and S&P's issue
rating on PT Japfa's guaranteed senior unsecured debts to 'BB-'
from 'B+'.  S&P has removed all ratings from CreditWatch with
positive implications, where they were placed on March 20, 2017.

S&P also affirmed its 'BB-' long-term foreign currency corporate
credit rating on PT Japfa's new U.S. dollar bond.

"We raised the ratings to reflect PT Japfa's lengthened debt
maturity profile and reduced refinancing risk following its
recent fund-raising transaction," said S&P Global Ratings credit
analyst Eric Nietsch.

On March 23, 2017, PT Japfa priced a US$150 million senior
unsecured bond maturing in March 2022.  The proceeds will be
used, in conjunction with an issuance of Indonesian rupiah (IDR)
1 trillion under a medium-term note (MTM) program, to call
remaining outstanding bonds of about US$200 million.

Even though the transaction slightly increases leverage compared
with S&P's earlier expectations, the company's weighted average
maturity has been extended to over four years, compared with less
than two years as at Sept. 30, 2016.  S&P had viewed the
company's short-dated debts, in particular working capital debt
and sizable maturities in 2017 and 2018, as a major rating
constraint over the past two years.

The new notes have a call option after March 31, 2020, and have
terms and conditions mostly similar to the refinanced notes.  S&P
assess the changes to the covenants to be immaterial given the
company's limited need for additional debt funding post the
transaction, and S&P's expectation that PT Japfa will maintain
prudent financial policies over the next few years.  For example,
there is an incurrence covenant with a fixed-charge coverage
ratio limit of 2.5x, which gives ample headroom to PT Japfa given
that S&P projects the ratio to exceed 4.0x through 2018.
Additional covenants are customary of similar transactions, and
include limitations on dividends and restricted payments, asset
sales, transactions with affiliates, and a change of control
provision.

The previous notes were issued by Comfeed Finance B.V., a special
purpose entity, while the current notes are issued by PT Japfa
Comfeed Indonesia Tbk. with a subsidiary guarantor group.

PT Japfa's refinancing has also taken place amid a generally more
favorable industry environment, marginally improved demand and
supply balance, low commodity prices, a stronger Indonesian
rupiah, reduced capital spending, and debt reduction.  Margins
and profits have strengthened substantially across the value
chain. Feed margins, at 14.5% in 2016, were 2 percentage points
higher than in 2014.  Breeding and day-old-chick margins have
improved markedly since 2014 following supply adjustments by the
major poultry producers.  Commercial farming margins remain
volatile, but have also benefited from supply adjustments.  This
operation contributed about 11.5% of the company's 2016 EBITDA,
compared with 0.5% in 2014.

As a result of a more solid operating environment, the company's
cash flow adequacy and leverage ratios have strengthened since
2014.  S&P estimates that PT Japfa's ratio of funds from
operations (FFO) to debt was about 50% in 2016, compared with 13%
in 2014.  Even under a scenario of a moderate erosion of
operating margins over the next 12 months, we project steady FFO
to debt at 35%-45% over the next two years, with FFO interest
coverage of 4x-5.5x.  Those levels ratio are consistent with a
more solid financial risk profile than S&P assessed in 2016.

The stable outlook reflects S&P's view that PT Japfa will
maintain prudent spending policies and broadly stable debt levels
amid generally supportive, albeit potentially less buoyant
operating conditions.  The stable outlook also reflects S&P's
view that the operating performance, financial profile, and
spending strategy of majority shareholder Japfa Ltd. will mostly
track that of PT Japfa.

S&P could lower the rating if it assess the credit quality of
Japfa Ltd to have weakened.  Given PT Japfa's large contribution
to the parent's consolidated revenues and EBITDA, S&P could lower
the group credit profile if PT Japfa's FFO interest coverage
falls below 4x on a sustained basis.  This could materialize if
the Indonesia operations weaken, with the company's EBITDA margin
falling below 6.0% and the company pursuing expansionary capital
spending.  It could also materialize if the parent's growth
ambitions become more aggressive, leading to higher, debt-funded
spending, or if operating conditions at the parent level
substantially worsens, leading to growing negative discounted
cash flows and higher recourse to debt.

