TCRAP_Public/170406.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, April 6, 2017, Vol. 20, No. 69

                            Headlines


A U S T R A L I A

COPPERMOLY LIMITED: Chinese Investor Gives Funding Lifeline
LINDON FINANCIAL: First Creditors' Meeting Set for April 13
PUSETO PTY: First Creditors' Meeting Set for April 11
SOUTHERN CROSS: Another Creditors' Meeting Set for April 12
T.T.L. HOLDINGS: First Creditors' Meeting Set for April 13

TS MORGAN: Goes into External Administration, 12 Jobs Affected


I N D I A

AADITYA FINECHEM: Ind-Ra Migrates 'BB+' Long Term Issuer Rating
AGARWALLA TEAK: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
ALCHEMIST FOODS: CRISIL Raises Rating on INR24MM Loan to 'C'
ALCHEMIST LTD: CRISIL Reaffirms 'D' Rating on INR19.82MM LT Loan
ANIL KUMAR: CRISIL Reaffirms B+ Rating on INR8.0MM Cash Loan

ANSAL HOUSING: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
APOLLO COMPUTING: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
BARSHI MUNICIPAL: Ind-Ra 'Assigns 'BB' Long-Term Issuer Rating
BEED MUNICIPAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
BLOOM DEKOR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

CBSI INDIA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
CHANDAN REALITIES: CRISIL Cuts Rating on INR7MM Overdraft to B-
CHEEKA RICE: CARE Assigns 'B+/Issuer Not Cooperating' Rating
CRYSTAL CARS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
DEEPAK AGRAWAL: Ind-Ra Lowers Long-Term Issuer Rating to 'D'

EKCON INFRA: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
FORTUNE CARS: CARE Reaffirms B+ Rating on INR15cr LT Loan
FOUNTAIN IMPORTS: CARE Assigns 'D/Issuer Not Cooperating' Rating
GALAXY MOTORS: CARE Lowers Rating on INR5.0cr LT Loan to B+
GANPATI RICE: Ind-Ra Raises Long-Term Issuer Rating to 'B+'

GIRIJA FABRICS: CARE Reaffirms B+ Rating on INR6.58cr Loan
GRD FOODS: CARE Revises Rating on INR14.89cr Loan to 'B'
HIND HYDRAULICS: CRISIL Reaffirms B+ Rating on INR9.89MM LT Loan
INDIAN PULP: Ind-Ra Affirms 'D' Long-Term Issuer Rating
J B PUBLISHING: CRISIL Cuts Rating on INR10MM Cash Loan to B+

J. P. INDUSTRIES: CRISIL Cuts Rating on INR6MM Cash Loan to 'D'
JAJOO SURGICALS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
JAYANTI CONTRACTORS: CARE Assigns B+ Rating to INR9.15cr Loan
K.G.P JEWELLERS: CARE Reaffirms 'B' Rating on INR11.37cr Loan
KAILASH EDUCTL: Ind-Ra Migrates BB- Rating to Non-Cooperating

KHANAPUR TALUKA: CARE Assigns 'B+/Issuer Not Cooperating' Rating
L.G AGRO: CARE Assigns B+ Rating to INR9cr Long Term Loan
MAAD MINES: CRISIL Reaffirms B+ Rating on INR15MM Term Loan
MAHALUXMI STEELS: CARE Assigns 'B/Issuer Not Cooperating' Rating
MAHAVIR RICE: CRISIL Raises Rating on INR8MM Loan to BB-

MAJESTIC BASMATI: CARE Assigns 'B+/Issuer Not Cooperating' Rating
MEHADIA SALES: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
OMICRON POWER: CARE Assigns 'B+/Issuer Not Cooperating' Rating
OMKAR INFRACON: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
PALAMOOR PAPER: CRISIL Cuts Rating on INR11MM LT Loan to 'D'

PAWAN SHREE: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
PRINCE MARINE: CARE Assigns 'D/Issuer Not Cooperating' Rating
RAM SARUP: CRISIL Reaffirms 'B' Rating on INR1.75MM Cash Loan
RATNAGIRI CERAMICS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
REGAL TRADING: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating

RWL HEALTHWORLD: Ind-Ra Lowers Rating on Bank Facilities to 'D'
S. K. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR7MM Loan
SATYA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR20MM Loan
SAVI LEATHERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
SESA MINERALS: CRISIL Lowers Rating on INR20MM Loan to B+

SHREE BALAJI: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
SHIVDHAN BOARDS: CRISIL Reaffirms 'B' Rating on INR7.75MM Loan
SKANDASHREE JEWEL: CRISIL Cuts Rating on INR9MM Cash Loan to D
SRI RUDRA: CRISIL Assigns 'B' Rating to INR6.0MM Cash Loan
STARK CV IFMR: Ind-Ra Assigns 'BB' Rating on Series A2 PTCs

THETIS CV IFMR: Ind-Ra Assigns 'BB' Rating on Series A2 PTCs
TRIDENT INFRA: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
VENKATESHWARA SPONGE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: Must Buy French Stake in Nugen For $139 Million
TOSHIBA CORP: Offers Memory Chip Stake as Collateral for Loan
TOSHIBA CORP: Micron, SK hynix, WD to Vie for Memory Unit


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Swiss Regulator Still Probing 3 Banks


N E W  Z E A L A N D

FELTEX CARPETS: Shareholders in Supreme Court Challenge


S I N G A P O R E

CHINA FISHERY: Trustee Taps Development Specialists as Accountant


                            - - - - -


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


COPPERMOLY LIMITED: Chinese Investor Gives Funding Lifeline
-----------------------------------------------------------
Jenny Rogers at Gold Coast Bulletin reports that Coppermoly
Limited has been given a funding lifeline by its major Chinese
investor.

The Bulletin relates that Coppermoly's largest shareholder, Ever
Leap, has elected to exercise all its outstanding unlisted options
almost three years before they expire.

According to the report, the company will use the much-needed
capital raised to fund exploration activity at its tenements in
Papua New Guinea.

A total of 333,333,333 Coppemoly shares, raising $666,667, were
issued to Ever Leap, the report says.

The Bulletin notes that Coppermoly shareholders approved the issue
of unlisted options in March 2016 as part of a placement agreement
with Ever Leap to raise AUD2.5 million.

The deal saw Ever Leap take a 65% stake in Coppermoly, giving the
cash-strapped junior the funds to continue, the report states.

The Bulletin relates that at the time, Coppermoly non-executive
director Dr. Wanfu Huang said the deal was a great outcome as it
secured funding "in a very difficult capital market for junior
exploration companies".

He said the funds would allow Coppermoly to "get back on the
ground in PNG and concentrate its efforts on its major projects,"
the report says.

Ever Leap is a wholly-owned subsidiary of Shanxi Xierun Investment
Ltd, a diversified private investment company involved in civil
engineering and infrastructure projects in China and bauxite mines
in the Shanxi region, the Bulletin discloses.

According to the Bulletin, Coppermoly said the options issued to
Ever Leap had been exercisable at any time between February 1 and
January 31, 2020.

"The decision by Ever Leap to exercise all of their unlisted
options is another welcome endorsement for the company's strategy,
particularly since the options had almost three more years before
they expired," the report quotes Dr. Huang as saying. "These funds
will allow us to continue our exploration efforts, including
planning the next phase of exploration to define economic
resources on the Mt Nakru project."

Coppermoly, after posting a net half-year loss of AUD930,566 in
mid-March, sought to allay concerns it had the funds to continue
as a going concern, the Bulletin notes.  This was a blowout
compared with a loss of AUD397,272 a year earlier.

It also was hit by the knock-back from the PNG Mineral Resources
Authority of two exploration licenses at its tenements in East New
Britain due to "limited exploration activity," says the Bulletin.

However, Coppermoly has since completed a drilling program at its
most promising tenement and has high hopes for results of the
program, at its Nakru copper and gold prospect in West New
Britain, adds the Bulletin.

Coppermoly Limited (ASX:COY) -- http://www.coppermoly.com.au/--
is an exploration company. The Company is engaged in exploration
and evaluation of porphyry copper-molybdenum-gold projects in
Papua New Guinea. It is focused on porphyry style large scale-low
grade projects that are prospective for copper, gold and
molybdenum. The Company's projects are located on New Britain
Island in Papua New Guinea. The Company holds two exploration
licenses: EL1043 Mt Nakru and EL2379 Simuku, which are together
known as the West New Britain Projects (WNB Projects). It also has
ownership of three other tenements located on New Britain Island,
including EL2014 Makmak, where early exploration is focused on the
Pulding and Wara Creek prospects, as well as two aeromagnetic
anomalies; EL1782 Powell in East New Britain, which is a
grassroots project with copper potential, and EL2272 Wowonga,
which covers the southeast extensions of the Nakru trend. The
Company's subsidiary is Copper Quest PNG Limited.


LINDON FINANCIAL: First Creditors' Meeting Set for April 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

-- Lindon Financial Group Pty Ltd;
-- Lindon Insurance Pty Ltd;
-- Lindon Consulting Pty Ltd;
-- Lindon Wealth Pty Ltd;
-- Lindon Owners Corporation Pty Ltd;
-- Lindon Property Management Pty Ltd;
-- Lindon Finance Pty Ltd;
-- Lindon Real Estate Pty Ltd;
-- Premier Building Management Pty Ltd; and
-- Lindon Business Services Pty Ltd

will be held at Level 10, 452 Flinders Street, in Melbourne,
Victoria, on April 13, 2017, at 10:00 a.m.

Ben Charles Verney and Andrew William Beck of GreyHouse Partners
were appointed as administrators of Lindon Financial on April 2,
2017.


PUSETO PTY: First Creditors' Meeting Set for April 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Puseto Pty
Ltd, trading as Jax Spinning Wheel Tyres, will be held at the
offices of BDO, Level 11, 1 Margaret Street, in Sydney, NSW, on
April 11, 2017, at 10:00 a.m.

James Michael White and Andrew Sallway of BDO were appointed as
administrators of Puseto Pty on March 30, 2017.


SOUTHERN CROSS: Another Creditors' Meeting Set for April 12
-----------------------------------------------------------
Another meeting of creditors in the proceedings of Southern Cross
Tanks & Roofing Pty Ltd has been set for April 12, 2017, at 11:00
p.m. to be held at The Boardroom of Chifley Advisory, Suite 3.04,
Level 3, 39 Martin Place, in Sydney, NSW.

The purpose of the meeting is to consider whether to appoint a
committee of creditors.

A first meeting of creditors in the Southern Cross case was
originally set for April 5.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 11, at 4:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Southern Cross on March 24, 2017.


T.T.L. HOLDINGS: First Creditors' Meeting Set for April 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of T.T.L.
Holdings Pty Ltd will be held at the offices of Jirsch Sutherland,
Level 12, 460 Lonsdale Street, in Melbourne, on April 13, 2017, at
10:30 a.m.

The purpose of the meeting is to consider whether to appoint a
committee of creditors.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 12, at 5:00 p.m.

Glenn Anthony Crisp and Liam William Paul Bellamy of Jirsch
Sutherland were appointed as administrators of T.T.L. Holdings on
April 3, 2017.


TS MORGAN: Goes into External Administration, 12 Jobs Affected
----------------------------------------------------------------
Renato Castello at The Advertiser reports that Adelaide-based
builder TS Morgan Developments, which trades under subsidiaries
Somerset Morgan and Evoque Constructions, has been placed into
external administration with the loss of dozen jobs and leaving
nine clients with unfinished homes and dozens of subcontractors
and suppliers out of pocket.

The report discloses that company managing director and founder
Tom Morgan said his company was forced into administration after
it was unable to trade through heavy losses it sustained over a
joint venture project with a relative at Happy Valley.

The matter was resolved in the Supreme Court in February -- after
Mr. Morgan had lodged a caveat 2015 on the land to protect its
interests in the project -- but he said it was too late to save
the business, the report notes.

"We did our best to insulate and protect our clients," Mr. Morgan
was quoted as saying.

Among projects listed on the companies' websites are Ivy Groves
Estate in Reynella East, Wydlewood Grove in Hackham, and custom-
built homes at Hyde Park and Hawthorn.

The Evoque brand is not related to Stepney-based builder Evoque
Homes, The Advertiser relates.

As previously reported by The Troubled Company Reporter - Asia
Pacific, a first meeting of creditors in TS Morgan's case was
scheduled for March 30, 2017.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of TS Morgan on March 21, 2017.



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


AADITYA FINECHEM: Ind-Ra Migrates 'BB+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aaditya Finechem
Private Limited's (AFPL) Long Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR20 mil. Fund-based working capital limit with BB+ rating
      migrated to non-cooperating category; and

   -- INR40 mil. Non-fund-based working capital loan migrated to
      non-cooperating category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Feb. 8, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

AFPL has its registered office in Jaipur. It trades detergent
chemicals used for industrial purposes.  The entity has seven
operational branches at various locations and has a wide client
network.  The procurement of goods is mainly domestic and it also
imports goods from China, Russia and Thailand.  The management of
the company is actively handled by Mr. Deepak Jhunjhunwala,
Mr. Bhuvnesh Sharma and Ms. Vandana Jhunjhunwala.


AGARWALLA TEAK: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Agarwalla Teak
International Pvt Ltd (ATIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  Instrument-wise rating actions
are:

   -- INR30 mil. Term loan assigned with IND BB/Stable rating;

   -- INR40 mil. Fund-based working capital limit assigned with
      IND BB/Stable/IND A4+ rating; and

   -- INR570 mil. Non-fund-based working capital limit assigned
      with 'IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect ATIPL's moderate, although deteriorating
credit metrics with net financial leverage (adjusted
debt/operating EBITDA) of 4.59x in FY16 (FY15: 3.27x) and gross
interest coverage (operating EBITDA/gross interest expense) of
1.35x (1.57x).  The ratings also factor in low operating margins
inherent in the trading business, which declined to 3.18% in FY16
(FY15: 3.78%).

The ratings also factor in the company's tight liquidity position
as evident from 104.65% average utilization of working capital
facilities during the 12 months ended March 2017.

However, the ratings derive strength from over a four decade-long
experience of ATIPL's promoters in the timber trading business and
the company's strong long-term relationship with customers and
suppliers.

                        RATING SENSITIVITIES

Negative: A decline in the operating profitability leading to a
sustained deterioration in the interest coverage and a further
stress on the position liquidity will be negative for the ratings.

Positive: A significant improvement in revenue, along with an
improvement in the interest coverage will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2005, ATIPL is engaged in import and wholesale
trading of logs, and timber and timber products.  The company
imports timber from Malaysia, Latin America and Africa in the form
of logs and processes it as per customer requirement.  It has
sales office in Delhi, Punjab, Gujarat and Haryana.

ATIPL has achieved revenue of INR861.7 million until February
2017.


ALCHEMIST FOODS: CRISIL Raises Rating on INR24MM Loan to 'C'
------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Alchemist Foods Limited (AFL; part of the Alchemist group) at
'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit            8.00       CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long Term    24.00       CRISIL C (Upgraded from
   Bank Loan Facility                'CRISIL D')

The upgrade reflects the fact that AFL has completely repaid its
term loan and there are no current defaults on rated bank
facilities. However, operating profitability remains weak, leading
to losses before tax in fiscal 2016. CRISIL has differentiated the
rating of AFL from its parent Alchemist Ltd (AL) as AL has current
defaults on rated bank facilities and AFL does not.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries, AFL, Alchemist
Infrastructures Pvt Ltd (AIPL), Alchemist Enterprise(S) Pte Ltd
(AESPL), and Alchemist Hospitality Group Ltd (AHGL). This is
because these subsidiaries, collectively referred to as the
Alchemist group, are wholly owned by AL, and all the companies are
under a common management.

Key Rating Drivers & Detailed Description

Weakness

* High total outside liability to tangible networth: The Alchemist
group's leverage has weakened significantly during the past year.
The total outside liabilities to tangible networth ratio was 10.41
times as on March 31, 2016 (6.99 times as on March 31, 2015).

* Weak Operating Profitability: Weak operating profitability
marked by operating margins negative 10 % for fiscal 2016.

Strengths

* Long track record in food processing and pharmaceutical
industries with established clientele: Founded in 1981 by Dr KD
Singh, the Alchemist group has presence in diverse industries such
as food processing, restaurants, pharmaceuticals, steel mesh, and
floriculture. The group is also one of the few Indian players
engaged in integrated poultry farming with a vertically integrated
poultry-processing plant in Banmajra (Punjab).

AL was initially established as a private limited company in 1988
by Dr K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

AFL, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.

The Alchemist group reported a loss of INR53.22 crore on net sales
of INR105.04 crore for fiscal 2016, vis-a-vis loss of INR38.49
crore and INR349.70 crore, respectively, for fiscal 2015.


ALCHEMIST LTD: CRISIL Reaffirms 'D' Rating on INR19.82MM LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Alchemist Ltd (AL; part of the Alchemist group) at 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.5      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     19.82     CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      2.00     CRISIL D (Reaffirmed)

   Term Loan               7.18     CRISIL D (Reaffirmed)

The ratings reflect recent instances of over-utilisation of cash
credit account lasting for over 30 days.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries, Alchemist
Foods Limited (AFL), Alchemist Infrastructures Pvt Ltd (AIPL),
Alchemist Enterprise(S) Pte Ltd (AESPL), and Alchemist Hospitality
Group Ltd (AHGL). This is because these subsidiaries, collectively
referred to as the Alchemist group, are wholly owned by AL, and
all the companies are under a common management.

Key Rating Drivers & Detailed Description

Weakness

* Weak Liquidity: The ratings reflects recent instances of over-
utilisation of cash credit account lasting for over 30 days.

* High total outside liability to tangible networth: The Alchemist
group's leverage has weakened significantly during the past year.
The total outside liabilities to tangible networth ratio was 10.41
times as on March 31, 2016 (6.99 times as on March 31, 2015).

* Weak Operating Profitability: Weak operating profitability
marked by operating margins negative 10 % for fiscal 2016.

Strengths

* Long track record in food processing and pharmaceutical
industries with established clientele: Founded in 1981 by Dr KD
Singh, the Alchemist group has presence in diverse industries such
as food processing, restaurants, pharmaceuticals, steel mesh, and
floriculture. The group is also one of the few Indian players
engaged in integrated poultry farming with a vertically integrated
poultry-processing plant in Banmajra (Punjab).

AL was initially established as a private limited company in 1988
by Dr K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

AFL, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.

The Alchemist group reported a loss of INR53.22 crore on net sales
of INR105.04 crore for fiscal 2016, vis-a-vis loss of INR38.49
crore and INR349.70 crore, respectively, for fiscal 2015.

AL reported a loss of INR77.79 crore on net sales of INR19.73
crore for the nine months ended December 31, 2016 against loss of
INR8.90 crore against sales INR15.29 crore, for the nine months
ended December 31, 2015, on a standalone basis.


ANIL KUMAR: CRISIL Reaffirms B+ Rating on INR8.0MM Cash Loan
------------------------------------------------------------
CRISIL Rating has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Anil Kumar Biswal (AKB).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         0.9      CRISIL A4 (Reaffirmed)
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       0.5      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     0.6      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect AKB's modest scale of operations,
geographical concentration in revenue, large working capital
requirement, and subdued financial risk profile because of small
networth and high total outside liabilities to adjusted networth
ratio. These weaknesses are partially offset by proprietor's
extensive experience in the civil construction industry, and an
established clientele.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographical concentration in
revenue: Scale is modest, as reflected in net sales of INR16.3
crore in fiscal 2016, restricting its bargaining power with
customers or suppliers in the fragmented civil construction
industry, which has large companies as well as small local
players. Furthermore, AKB undertakes civil construction works
mainly in Odisha, and is exposed to geographical concentration
risk.