Although less likely given reduced short-term debt, S&P could
lower the rating if the liquidity of PT Japfa or Japfa Ltd.
weakens.  This could materialize if a fast increase in raw
material costs or a sharp depreciation in the rupiah leads to
much greater use of short-term debt.  Under S&P's cash flow
forecasts for the next two years, incremental short term debt at
PT Japfa exceeding IDR1.5 trillion could be indicative of such
weakening.

S&P could raise the rating if PT Japfa sustains its recently
improved operating conditions and manages its capital spending
such that the FFO-to-debt ratio stays above 45% on a sustained
basis.  An upgrade would also be contingent upon a group credit
profile at these same levels, with sufficient liquidity and
modest short-term debt.



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


TOSHIBA CORP: Board Approves Westinghouse Bankruptcy Filing
-----------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp.'s board on
March 28 approved plans for American nuclear unit Westinghouse
Electric to file for bankruptcy protection in the U.S. -- a step
the battered Japanese conglomerate hopes will open a path to
recovery.

Westinghouse's acquisition of a nuclear construction services
company in late 2015 led to huge cost overruns and other problems
that proved too much to bear, Nikkei says.  According to the
report, the Chapter 11 filing would take Westinghouse off
Toshiba's consolidated books, and would likely shrink
significantly the JPY712.5 billion ($6.45 billion) loss the
parent had been expected to book in connection with
Westinghouse's acquisition.

Toshiba intends to make infrastructure its core business after
cutting Westinghouse loose, Nikkei notes.

Still, the Japanese company has guaranteed JPY800 billion worth
of Westinghouse debt, which it has pledged to cover in full.
Coupled with additional costs, such as breach-of-contract
penalties and provisions for the risk of future losses, Toshiba's
burden could rise to around JPY1 trillion, according to some
estimates cited by Nikkei.

Nikkei relates that the Westinghouse filing is unlikely to
prevent Toshiba from ending fiscal 2016 -- the year through
March -- in negative net worth.  The report states that Toshiba
is bracing for this by preparing to sell majority stakes in its
semiconductor business, as well as lining up several hundred
billion yen in loans from a bank syndicate.

"Toshiba's decision likely stems from its thinking that there are
big merits in limiting the risk of future loss expansion . . .
and increasing the possibility of continued financing from
financial institutions," Nikkei quotes Toshiyasu Ohashi, chief
credit analyst at Daiwa Securities as saying.

"[But] applying for bankruptcy comes with the risk of additional
expenses, including the fulfillment of the parent company's
guarantee," Ohashi added, noting that at this point, "there is no
material outsiders can use to objectively judge whether the pros
outweigh the cons."

Toshiba bought a 77% stake in Westinghouse in 2006 from British
nuclear energy and fuels company BNFL for JPY490 billion, Nikkei
discloses. It later raised its interest to 87%.

                    About Westinghouse Electric

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

Westinghouse's world headquarters are located in the Pittsburgh
suburb of Cranberry Township, Pennsylvania. Westinghouse has
12,000 employees worldwide.

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

                               * * *

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

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

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

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

                          About Toshiba

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

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

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


TOSHIBA CORP: SK Hynix Joins Bid to Buy Firm's Memory Business
--------------------------------------------------------------
Yonhap News Agency reports that SK hynix Inc. decided to join the
preliminary bid to purchase the memory chip business of Japan's
Toshiba Corp., industry sources said on March 28.

SK hynix is estimated to have suggested more than KRW10 trillion
(US$8.9 billion) for the deal, Yonhap says.

According to Yonhap, the South Korean company said it cannot
comment on any details on the deal, including whether it actually
aims to buy the memory business.

Yonhap relates that industry sources said SK hynix may seek to
establish a consortium with Japanese financial investors, taking
the Japanese government's concern over the technology leak into
consideration.

The report says Toshiba plans to sell up to its entire stake in
its memory operations as it struggles with losses from its
nuclear power business in the United States. The Japanese firm
initially only intended to sell around a 20% stake, the report
notes.

The preferred bidder will be selected around June, the report
adds.

                          About Toshiba

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

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

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



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


EVALUATION CONSULT: In Liquidation After Failing to Recover Debt
----------------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that Evaluation Consult will
be liquidated after failing to recover more than NZ$300,000 owed
to it by the Papua New Guinea (PNG) government.

Evaluation Consult was put into liquidation on March 24 following
an application by the Inland Revenue (IRD) in relation more the
NZ$685,000 in unpaid taxes, Stuff discloses.

Stuff relates that in a High Court judgment, associate judge
Warwick Smith said the money owed to the IRD was "now very
substantial" and there appeared to be "no hope" of paying the
debt within a reasonable timeframe.

According to Stuff, Evaluation won a court case in 2015 to
recover NZ$600,000 from the PNG government for work on a
sustainable development policy for the government sector.

The company was approached by the PNG government in 2014 to
support a development plan, the report recalls.  However, in
December 2015, Evaluation pulled out of the project because the
PNG government had stopped paying its invoices.  Since then, the
company has been trying to claw back the money it is owed.

After winning a court case to recover the money, the company has
been backed by New Zealand Foreign Affairs and Trade officials,
while Foreign Minister Murray McCully raised the issue on a visit
to Port Moresby, Stuff says.

As of March 2017, Evaluation had managed to get NZ$315,000 back,
Stuff notes.

"[However], there was a problem with the PNG money . . . as under
the laws of PNG, money could only be remitted to New Zealand at
the rate of approximately NZ$4500 per day, and would take a
considerable time for Evaluation to clear the arrears using the
PNG funds," the report quotes Judge Smith as saying in his
decision.

On March 21, the company asked for an adjournment to try at pay
IRD the NZ$315,000 held by PNG.

"If such a payment were made, it would be sufficient to clear the
entire core tax debt and interest, however, [the] penalties,
which I am told now amount to approximately NZ$309,000, could not
be paid," the judge, as cited by Stuff, said.

"Certainly, Evaluation has encountered difficulty over a long
period of time in recovering a substantial debt from a client,
but that is a [misfortune] which befalls many businesses . . .

"Evaluation might now be "back on track" and have a viable
business looking forward, but the penalties due to the
Commissioner [of IRD] are now very substantial," he said.

"Evaluation would appear to have no hope of paying the penalties
within any reasonable timeframe."

According to the report, company co-director Kate Averill, who
led the PNG project for Evaluation, insisted the business was
"viable and profitable", and argued no good purpose would be
served by liquidating the company and putting ten staff out of
work.

Stuff relates that Ms. Averill said the company had grown
significantly over the past five years and admitted there were
"cash-flow problems", exacerbated by the non-payment of the PNG
debt.

Numerous proposals were put to IRD -- one of which was agreed on
principal.  However after failing to meet part of the agreement,
IRD declined the final proposal and filed liquidation
proceedings, Stuff relays.

In February last year, Evaluation Consult managing director Brian
Rumbelow said the company had suffered financial loss as a result
of PNG's actions. It has worked alongside other Pacific nations
without any issues, adds Stuff.



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


BW GROUP: Moody's Affirms Ba1 CFR on Sale of VLCC Fleet
-------------------------------------------------------
Moody's Investors Service has affirmed BW Group Ltd's Ba1
corporate family rating and the Ba1 rating on its remaining
US$194 million of senior secured notes due June 2017.

The outlook on all ratings is stable.

RATINGS RATIONALE

The ratings affirmation follows BW Group's March 23, 2017
announcement on the sale of its fleet of very large crude
carriers (VLCC) to DHT Holdings Inc (unrated) in exchange for DHT
common and preferred shares and cash.

"The transaction is credit positive for BW Group because it will
increase the company's cash balances, lower future capital
expenditure requirements, and expand the scale of its VLCC
fleet," says Brian Grieser, a Moody's Vice President and Senior
Analyst.

BW Group's VLCC fleet comprises 11 vessels including two
newbuilds due for delivery in 2018 with a combined value of
approximately USD538 million. DHT will finance the acquisition by
issuing approximately 32 million common shares and 15,700
preferred shares to BW Group. DHT will also pay BW Group USD177
million in cash and assume approximately USD104 million in
remaining capital expenditures for the two new builds.

Upon completion of the transaction, BW Group will become the
single largest shareholder in DHT with a 33.5% stake and will be
granted the right to appoint two directors to DHT's board.

Moody's says this transaction is consistent with BW Group's
strategy to own and invest in a well-diversified maritime group
focused on oil and gas transportation.