* Large working capital requirement: Working capital requirement
is large, with gross current assets at 281 days as on March 31,
2016, mainly on account of high inventory days.

* Subdued financial risk profile: The financial risk profile is
constrained by a modest networth of INR2.0 crore and high total
outside liabilities to adjusted networth ratio of 7.3 times as on
March 31, 2016; interest coverage ratio was also modest at 1.8
times for fiscal 2016.

Strength

* Proprietor's extensive experience: The proprietor's experience
of over two decades in civil construction has helped register
healthy revenue growth, and establish relationships with major
suppliers and customers, strengthening its market position.
Outlook: Stable

CRISIL believes AKB will continue to benefit over the medium term
from proprietor's industry experience. The outlook may be revised
to 'Positive' if revenue or profitability improves, leading to
higher-than-expected cash accrual, or in case of geographical
expansion or significant increase in networth on account of
sizeable equity infusion by proprietor. Conversely, the outlook
may be revised to 'Negative' if operating margin or revenue
declines, or the financial risk profile deteriorates because of
larger-than-expected, debt-funded capital expenditure, or if
working capital cycle stretches, leading to pressure on liquidity.

Set up in 1995 as a proprietorship firm by Mr Anil Kumar Biswal,
in Balugaon, Khurda (Odisha), AKB undertakes civil construction
contracts. It undertakes construction and development of roads,
buildings, and other civil and electrical repair works. The firm
is classified as a Class 1A contractor under the Government of
Odisha.

Profit after tax was INR0.53 crore on net sales of INR16.3 crore
in fiscal 2016, vis-a-vis a profit after tax of INR0.61 crore on
net sales of INR15.8 crore in fiscal 2015.


ANSAL HOUSING: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ansal Housing &
Construction Limited's (AHCL) Long-Term Issuer Rating to 'IND BB'
from 'IND BBB-'.  The Outlook is Negative.  The rating action
takes into account the continued stress on the company's earnings
and liquidity profile and weakened debt metrics in FY16, which are
expected to remain under pressure in the short-to-medium term.

The ratings have been migrated to non-cooperating category.  The
issuer did not participate in the surveillance exercise despite
continuous requests and follow ups by the agency.  Thus, the
rating is on the basis of best available information.  The rating
will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the
agency's website.  Instrument-wise rating actions are:

   -- INR750 mil. Secured overdraft limits with 'BB'
      rating downgraded and migrated to non-cooperating category;

   -- INR716.3 mil. Non-fund-based limits with 'A4+' rating
      downgraded and migrated to non-cooperating category;

   -- INR1.4 bil. Term deposit programme with 'tB' rating
      downgraded and migrated to non-cooperating category;

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
best available information

                     KEY RATING DRIVERS

The downgrade reflects a significant decline in AHCL's
consolidated revenue and EBITDA, and deterioration in credit
metrics.  Consolidated operating revenue plunged 39% yoy to
INR4.86 billion in FY16 and EBITDA declined 19% yoy to
INR1.07 billion indicating weak market sentiments which led to
lower off-take from projects and decline in cash inflows.  On a
standalone basis, revenue slid to INR1.9 billion in 9MFY17
(9MFY16: INR3.2 billion) and EBITDA declined to INR431 million
(INR499 million).  Ind-Ra expects AHCL's revenue and EBITDA to
remain under pressure in the short-to-medium term until an uptick
is observed in the market sentiments.

Net adjusted leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 5.9x in FY16 (FY15: 4.8x), driven by a decline in
operating profit.  Gross interest coverage also declined to 1.0x
in FY16 (FY15: 1.3x) on account of higher financing expenses and
lower EBITDA.  On a standalone basis, interest coverage ratio
declined to 1.0x in 9MFY17 (9MFY16: 1.1x).  The company's
consolidated debt stood at INR6,526 million at end-FY16 (FY15:
INR6,681 million).  Ind-Ra expects the credit metrics to
deteriorate further in the short term owing to a decline in cash
inflows due to continued weak market scenario.

The downgrade also takes into account the increasing refinancing
risk owing to significant debt repayments over FY17-FY20 (around
INR2,531 million due in FY17) and weak cash inflows during FY16-
FY17.  Ind-Ra expects AHCL's cash inflows to be insufficient to
meet its debt obligations due to subdued market conditions and
reduced cash flow expectations from projects.  Hence, the company
will rely on refinancing to avail fresh debt until it witnesses an
improvement in cash flows.

The ratings, however, continue to be supported by AHCL's
established brand name due to its presence in the industry for
over three decades and a track record of delivering real estate
development of 76.6 million sf until FY15.

                       RATING SENSITIVITIES

Negative: Continued stress on earnings and liquidity, and
inability to refinance debt could lead to a further rating
downgrade.

COMPANY PROFILE

Incorporated in 1983, AHCL operates a real estate business with a
key focus on northern India.  The company is listed on the Bombay
Stock Exchange and National Stock Exchange.  The company primarily
operates in Delhi NCR, Mumbai and Tier II and Tier III towns and
commands a premium of 10-15% over its local peers.


APOLLO COMPUTING: Ind-Ra Raises Long-Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Apollo Computing
Laboratories Private Limited's (ACL) Long-Term Issuer Rating to
'IND BB-' from 'IND D'.  The Outlook is Stable.  Instrument-wise
rating actions are:

   -- INR11.9 (Reduced from INR30 mil.) mil. Term Loan raised to
      'IND BB-/Stable' rating;

   -- INR100 mil. Fund-based facility raised to 'IND BB-/Stable'
      rating; and

   -- INR220 mil. Non-fund-based facility raised to 'IND A4+'
      rating

                       KEY RATING DRIVERS

The upgrade reflects ACL's timely debt servicing for three months
ended February 2017.  The ratings also continue to factor in
increasing although moderate scale of operations and modest credit
metrics.  Revenue increased to INR324 million in FY16 (FY15:
INR186 million) on account of an increase in orders from existing
customers.  Net leverage (adjusted debt net of cash/EBITDA)
improved to 1.3x in FY16 (FY15: 2.1x) and EBITDA interest coverage
(operating EBITDA/gross interest expense) to 3.3x (3.0x) on the
back of improved EBITDA.  EBITDA margins remained stable at 24%
during FY15-FY16.

The ratings are supported by ACL's long-standing relationship with
customers such as Defence Research and Development Organization,
Hindustan Aeronautics Limited and BrahMos Aerospace Private
Limited.  The ratings also reflect over two-decade-long experience
of the founders in the defense equipment manufacturing industry.

However, the ratings continue to remain constrained by ACL's tight
liquidity position with full utilization of fund-based facilities
during the 12 months ended February 2017.  This was due to
elongated working capital cycle of 324 days in FY16 (FY15: 458
days) inherent to the business, in which a typical life cycle
(concept-research and development-design-fabrication-testing) for
defense orders range from 12-18-24 months, and at times even gets
extended due to a large number of critical tests and delays on
account of clearances from customers.

                       RATING SENSITIVITIES

Positive: A substantial growth in the top line and profitability
margin leading to a sustained improvement in the credit metrics
will lead to a positive rating action.

Negative: A substantial decline in the revenue or profitability
margin resulting in a continued stress on the liquidity position
and/or sustained deterioration in the credit metrics will lead to
a negative rating action.

COMPANY PROFILE

Incorporated in 1992, ACL manufactures a wide range of customized
electronic systems (around 300 products) for the aerospace
industry.  The company's manufacturing unit is located in
Hyderabad, Telangana.


BARSHI MUNICIPAL: Ind-Ra 'Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Barshi Municipal
Council (BMC) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The rating reflects BMC's strong grant dependency of 53.3%-70.1%
during FY11-FY16 to cater Barshi's civic services.  The heavy
reliance on state government for grants was on account of low tax
revenue collections, and the consequent own income reliance.
BMC's own income to total revenue income ratio was below 39% over
FY11-FY16.

Tepid revenue receipts and relatively sticky revenue expenditure
led to revenue deficit in four of the six years ended FY16.  BMC's
revenue deficit position was reflective of its inability to meet
key expenditure such as operations and maintenance, establishment
and administrative expenditure from its ongoing revenue receipts.

The civic service facilities in Barshi are lower than the Ministry
of Urban Development's stipulated benchmark.  Key areas of service
delivery that need improvement include continuity of water supply
(0.6 hours/day; benchmark 24 hours/day), coverage of water supply
connection (59.4%; benchmark 100%), and household level coverage
of solid waste services (51.1%; benchmark 100%).

Establishment expenditure accounted 50.9% (FY11-FY16 average) of
BMC's total revenue expenditure, while total establishment and
administrative expenditure accounted over 75.9%.  Consequently,
allocation for key expenditure area such as operations and
maintenance was low at 22.9%.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the delivery of civic
services along with improvement in revenue account will lead to a
positive rating action.

Negative: Lowered state government support in form of grants
leading to sustained deterioration in revenue, will lead to a
negative rating action.

COMPANY PROFILE

BMC is a class 'A' municipal council.  The functioning of BMC is
tasked and carried out through various departments such as water
supply and sewerage, education, health, town planning and
development, and women and child welfare.  Barshi is located in
Solapur district in Maharashtra - located at around 70kms north of
Solapur city.  The council reported revenue of INR420.91 million
in FY16.


BEED MUNICIPAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Beed Municipal
Council (BMC) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

The rating reflects BMC's strong grant dependency to cater to the
town's (Beed) civic services.  The total grant dependency of BMC
stayed in range of 35.7%-40% between FY12-FY16.  This is on
account of low tax revenue collections and consequent own income
reliance.  On the revenue account, the ratio of own income to
total revenue income stayed under 30% during FY12-FY16.

The rating is constrained by BMC reporting a revenue deficit for
three out of the five years between FY12-FY16, due to tepid
revenue receipts and sticky revenue expenditure.  BMC's revenue
deficit position reflects its inability to meet key expenditure
such as operations and maintenance, establishment and
administrative expenditure, out of its ongoing revenue receipts.

The rating is also constrained by the council's inadequate
infrastructure facilities.  The quality of civic facilities in
Beed is lower than the Ministry of Urban Development's stipulated
benchmark.  Key areas of service delivery that need improvements
are: continuity of water supply (1 hour/day; benchmark 24
hours/day) and extent of metering of water connections (0%;
benchmark 100%).

Moreover, BMC's expenditure pattern is weak.  Establishment
expenditure accounted for 47.3% (average) of the council's total
revenue expenditure during FY12-FY16.  Operations and maintenance
accounted for 40.9%.  BMC's capital utilization (ratio of capital
expenditure to capital income) was low in the range of 25%-62%
during FY12 and FY16, which is indicative of the council's
inability to utilize bulk of capital income for capital
expenditure purposes.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the delivery of civic
services along with an improvement in the revenue account will
lead to a positive rating action.

Negative: Lowered state government support in form of grants
leading to sustained deterioration in the revenue balance, will
lead to a negative rating action.

COMPANY PROFILE

BMC was established in 1952 as one of the 36 districts of
Maharashtra state.  It provides basic civic services, implements
and monitors various human settlement developmental projects such
as water supply, sewerage waste management, solid waste
management, education to its citizen.  The council reported
revenue of INR368.93 million in FY16.


BLOOM DEKOR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bloom Dekor
Limited a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR180 mil. Fund-based limit assigned with
      'IND BB-/Stable/IND A4+' rating; and

   -- INR145 mil. Non-fund-based limit assigned with 'IND A4+'
      rating

                        KEY RATING DRIVERS

The ratings reflect Bloom Dekor's small scale of operations and
weak credit metrics.  In FY16, revenue was INR620 million (FY15:
INR632 million), gross interest coverage (EBITDA/interest) was
0.9x (1.9x) and net leverage (total adjusted net debt/operating
EBITDA) was 7.1x (3.7x).  The decline in metrics in FY16 was due
to a decline in EBITDA along with an increase in debt.

During 11MFY16, Bloom Dekor booked revenue of INR613.56 million,
EBITDA of INR53.78 million and interest coverage of 1.3x.

The ratings also reflect the company's tight liquidity position as
reflected in its 100.86% use of the fund-based limits during the
12 months ended February 2017, with instances of overutilization
in almost every month.

The ratings are supported by the company's long operational track
record of over two decades in manufacturing laminated sheets and
doors.

                        RATING SENSITIVITIES

Negative: Further deterioration in the credit metrics could lead
to a negative rating action.

Positive: An improvement in the scale of operations or operating
margins leading to a substantial improvement in the credit metrics
could lead to a positive rating action.

COMPANY PROFILE

Bloom Dekor is a public limited company and it is listed on the
Bombay Stock Exchange.  The company manufactures and sells
laminated sheets and doors.  Laminate manufacturing was initiated
in 1992 and door manufacturing during 2009-2010.  It is a complete
B2B business.  The company caters to both domestic and
international markets.  Bloom Dekor hedges its forex risk through
forward contracts.


CBSI INDIA: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CBSI India
Private Limited (CBSI) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  Instrument-wise rating action is:

   -- INR75 mil. Fund-based working capital assigned with
      'IND BB+/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The ratings reflect CBSI's tight liquidity position with average
use of fund-based limits of 93.8% during the 12 months ended
February 2017.

However, the ratings benefit from CBSI's moderate scale of
operations and comfortable credit metrics.  Revenue increased to
INR483.83 million in FY16 (FY15: INR394.94 million) mainly on
account of a rise in contract staffing to INR462.75 million
(INR376.83 million), while gross interest coverage (operating
EBITDA/gross interest expenses) improved to 33.7x (9.3x) owing to
a reduction in interest expense to INR1 million (INR4 million).
However, net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 2.7x in FY16 (FY15: 2.1x) due to an increase in
short-term borrowings.  EBITDA margin declined to 8.7% in FY16
(FY15: 9.3%) on the back of increase in consultancy charge (24.6%
of FY16 revenue, 18.5% of FY15 revenue), resulting from increased
dependence on placement consultancies for contract staffing.

CBSI indicated revenue of INR401.9 million in 9MFY17.  Ind-Ra
expects credit metrics to decline over the long-term due to an
increase in gross interest expenses; although remain comfortable
owing to moderate EBITDA.

The ratings also draw support from CBSI's promoters' combined
experience of over a decade in the service industry.

                      RATING SENSITIVITIES

Negative: A significant decline in the profitability margin
leading to deterioration in the credit metrics could result in a
negative rating action.

Positive: A significant improvement in the scale of operations and
profitability margin leading to an improvement in the credit
metrics could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2013, CBSI is a Bangalore-based manpower supplier
for back-end processes of IT companies in India.  The company's
major customers include IBM India Private Limited, Wipro Limited,
Mindtree Ltd, Cognizant Technology Solution India Pvt Ltd and
Capgemini India Pvt Ltd, among others.


CHANDAN REALITIES: CRISIL Cuts Rating on INR7MM Overdraft to B-
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Chandan Realities (CR) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft      7       CRISIL B-/Stable (Downgraded
   Facility                         from 'CRISIL B/Stable')

The downgrade reflects weakening of liquidity because of slower
implementation of, and lower-than-expected offtake for, the
current project. Only 16% of the construction has been completed
till December 2016. Furthermore, bookings have not been launched,
and progress in bookings and timely receipt of customer
advances/lease rentals remain to be seen. Also, loan repayment
will commence from fiscal 2017, thus putting pressure on liquidity
over the medium term.

The rating reflects exposure to high risks related to
implementation and saleability of the ongoing project because of
the initial stage of construction, and vulnerability to
cyclicality inherent in the Indian real estate industry. These
weaknesses are mitigated by the extensive industry experience of
the promoters and the advantageous location of the project.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to high risks related to implementation and saleability
of the ongoing commercial real estate project because of the
initial stage of construction: The firm has incurred only 16% of
the project costs till December 2016. Any significant time overrun
in implementation of the project could lead to a slowdown in
customer interest and delay in receipt of bookings and lease
rentals, thus affecting the credit risk profile.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions, and a highly fragmented
market structure. Hence, the business risk profile will remain
susceptible to risks arising from any industry slowdown

Strengths

* Extensive industry experience of the promoters: The promoters
have been in the real estate development business in Pune,
Maharashtra, for more than a decade; this is expected to support
timely construction of the project.

* Advantageous location: The project is located in Wakad, near
Hinjewadi IT Park, Pune. This is likely to support the bookings
over the medium term.

Outlook: Stable

CRISIL believes CR will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' if timely completion of the project and substantial
increase in bookings and customer advances result in healthy cash
inflow. The outlook may be revised to 'Negative' if liquidity
weakens because of lower-than-expected bookings, delay in receipt
of customer advances, or a time or cost overrun in the project.

CR was set up in fiscal 2012 by Mr Sushil Bahirat, Mr Nitin Bame,
and Mr Girish Jalegaonkar. The firm develops real estate largely
in and around Pune. It has one ongoing project - Chandan Colozium
- a commercial and residential project in Wakad, in a joint
development agreement with the land owners.


CHEEKA RICE: CARE Assigns 'B+/Issuer Not Cooperating' Rating
------------------------------------------------------------
CARE Ratings has been seeking information from Omicron Power
Engineers Private Limited to monitor the rating through email
dated February 21, 2017, February 2, 2017, January 12, 2017,
October 7, 2016 and numerous phone calls, and reminder mails (with
latest mail dated February 21, 2017). 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. In line with the extant SEBI
guidelines CARE's rating on Omicron Power Engineers Private
Limited (OPEL) long-term bank facilities will now be denoted as
CARE C; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         30.09      CARE C; Issuer Not
   Facilities                        Cooperating

The rating takes into account customer concentration risk,
susceptibility of profitability margins to volatility in raw
material prices and intense competition due to tender driven
nature of business. The rating, draws support from the long track
record of the company in execution of transmission lines and
substations projects and experienced promoters alongwith
diversified customer base of company and its geographical
presence.

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 2, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Long track record of company in execution of transmission lines
and substations projects and experienced promoters: Established in
1990, OPEL was promoted by Mr. Ramniranjan Agrawal and Mr. Manish
Agarwal having more than two decades of experience in the same
line of business. The directors are well established and have
created their name in the market which is evidenced from the
various large contracts received by them. OPEL has a qualified and
professional management team having significant experience in
erection and commissioning of power transmission lines, substation
projects, testing and maintenance. The company in past has also
executed various high-value projects for public as well as private
sectors.

Diversified customer profile and geographical presence of company:
Maharashtra State Electricity Transmission Corporation Limited
(MSETCL) and Karnataka Transmission Corporation Limited (KPTCL)
accounted for majority of EPC contracts for OPEL in the past
years. However, the company has tried to diversify its customer
profile as well as geographical presence which now include Orissa
Power Transmission Corporation Limited (OPTCL), Kerala State
Electricity Board and North Central Railway. The businesses from
state utilities is entirely tender-based, where pre-qualification
remains important.

Key Rating Weaknesses

Raw Material Price Fluctuation Risk: Major raw materials required
by the company are steel, copper and cement which comprises of
major cost component. Prices of steel generally witness high level
of price volatility mainly due to uncertain economic environment.
The other raw material required for the projects are bought-out
items sourced from various indigenous suppliers based on project
requirements. However, the contract towards state utilities
contain 'price variation clause' wherein, any variation in the
price of bought out components and basic raw material during the
time of bidding and their actual purchases is estimated based on
IEEMA (Indian Electrical Equipment Manufacturing Association) and
CACMAI (Cable and Conductors Manufacturers Association of India)
price indices and the same is subsequently adjusted /reimbursed
from the state utilities.

Intense competition due to tender driven nature of business: OPEL
business is tender-based which is characterized by intense
competition resulting into moderate operating margins for the
company. Although, the company is A-class contractor in
Maharashtra, there are also a number of other approved vendors for
the same. The growth of business depends entirely upon the OPEL's
ability to successfully bid for tenders and emerge as the lowest
bidder. However, the company's existing execution capabilities in
the past provide some degree of comfort in this regard.
Furthermore, the high concentration on government contracts makes
OPEL susceptible to any drop in government spend on infrastructure
projects and changes pertaining to government policy regarding
awarding of tenders to contractors.

Positive Industry Outlook: The power transformers market revenues
in India are expected to grow at the CAGR of 14% till 2018. Under
the 12th Five Year Plan (2012-17), the government plans to spend
USD 200 Billion on developing and strengthening power
infrastructure in India. Similarly, IEEMA (Indian Electrical and
Electronics Manufacturers Association) along with government
framed a policy to limit the imports of transformers from China
and Korea along with changing government policies on import duty
for CRGO steel is likely to further promote the domestic
transformers industry in India. Indian transformer industry
continues to face tough competition from the Chinese
manufacturers. However, with the continuous support from the
government to promote the power transformer industry through
investments, tax benefits, subsidies etc. will help the industry
to grow over the coming years.

Aurangabad-based (Maharashtra) Omicron Power Engineers Private
Limited (OPEL) was initially established as a partnership firm in
1990 and later in 2010 was converted into a private limited
company. OPEL is promoted by Mr. Ramniranjan Agrawal along with
his son Mr. Manish Agrawal. OPEL is a turnkey power infrastructure
development company engaged in execution of power infrastructure
works like erection and commissioning of substations, transmission
line setup for government, semi-government and private
organisations. The company initially executed contracts for
Maharashtra State Electricity Board and later they also started
executing sub-station erection and commission work on turnkey
basis for other state electricity boards. The company is ISO 9001
certified.


CRYSTAL CARS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Crystal Cars
Private Limited (CCPL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR40 mil. Term loan assigned with 'IND B+/Stable' rating;
      and

   -- INR73 mil. Fund-based working capital assigned with
      'IND B+/Stable /IND A4' rating

                         KEY RATING DRIVERS

The ratings reflect the inception stage of CCPL's commercial
operations.  The company was incorporated in December 2015 to set
up Honda car showroom.  The total cost of the project was
INR78.5 million (funded through 50.94% bank loan and 49.06%
promoters' equity).  The project was completed in October 2016 and
the company started commercial operations in December 2016.
According to the management, the company has indicated the revenue
of INR100 million during the three months ended February 2017.

The ratings, however, are supported by CCPL's moderate liquidity
position with its fund-based facilities being utilized at an
average of 72.7% over the four months ended February 2017.

                         RATING SENSITIVITIES

Positive: Stabilization of operations leading to strong revenue
generation will lead to positive rating action.

Negative:  Decline in revenue generation will lead to negative
rating action.

COMPANY PROFILE

CCPL was incorporated in 2015.  The company has set up a Honda
Motor Company Limited's show room and service centres in Kottayam,
Kerala.  The company is engaged in the trading of Honda cars and
spares, and service and exchange.


DEEPAK AGRAWAL: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Deepak
Agrawal's (DKA) Long-Term Issuer Rating to 'IND D' from 'IND BB-'.
Instrument-wise rating actions are:

   -- INR20 mil. Fund-based limits lowered to 'IND C' rating; and

   -- INR70 mil. Non-fund-based limits lowered to 'IND A4' rating

                       KEY RATING DRIVERS

The downgrade reflects continuous overutilization of fund-based
limits during the six months ended February 2017 due to tight
liquidity.

The ratings also factor in DKA's small scale of operations and
moderate credit profile.  During FY16, revenue was INR152 million
(FY15: INR135 million), gross interest coverage (Operating
EBITDA/gross interest expenses) 2.0x (2.8x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 4.2x
(2.9x).  The deterioration in credit metrics was on account of an
increase in interest cost and total debt.

                        RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within limits for three consecutive months would be
positive for the ratings.

COMPANY PROFILE

DKA was incorporated in September 2002 as a proprietorship concern
by Deepak Kumar Agrawal.  The firm is engaged in the civil
construction business and executes various roads and building
works for government projects on a tender basis.


EKCON INFRA: CARE Reaffirms B+ Rating on INR6cr Long Term Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
EKCON Infra, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               6        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities               3        CARE A4 Reaffirmed

The ratings assigned to the bank facilities of EKCON Infra
projects (erstwhile E. A. Khan and Sons) continue to be
constrained by relatively modest scale of operations with low
capitalization, leveraged capital structure and weak debt coverage
indicators. The ratings are further tempered by working capital
intensive nature of operations, customer and geographic
concentration, presence in the highly competitive & fragmented
industry along with tender-driven nature of business and
proprietorship nature of its constitution. The reaffirmation of
the ratings factor in improvement in operating profit margin and
capital structure albeit decline in the operating income and cash
accruals, deterioration in debt coverage indicators along with
elongation of operating cycle during FY16 (refers to the period
April 1 to March 31).

The ratings, however, continue to draw strength from experienced
proprietor along with long track record of operations, moderate
profitability along with healthy order book position. The ability
of EAKS to increase its scale of operations with timely completion
of projects and strengthening of order book and improve
profitability amidst intense competition and capital structure
along with efficient management of its working capital remain the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record of operations and experienced proprietor: The
firm has an established track record of operations of more than
two decades in civil construction and had developed long-standing
relationships with government authorities and contractors
reflecting in the continuous receipt of orders on y-o-y basis. The
proprietor Mr. Naeem Khan, is a civil engineer and has been
associated with the entity since its inception. Further proprietor
is supported by qualified and experienced management having more
than a decade of experience in civil construction to carry out the
day-to-day operations of the entity.

Moderate profitability: The profit margins of the entity remained
at moderate level and depicted improving trend in the range of 7%-
17% during last three years ending FY16.

Key Rating Weakness

Relatively modest scale of operations: The overall size of
operations continues to be relatively modest with low
capitalization marked by a total operating income of INR7.93 crore
and gross cash accruals of INR0.38 crore. Net worth also stood
small limiting its financial flexibility and depriving it of
benefits of economies of scale.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm remained leveraged owing to higher
reliance on external debt. Furthermore, the debt protection
metrics of the firm continues to remain stressed.

Working capital intensive nature of operations: The operations of
the company remained working capital intensive in nature with high
gross current asset days of over 200 days leading to high
utilization of its working capital limits.

Healthy order book position albeit customer and geography
concentration risk: The firm in FY16 generated its entire
revenue through orders from MCGM and the unexecuted order book of
the company is also from MCGM, thus its turnover is vulnerable to
any increased competition in tendering of MCGM. However entity has
been able to win tenders of MCGM and has healthy order book as on
November 30, 2016, reflecting medium term revenue visibility.

Highly competitive industry because of the fragmented and tender-
driven nature of business and vulnerability of changes in budget
allocation policies: The construction industry is fragmented in
nature with a large number of medium scale players present at
regional level. This coupled with the tender-driven nature of
construction contracts poses huge competition and puts pressure on
the profit margins of the players.

Proprietorship nature of constitution: The firm is a
proprietorship concern, the risks associated with withdrawal of
proprietor capital exists. The entity is exposed to inherent risk
of proprietor capital being withdrawn at time of personal
contingency. Due to the proprietorship constitution, it has
restricted access to external borrowing where net worth as well as
credit worthiness of proprietor is key factors affecting credit
decision of lenders.

Established in 1993, M/S. EKCON Infra projects (erstwhile E. A.
Khan and Sons) got its current name in February 02, 2016 is
engaged in the civil engineering and construction (new
construction of buildings such as schools, fire brigades, staff
quarters along with structural repair activities) for Municipal
Corporation of Greater Mumbai (MCGM) (accounting for 100% of the
total income in FY16) through bidding process and is registered
'AA Class' (scale of AA to D) contractor for buildings with MCGM.
The key raw material i.e. cements and steel are sourced from local
suppliers.

During FY16, the firm reported total operating income of INR7.93
crore (vis-a-vis INR19.37 FY15) and PAT of INR0.31 crore
(vis-a-vis INR0.87 crore in FY15). Furthermore, the firm has
achieved total income of INR8.05 crore till November 30, 2016
and has an order book of INR65.57 crore as on November 30, 2016,
to be executed by 2019.


FORTUNE CARS: CARE Reaffirms B+ Rating on INR15cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Fortune Cars Pvt. Ltd. (FCPL), 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 FCPL continues to be
constrained by the volume-driven nature of auto dealership
business with low profit margin, fluctuating operational
performance, leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operations. The
rating further continues to be constrained by intense competition
amongst dealers and the company's fortunes being linked to Tata
Motors Limited (TML).

The reaffirmation of the rating factors in stable operating profit
and improvement in capital structure albeit decline in total
operating income, deterioration in debt protection metrics along
with elongation of operating cycle during FY16 (refers to the
period April 1 to March 31). The rating, however, continues to
derive strength from the established track record of the promoters
in the automobile dealership along with their demonstrated
financial support and over a decade long association with the TML.

Going forward, the ability of the company to continue to increase
its scale of operations along with improvement in profitability
and capital structure while efficiently managing its working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced and resourceful promoters and over a decade long
association with the Tata Motors Limited (TML): The promoters Mr.
Vinod Sharma, Mr. R.P. Mungrikar, Mr. S. Premkumar and Mr. N.
Subramanium have more than 15 years of experience in the
automobile dealership and are dealing with Tata Motors Ltd for
over a decade. The operations of the company are managed by the
promoters and are supported by the professionals having more than
decade experience in the automobile industry. Furthermore, the
promoters have infused equity capital and interest free USL to
support the operations of the entity.

Key Rating Weakness

Leveraged capital structure and weak debt protection metrics: The
capital structure of the company remained leveraged owing to
higher reliance on external debt. Furthermore, the debt protection
metrics of the company also remained weak owing to low
profitability inherent to auto-dealership business.

Working capital intensive nature of operations: The operation of
the entity remained working capital intensive with funds largely
being blocked in inventory resulting in high utilization of
working capital limits.

Intense competition amongst dealers with pressure to pass on price
discounts to customers: In order to capture the market share, the
auto dealers offer better buying terms like allowing discounts on
purchases. Such discounts offered to customers create margin
pressure and negatively impact the profits of FCPL. Furthermore,
the industry competition is intensified with other automobile
companies like Maruti, Honda, Hyundai, etc. launching new models
at competitive prices, resulting into low market share of TML
which in turn also affects its dealers including FCPL.

Fortune Cars Private Limited (FCPL), incorporated in November,
1996 was co-founded by Mr. Vinod Sharma, Mr. R.P. Mungrikar, Mr.
S. Premkumar and Mr. N. Subramanium. During 1996-2000, FCPL was
authorized dealer for DAEWOO Motors Limited for selling passenger
cars. Since July 2000, FCPL became authorized dealer for TATA
Motors Limited (TML) for selling passenger vehicles such as
Indica, Indigo, Nano, UV and Fiat in Mumbai, Thane and Nerul.
Besides, it is engaged in the servicing of vehicles and sale of
spare parts for TML. FCPL is amongst the leading dealers for TML
in Mumbai. At present, FCPL is having 3 showrooms along with three
workshops in Andheri, Thane and Nerul (all leased premises).
Besides, FCPL has stockyard at Panvel. The promoters have been
involved in the auto dealership sector since 1986 through another
group company viz. Unitech Automobiles Private Limited (UAPL,
rated 'CARE BB-') is an authorized dealer for TML's commercial
vehicles for Mumbai, Thane and Raigad district.

During FY16 (refers to period April 1 to March 31), FCPL reported
a turnover of INR61.76 crore (vis-Ö-vis) INR72.75 crore during
FY15) with a net profit of INR0.09 crore (vis-a-vis net profit of
INR0.28 crore during FY15).  Furthermore, the company achieved a
turnover of INR77.72 crore during 9MFY17.


FOUNTAIN IMPORTS: CARE Assigns 'D/Issuer Not Cooperating' Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Fountain Imports
Private Limited (FIPL) to monitor the rating(s) vide e-mail
communications/ letters dated October 3, 2016, November 8, 2016,
February 3, 2017 and February 6, 2017, and numerous phone calls.
However, despite our repeated requests, Fountain Imports Private
Limited has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines CARE's 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 Fountain Imports Private
Limited bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.00       CARE D; ISSUER NOT
                                     COOPERATING; Based on
                                     best available information

   Short-term Bank
   Facilities            5.00        CARE D; ISSUER NOT
                                     COOPERATING; Based on
                                     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(s).

Detailed description of the key rating drivers

At the time of last rating in December 22, 2015, following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: As per the interaction with management
and bankers, there have been overdrawing's in cash credit for the
period October 2015 to November 30, 2015. Cash Credit account is
overdrawn since October 2015 till November 30, 2015, and bankers
have also charged the penal interest for same. Furthermore, due to
full utilization of CC limit, interest for October and November
months is still outstanding. As per discussion with management,
the overdrawing is on account of weak liquidity position mainly
due to delay in receiving payments from debtors.

Incorporated in November 2011, Fountain Imports Private Limited
(FIPL) by Mr. Bhawanji Jeram Mewawala. FIPL is engaged in trading
of dry fruits and agricultural products (viz. coco, sugar and
others). The company has commenced operations from October 2012.
Furthermore, during FY15 (refers to the period April 1 to
March 31), FIPL procured entire trading material from domestic
market and sold it to dealers and traders in domestic market. FIPL
is part of Fountain Group, which was established in 1922 by late
Mr. Bhawanji Jeram Mewawala after whom Mr. Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company,
namely, Fountain Dry Fruit Store Limited.


GALAXY MOTORS: CARE Lowers Rating on INR5.0cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Galaxy Motors (GLM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B+; Stable Revised
                                     from CARE BB-


   Short-term Bank
   Facilities             4.50       CARE A4 Reaffirmed

The revision in the long-term rating assigned to the bank
facilities of GLM factors in the subdued performance during FY16
(refers to the period April 1 to March 31) including decline in
total operating income, decline in profitability margins,
deterioration in capital structure and coverage indicators along
with elongation of operating cycle. The ratings further continue
to be constrained by constitution of the entity as a partnership
firm and its presence in a highly competitive and fragmented
automobile industry.

The ratings, however, continue to draw comfort from the
experienced partners with an established track record of
operations and its association with well-established brands and
multiple outlets.

Going forward, ability of the firm to increase its scale of
operations while registering improvement in the profitability
margins, capital structure and efficient management of working
capital requirements shall be the key rating sensitivities.

Key rating weakness

Small and declining scale of operations: TOI of the company has
been declining on a y-o-y basis in the last 3 financial years
(FY14-FY16) on account of lower quantity sold to the customers.
The scale of operations of the company continues to remain small
which limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability margins, leveraged capital structure and weak
coverage indicators: The firm's profitability margins have been
historically on the lower side owing to the trading nature of the
business and intense market competition given the highly
fragmented nature of the industry. This apart, interest burden on
working capital borrowing also restricts the net profitability of
the firm.

The capital structure continues to remain leveraged mainly on high
reliance on external borrowings to meet the working capital
requirements coupled with relatively low net worth base. Also,
coverage indicators of the firm remained weak with deterioration
owing to lower profitability against high debt levels.

Working capital intensive nature of operations: The operating
cycle of the firm further elongation on account of higher
inventory period and collection period. The average inventory
period elongated mainly on account of decline in sales resulting
in accumulation of stock of finished goods. The average collection
period elongated as the firm has extended additional credit period
to few of its customers on account of long standing relationship.
Furthermore, the operations of the firm are working capital
intensive and the working capital limit remained fully utilized
during the past 12 months ending January, 2017.

Highly competitive and fragmented nature of industry: GLM operates
in a highly competitive industry with competition from both
organized and unorganized players established in vicinity of the
firm.

Key Strengths

Experienced partners coupled with long track record of operations:
GLM has long track of operations of over more than two decades in
trading of tyres & tubes. GLM has experienced and qualified
partners engaged in the business of trading through their
association with GLM.

Association with well established brands and multiple brand
outlets: GLM is an exclusive dealer of SNAP-ON Tools Private
Limited for sale of its wheel alignment related machinery in Delhi
NCR region since 2008. It is also an exclusive dealer of
Bridgestone India Private Limited for sale of OTR tyres in India.
Association with reputed suppliers ensures quality products which
help the firm in product off take.

New Delhi-based Galaxy Motors (GLM) is a partnership concern
established in 1993. The firm is currently being managed by Mr.
Joginder Kukreja, Mr. Mukesh Kukreja, Ms Seema Kukreja and Mr.
Sanchit Kukreja sharing profit and losses in the ratio of 50%,
15%, 20% and 15% respectively. The firm is primarily engaged in
trading of automobile parts and accessories from its three
showrooms located in Delhi and Ghaziabad and sells its products to
dealers and retail customers locally. In FY16, GLM achieved a
total operating income of INR31.36 crore and net loss of INR0.73
crore as against total operating income of INR33.91 crore and PAT
of INR0.06 crore for FY15. In 10MFY17 (refers to the period
April 1 to January 31, based on provisional results), the firm has
achieved TOI of around INR25 crore.


GANPATI RICE: Ind-Ra Raises Long-Term Issuer Rating to 'B+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ganpati Rice
Mills' (GRM) Long-Term Issuer Rating to 'IND B+' from 'IND B'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR20.77 mil. (reduced from INR21.6) Term loan raised to
      'IND B+/Stable' rating;

   -- INR250 mil. Fund-based limit raised to 'IND B+/Stable'
      rating; and

   -- INR250 mil. Fund-based limit affirmed with 'IND A4' rating

                         KEY RATING DRIVERS

The upgrade reflects an improvement in GRM's scale of operations
and credit metrics due to an increase in the capacity utilization
and a stable demand for basmati rice.  In FY16, the firm's revenue
improved by 74.23% to INR312.27 million (FY15: INR179.23 million).
Interest coverage (operating EBITDA/gross interest expense)
increased to 1.52x in FY16 (FY15: 1.46x) and net leverage
(adjusted net debt/operating EBITDA) improved to 8.89x (14.32x).

The ratings are supported by GRM's continued comfortable liquidity
position as evident from its around 66.47% utilization of the
fund-based limits during the 12 months ended February 2017.

The ratings, however, factor in the commoditized nature of the end
product, and volatility in raw material prices.  GRM's EBITDA
margins declined to 8.76% (FY15: 9.54%) due to an increase in the
procurement cost.

The ratings further factor in the elongated net working capital
cycle of 306 days in FY16 (FY15: 583 days).

                         RATING SENSITIVITIES

Positive: A substantial improvement in the top-line along with
sustained profitability leading to improvement in credit metrics
could be positive for the ratings.

Negative: A further decline in the operating profitability and/or
deterioration in the net working capital cycle leading to
deterioration in the overall credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Established in 1998, GRM operates as a rice mill.  The facility of
the firm is located in Bareta, Punjab.


GIRIJA FABRICS: CARE Reaffirms B+ Rating on INR6.58cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Girija Fabrics Private Limited (GFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            6.58        CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GFPL continues to
remain constrained on account of modest scale of operations with
low net worth base, thin profitability, weak solvency position and
stressed liquidity position. The ratings, further, continue to
remain constrained due to presence in a highly fragmented and
competitive segment of textile value chain coupled with
vulnerability to the fluctuation in the raw material prices. The
ratings, however, continue to derive strength from vast experience
promoters in the textile processing industry and established
distribution network.

The ability of the company to increase its scale of operations and
improve its profitability and capital structure with efficient
management of working capital needs would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with low net worth base, thin
profitability, weak solvency position and stressed liquidity
Position The scale of operation stood modest in FY16 (refers to
the period April 1 to March 31) with low net worth base. GFPL
operates in the textile processing industry which is highly
fragmented with a presence of numerous independent smallscale
enterprises owing to the low entry barriers resulted in the lower
profit margins.