"In addition to adding BW Group's VLCC fleet to DHT's fleet, the
transaction will reduce overhead costs associated with managing
the combined fleet, expands BW Group's fleet's access to capital
markets through publicly listed DHT, and reduces BW Group's need
to finance the future growth of its VLCC fleet," adds Grieser.

Moody's expects BW Group will receive dividends from DHT, which
will compensate for lost income from the VLCC fleet. The VLCC
vessels had accounted for around 29% of BW Group's EBITDA in the
nine months ended September 2016.

DHT has a stated capital allocation policy to return at least 60%
of net income to shareholders in the form of cash dividends or
share buybacks.

Cash proceeds from the sale of the VLCC fleet and reduced capital
expenditures will further enhance BW Group's liquidity over the
next 12 months. BW Group's next significant debt maturity is the
USD194 million of outstanding bonds due in June 2017, which the
company has indicated it will repay. Pro-forma for the DHT asset
sale and notes repayment, BW Group is expected to maintain cash
balances in excess of USD500 million.

Moody's expects that the transaction will not materially effect
on BW Group's leverage profile given the expected debt repayment
of the notes. For the twelve months ended September 30, 2016, BW
Group had a standalone adjusted debt/EBITDA of 4.0x. Moody's
calculation of EBITDA includes dividends received from BW Group's
investments while adjusted debt is pro-forma for the release of
BW Group's guarantee of the loans of its 51% owned joint venture
at BW Gas Juju's.

BW Group faces total committed capital expenditures of USD1.0
billion through 2019, which will be funded by its existing cash
balances, operating cash flows, loans and cash dividends from its
investments.

The stable outlook on the ratings reflect Moody's expectations
that credit metrics, particularly interest coverage, and the
liquidity profile at the BW Group will remain consistent over the
next 12-18 months, despite Moody's expectations for a weak
pricing environment in many of the oil and gas shipping segments
in which BW Group and its investments operate.

The rating could be downgraded if BW Group (1) experiences a
prolonged deterioration in its profit margins (2) the liquidity
profile significantly weakens such that cash falls below USD500
million; or (3) it takes on additional debt-funded
expansion/acquisitions. Credit metrics indicating downgrade
pressure include consolidated net adjusted debt/EBITDA increasing
above 4.0x.

Following the release of BW Group's guarantee of its 51% owned
joint venture at BW Gas Juju loans in January 2017, an upgrade to
investment grade would require well-articulated and consistently
applied financial policies, limited encumbrances on holding
company vessels and the expectation for limited support provided
to its investments.

Upward ratings pressure could develop if BW Group's credit
metrics on a standalone basis improve to a level where adjusted
debt-to-EBITDA can be maintained around 2.5x.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

BW Group Ltd is a global maritime transportation group involved
in oil and gas transportation, floating gas infrastructure,
marine environmental technologies and deepwater production.
Including the vessels held under investments, BW Group has a
consolidated fleet of 171 vessels and ongoing new-builds as of
January 31, 2017.

DHT Holdings Inc is a crude oil tanker company formed and listed
on the New York Stock Exchange in 2005. After the acquisition of
BW Group's VLCC fleet, DHT will have a fleet with an average age
of 6.9 years, consisting of 30 VLCCs (including four newbuilds
for delivery in 2018), and two Aframax product tankers.


DBS VICKERS: Hit With $2 Million Fine Over Regulatory Breaches
--------------------------------------------------------------
Finance Magnates reports that Hong Kong's Securities and Futures
Commission (SFC), the country's paramount securities regulator,
hit brokerage firm DBS Vickers Securities with a $2 million fine
on March 16 over regulatory breaches and internal control
failings which resulted in under and over-segregation of client
money.

According to Finance Magnates, the rules of client asset
segregation are there to protect client money and custody assets
if a firm becomes insolvent and to ensure money and assets can be
returned to clients as quickly as possible.

During the period from June 2013 to September 2015, DBSVHK was
found to have breached SFC rules relating to custody assets after
using aggregated client monies in client accounts to meet
settlement obligations, the report says. As such, the company
improperly segregated client money after effectively using excess
margin deposits of some clients to fulfil the margin requirement
of other clients with unmet margin calls, Finance Magnates
relates.