Solvency position stood weak with highly leveraged capital
structure and weak debt coverage indicator. Liquidity position
of the company remained stressed marked by high utilisation of
working capital bank borrowings and moderate operating cycle.

Key Rating Strengths

Experienced promoters in the textile processing industry and
established distribution network

The overall affairs of the company look after by Mr. Vinod Kumar
Digga, director, who is a graduate by qualification and has 14
years of experience in the textile industry. He is assisted by Mr.
Manish Digga who is a Chartered Accountant by qualification and
has experience of about seven years. He looks after finance
function of the company.

GFPL, incorporated in 2011, is promoted by Mr. Vinod Kumar Digga
along with his family members and is a part of 'Annapurna Group'.
Group concerns include Annapurna Texofin Private Limited
(incorporated in 1988) which is engaged in the dyeing of fabrics,
Shailja Prints Private Limited (formed in 2011, rated 'CARE B+')
which is engaged in the processing of cotton fabrics for dress
materials and ladies night wears and Shivani Cotex Private Limited
(formed in 2001, rated 'CARE B+') which is engaged in the business
of processing of cotton fabrics and produces dyed poplin and
printed dress materials.

The plant of the company has total installed capacity of 50
Thousand Metre Per Day (TMPD) as on March 31, 2016, out of which
it has utilised around 80% of its total installed capacity. It
sells its products under the brand name of 'Manu Manjari' mainly
in Maharashtra and West Bengal.

During FY16, GFPL has reported a total operating income of
INR49.35 crore with a net profit of INR0.26 crore.


GRD FOODS: CARE Revises Rating on INR14.89cr Loan to 'B'
--------------------------------------------------------
CARE Ratings has been seeking information from GRD Foods Private
Limited (GFPL) to monitor the rating(s) vide e-mail
communications/letters dated February 28, 2017 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.89       CARE B; Issuer not
                                     cooperating; Revised from
                                     CARE B+ on basis of
                                     best available information

The rating on GRD Foods Priavte Limited's bank facilities will now
be denoted as CARE B; ISSUER NOT COOPERATING.

The rating has been revised on account of deterioration of capital
structure & debt coverage indicators and elongation of operating
cycle. The rating continues to be constrained by small scale of
operations along with low PAT margin, leveraged capital structure,
weak debt coverage indicators and competitive nature of industry.
The rating, however, derives strength from the experienced
promoters and established procurement and marketing network.

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

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Mr. Bikramjeet Singh Sandhu and Mr. Ajner
Singh Sandhu have gained experience of around three decades as
promoters of GFPL and Baksheesh Sandhu Chilling Centre(BSCC). Mr.
Chamandeep Sandhu has gained an experience of one decade through
his association with GFPL and Sandhu trading Company (STC). Mr.
Guntaj Sandhu and Mr. Tarandeep Sandhu have gained an experience
of more than half a decade each through their association with
GFPL and BSCC (associate concern).

Established procurement and marketing network: GFPL meets 80% of
its raw material requirement directly from BSCC (associate
concern) and rest 20% from farmers situated in nearby villages and
from local contractors. The company has established marketing
network and customer base developed through group concerns i.e
BSCC (associate concern) and STC (associate concern). The same is
being used by the company for selling of GFPL's products.

Key Rating Weaknesses

Small scale of operations with low PAT margin: The company's scale
of operations has remained low marked by TOI and GCA of INR34.65
crore and INR0.81 crore, respectively, for FY16. The company has
moderate operating profitability margins as reflected by PBILDT
margins of 8.14% in FY16. The PAT margins, however, remained below
unity due to high interest and depreciation expenses.

Highly levarged capital strcture: The capital structure of GFPL
stood leveraged marked by overall gearing ratio of 6.01 times as
on March 31, 2016.

Weak debt coverage indicators: The debt coverage indicators stood
weak marked by interest coverage ratio stood of 1.43x in FY16 anf
total debt to GCA of 29.10x for FY16.

Competitive nature of industry: The company gets competition from
established brands such as Verka in the organized sector and
independent milk vendors in the unorganized sector.

Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged
in the manufacturing of dairy products like ghee, whole milk
powder (WMP), skimmed milk powder (SMP), dairy whitener, butter
etc. The operations of GFPL started in April, 2014. The company
has its milk processing unit in Kathua (Jammu and Kashmir) and
sells its products under the brand name 'GRD' to wholesalers and
institutional clients all over India. GFPL has an installed
capacity to process 10,000 litres per hour (LPD) of raw milk. GFPL
procures about 80% of the raw material directly from Baksheesh
Sandhu Milk Chilling Centre (BSCC, associate concern of GFPL,
established in 1945) and remaining from contractors who have their
own procurement and chilling facilities. GFPL has another group
concern viz. Sandhu Trading Company (STC; established in 2005,
which is engaged in trading of milk and milk products.

In FY16 (refers to the period April 1 to March 31), the company
has achieved total operating income (TOI) of INR34.65
crore with PAT of INR0.12 crore as aginst the TOI of INR33.53
crore with PAT of INR0.32 crore in FY15.


HIND HYDRAULICS: CRISIL Reaffirms B+ Rating on INR9.89MM LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Hind
Hydraulics and Engineers(Prop. Hind Fluid Power Private Limited)
[HHE] at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)

   Cash Credit              4.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.89    CRISIL B+/Stable (Reaffirmed)

   Term Loan                 .61    CRISIL B+/Stable (Reaffirmed)

The ratings reflect the firm's modest scale of operations in the
competitive press tooling industry, working capital-intensive
operations, and modest networth. These weaknesses are partially
offset by the extensive experience of its proprietor and moderate
order book.

Analytical Approach

Unsecured loan of INR3.4 crore (as on March 31, 2016) from the
proprietor has been treated as neither debt nor equity as it is
subordinated to bank debt and is expected to remain in business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in competitive press tooling
industry: With an operating income of INR24 crore in fiscal 2016,
scale remains modest in the fragmented press tooling segment.

* Working capital-intensive operations: Gross current assets have
been in the 276-299 days range in the three years ended March 31,
2016, because of sizeable inventory and stretched receivables.

* Modest networth: Networth was INR6.4 crore as on March 31, 2016,
but is expected to increase gradually over the medium term because
of steady accretion to reserves.

Strengths

* Extensive experience of proprietor: The firm benefits from its
proprietor's presence of over four decades in the press tooling
industry.

* Moderate order book: Outstanding order book of INR30 crore is to
be executed till March 31, 2018.

Outlook: Stable

CRISIL believes HHE will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if revenues increase substantially or
working capital management improves or in case of equity infusion.
The outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, deteriorates because of low
accrual, large, debt-funded capital expenditure, or stretch in
working capital cycle.

Established in 1973 as a proprietorship firm by Mr. Sucha Singh,
HHE manufactures presses, special-purpose presses, tools, and
automation products for press-based machines, which are used by
the automotive components, defence, energy, and rubber industries;
and in railways. Facility is in Faridabad, Haryana.

Profit after tax (PAT) was INR0.29 crore on net sales of INR24
crore for fiscal 2016, against INR0.28 crore and INR21 crore,
respectively, for fiscal 2015.


INDIAN PULP: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indian Pulp &
Paper Pvt. Ltd.'s (IPPPL) Long-Term Issuer Rating at 'IND D'.  The
instrument-wise rating actions are:

   -- INR455.5 mil. (decreased from INR 522.4) Long-term loans
      affirmed with 'Long-term IND D' rating;

   -- INR159.3 mil. Fund-based limits affirmed with
      'Long-term IND D' rating;

   -- INR85.4 mil. Non-fund-based limits affirmed with
      'Short-term IND D' rating

                        KEY RATING DRIVERS

The affirmation reflects IPPPL's continuing delays in debt
servicing during the 12 months ended February 2017, due to its
tight liquidity position.

                       RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within limits for three consecutive months would be
positive for the ratings.

COMPANY PROFILE

Kolkata-based IPPPL was incorporated in 2004 as Balaji Kagaz
Private Limited.  The company acquired Indian Paper Pulp Company
Ltd. in 2006 from the government of West Bengal.  Subsequently,
the name was changed to its present name.  The company
manufactures kraft paper and pulp.


J B PUBLISHING: CRISIL Cuts Rating on INR10MM Cash Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facilities of J B Publishing House Private Limited (JBPL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Long Term Loan           2.5     CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects the stretch in working capital cycle as a
result of increase in debtor levels to 391 days as on March 31,
2016, from 352 days as on March 31, 2015, leading to a weakened
liquidity, with high bank limit utilisation at 94% over the 12
months through February 2017. Financial risk profile remained
weak, with high gearing ratio of 3.82 times as on March 31, 2016
and weak debt protection metrics, as reflected in interest
coverage ratio of 1.4 times and net cash accrual to total debt
(NCATD) ratio of 0.04 time in fiscal 2016. However, the business
risk profile remained stable, with a moderate increase in scale
and comfortable operating margin at 13%.

The rating reflects JBPL's modest scale in the intensely
competitive industry, working capital-intensive operations, and
weak financial risk profile. These weaknesses are partially offset
by established brand in the educational books segment, promoters'
extensive experience, and comfortable operating margin.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in the intensely competitive industry: JBPL has a
small market share in the publishing industry, with revenue of
INR49 crore in fiscal 2016. The scale is relatively small as
against other players in the industry such as Navneet Publications
(India) Ltd and McGraw Hill Education India.

* Working capital-intensive operations: Operations are working
capital intensive as reflected in its gross current assets of 429
days as on March 31, 2016, on account of high debtors (391 days)
and inventory (44 days) due to seasonal nature of business.

* Weak financial risk profile: Gearing, at 3.82 times as on
March 31, 2016, was high, and debt protection metrics were weak,
with interest coverage ratio at 1.42 times and NCATD ratio at 0.04
time for fiscal 2016.

Strengths

* Established JB Publication brand in the publication industry and
promoters' extensive experience: Experience of over two decades in
the publishing business has given the promoters a deep
understanding of the industry. It has been publishing Central
Board of Secondary Education syllabus books and constantly
revamping its standards. It has also started video recording of
books for better visuals and understanding.

* Comfortable operating margin: JBPL enjoys margin protection in
case of any raw material price volatility due to its prudent
pricing policy with suppliers. The company fixes the prices of its
major raw material, plain paper, with the suppliers at the start
of the season in September or October each year and thus it is
protected from any price increases.

Outlook: Stable

CRISIL believes JBPL will continue to benefit over the medium term
from established market position and promoters' extensive
experience. The outlook may be revised to 'Positive' in case of
ramp up of operations and better working capital management, along
with improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if decline in
profitability or revenue or low cash accrual weakens the financial
risk profile, particularly liquidity.

JBPL was incorporated in 1997, and is promoted by the Agrawal
family of Mathura, Uttar Pradesh. The company publishes
educational books for pre-school to standard VIII. Mr Gopal Prasad
Agrawal and Mr Rakesh Kumar Agrawal are the key promoters and
manage operations.

For fiscal 2016, JBPL reported a net profit of INR0.83 crore on
net sales of INR49.15 crore, against a net profit of INR0.85 crore
on net sales of INR44.71 crore for fiscal 2015.


J. P. INDUSTRIES: CRISIL Cuts Rating on INR6MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
loan facility of J. P. Industries (JPI) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              6       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects the firm's delays in meeting its debt
obligation because of weak liquidity.

JPI has a weak financial risk profile because of small networth
and subdued debt protection metrics, has modest scale of
operations in the highly fragmented rice industry, and is
susceptible to volatility in raw material prices. However, it
benefits from its partners' industry experience and funding
support.

Analytical Approach

Unsecured loans from partners have been considered as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting debt obligation: Due to weak liquidity, the
cash credit limits of the JPI were over drawn for more than 30
days.

* Weak financial risk profile: JPI's financial risk profile is
constrained by small networth of INR4.5 crore as on March 31,
2016, and weak debt protection metrics with adjusted interest
coverage ratio of 1.15 times for fiscal 2016. Total outside
liabilities to tangible networth was high, at 2.82 times as on
March 31, 2016.

* Small scale of operations: JPI's small scale is reflected in
modest operating income of INR21.7 crore in fiscal 2016 due to
limited milling capacity of 4 tonne per hour.

* Susceptibility to volatility in raw material prices: JPI's
profitability is vulnerable to volatility in raw material prices.
The price of paddy depends on monsoon and crop cycles. Also, large
inventory requirement owing to seasonal availability of paddy
increases exposure to price risk.

Strength

* Partners' experience and funding support: JPI's partners have
experience of more than three decades in rice milling, and have
sound understanding of market dynamics and established
relationships with customers and suppliers. Partners support
liquidity through unsecured loans (Rs 66.56 lakh as on March 31,
2016).

JPI was established in 1990 as a partnership firm by Mr Harish
Kumar, Mr Ashok Kumar and Mr Rakesh Kumar. The firm processes
basmati rice at its plant at Jalalabad in Punjab. It has milling
and sorting capacity of 4 tonne per hour.

Profit after tax was INR6.9 lakh and operating income was INR21.6
crore in fiscal 2016, vis-a-vis INR6.5 lakh and INR12.6 crore,
respectively, in fiscal 2015.


JAJOO SURGICALS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jajoo Surgicals
Pvt Ltd (JSPL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based limits assigned with 'IND BB-/Stable'
      rating;

   -- INR9.62 mil. Term loans assigned with 'IND BB-/Stable'
      rating; and

   -- INR40 mil. Non-fund-based limits assigned with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The ratings reflect JSPL's small scale of operations and moderate
credit metrics.  In FY16, revenue was INR195 million (FY15: INR176
million), EBITDA interest coverage (operating EBITDA/interest) was
2.2x (1.9x), net financial leverage (net debt/operating EBITDA)
was 4.9x (5.6x) and EBITDA margin was 7.0% (8.2%).  The increase
in revenue in FY16 was driven by a rise in the number of orders.
EBITDA margin declined in FY16 owing to a rise in raw material and
personnel costs.

The ratings also reflect JSPL's moderate liquidity position.  The
company's average maximum utilization of fund-based working
capital limits over the 12 months ended February 2017 was 91%.

The ratings, however, are supported by the founder's over two
decades of experience in medical and hygiene product manufacturing
and trading.  Moreover, the company has an established customer
base, including various governmental organizations and private
hospital chains in India.

                       RATING SENSITIVITIES

Negative: A negative rating action may result from a decline in
the scale of operations and a deterioration in credit metrics.

Positive: A positive rating action may result from a substantial
improvement in the scale of operations, along with an improvement
in credit metrics.

COMPANY PROFILE

JSPL was incorporated in 1993 by the Jajoo family.  It is engaged
in the manufacturing and trading of medical, surgical and hygiene
products.  The company has a manufacturing facility in Dewas,
Madhya Pradesh.  The site has an installed capacity of 900 metric
tons per annum.

Moreover, it imports disposables such as gloves and adult diapers
from South-East Asian countries such as Vietnam, Thailand and
China. It supplies these imports to the domestic market.


JAYANTI CONTRACTORS: CARE Assigns B+ Rating to INR9.15cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jayanti
Contractors and Engineers Ltd. (JCEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.15       CARE B+; Stable Assigned

Rating Rationale
The rating assigned to the bank facilities of JCEL is constrained
by its relatively small scale of operation, volatile input prices,
risk of delay in project execution, sluggish growth amidst intense
competition in the construction industry and working capital
intensive nature of business. The rating, however, derives
strength from its experienced promoters with long track record of
operations, satisfactory client portfolio, comfortable capital
structure and moderate order book position. Going forward, regular
receipt of contract proceeds, steady flow of orders & timely
execution of the same 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 operation

JCEL is a relative small player in the construction business with
total operating income (TOI) and PAT of INR11.99 crore and INR0.61
crore respectively in FY16. The total capital employed also
remained low at INR13.55 crore as on March 31, 2016. Furthermore,
during April 2016 to November 2016, the management is stated to
have achieved total operating income of INR11.97 crore.

Volatile input prices

Steel, bitumen, cement and pipes are the major inputs for JCEL
accounting for about 59.38% of the total cost of sales in FY16
(refers to the period April 1 to March 31), the prices of which
are highly volatile. Moreover, the company does not have any long
term contracts with the suppliers for the purchase of the
aforesaid raw materials. Hence, the profitability margins of the
company are exposed to any sudden spurt in the raw material
prices. In absence of escalation clauses in the majority of
contracts, any increase in input prices will affect the
profitability of the company.

Risk of delay in project execution

As JCEL is majorly dependent on flow of orders from the
government, steady flow & timely execution acquires greater
importance, especially in view of the stringent rules involved in
government contracts. Furthermore, as JCEL's contracts are majorly
fixed price contracts, any delay in execution of the projects may
result in escalation in costs which the firm might not be able to
pass on due to lack of price escalation clause in the contracts
and hence, face loss of profitability. JCEL's business is also
susceptible to financial loss arising out of delay in project
execution, as generally penalty clause exists for delay in
execution of construction projects involving liquidated damages,
etc.

Sluggish growth amidst intense competition in the construction
industry

JCEL operates in the construction industry which requires bidding
for the projects based on the tenders. Accordingly, the company is
exposed to intense competition.

Working capital intensive nature of business

JCEL's business being construction of roads is working capital
intensive primarily on the back of average inventory period.
The average inventory holding period improved continuously albeit
remaining high at 128 days during FY16 Furthermore, the average
creditors' period also remained high during FY14-FY16 and the same
improved to 120 days during FY16. Accordingly, the average
utilization of the cash credit limit remained high at about 90%
during the last 12 months ended December, 2016.

Key Rating Strengths

Experienced promoters with long track record of operations

The main promoter of JCEL is Mr. Dinesh Kumar Agarwal. Mr. Dinesh
Kumar Agarwal, (Graduate), aged about 55 years, having around
three decades of experience in executing civil construction
projects. He is being duly supported by the other directors along
with a team of experienced personnel. Furthermore, JCEL commenced
commercial operation in 2004 and accordingly has a long track
record of commercial operation.

Moderate order book position

The order book position remained moderate as on December 31, 2016,
with the value of orders in hand (including on-going projects) at
INR16.79 crore, being 1.40 x of TOI in FY16.

Satisfactory client portfolio albeit client concentration risk

The main client of JCEL includes reputed government entity
indicating relatively low default risk. However, one of the
clients of JCEL accounted for about 96% of the total revenue
during FY16 indication client concentration risk.

Comfortable capital structure

Both the long term debt equity ratio and the overall gearing ratio
remained comfortable at below unity as 0.35x and 0.85x
respectively as on March 31, 2016.

Jayanti Contractors and Engineers Ltd. (JCEL) incorporated in
2004, was promoted by the Agarwal family of Guwahati, Assam with
Mr. Dinesh Kumar Agarwal being the main promoter. The entity
majorly works for the Government entities and it executes orders
primarily for PWD Roads, Guwahati.

During FY16, the company reported a total operating income of
INR11.99 crore (FY15: INR12.57 crore) and PAT of INR0.61 crore (in
FY15: PAT of INR0.26 crore). Furthermore, during April 2016 to
November 2016, the management is stated to have achieved total
operating income of INR 11.97 crore.


K.G.P JEWELLERS: CARE Reaffirms 'B' Rating on INR11.37cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
K.G.P. Jewellers (KGPJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             11.37      CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of KGPJ continue to
remain constrained by its small scale of operations with
constitution as partnership concern, weak liquidity position with
high inventory holding period, susceptibility of operating profits
to volatile gold prices, presence in highly competitive and
fragmented gems and jewellery industry and leveraged capital
structure and weak debt coverage indicators. The rating also
factors in the increase in total operating income, and improvement
in profit margins in FY16 (refers to the period
April 1 to March 31). The rating however continues to derive
strength from experienced partners and wide range of products
offered. Going forward, the ability of the firm to scale up the
operations with improved profit margins and capital structure
while managing its working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations, though increase in total income and
partnership nature of constitution: The firm has a small scale of
operations with total operating income at INR35.80 crore in FY16.
Furthermore, its constitution as a partnership concern with low
net worth base restricts its overall financial flexibility in
terms of limited access to external funds for any future expansion
plans.

Stressed liquidity with high inventory days: The firm's inventory
holding period increased from 92 days in FY15 to 127 days in FY16
since the firm is a retailer and has to maintain high level of
inventory in order to meet all kind of customer demand.

Susceptibility of operating profitability to volatile gold prices:
Gold prices have exhibited sharp volatility depending up on the
demand & supply scenario and volatility in the foreign currency
exchange rates. Supply of gold is also being continuously
regulated by the Government of India (GOI) and Reserve Bank of
India (RBI) interventions.

Presence in a highly competitive and fragmented G&J industry: The
gems & Jewelry industry is highly unorganized with organized
market accounting for a mere 5-6% of the jewelry retail market.

Leveraged capital structure and weak debt coverage indicators: The
overall gearing deteriorated from 3.46x in FY15 to 7.69x in FY16
due to increase in total debt as on March 31, 2016. The firm has
weak debt coverage indicators marked by low interest coverage
ratio and high total debt/GCA.

Key Rating Strengths

Improvement in profitability margins: The PBILDT margin increased
by 227 bps from 4.81% in FY15 to 7.08% in FY16, due to decline in
gold prices in FY16.

Experienced promoters and wide range of product offerings: The
partners of the firm have around 2 decades of experience in the
gems and jewelry industry.

Davangere-based (Karnataka) K.G.P. Jewellers (KGPJ) was originally
formed as a partnership concern by the name of M.G. Jewelers by
Mr. Ganesh D Shet, Mrs Surekha G Shet, Mrs Vidya M Shet and Mr.
Ganesh M Revankar in 2011. Later on in April, 2014, partnership
deed was reconstituted with Mr. Santosh G Shet, Mr. Maruthi C
Raikar, Mr. Sandesh Raikar and Mrs Sharda Raikar joining as new
partners and name of the firm changed to its present name. The
firm has 2 outlets; one in Davangere and the other in Hubli.

KGPJ is engaged in the business of retailing of gold, diamond,
silver and precious stones studded jewellery. KGPJ procures raw
materials from local market and outsources its manufacturing
activities on job work basis. KGPJ has an associate firm, K.G.P.
Gold Palace (KGP), which is also engaged in a similar line of
business.

In FY16, KGPJ had a Profit after Tax (PAT) of INR0.73 crore on a
total operating income of INR35.80 crore, as against PAT and TOI
of INR0.26 crore and INR23.44 crore, respectively, in FY15.


KAILASH EDUCTL: Ind-Ra Migrates BB- Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kailash
Educational & Charitable Society's (KECS) bank loan rating to the
non-cooperating category.  The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The rating action is:

   -- INR90 mil. Term loan with 'BB-' rating migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
April 12, 2016.  Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

KECS was established in 2004 under Societies Registration Act,
1860.  The society has established its first school DPS in
collaboration with Delhi Public School Society in Sirsa, Haryana
and is running its first academic session 2015-16.


KHANAPUR TALUKA: CARE Assigns 'B+/Issuer Not Cooperating' Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Khanapur Taluka
Co-op Spinning Mills Limited (KTCSML) to monitor the rating
through email dated March 6, 2017, February 21, 2017, January 2,
2017 and numerous phone calls followed by numerous phone calls,
and reminder mails (with latest mail dated March 8, 2017).
However, despite our 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. In line
with the extant SEBI guidelines CARE's rating on (KTCSML) long-
term bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         23.31      CARE B; Issuer Not
   Facilities                        Cooperating

The rating takes into account customer concentration risk,
susceptibility of profitability margins to volatility in
raw material prices influenced by the government policies, working
capital intensive nature of operations and presence in fragmented
nature of the industry with low entry barriers. The rating, draws
support from the long track record of operations of the company
along with experienced and qualified 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 December 31, 2015, following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters and long track record of operations of
entity: Established in February 1974, KTCSML was promoted by Mr.
G.B. Momin and Mr. Suresh Katkar. Mr. G.B. Momin is associated
with the entity since two decades. Also, Mr. S.J. Katkar has an
experience of almost three decades in the same industry. Being in
the cotton industry for such a long period has helped the
promoters in gaining adequate acumen about the industry.
KTCSML,has been running succesfully for more than four decades.

Key Rating Weaknesses

Customer concentration risk: KTCSML faces high customer
concentration risk, as it generates around 99% of the total
operating income from sole customer named; Shankar Textiles,
Ichalkaranji and the remaining 1% from the sale of the waste
products. Any significant decline in the orders from the client is
likely to impact the total income from operations. Susceptibility
of profitability margins to volatility in raw material prices:
Cotton, the key raw material consumed by KTCSML has exhibited high
volatility in its prices in the past and in turn impacted the
profitability of the entity. The profitability of spinning mills
largely depend on the prices of cotton and cotton yarn, which are
governed by various factors such as area under cultivation,
monsoon, export quota fixed by the government, international
demand-supply situation, etc.

Presence in fragmented industry with high susceptibility with
changes in government regulations: Cotton spinning industry is
highly fragmented with presence of large number of small and large
sized players leading to intense competition within the industry.
Due to low entry barriers, the bargaining power of small players
in the industry is low. Also, cotton prices being regulated by the
government through MSP, though due to demand supply mismatch, the
prices are usually higher than MSP. Also, exports of cotton are
also regulated by the government through quota systems to suffice
domestic demand for cotton.

Khanapur-based KTCSML is a not-for-profit co-operative society
established in 1974, promoted by Mr. G. B. Momin (Managing
Director) and Mr. S.J Katkar (General Manager). There are almost
21 members in the society. The society is engaged in the business
of cotton spinning with its sole manufacturing unit of spread over
an area of 1 acre located in Khanapur, Maharashtra. The installed
capacity for spinning process is 576 open-end machine rotors
consisting of three machines having production capacity of 90 lakh
kg per annum and manufactures yarn with the range of 6-20 counts
of cotton yarn. It is an open-end spinning unit. These yarns are
further used in the manufacturing of grey cloth and knitted
fabric. The entity procures its raw material i.e. cotton bales
from suppliers like I.J.P. Brothers, Sangli, Harshad Kumar &
Brothers, Mumbai, Pinaak & Co., Mumbai, etc. Mainly the suppliers
of the firm are into cotton ginning located approximately 70-80km
away from the entity's spinning unit. The entity has generated
major proportion of its revenue in FY15 (refer period April 1 to
March31) from the sole customer namely, Shankar Textiles,
Ichalkaranji.


L.G AGRO: CARE Assigns B+ Rating to INR9cr Long Term Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of L.G
Agro Impex (LGAI), as:

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank Facilities      9       CARE B+; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of LGAI is primarily
constrained by small and declining scale of operations coupled
with low net worth base, low profitability margins and leveraged
capital structure. The rating is further constrained by LGAI's
working capital intensive nature of operations, susceptibility to
foreign exchange fluctuations and LGAI's business susceptible to
the vagaries of nature and fragmented and competitive nature of
the industry. The rating constraints are partially offset by
support from the experienced promoters in trading and processing
of rice.

Going forward, the ability of LGAI to scale up its operations
while improving profitability margins and registering improvement
in capital structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small and declining scale of operations coupled with low net worth
base: The scale of operations has remained low marked by a total
operating income and gross cash accruals during FY16 (refers to
the period April 1 to March 31). Furthermore, the company's net
worth base was relatively small as on March 31, 2016. Small scale
limits firm's financial flexibility in times of stress and
deprives it from scale benefits. The total operating income of the
firm has been declining on y-o-y basis in the past three financial
years (FY14-FY16) from INR55.52 crore in FY14 to INR25.23 FY16.
The decline was on account as the partners focused on high margin
products and compromised on volume.

Low profitability and leveraged capital structure: The firm's
profitability margins have been historically on the lower side
owing to the trading nature of the business and intense market
competition given the highly fragmented nature of the industry.
The capital structure stood leveraged on the balance sheet date of
last three financial years (FY14-FY16) mainly on account of high
reliance on external borrowings to meet the working capital
requirements and low net worth base.

Working capital intensive nature of operations: Operations of the
firm continue to remain working capital intensive in nature marked
by an average operating cycle FY16 on account of high average
inventory holding days during FY16 since the firm is mainly in
trading of basmati and non-basmati rice and has to maintain a
stock of inventory (basmati and nonbasmati rice) resulting in
elongation of the inventory holding days.

Foreign exchange fluctuation risk: Firm's operations are dependent
on the export market as majority of revenue is driven by the
overseas market than the domestic market. Therefore, the firm's
profitability margins are exposed to volatility in foreign
exchange.

Business susceptible to the vagaries of nature: Rice being mainly
a 'kharif' crop is a seasonal crop and is cultivated from June-
July to September-October, and the peak arrival of crop at major
trading centers begins in October. The output is highly dependent
on the monsoon. Unpredictable weather conditions could affect the
domestic output and result in volatility in the price of rice.

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.

Experienced partners in rice business: The firm is being managed
by Mr. Naresh Chander and Mr. Lalit Bhushan who both have around
one and half decade of experience in the trading and processing of
rice.

Haryana-based L.G Agro Impex (LGAI) was established as a
partnership firm in 2003 and started their commercial operations
in April 2003. The firm is currently being managed by Mr. Naresh
Chander and Mr. Lalit Bhushan sharing profit and losses equally.
The firm is engaged in trading of basmati and non-basmati rice of
various brands such as Saugadh Basmati Rice, Pick India Basmati
Rice, Indian Treat, Ambrosia etc. The firm procures processed
basmati and non-basmati rice domestically from rice millers based
out in the states like Haryana, Madhya Pradesh, Punjab,
Chhattisgarh etc. The firm mainly sells its products in overseas
market and also in the domestic market.

In FY16, LGAI has achieved a total operating income (TOI) of
INR25.49 crore and profits after tax (PAT) of INR0.66 crore,
respectively, as against TOI of INR38.10 crore and PAT of INR0.06
crore, respectively, in FY15. The firm has achieved TOI of INR25
crore in 9MFY17 (refers to the period April 1 to December 31,
based on provisional results).


MAAD MINES: CRISIL Reaffirms B+ Rating on INR15MM Term Loan
-----------------------------------------------------------
CRISIL rating to the long-term bank facilities of Maad Mines and
Minerals Private Limited (MMMPL) continues to reflect MMMPL's
moderate scale of operations and working capital-intensive
operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)
   Term Loan               15       CRISIL B+/Stable (Reaffirmed)

These weaknesses are mitigated by promoters' extensive experience
in the construction material industry, funding support from
promoters and healthy profit margins.

Key Rating Drivers & Detailed Description

Weakness

* Working Capital intensive operations: The major portion of its
sales is to group companies which are engaged in real estate
business and depending upon availability of funds in the project
the payment is made to MMMPL. Also, MMMP mainteans inventory of
around 90 days.

* Moderate Scale of Operation: The moderate scale of operations
constrains the company's bargaining power against its large
customers. Also, the company's revenue profile is characterized by
geographic concentration as it derives its entire revenues from
Mumbai. Any slowdown in construction activities in the state is
likely to adversely impact the company's operations

Strengths

* Promoters' extensive experience in real estate industry &
funding support from promoters: MMMPL is promoted by Mr. Arvind
Singh and Mr. Anil Gupta. The promoters have been engaged in land
trading and real estate development over a decade. They have
completed 46 projects (admeasuring to over 2 million square feet)
over the past 10 years primarily in Nallasopara, Vasai, and
Naigaon region through various group entities of MMMPL. On the
back this extensive experience promoters have setup the
manufacturing plant for sand, aggregates, and bricks in order to
ensure continuous supply of basic raw materials for its group
companies.

The promoters has sold personal property and infused funds in
current fiscal years. Repayment of term loan via support from
promoters in form unsecured loan from promoters.

* Healthy Profitability: This healthy operating margin is
primarily on account of its negligible expenses on purchase of raw
material, as the company sources its entire raw material
requirement from its own quarry located in Wada, Maharashtra. The
operating profitability of MMMPL is expected to remain at similar
levels over the medium term.

Outlook: Stable

CRISIL believes that MMMPL's credit risk profile will remain
stable over the medium term backed by the industry experience of
the promoters. The outlook may be revised to 'Positive' in case
MMMPL's revenues increase substantially while maintaining its
profitability at the current levels or working capital cycle
improves. Conversely, the outlook may be revised to 'Negative' if
there is a decline in revenues and profitability or there is
further stretch in working capital cycle resulting in weakening of
the firm's financial risk profile.

Based in Mumbai (Maharashtra), MMMPL is involved in manufacturing
and distribution of sand, aggregate and fly ash bricks used in the
construction sector. The company operates a plant with a capacity
of about 60,000 tonnes per month (tpm), which is currently being
utilised at about 400 tpm. MMMPL has also setup and fly ash brick
plant which commenced its operations in April 2015.

MMMPL reported a negative profit after tax (PAT) of INR1.04 crore
on net sales of INR 18.75 crore for fiscal 2016 and PAT of INR1.66
crore on net sales of INR19.02 crore for fiscal 2015.


MAHALUXMI STEELS: CARE Assigns 'B/Issuer Not Cooperating' Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Mahaluxmi Steels to
monitor the rating(s) vide e-mail communications/ letters dated
February 28, 2017 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Mahaluxmi Steels's bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          6         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 February 17, 2016, the following
were the rating strengths and weaknesses:

Key Rating Strengths

Experienced prmoters: Mr. Sanjay Gupta and Mr. Mukesh Gupta have
an experience of more than one decade in the rolling business of
iron and steel industry through their association with MLS.

Moderate capital structure: The firm had moderate capital
structure reflected by overall gearing ratio of 1.31x as on
March 31, 2015.

Key rating Weaknesses

Small scale of operations and low profitability margins: The scale
of operations has remained low marked by TOI of INR46.82 crore for
FY15 (refers to the period April 01 to March 31). Furthermore, the
profitability margins of MLS remained low reflected by PBILDT
margin and PAT margin of 2.78% and 0.47% respectively in FY15.

Weak debt coverage indicators: Interest coverage ratio stood
moderate at 1.80x in FY15 however, the total debt to GCA ratio
stood weak at 11.69x for FY15.

Partnership nature of its constitution: MLS'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 the firm being dissolved upon the
death/retirement/insolvency of partners.

Exposure to raw material price volatility: The firm is exposed to
raw material price volatility due to volatility experienced in the
prices of iron, steel, etc. The prices are driven primarily by the
existing demand and supply conditions with strong linkage to the
global market. This results into risk of price fluctuations on the
inventory of raw materials which may impact the profitability
margins of the firm.

Highly competitive, fragmented and cyclical industry: The spectrum
of the iron & steel industry in which the company operates is
highly fragmented and competitive marked by the presence of
numerous players in northern India. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

M/s Mahaluxmi Steels (MLS) was established in October 2004 as a
partnership concern. The current partners of the firm are Mr.
Sanjay Gupta, Mr. Mukesh Gupta and Mahaluxmi Mettcast Private
Limited (a group company) sharing profits and losses in the ratio
45: 45: 10. MSL is mainly engaged in the manufacturing and trading
of iron & steel ingots and industrial round of various grades and
sizes on order basis at its manufacturing facilities situated in
Ludhiana, Punjab having an installed capacity of 13,500 tonnes per
annum, as on March 31, 2015. The major raw material required for
the manufacturing of ingots and industrial rounds are iron and
steel scrap which are procured domestically from the traders
located in Punjab, Haryana, Madhya Pradesh and Uttar Pradesh. The
firm sells its products i.e. ingots and industrial rounds mainly
in the states of North India including Punjab, Delhi, Haryana
Uttar Pradesh and Madhya Pradesh.


MAHAVIR RICE: CRISIL Raises Rating on INR8MM Loan to BB-
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank loan
facilities of Mahavir Rice Mill (Chamorshi) (MRM) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

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

   Proposed Long Term       .5      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The upgrade reflects the improved financial risk profile, marked
by moderate gearing and adequate debt protection metrics, and the
extensive experience of the promoters. These strengths are
partially offset by the large working capital requirement and
modest scale of operations.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the partners: The partner, Mr
Chandrakant Doshi, has an experience of 25 years in the
agriculture industry.

* Average financial risk profile: Networth and gearing, which were
modest around INR3.7 crore and 1.95 times, respectively, as on
March 31, 2016, are expected to improve to INR4-4.5 crore and 1.9
times, respectively, as on March 31, 2017. Debt protection metrics
were adequate, with the net cash accrual to total debt and
interest coverage ratios of 11% and 2.34 times, respectively, in
fiscal 2016.

Weakness

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 117
days as on March 31, 2016, led by large inventory and moderate
receivables of 90 and 31 days, respectively.

* Modest scale of operations: The turnover, though modest,
improved by 30% to INR30.3 crore in fiscal 2016, vis-a-vis INR23.4
crore a year ago.

Outlook: Stable

CRISIL believes MRM will continue to benefit from the extensive
experience of the partners. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
strengthens the business risk profile. The outlook may be revised
to 'Negative' in case of a decline in revenue or profitability,
leading to low cash accrual, or if any further large, debt-funded
capex, weakens the capital structure.

MRM was set up as partnership firm in 1992, by Mr Chandrakant
Doshi and Ms. Sadhna Doshi. The firm processes paddy into rice, at
its facility in Chamorshi, Maharashtra, which has an installed
capacity of 6 tonne per hour.

MRM reported net sales and profit after tax of INR29.27 crore and
INR0.45 crore respectively in fiscal 2016 against INR22.69 crore
and INR0.36 crore in fiscal 2015.


MAJESTIC BASMATI: CARE Assigns 'B+/Issuer Not Cooperating' Rating
-----------------------------------------------------------------
CARE Ratings has been seeking information from Majestic Basmati
Rice Private Limited to monitor the rating(s) vide email
communications/letters dated March 3, 2017, March 1, 2017,
February 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
of Majestic Basmati Rice Private Limited bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        37.63       CARE B+; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

The rating assigned to the bank facilities of Majestic Basmati
Rice Private Limited (MBRPL) is constrained on account of
leveraged capital structure and working capital intensive
operations. The rating is further constrained on account of risk
associated with the raw material price fluctuations along with its
presence in the highly fragmented and competitive industry with
high degree of government control.

The rating, however, derives benefits from experienced and
qualified promoters along with established selling
and distribution network.

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 and qualified promoters: T Mr. Pramod Chand Mahnot,
a food technologist by qualification, is the founding promoter of
MBRPL. He has more than three decades of experience in the field
of nutritional food production and installation of nutritional
food manufacturing plants.

* Established selling and distribution network: MBRPL also has
branch offices in Delhi and Jaipur which will help in scaling up
the brand in the NCR region and Rajasthan.

Key Rating Weaknesses

* Stabilization risk associated with debt-funded project: The
Project has been completed within envisaged cost and time. During
FY16 (refers to the period April 1 to March 31), TOI of MBRPL has
increased by 2588% to INR16.42 crore from INR0.61 crore in FY15.
However, the company continued to incur net loss of INR0.81 crore
during FY16 as against net loss of INR0.30 crore during FY15. The
company reported cash profit of INR1.34 crore during FY16 as
against cash loss of INR0.29 crore during FY15. Leveraged capital
structure: The capital structure stood comfortable marked by
overall gearing of 0.94 times in FY16.