Finance Magnates says the failings breached the watchdog's the
Client Money Rules as well as the SFC's Code of Conduct (Notes 3
& 4), which are designed to protect client assets should a firm
become insolvent.

According to the report, the SFC said the company also failed to
arrange adequate protection for client money and custody assets
for which they were responsible, citing deficiencies with
DBSVHK's internal reconciliation process that resulted in the
under- and over-segregation of client money.

In deciding the sanction, the SFC took into account all relevant
circumstances, including that none of DBSVHK's clients has
suffered losses as a result of the non-compliance, says Finance
Magnates.  Moreover, in response to the SFC findings, DBSVHK
established an independent team to review its customer money and
asset processes in place, as well as to strengthen its governance
and controls, adds Finance Magnates.

DBS Vickers Securities is a securities and derivatives brokerage
firm based in Singapore.


GREENKO ENERGY: Fitch Says US$155M Funding Cements Parent Support
-----------------------------------------------------------------
Greenko Energy Holdings' (Greenko, B+/Stable) US$155 million
equity raising not only provides the company with capital
necessary for expansion but also demonstrates the commitment of
its parent, Singapore sovereign wealth fund GIC, to the India-
based renewable power producer, says Fitch Ratings.

GIC raised its stake in Greenko to 64% from 61% through an
additional equity investment of US$124 million in March 2017.
Fitch expects Greenko to remain an important avenue for GIC to
tap into renewable power generation opportunities in India. The
other US$31 million equity investment came from Greenko's other
shareholder - Abu Dhabi Investment Authority (ADIA). Fitch
believes Greenko's access to funding, including in the banking
and capital markets, will improve with its continued association
with GIC and ADIA.

Fitch also believes GIC's majority ownership drives tighter risk
management practices and financial policies at Greenko, which
improving transparency and governance. This will improve the
company's operating and financial profiles over time.

The funding provides Greenko with much-needed capital to carry
out its plans to increase capacity (operating and under
construction) in India to 3GW from about 2GW currently. Fitch
believes that the company will rely on a combination of organic
and inorganic growth to meet its targets. Fitch expects Greenko
to maintain its track record of developing or acquiring new
projects, such that it achieves a robust return on its investment
and its financial profile is not compromised.



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


KUMHO TIRE: Creditors Vote to Disallow Park's Consortium
--------------------------------------------------------
The Korea Herald reports that Kumho Tire's creditors have voted
to disallow Kumho Asiana Chairman Park Sam-koo from forming a
consortium to raise funds to buy a controlling stake in the tire
company, but allowed for the possibility of "revisiting the
discussion."

On March 28, Korea Development Bank released a statement saying
that the creditors voted down a motion to allow Park to form a
consortium with no strings attached. However, the creditors also
voted to leave open the possibility of another vote if Park
submits a "specific and valid" plan for raising the needed funds
within the deadline of April 13.

According to the report, Park has been requesting that creditors
allow him to create a consortium to find the funds to buy back a
controlling 42% stake in Kumho Tire for KRW955 billion ($859.4
million), which is tentatively set to be sold to Chinese tire
maker Doublestar.

The Korea Herald notes that the stake was handed over to
creditors during a debt restructuring deal for Kumho Asiana in
2009, with the caveat that Park would reserve first right of
refusal when the stake is put up for sale.

A spokesman for Korea Development Bank said a "specific and
valid" plan would require Park to be able to come up with the
funds on his own with strategic investors, without using company
funds, the report relays.

"For example, we would not allow a consortium that involved the
support of Kumho Asiana's other affiliates," the spokesman said.

The Korea Herald says that in response to the vote results, Kumho
Asiana released a statement saying that this was a "self-
contradictory decision" that "could not be understood and was not
worth consideration."

"Honestly, there is no way that we can find investors if we do
not have confirmation that a consortium will be allowed in the
first place," the report quotes a spokesman for Kumho Asiana as
saying. The simple possibility of another vote was "meaningless,"
he added.

He said that Kumho Asiana has asked KDB for the full version of
its original contract with Doublestar, and would decide on
whether to move forward with a lawsuit to block the deal once
Kumho Asiana has reviewed the contents of the contract, the Korea
Herald adds.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.


                             *********

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
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