* Working capital intensive nature of operations: The operations
of the company are working capital intensive in nature as the peak
paddy procurement season is during November to January during
which the company will build up raw material inventory to cater to
the milling and processing of rice throughout the year. Profit
margins susceptible to volatility in raw material prices: Paddy is
the major raw material for rice processing. The prices of paddy
(basmati variety) are highly volatile due to supply-side
constraints like seasonal nature and exposure to the vagaries of
monsoon.

* High degree of government control: The raw material (paddy)
prices are regulated by the government to safeguard the interest
of farmers. The government has scrapped minimum export price (MEP)
on basmati rice which may further intensify the stiff competition.
Fragmented 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.

Raisen-based MBRPL was incorporated on June 9, 2010, for the
purpose of processing paddy. MBRPL acquired another company Sigma
Newtech Fabricators & Engineering Private Limited (SNFPL) in
October 2014, for a sales consideration of INR0.50 crore. SNFPL
was engaged in the manufacturing of engineering components at
Mandideep, Madhya Pradesh, and its plant is now being used by
MBRPL for the processing of paddy. The key promoters of the
company are Mr. Pramod Chand Manot, Mr. Samkit Hirawat and Mr.
Vigyan Lodha. The plant is located at Mandideep, Madhya Pradesh,
and is spread across an area of 20,000 square meters. The company
will sell its basmati rice under the brand name of 'DILNOOR'. The
installed capacity of the plant is 8 tonnes of paddy processing
per hour.


MEHADIA SALES: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mehadia Sales
Trade Corporation Private Limited's (MSTCPL) Long-Term Issuer
Rating to 'IND D' from 'IND BB' on account of a tight liquidity
position.

The ratings have also been migrated to non-cooperating category.
The issuer did not participate in the surveillance exercise
despite continuous requests and follow ups by the agency.  Thus,
the rating is on the basis of best available information.  The
rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website.  Instrument-wise rating actions are:

   -- INR150 mil. Fund-based limit with 'D' rating downgraded and
      migrated to Non-Cooperating Category;

   -- INR200 mil. Non fund-based limit with 'D' rating downgraded
      and migrated to Non-Cooperating Category;

   -- INR350 mil. Proposed fund-based limit with 'D' rating
      downgraded and migrated to non-cooperating category; and

   -- INR300 mil. Proposed non-fund-based limit with 'D' rating
      downgraded and migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
best available information

                         KEY RATING DRIVERS

The downgrade reflects deterioration in liquidity position leading
to instances of devolvement of letter of credit, which were not
corrected for 30 days during the 12 months ended February 2017.

                         RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

MSTCPL was started by Pankaj Agarwal in 1999 as a proprietorship
concern, Mehadia Sales Trade Corporation and was changed to a
private limited company in June 2012.  MSTCPL trades mainly in TMT
bars in Maharashtra, Karnataka, Odisha, Chhattisgarh and Madhya
Pradesh.  Its registered office is in Nagpur.


OMICRON POWER: CARE Assigns 'B+/Issuer Not Cooperating' Rating
--------------------------------------------------------------
CARE Ratings has been seeking information from Cheeka Rice Mills
to monitor the rating(s) vide e-mail communications/ letters dated
February 22, 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 Cheeka Rice Mills and Company's bank
facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank           8        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 October 6, 2015, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations with low profitability margins:

The scale of operations continues to remain small reflected by
total operating income (TOI) of INR29.65 crore in FY15 (refers to
the period April 1 to March 31) as against INR23.71 in FY14.

The PBILDT margin of the firm has declined in FY15 and stood at
2.87% as against 3.24% in FY14. However, the PAT margin has
improved in FY15 and stood at 0.10% as against 0.04% in owing to
comparatively lower interest and deprecation cost during FY15.

Weak financial risk profile

The financial risk profile of CRM is characterized by low
profitability margins, leveraged capital structure and weak
coverage indicators.

The firm's profitability margins have been on the lower side owing
to the low value addition and intense market competition given the
highly fragmented nature of the industry. This apart, interest
burden on working capital borrowing also restricts the net
profitability of the firm. The PBILDT and PAT margins stood at
around 4.70% and 0.03% respectively in the last three financial
years (FY11-FY13).

As on March 31, 2013, the firm has a leveraged capital structure
marked by overall gearing ratio of 2.38x as on March 31, 2013,
which deteriorated from 1.54x as on March 31, 2012, mainly on
account of higher utilization of working capital bank borrowings
as on balance sheet date.

The firm's coverage indicators stood weak marked by low interest
coverage and high total debt to GCA of 1.18x and above 44x,
respectively, for FY13 due to low profitability margin and high
debt level.

* Leveraged capital structure and weak debt service coverage
indicators:  Capital structure of the firm has improved in FY15;
however, stood leveraged marked by overall gearing of 1.67x as on
March 31, 2015, as against 2.19x as on March 31, 2014. The
improvement was on account of increase in net worth owing to
infusion of funds by the partners in form of capital. Debt
coverage indicators have remained weak marked by interest coverage
and total debt to GCA of 1.14x and 59.23x for FY15 against 1.15x
and 62.22x for FY14.

* Partnership nature of constitution:  CRM being a partnership
firm and is exposed to the risk of withdrawal of capital by
partners due to personal exigencies, dissolution of firm due to
retirement or death or insolvency of any partner and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

* Highly fragmented industry characterised by high competition:
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 endto- end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semiprocessed rice to other big rice
millers for further processing. Agro-based industry is
characterized by its seasonality, as it is dependent on the
availability of raw materials, which further varies with different
harvesting periods. The price of rice moves in tandem with the
prices of paddy.

Key Rating Strengths

* Experienced partners and long track record of operations CRM is
a partnership firm with a track record of over four decades in
processing of paddy into rice. Mr. Sat Pal and Ms Darshana Devi
have a total experience of around than two decades in the business
of processing and trading of paddy. Prior to this, Mr. Sat Pal was
involved in Vishnu Trading Co (trading of paddy).

* Favorable manufacturing location:  CRM is mainly engaged in the
milling and processing of rice. The main raw material (paddy) and
wheat is procured from local grain markets, located in Haryana.
The firm's processing facility is situated in Cheeka, Haryana,
which is one of the highest producers of paddy in India. Its
presence in the region gives additional advantage over the
competitors in terms of easy availability of the raw material as
well as favorable pricing terms. CRM owing to its location is in a
position to cut on the freight component of incoming raw
materials.

* Fragmented nature of the 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
semiprocessed rice to other big rice millers for further
processing.

CRM was established in 1972 as a partnership firm. The current
management comprises its present partners, viz, Mr. Sat Pal and Ms
Darshana Devi with equal profit and loss sharing. The firm is
engaged in the trading and processing of rice. The manufacturing
unit is located at Cheeka, Haryana, with an installed capacity of
processing of rice of 36,500 metric tonnes per annum (MTPA) as on
March 31, 2015. CRM procures paddy from local grain markets
located in Haryana and Punjab through commission agents in bulk.
The firm sells its products in Haryana and Punjab through a
network of commission agents.

For FY15 (refers to the period April 1 to March 31), CRM achieved
a total operating income (TOI) of INR29.65 crore with PBILDT and
PAT of INR0.85 crore and INR0.03 crore, respectively, as against
TOI of INR23.71 crore with PBILDT and PAT of INR0.77 crore and
INR0.01 crore, respectively, for FY14. The firm has achieved total
sales of INR5.13 crore for 5MFY16 (refers to the period April 1 to
August 31).


OMKAR INFRACON: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Omkar Infracon
Private Limited's (OIPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR35 mil. Fund-based limits raised to 'IND BB/Stable'
      rating; and

   -- INR6 mil. Non-fund-based limits affirmed with 'IND A4+'
      rating; and

   -- INR20.81 (reduced from INR39.36) mil. Term Loan raised to
      'IND BB/Stable'

                         KEY RATING DRIVERS

The upgrade reflects OIPL's improvement in credit metrics during
9MFY17.  According to unaudited 9MFY17 financials, gross interest
coverage increased to 4.95x (FY16: 2.2x; FY15: 2.2x) due to a
decline in finance cost, because of the low utilization of short-
term debt and repayment of a long-term loan.  This along with the
improvement in operating EBITDA margin to 16.54% during 9MFY17
(FY16: 15%; FY15: 6.5%), due to a decline in the cost of raw
materials, led to the reduction in net financial leverage to 3.34x
(3.4x; 3.4x).

Moreover, liquidity has improved with the company's average
maximum working capital utilization being 71.74% during the six
months ended January 2017 against close to 100% average
utilization during the six months ended February 2016.

The ratings however are constrained by the company's small scale
of operation as reflected from its revenue of INR128.8 million in
9MFY16 and INR146 million during FY16 (FY15: INR111 million).

The ratings continue to be supported by OIPL's founders'
experience of more than five years in manufacturing fly ash brick.

                        RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the credit metrics may lead to a positive rating
action.

Negative: Deterioration in the operating margin leading to
deterioration in overall credit metrics would lead to a negative
rating action.

COMPANY PROFILE

OIPL was incorporated in 2010 and started its commercial
operations in August 2012.  The company has a fly ash brick plant
near Kolaghat Thermal Power Plant in West Bengal.  The present
production capacity of the company is 143,000MT/year.


PALAMOOR PAPER: CRISIL Cuts Rating on INR11MM LT Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Palamoor Paper Products Ltd. (PPPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           11       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Cash             4       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B/Stable')

The downgrade reflects delay in servicing its debt obligations
owing to weak liquidity.

The rating reflects PPPL's exposure to intense competition in the
kraft paper manufacturing industry and weak financial risk profile
marked by expected high gearing and modest debt protection
metrics. These weaknesses are expected to be partially offset by
the benefits that the company will derive from extensive industry
experience of its promoters over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition: The company operates in a
highly fragmented industry with low entry barriers, making it
difficult to immediately pass on any increase in waste paper price
to customers.

* Weak financial risk profile: The financial risk profile is
marked by small networth of INR4.1 crore, high gearing of 3.6
times and weak debt protection metrics.

Strength

* Extensive experience of promoters: By virtue of being in the
industry for over a decade, the promoters have established strong
relationship with customers and suppliers.

PPPL, incorporated in January, 2012, is setting up a facility for
manufacturing kraft paper. Based out of Hyderabad (Telangana),
PPPL is promoted by Mr Rajendra Prasad Uppalapati, Mr Chandra
Shekhar, Ms Prasanna Maipalli, and others.

Fiscal 2016 its first year of operations, PPPL reported a net loss
of INR0.35 crore on net sales of INR6.4 crore.


PAWAN SHREE: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pawan Shree Food
International Pvt Ltd's (PSFIPL) Long-Term Issuer Rating to the
non-cooperating category.  The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency.  Therefore, investors and other users are advised
to take appropriate caution while using these ratings.  The
ratings will now appear as 'IND B-(ISSUER NOT COOPERATING)' on the
agency's website.  The instrument-wise rating action is:

   -- INR 55 mil. Fund-based limit with 'B-' rating migrated to
      non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 19, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PSFIPL was incorporated in Madhya Pradesh in February 2012 to
establish a unit for the production of skimmed milk powder and
clarified butter.  The company is managed by Mr Ritesh Jain.  Its
registered office is in Indore.


PRINCE MARINE: CARE Assigns 'D/Issuer Not Cooperating' Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from Prince Marine
Transport Services Private Limited (PMTS) to monitor the ratings
vide e-mail communications/letters dated October 1, 2016,
February 4, 2017, February 7, 2017, February 10, 2017, February
15, 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         0.82       CARE D; Issuer not
   Facilities                        cooperating; Based on best
   (Term Loan)                       Available Information

   Long-term Bank         5.50       CARE D; Issuer not
   Facilities                        cooperating; Revised from
   (Cash Credit)                     CARE C on the basis of
                                     best available information

   Short-term Bank        3.00       CARE D; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE A4 on the basis of best
                                     available information

The rating on PMTS's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

The ratings have been revised on account of the delays in the
repayment of debt obligations.

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

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing: As per interaction with banker, PMTS has
been delaying the repayment of term loans and also there have been
overdrawals in cash credit limits in the last 12 months ended
February 2017.

PMTS was founded by Mr. Abdul Razak in July 1993 as a proprietary
firm. During the year 1994, it was converted into a partnership
firm and then in 2007 into a private limited company. The company
initially started with the business of hiring ships, vessels,
barges, tugs and towage of vessels within Mumbai harbor limits as
well as for ocean passages. During 1998, it ventured into the
business of cargo lighterage. To capitalize on the opportunity of
various services in the developing port sector, the company
entered into dredging support services and bagged a dredging
contract from JSW Jaigarh Port Ltd. in the year 2009.

As on February 28, 2015, the company owned 15 barges mainly
involved in offshore supply as well as lighterage operations for
coal. Out of the 15 barges, nine were deployed on yearly contracts
and the remaining deployed on spot.

The company also operates a small ship building yard in Goa.


RAM SARUP: CRISIL Reaffirms 'B' Rating on INR1.75MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
rating on the bank facilities Ram Sarup Murari Lal (RSML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1.75       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      11.00       CRISIL A4 (Reaffirmed)

The rating continues to reflect a modest scale of operations as
reflected in operating revenue of INR44 crore in fiscal 2016. The
fragmented nature of the business and small scale of operations
limit RSML's ability to bargain with its suppliers and customers,
leading to pressure on its operating margin. The operating margins
of the firm have remained in the range of 1.2-1.25 per cent in the
three years ended March 31, 2016.

Liquidity is supported by unsecured loans from related parties,
and sufficient cash accrual to service debt in the medium term.
Although, it has large working capital cycle, its bank limit
utilisation averaged around 44% over 12 months ended August 2016.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The scale of operation remains
modest reflected in its revenue of INR44 crore in fiscal 2016. The
modest scale is because of the fragmented nature of the fittings
and accessories industry, and intense competition from domestic
and foreign (mostly Chinese) players. The scale of operations is
expected to remain modest over the medium term.

* Below average financial risk profile: RMSL's TOLTNW ratio is
around 6 times as on March 31, 2016. In the absence of debt-funded
capex, it is expected at 3-4 times over the medium term.  Low
operating margin because of trading business, and a leveraged
capital structure, resulted in average debt protection metrics.
Interest coverage ratio is at 1.65 times for fiscal 2016.

Strengths

* Promoters' experience in timber industry: RSML's promoters have
been in the timber processing industry for more than three
decades. Over the years, the promoters have successfully
established a supplier network based in Malaysia ensuring regular
supply from them. On the marketing front too, the firm has
developed healthy relationship with its customers of domestic
market based in North India (Haryana, Rajasthan, and Himachal
Pradesh). CRISIL believes that RSML's operations will continue to
benefit from its promoters' extensive experience in the timber
industry.

Outlook: Stable

CRISIL believes RSML will continue to benefit over the medium term
from the proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if the financial risk profile
improves significantly, on account of better-than-expected
accruals led by improvement in scale and operating profitability
or because of capital infusion from partners. Conversely, the
outlook may be revised to 'Negative' if aggressive, debt-funded
capital expenditure, any substantial decline in revenue and
profitability, or a stretch in the working capital cycle weakens
the financial risk profile.

RSML was established in 1976 by Mr. Satya Narayan Bansal. The firm
trades in and saws imported timber. It is based in Jind (Haryana)
and has sawing mills in Gandhidham (Gujarat).


RATNAGIRI CERAMICS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ratnagiri
Ceramics Private Limited (RCPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR72.20 mil. Fund-based working capital limits assigned
      with 'IND B+/Stable/IND A4' rating;

   -- INR26.20 mil. Non-fund-based working capital limits
      assigned with 'IND A4' rating; and

   -- INR11.60 mil. *Proposed fund-based working capital limits
      assigned with 'Provisional IND B+ /Stable/Provisional IND
      A4' rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
RCPL to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings are constrained by RCPL's small scale of operations
and weak credit metrics.  In FY16 revenue was INR151.33 million
(FY15: INR140.25 million), interest coverage (operating
EBITDA/gross interest expense) was 1.19x (0.93x) and net leverage
(total adjusted net debt/operating EBITDA) was 7.46x (7.19x).
EBITDA margins stood at 13.34% in FY16 (FY15: 11.15%).

The ratings reflect RCPL's tight liquidity profile as evidenced by
around 98% average utilization of its fund-based limits for the 12
months ended February 2017.

The ratings, however, are supported by RCPL's established
operational track record of more than a decade in the ceramic tile
design industry.

                       RATING SENSITIVITIES

Negative: Decline in the credit metrics will adversely affect the
ratings.

Positive: Improvement in the top-line and profitability leading to
improvement in the current credit profile will be positive for the
ratings.

COMPANY PROFILE

RCPL is engaged in manufacturing and trading of designer ceramic
tiles, and markets them under its own brands.  It was set up in
2000, and is promoted by Mr. Sanjeev Bhaskar, Ms. Savita Bhaskar,
and Mr. Aditya Bhaskar.


REGAL TRADING: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Regal Trading
Private Limited (RTPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR25 mil. Fund-based facilities assigned with
      'IND BB+/ Stable/IND A4+';

   -- INR275 mil. Non-fund -based facilities assigned with
      'IND A4+' rating;

   -- INR5 mil. *Proposed fund-based facilities assigned with
      'Provisional IND BB+/Stable /Provisional IND A4+' rating;
      and

   -- INR45 mil. *Proposed non fund -based facilities assigned
      with 'Provisional IND A4+' rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by RTPL to the satisfaction of Ind-Ra.

                         KEY RATING DRIVERS

The ratings reflect RTPL's moderate scale of operations and
moderate credit metrics.  The top-line grew at a CAGR of 24.43%
over FY13-FY16.  RTPL's revenue increased to INR1.256 billion in
FY16 (FY15: INR1.190 billion) due to an increase in orders inflow
and higher demand for timbers and plywood in the market.  Interest
coverage (operating EBITDA/gross interest expense) was 1.9x in
FY16 (FY15: 1.6x) and net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 3.2x in FY16 (FY15: 1.0x)
due to an increase in debt and a decline in margins and cash.
EBITDA margins remained volatile between 0.1%-0.7% over FY13-FY16
(FY16: 0.5%, FY15: 0.7%) due to trading nature of the business.

RTPL's working capital cycle improved to 13 days in FY16 (FY15: 14
days) on account of long creditors days.  RTPL has claimed
INR1,454 million of revenue during 11MFY17.

RTPL's liquidity remains tight with its fund based facilities
being utilized at an average of 90.4% over the 12 months ended
February 2017.

The ratings, however, benefit from RTPL's established presence in
the market and promoters' experience of more than three decades in
the plywood trading business.

                        RATING SENSITIVITIES

Positive: A substantial growth in the top-line with improvement in
credit metrics could lead to a positive rating action.

Negative: A significant deterioration in the EBITDA margin, credit
metrics and working capital cycle could be negative for the
ratings.

COMPANY PROFILE

RTPL was incorporated in 1989, and is engaged in trading of timber
and plywood.  RTPL also provides furnished timber products through
molding and modeling services.  90% to 95% of the revenue is
derived from trading of timber and 5% to 10% revenue from molding
and modeling of timber.


RWL HEALTHWORLD: Ind-Ra Lowers Rating on Bank Facilities to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded RWL Healthworld
Limited's (RWL) bank facilities as:

   -- INR1.287.5 bil. (increased from INR987.5) Long-term loans
      lowered to 'D' rating; and

   -- INR250 mil. (increased from INR150) working capital demand
      Loans lowered to 'D' rating

Ind-Ra continues to consolidate the financial profiles of RWL and
its wholly owned subsidiary Medsource Healthcare Pvt. Ltd.
(Medsource), as both companies have an integrated nature of
operations and Medsource operates as a sourcing agency for RWL.

                         KEY RATING DRIVERS

The downgrade reflects instances of delays in debt servicing by
RWL during December 2016-January 2017 due to untimely and weaker-
than-expected support from its parent RHC Holding Private Limited
(RHC; 'IND A'/Stable).

                       RATING SENSITIVITIES

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

COMPANY PROFILE

RWL is engaged in the retail business of buying and selling
pharmaceutical and wellness products.  It operates 119 stores,
primarily across Delhi-NCR, Maharashtra, Karnataka, Rajasthan and
Punjab.  All stores are RWL-owned and -operated, and are taken on
lease.  In addition to medicines, the company sells baby care,
beauty care, health supplements and personal care products.

In FY16, RWL's revenue, on a consolidated basis, expanded 26% yoy
to INR3,684 million.  Meanwhile, RWL's EBITDA margin
(consolidated) improved to negative 1.2% from negative 4.9% in
FY15.


S. K. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR7MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of S. K. Industries - Faridkot (SKI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.00      CRISIL B/Stable (Reaffirmed)
   Cash Term Loan           .92      CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan       .08      CRISIL B/Stable (Reaffirmed)

The firm's business risk profile is expected to improve because of
significant increase in revenue in fiscal 2017 driven by increased
trading activity. Revenue was INR34.00 crore till January 2017 in
fiscal 2017, and is expected at INR39.00 crore for the fiscal,
against INR32.95 crore in fiscal 2016. CRISIL expects stable
revenue growth of 10% per fiscal, and operating profitability of
6.5-7.0%, susceptible to share of trading in revenue, over the
medium term.

Liquidity is supported by unsecured loans from related parties,
and sufficient cash accrual to meet debt obligation over the
medium term. However, bank limit is fully utilised to meet large
working capital requirement.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry: The
modest scale is indicated by operating income of INR32.95 crore in
fiscal 2016 and limited capacity of 6 tonne per hour (tph).
Despite healthy growth, revenue is expected to remain modest over
the medium term amid intense competition.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable, at 300 days, driven by inventory and receivables of
250 and 67 days, respectively, and payables of 119 days, as on
March 31, 2016. Operations will remain working capital intensive
over the medium term, with GCAs expected at 280-290 days.

* Below-average financial risk profile: The firm's financial risk
profile is constrained by high total outside liabilities to
tangible networth (TOLTNW) ratio of 4.73 times as on March 31,
2016, and weak debt protection metrics, with interest coverage
ratio of 1.42 time in fiscal 2016. CRISL expects the financial
risk profile to remain subdued over the medium term, due to
sizeable working capital debt and modest accretion to reserves.

Strength

* Promoters' extensive industry experience: The promoters'
experience of over two decades in the basmati rice industry has
helped the firm establish strong relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes SKI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant increase in revenue while
profitability stays stable. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or if working
capital cycle lengthens, or if the firm undertakes large, debt-
funded capital expenditure, leading to deterioration in its
financial risk profile, particularly liquidity.

Set up by brothers Mr Rajiv Kumar, Mr Rakesh Kumar, Mr Sanjiv
Kumar, and Mr Naresh Kumar in 1997, SKI mills rice. The firm's
manufacturing facility is in Faridkot, Punjab.

Its profit after tax (PAT) was nil on net sales of INR39.77 crore
in fiscal 2016, against INR0.05 crore and INR53.95 crore,
respectively, in fiscal 2015.


SATYA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR20MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Satya Constructions (SATCO).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          20         CRISIL B+/Stable

The rating reflects exposure to risks related to completion and
saleability of ongoing projects, and susceptibility to risks
inherent in the real estate industry. This weakness is partially
offset by the extensive experience of partners in real estate
development.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to completion and saleability of its
ongoing projects in and susceptibility to risks inherent in the
real estate industry: The real estate sector in India is cyclical,
with volatile prices, opaque transactions, and a highly fragmented
market structure. The execution of projects is affected by
multiple property laws and non-standardised government regulations
across states. The risk is compounded by aggressive timelines for
completion, with shortage of manpower (project engineers and
skilled labour).

Strength

* Extensive experience of partners: Benefits from the partners'
extensive experience in the residential and commercial real estate
business should continue to support the business risk profile.
Outlook: Stable

CRISIL believes SATCO will continue to benefit from the extensive
experience of its partners in the real estate market of Guntur,
Andhra Pradesh. The outlook may be revised to 'Positive' in case
of a substantial increase in cash flow, most likely due to
earlier-than-expected completion of, or significantly higher
realisations for, upcoming projects. The outlook may be revised to
'Negative' in case of any delay in project completion or in
receipt of payments from customers, inability to sell units in the
upcoming projects, or any large, debt-funded projects undertaken.

Established in 2003 as a partnership between Mr Maddirala
Sambasiva Rao and Mr Popuri SatyaNarayana, SATCO, undertakes
residential and commercial real estate construction business in
Guntur. It has nine ongoing projects and has completed 30
projects.

SATCO reported a profit after tax (PAT) of INR0.19 crore on net
sales of INR5.59 crore for fiscal 2016, against INR0.23 crore and
INR8.15 crore, respectively, for fiscal 2015.


SAVI LEATHERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Savi Leathers'
Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR150 mil. (increased from INR120) Fund-based working
      capital limits raised to 'IND BB/Stable' rating;

   -- INR150 mil. Fund-based working capital limits affirmed with
      'IND A4+' rating;

   -- INR55 mil. Proposed term loan* assigned with 'Provisional
      IND BB/ Stable' rating;

   -- INR40 mil. Non-fund-based limit affirmed with 'IND A4+'
      rating; and

   -- INR40 (reduced from INR100) mil. Non-fund based limit**
      assigned with 'IND A4+' rating

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SAVI to the satisfaction of Ind-Ra.

** The assignment of final ratings follows the receipt of
transaction documents conforming to the information already
received by Ind-Ra.  The final ratings are, therefore, the same as
the provisional ratings assigned in March 2016.

                          KEY RATING DRIVERS

The upgrade reflects a significant improvement in SAVI's solvency
profile, indicated by an enhancement in its debt/equity ratio to
1.6x in FY16 from 3.5x in FY15 due to capital infusion by the
partners.  Gross EBITDA interest cover deteriorated in FY16 to
2.40x (FY15: 3.06x) owing to a fall in EBITDA margin.  Net
leverage deteriorated to 3.24x in FY16 from 2.78x in FY15.
Moreover, revenue declined, but was moderate at, INR855.26 million
in FY16 from INR1,002.58 million in FY15.  The decline in revenue
and EBITDA margin in FY16 was primarily due to stiff competition
and stagnant growth in overseas markets.  Furthermore, CFO
interest cover improved to 2.9x in FY16 (FY15: negative 0.2x).

Ind-Ra expects EBITDA margin and revenue to improve in FY17-FY18
on account of manufacturing cost savings and job work expenses due
to the addition of new clients and the modernization of its
existing facility during the period.

The ratings factors in a marginal improvement in the working
capital cycle to 59 days in FY16 from 65 days in FY15.

The ratings continue to be constrained by the partnership nature
of SAVI's business, a decline in EBITDA margin to 6.84% in FY16
from 8.43% in FY15 and the moderate liquidity position, indicated
by a 97% utilization of fund-based limits during the 12 months
ended February 2017.

The ratings, however, continue to be supported by the partners'
experience of over two decades in the ready-made garment
manufacturing business.

                       RATING SENSITIVITIES

Negative: Deterioration in EBITDA margin leading to a
deterioration in credit metrics on a sustained basis will be
negative for the ratings.

Positive: A rise in EBITDA margin leading to an improvement in
credit metrics on a sustained basis will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2009, SAVI manufactures and exports leather
garments and accessories.  It is a government-recognized export-
oriented unit, with clients in Italy, Germany, Denmark, France,
Spain, the Netherlands, the UK and the US.  It has its own
research and development department.


SESA MINERALS: CRISIL Lowers Rating on INR20MM Loan to B+
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sesa Minerals Limited (SML) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              15      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit         20      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term        5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in business risk profile as
the Company's margin continued to decline during fiscal 2016. The
operating margin declined to 2.13% during fiscal 2016 from 3.34%
during fiscal 2015 and the operating margin is expected to remain
muted over the medium term. Further, the liquidity profile
remained constrained due to highly working capital intensive
operations with stretched receivables of 213 days during fiscal
2016 as compared to 200 days during fiscal 2015 which has resulted
in high reliance on bank limits resulting high bank limit
utilization of 98% during past 12 months ending on December 2016.
Liquidity is expected to remain stretched over the medium term on
account of working capital intensive nature of the business and
high reliance on external debt for its funding.

The rating reflects SML's large working capital requirement, weak
financial risk profile marked by high total outside liabilities to
tangible networth (TOLTNW) and weak interest coverage ratios.
These weaknesses are partially offset by the extensive experience
of its promoter in the steel trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were 339
days as on March 31, 2016, due to stretched receivables of 213
days as on March 2016 on account of delay in receipt of payments
due to low bargaining power possessed by the company.

* Exposure to intense competition: Operating margin has been in
the 2.13-3.3% range in the three years through fiscal 2016 on
account of trading nature of business in a competitive segment.

* Weak Financial risk profile: The TOLTNW ratio was 3.15 times as
on March 31, 2016, against 2.71 times in the previous year because
of increase in debt levels. Also, modest profitability led to a
weak interest coverage ratio of 0.52 time in fiscal 2016, which
declined from 0.67 time in fiscal 2016.

Strength

* Extensive experience of promoter: Presence of nearly three
decades in the steel products trading segment has enabled the
promoter to understand market dynamics and establish strong
relationship with customers.

Outlook: Stable

CRISIL believes SML will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' in case of larger-than-expected cash accrual
or better working capital management. The outlook may be revised
to 'Negative' if financial risk profile weakens further due to
lower-than-expected cash accrual, debt-funded capital expenditure,
or sizeable working capital requirement.

Incorporated in 2007 and promoted by Mr. Shankar Lal Bagri, SML
trades in steel products such as billets, scrap, iron ore pellets,
wire, and thermo-mechanically treated bars.

Profit after tax (PAT) was INR55 lakh on revenue of INR116 crore
in fiscal 2016, against a PAT of INR50 lakh on revenue of INR96.57
crore in fiscal 2015.


SHREE BALAJI: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank facility of Shree Balaji Steel Enterprises (SBSE).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                  10      CRISIL B+/Stable (Reaffirmed)

The rating continue to reflect SBSE's modest scale of operations
in intensely competitive steel trading industry, geographic
concentration in its revenue profile and below-average financial
risk profile marked by high Total outside liabilities to adjusted
networth (TOLANW), modest debt protection metrics and networth.
These rating weaknesses are partially offset by the benefits
derived from the extensive industry experience of partner's and
its established relation with its supplier and customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive steel
trading industry: Scale of operations remains modest, despite
revenue growing at a compound annual rate of 27 percent over the
past three years to around INR53.6 crores in 2015-16. Revenue is
moderate compared to large players such as Rashtriya Ispat Nigam
Ltd and Steel Authority of India Ltd, and limits benefits from
economies of scale. Intense competition in the iron and steel
trading segment and the commodity nature of products, constrain
pricing flexibility and operating margin.

* Below-average financial risk profile, marked by weak capital
structure, and modest debt protection metrics and networth
Networth remained at INR1.9 crores as of March 2016-is expected to
remain constrained by low accretion to reserve over the medium
term.

Debt protection metrics may continue to be weak on account of
large debt and low profitability: net cash accrual to total debt
and interest coverage ratios were estimated at 0.02 and 1.2 times,
respectively, in 2015-16.

Strengths

* Extensive experience of the partners and healthy relations with
customers and principal supplier: Benefits from the experience of
the partners in the steel trading segment, and established
relationships with customers and principal are expected to
continue. The partners with their experience of more than two
decades in the business have helped forge steady relationships.
This has led to increasing repeat orders and healthy revenue
growth-at a compound annual rate of around 27 percent in the three
years through 2015-16 (refers to financial year, April 1 to
March 31).

Outlook: Stable

CRISIL believes SBSE will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if increase in revenue and profitability, or
infusion of capital by the partners, substantially strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if aggressive, debt-funded expansion, decline in
revenue and profitability, or withdrawal of large capital weakens
financial risk profile.

Set up in 2009 as a partnership firm, SBSE is the authorised
distributor for Jindal Steel and Power Limited in Hyderabad and
Telangana and deals in products such as angles, beams, channels,
plates, pipes, and bars. Operations of the firm are managed by Mr.
Deepak Agarwal.

SBSE reported a profit after tax (PAT) of INR0.31 crore on net
sales of INR53.66 crore for fiscal 2016, against INR0.17 crore and
INR33.34 crore, respectively, for fiscal 2015.


SHIVDHAN BOARDS: CRISIL Reaffirms 'B' Rating on INR7.75MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Shivdhan Boards Private Limited (SBPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            7.75      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.11      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a below-average financial risk
profile and a modest sale of operations. The rating also factors
in large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoter in
manufacturing particle boards.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth was modest at
INR3 crore and the total outside liabilities to tangible networth
ratio high at 2.84 times, as on March 31, 2016; the ratio was at
2.64 times as on March 31, 2015.

* Modest scale of operations: Operating revenue was INR14.8 crore
in fiscal 2016 against INR22.1 crore in fiscal 2015.

Strength

* Extensive industry experience of the promoter: The promoter, Mr
Narendra Patel, has an experience of around 16 years in the
industry.

Outlook: Stable

CRISIL believes SBPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of more-than-expected growth in revenue and
profitability or large equity infusion, leading to improvement in
the financial risk profile. The outlook may be revised to
'Negative' in case of a decline in revenue, deterioration in the
capital structure, or stretched liquidity due to increase in
working capital requirement.

Established in 2004, SBPL manufactures bagasse boards and pre-
laminated particle boards, which are used in the furniture and
construction industries. The boards are sold under Shivdhan brand.

SBPL reported net sales and profit after tax of INR14.63 crore and
INR0.37 crore respectively in fiscal 2016 against INR22.13 crore
and INR0.58 crore in fiscal 2015.


SKANDASHREE JEWEL: CRISIL Cuts Rating on INR9MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Skandashree Jewel Creations (SJC) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit              9       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects the overdrawn cash credit for more than 30
consecutive days'due to weak liquidity arising from stretch in
working capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the competitive jewellery
industry: The firm's scale of operations is small, and is
reflected in its turnover of about INR54.8 cr in 2014-15. The firm
operates in a highly competitive market with low entry barriers,
easy availability of raw material (gold), large number of
incumbent well established players. CRISIL expects SJC's scale of
operations to constrain the business risk profile of the firm in
the medium term.

* Weak financial risk profile: The firm has a modest networth with
low initial capital base, which limits SJC's ability to absorb
losses or withstand financial exigencies such as high volatility
in gold prices. Moreover the overall financial risk profile has
weakened due to its weak liquidity.

Strengths

* Extensive experience of the partners in the jewellery industry:
Though SJC was set up only in 2008, the partners have been part of
the gold jewellery industry though other firms for more than two
decades. Benefits from their extensive experience and established
relationships with customers should continue to support the firm's
business risk profile.

SJC was set up in 2008 as a partnership firm by Mr. A V Vijay
Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm
manufactures plain gold and diamond-studded jewellery. Its
clientele comprises retailers in Karnataka and Tamil Nadu. SJC's
manufacturing facility is in Bangalore.


SRI RUDRA: CRISIL Assigns 'B' Rating to INR6.0MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term facilities of Sri Rudra Ginning Mill (SRGM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits             1.28      CRISIL B/Stable
   Cash Credit             6.00      CRISIL B/Stable
   Long Term Loan          1.72      CRISIL B/Stable

The rating reflects a modest scale of operations, weak financial
risk because of high gearing and low debt protection metrics, and
susceptibility of profitability to volatility in cotton prices.
These rating weaknesses are partially offset by the extensive
experience of the promoter family in the cotton industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the highly competitive cotton
ginning industry: The firm started operations in July 2015 and is
growing at moderate rate. Revenue is expected at INR30 crore for
fiscal 2017, but is likely to increase over the medium term. Entry
barriers are low on account of limited capital and technology
intensity and little differentiation in the end product, leading
to intense competition.

* Weak financial risk profile: This is driven by debt funding of
large working capital requirement. The gearing is expected to be
high at above 2 times as on March 31, 2017, primarily due to a
small networth of INR2.2 crore. The debt protection metrics are
low, with expected interest coverage and net cash accrual to total
debt ratios at 1.8 times and 0.05 time, respectively, in fiscal
2017.

* Susceptibility to availability and prices of cotton and to
government regulations: Operations will remain susceptible to any
high volatility in cotton prices and availability, or any adverse
impact of government regulations pertaining to the industry.

Strength

* Extensive industry experience of the promoters and their fund
support: With over a decade of experience in the cotton industry,
the promoter family has in-depth understanding of the dynamics of
the industry and the local market. During this period, the firm's
management has developed good relationships with cotton farmers,
ensuring good availability of quality cotton to the firm as and
when required.

Outlook: Stable

CRISIL believes SRGM will continue to benefit from the extensive
industry experience of the promoter family. The outlook may be
revised to 'Positive' in case of significantly better-than-
expected cash accrual or substantial capital infusion. The outlook
may be revised to 'Negative' in case of lower-than-anticipated
cash accrual, larger-than-expected working capital requirement, or
substantial, debt-funded capital expenditure, weakening liquidity.

Sri Rudra Ginning Mill (SRGM) was set up in July 2015, in
Karimnagar, Andhra Pradesh by Mr. N. Vijay Sagar Reddy and B.
Avinash as a partnership firm. SRGM is engaged in the business of
cotton ginning and pressing.

Commercial operation was started in 2015-16. Profit after tax was
INR0.06 crore on operating income of INR19.6 crore in fiscal 2016.


STARK CV IFMR: Ind-Ra Assigns 'BB' Rating on Series A2 PTCs
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Stark CV IFMR
Capital 2016 (an ABS transaction) final ratings as:

   -- INR393.38 mil. Series A1 Pass-through certificates (PTCs)
      assigned with 'IND A-(SO)/Stable' rating; and

   -- INR28.44 mil. Series A2 PTCs assigned with
      'IND BB(SO)/Stable' rating

The used commercial vehicle loan, multi-utility vehicle loan, car
loan and agriculture equipment loan pool assigned to the trust has
been originated by Ess Kay Fincorp Private Limited (EKFPL).

                       KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction.  The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity date
on Feb. 17, 2020, in accordance with the transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on Feb. 17, 2020, in accordance with the
transaction documentation.

The transaction benefits from an internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
levels of overcollateralisation available to Series A1 is 17.0% of
the initial pool principal outstanding (POS) and
overcollateralisation available to Series A2 is 11.0% of the
initial POS.  The total excess cash flow or the internal CE
available, including overcollateralisation to Series A1 and A2
PTCs, is 33.5% and 26.0%, respectively, of the initial POS.  The
transaction also benefits from an external CE of 3.0% of the
initial POS in the form of fixed deposits in the name of the
originator with a lien marked in favour of the trustee.  The
collateral pool assigned to the trust at par had the initial POS
of INR474 million, as of the pool cut-off date of July 23, 2016.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors and d) any shortfall in Series
A2 maximum payout on the Series A2 final maturity date.

                       RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate and
pool yield were stressed to assess whether the level of CE was
sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and Series A2 PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company.  EKFPL is promoted by Mr Rajendra Kumar Setia.
It primarily provides vehicle loans, including light commercial
vehicle and multi-utility vehicles, tractor loan, car, three-
wheeler and SME loans, in Rajasthan, Gujarat, Madhya Pradesh,
Punjab and Maharashtra.  Its corporate and registered office is
located in Jaipur, Rajasthan.

As of March 2016, EKFPL had INR5,256.3 million worth of assets
under management.  Its network base stood at 207 branches as of
December 2017.  As of March 2016, gross non-performing assets
(defined as loans that are more than 150dpd) were 1.78% (March
2015: 1.37%; defined as loans that are more than 180dpd) and net
non-performing assets were 1.37% (0.88%).


THETIS CV IFMR: Ind-Ra Assigns 'BB' Rating on Series A2 PTCs
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Thetis CV IFMR
Capital 2017 (an ABS transaction) these final ratings:

   -- INR425.6 mil. Series A1 pass-through certificates (PTCs)
      assigned with 'IND A-(SO)/Stable' rating; and

   -- INR51.3 mil. Series A2 PTCs assigned with 'IND
      BB(SO)/Stable' rating

The used and new commercial vehicles loan, multi-utility vehicle
loan, car loan and construction equipment loan pool to be assigned
to the trust has been originated by Ess Kay Fincorp Private
Limited (EKFPL).

                        KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, the legal and
financial structure of the transaction, and the credit enhancement
(CE) provided in the transaction.  The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and the ultimate payment of principal by the final maturity
date on Aug. 18, 2021, in accordance with transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on Aug. 18, 2021, in accordance with the
transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
levels of over-collateralisation available to Series A1 and A2
PTCs are 17.0% and 7.0% of the initial pool principal outstanding
(POS), respectively.  The total excess cash flow or the internal
CE available, including over-collateralisation, to Series A1 and
A2 PTCs is 34.17% and 20.73%, respectively, of the initial POS.
The transaction also benefits from the external CE of 3.5% of the
initial POS in the form of fixed deposits with RBL Bank Limited in
the name of the originator, with a lien marked in favor of the
trustee.  The collateral pool to be assigned to the trust at par
had the initial POS of INR512.7 million, as of the pool cut-off
date of Jan. 17, 2017.

The external CE will be used in the event of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payments to Series A1 investors,
c) monthly interest payments to Series A2 investors after the
complete redemption of Series A1 investors, and d) any shortfall
in Series A2 maximum pay-out on the Series A2 final maturity date.

                        RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency analyzed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate, recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 and Series A2 PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with a track record of over 22 years.  The
company is promoted by Mr. Rajendra Kumar Setia.  It primarily
provides vehicle loans, including light commercial vehicles and
multi-utility vehicles, tractor, car, three-wheeler and SME loans,
in Rajasthan, Gujarat, Madhya Pradesh Punjab and Maharashtra.  Its
corporate and registered office is in Jaipur, Rajasthan.

As of March 2016, EKFPL had INR5,256.3 million worth of assets
under management.  Its network base stood at 207 branches as of
December 2017.  As of March 2016, gross non-performing assets
(defined as loans that are more than 150 days past due) were 1.78%
(March 2015: 1.37%; defined as loans that are more than 180 days
past due) and net non-performing assets were 1.37% (0.88%).


TRIDENT INFRA: CRISIL Reaffirms B+ Rating on INR40MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Trident Infra Homes Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan                40      CRISIL B+/Stable (Reaffirmed)

The rating reflects Trident Infra's exposure to demand risks
associated with its ongoing residential project, and
susceptibility to cyclicality inherent in the real estate
industry. These weaknesses are partially offset by the promoters'
experience and moderate bookings and realization.

Key Rating Drivers & Detailed Description

Weakness

* Demand risks associated with ongoing residential project: Till
February 2017, around half the units were booked. Hence, exposure
to demand risk may remain over the medium term.

* Susceptibility to cyclicality inherent in the real estate
industry: The company is susceptible to risks pertaining to the
real estate sector.

Strengths

* Promoter's experience: The promoter has around a decade of
industry experience.

* Moderate bookings and realisation: Of the total 11 towers, five
have completed 40% construction while the remaining have completed
90% construction. Till February 2017, advances of INR250 crore had
been achieved.

Outlook: Stable

CRISIL believes Trident Infra will continue to benefit over the
medium term from the promoter's experience. The outlook may be
revised to 'Positive' if significant improvement in business and
financial risk profiles backed by higher-than-expected customer
advances and timely implementation of the ongoing project lead to
healthy cash accrual. Conversely, the outlook may be revised to
'Negative' if there is a time or cost overrun in the project or
liquidity is constrained by delays in receiving customer advances,
thus restricting revenue and profitability.

Trident Infra was incorporated in 2010 by Mr S K Narvar. The
company develops residential and commercial real estate projects.
It is currently developing a residential project, Trident Embassy,
at Noida Extension (Uttar Pradesh).

Profit after tax and net sales were INR0.4 crore and INR45 crore,
respectively, in fiscal 2016 vis-a-vis nil sales and PAT in fiscal
2015, respectively.


VENKATESHWARA SPONGE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Venkateshwara
Sponge & Iron Company Private Limited (VSICPL) a Long-Term Issuer
Rating of 'IND B+'.  The Outlook is Stable.  Instrument-wise
rating action is:

   -- INR130 mil. Fund-based limits assigned with 'IND B+/Stable'
      rating

                       KEY RATING DRIVERS

The ratings reflect VSICPL's low scale of operations, weak credit
metrics, high working capital requirements and a tight liquidity
position.  In FY16, revenue was INR284 million (FY15: INR271
million), net leverage (Ind-Ra adjusted net debt/operating
EBITDAR) was 5.0x (FY15: 24.2x) and interest coverage (operating
EBITDA/gross interest expense) was 1.4x (0.4x).  The improvement
in the credit metrics was on account of an improvement in EBITDA.
EBITDA margin increased to 9.9% in FY16 (FY15: 2.6%) mainly due to
a decrease in raw material price.

The company's working capital limits were fully utilized with few
instances of overutilization during the six months ended February
2017. VSICPL had a long net working capital cycle of 487 days in
FY16 (FY15: 446 days) resulting from high inventory days leading
to high working capital requirements.

Ind-Ra expects a strong improvement in VSICPL's top line in FY17
as VSICPL has indicated revenue of around INR366.7 million during
11MFY17.

                       RATING SENSITIVITIES

Negative: A further deterioration in the liquidity profile will be
negative for the ratings.

Positive: An improvement in the scale of operations, along with an
improvement in the liquidity profile will be positive for the
ratings.

COMPANY PROFILE

Jharkhand-based, VSICPL was incorporated in 2005.  The company
manufactures sponge iron and has an installed capacity of 100MT
per day.  The company is managed by Mr. Saurabh Kumar and Mr.
Kumar Gaurav.



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


TOSHIBA CORP: Must Buy French Stake in Nugen For $139 Million
-------------------------------------------------------------
The Japan Times reports that the French group Engie is requiring
Toshiba to buy its 40 percent stake in their British nuclear joint
venture, NuGen, for about JPY15.3 billion (US$139 million).

The troubled Japanese conglomerate said on April 4 that the deal
was prompted by the bankruptcy of Toshiba's U.S. subsidiary
Westinghouse, the report relates.

According to the report, NuGen plans to build three reactors at
the Moorside site near Sellafield in Cumbria, northwest England.
The AP-1000 models are designed by Westinghouse, which filed for
bankruptcy protection last week.

Engie in December said it was studying the economic viability of
its nuclear projects, especially in Britain, following news
reports suggesting it wanted to withdraw from them, the report
recalls.

The Japan Times relates that Toshiba said Westinghouse's
bankruptcy filing entitles Engie to either sell all of its stake
in NuGen to Toshiba, which currently holds the remaining 60%, or
to acquire all of Toshiba's shares. "Engie has accordingly
exercised its rights to require Toshiba to buy its holding," the
company said in a statement.

Toshiba has previously warned it was facing a writedown exceeding
JPY700 billion ($6.3 billion) at Westinghouse, the report notes.

Its shares have lost more than half of their market value since
late December, when Toshiba warned of the flood of red ink at
Westinghouse and said it was investigating claims of possible
accounting errors by senior executives at the division, The Japan
Times discloses.

The Japan Times relates that Toshiba said the transaction would
have no impact on its consolidated accounts. It fears a loss of
JPY1.01 billion in the fiscal year that ended in March.

But Engie's decision will complicate recovery efforts by Toshiba,
which is trying to shed most of its overseas nuclear energy
projects.

According to the report, Toshiba said on April 4 it would
"continue to look for investors interested in investing in NuGen"
in order to dispose of the 60% share it acquired in June 2014.

                         About Toshiba

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

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

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


TOSHIBA CORP: Offers Memory Chip Stake as Collateral for Loan
-------------------------------------------------------------
Reuters reports that Toshiba Corp. has asked creditor banks for a
new loan and offered as collateral a stake in its memory chip unit
that is being split off, sources said, underlining the firm's
growing financial woes as it braces for a multi-billion dollar
loss.

According to Reuters, the TVs-to-construction Japanese
conglomerate expects to book a net loss of about $9 billion for
the year ended March, due to a writedown related to cost overruns
at its U.S. nuclear unit Westinghouse that recently went bankrupt.
Toshiba has put up most or even all of its prized chip unit - the
world's No. 2 producer of NAND chips - to cope with this financial
maelstrom, Reuters says.

On April 4, in a meeting with creditor banks, Toshiba asked for "a
new lending facility", Reuters relates citing sources with direct
knowledge of the matter, who did not want to be named as they were
not authorized to discuss the matter publicly. It has previously
requested creditors not to call in their loans, Reuters notes.

The company did not say how much it was looking for in new loans,
most of the sources said, Reuters relays. But one source said
Toshiba may seek a new loan worth around JPY300 billion ($2.7
billion).

A stake in the memory chip unit was offered as collateral both for
a new loan and for existing loan commitments worth
JPY680 billion provided by major lenders, sources said, Reuters
relates. Loan commitments are a promise to lend upon a borrower's
request.

It again offered shares in group companies such as Toshiba Tec
Corp and real estate properties as collateral for existing loans,
said the sources, adding the conglomerate had asked creditors to
give their nod by April 14, according to Reuters.

A Toshiba spokesman confirmed the meeting, but declined to
elaborate on the specifics of the discussion.

Reuters notes that the collateral offer is part of Toshiba's
efforts to secure the support of its lenders, some of whom have
become growingly frustrated with the conglomerate's financial
troubles.

Some smaller creditors have also balked at the collateral offer,
as bigger lenders are seen receiving the most valuable chip unit
shares, the sources, as cited by Reuters, said.

Shares in Toshiba plunged for a second straight day after Reuters
reported the troubled conglomerate would likely miss a third
deadline to report its quarterly business results, which could
force the firm to ask for a fresh extension or face a possible
delisting from the Tokyo Stock Exchange.

Asked about Toshiba's potential delay, Japanese Trade Minister
Hiroshige Seko said it was important for listed companies to have
sufficient information disclosure and to ensure effective
corporate governance, Reuters notes.

                         About Toshiba

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

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

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


TOSHIBA CORP: Micron, SK hynix, WD to Vie for Memory Unit
---------------------------------------------------------
Yonhap News Agency reports that South Korean chipmaker SK hynix
Inc., as well as U.S.-based Micron Technology, Inc. and Western
Digital are expected to lock horns to take over the memory arm of
Japan-based Toshiba Corp., industry tracker said on April 5.

During a forum, Walter Coon, director for NAND flash technology
research at the industry tracker IHS, said while one of the three
bidders are widely expected to be the potential winner of Toshiba,
none of them currently hold a strong advantage, Yonhap relates.

According to Yonhap, the remark came as 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.

Mike Howard, director of memory and storage at IHS, added it is
unlikely that a non-chipmaker such as U.S. tech giant Apple Inc.
or Google Inc. will take over Toshiba's memory operation, the
report relays.

Mr. Howard said while Toshiba takes up 18% of the global NAND
market, and Apple consumes a similar amount, the U.S. tech giant
would rather seek to purchase the parts from other companies in a
bid to avoid excessive risks, adds Yonhap.

                         About Toshiba

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

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

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



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


1MALAYSIA DEVELOPMENT: Swiss Regulator Still Probing 3 Banks
------------------------------------------------------------
Bloomberg News reports that Switzerland's financial regulator said
it's still investigating three private banks in relation to
alleged corruption and money laundering at the Malaysian
government fund known as 1Malaysia Development Bhd (1MDB).  A
probe of UBS Group AG in the matter was closed, Bloomberg says.

"There are still a handful of cases related to 1MDB that have not
been concluded," Mark Branson, chief executive officer of the
regulator FINMA, told reporters in Bern on April 4, Bloomberg
relays.

Three cases remain unresolved, he Swiss Financial Market
Supervisory Authority (FINMA) said in a statement on
April 4, Bloomberg relates.  A case against UBS was closed
recently and the bank, Switzerland's largest, was reprimanded with
no further action to be taken, the watchdog said. The Monetary
Authority of Singapore found violations of local anti-money
laundering rules when it concluded a probe of UBS in October,
according to the statement cited by Bloomberg.

According to Bloomberg, regulators and prosecutors in the U.S.,
Singapore and other jurisdictions have investigated how banks were
used to funnel money from alleged corruption at 1Malaysia
Development Bhd., which has denied wrongdoing. FINMA, a Bern-based
watchdog established in 2007 to oversee banks, insurers and other
financial firms, had previously sanctioned three of the nation's
lenders over their roles in the affair, the report notes.

FINMA confiscated profits from Coutts & Co. in Zurich after the
international private banking unit formerly owned by Royal Bank of
Scotland Group Plc allowed $2.4 billion worth of assets related to
the Malaysian development fund to flow though its accounts in
Switzerland, the regulator said in February, Bloomberg recalls. It
also punished Lugano, Switzerland-based BSI SA and Falcon Private
Bank of Zurich last year.

"There will be always cases of money laundering," the report
quotes Mr. Branson, a former UBS and Credit Suisse Group AG
banker, as saying. "Our biggest fear is that Swiss institutions or
foreign units of Swiss banks get involved in big money laundering
cases."

The Swiss regulator is also probing reports of insider trading at
several companies, spoofing, which involves flooding the market
with orders that are later canceled when prices move in the
direction the spoofer wants, and several cases of front-running,
Mr. Branson, as cited by Bloomberg, said.

Separately, FINMA is in touch with Credit Suisse about offshore
tax probes being conducted by Dutch and other tax authorities, he
said, Bloomberg adds.

                            About 1MDB

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

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

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

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

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

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

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



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


FELTEX CARPETS: Shareholders in Supreme Court Challenge
-------------------------------------------------------
BusinessDesk reports that former Feltex Carpets shareholder Eric
Houghton's lawyer has argued in the Supreme Court that the failed
company's 2004 prospectus wasn't valid because it contained untrue
statements about its sales prospects.

According to BusinessDesk, Patricia Mills for Mr. Houghton told
Supreme Court Chief Justice Sian Elias and Justices Terence Arnold
and Mark O'Regan that because the Feltex prospectus contained an
untrue statement it wasn't a valid offer document and meant,
therefore, that the company wasn't entitled to offer securities to
the public. Mr. Houghton is seeking leave to appeal to the Supreme
Court after his case was dismissed by the Court of Appeal.

She cited a finding in last year's Court of Appeal ruling that Mr.
Houghton had grounds to pursue a claim that the offer document
contained misleading statements, a reference to the forecasts for
the 2004 year, BusinessDesk says. The appeal court didn't dwell on
that point, deeming those forecasts immaterial and the contention
that the forecast caused losses "untenable".

BusinessDesk says Ms. Mills on April 5 agreed with a question put
to her by Justice Elias that her client's "real quarrel" with the
Court of Appeal judgment was with "the requirement of
materiality".

BusinessDesk relates that David Cooper, counsel for the former
Feltex directors, said that given the findings of the lower court
that any inaccuracies in the document were immaterial, 'then
whatever the outcome, it doesn't make a difference."

Feltex investor Houghton originally sued the former Feltex
directors, owners and sale managers in a representative High Court
action seeking $185 million including interest for shareholders he
said had been misled by the 2004 prospectus, says BusinessDesk.
Justice Robert Dobson found in favor of the defendants while
noting some criticisms of the offer documents.

In dismissing his subsequent appeal to the Court of Appeal last
year, Justices Ellen France, Tony Randerson and Helen Winkelmann
ruled that the only conduct that could be deemed misleading or
deceptive wasn't material enough to cause loss, BusinessDesk
relates.

According to BusinessDesk, Mr. Houghton was successful in
convincing Justices Randerson and Winkelmann, being the majority,
that the High Court erred in its definition of promoter, finding
the joint lead managers First NZ Capital and Forsyth Barr should
have been captured by the lawsuit, although that's since changed
under the new securities law regime which excludes the concept of
promoter as those liable for misleading statements.

In seeking leave to appeal to the Supreme Court, Ms. Mills said
obligations under the Financial Markets Conduct Act were
"substantially similar to the structures in the Securities Act" it
replaced, BusinessDesk relays.

BusinessDesk notes that the Supreme Court bench asked the phalanx
of lawyers for the various classes of respondents for their
thoughts on whether there were issues to be answered under the
Fair Trading Act after Ms. Mills said FTA claims should be heard
in a stage 2 trial. In the High Court, Justice Dobson had struck
out those claims made under the Fair Trading Act, ruling that the
directors and promoters' conduct is regulated by the Securities
Act.

Justice Elias said the court would now consider its request for
leave to appeal, BusinessDesk relates.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.



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


CHINA FISHERY: Trustee Taps Development Specialists as Accountant
-----------------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee of China Fishery
Group Limited (Cayman), et al., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Development Specialists, Inc. as accountant to the Trustee.

The Trustee requires Development Specialists to:

   (a) assist the Trustee in the preparation of financial-related
       Disclosures required by the bankruptcy Court, including
       any potential Revisions or adjustments to the Debtor's
       Schedules of Assets and Liabilities, any potential
       revisions or adjustments to Statements of Financial
       Affairs, Monthly Operating Reports, and Rule 2015.3
       Reports;

   (b) assist in the preparation and review of the Debtors'
       Financial information, including, but not limited to,
       analyses of cash receipts and disbursements, financial
       statement items, and proposed transactions for which the
       bankruptcy Court approval is sought;

   (c) prepare enterprise, asset, and liquidation valuations;

   (d) assist with the analysis, tracking and reporting regarding
       any financing arrangements and budgets;

   (e) assist with identifying and implementing potential cost
       containment opportunities;

   (f) assist in the review of the business and financial
       condition of the Debtors generally;

   (g) coordinate efforts to obtain debtor-in-possession
       financing and financing for the Peruvian OpCos;

   (h) attend meetings and assist in discussions with potential
       investors, banks, and other lenders, any official
       committees appointed in the Chapter 11 Cases, the U.S.
       Trustee, the Securities and Exchange Commission, the
       Department of Justice, other parties in interest, and
       professionals hired by same, as requested;

   (i) communicate and negotiate with the administrators for the
       various Debtor estates and creditor constituents to aid
       the Trustee in maximizing recovery for all stakeholders;

   (j) assist in the preparation of information and analysis
       necessary for the confirmation of a Chapter 11 plan,
       including information contained in the disclosure
       statement, if confirmation of a plan is found to be
       advisable by the Trustee;

   (k) provide forensic accounting services necessary to
       determine the disposition of the Debtors' assets and
       assist counsel in the development of litigation claims
       which may be property of the estates;

   (l) manage the facilitation and coordination and data exchange
       between the various worldwide administrations;

   (m) participate in the negotiation, reconciliation, and
       resolution of intercompany claims asserted by CFG Peru
       Singapore against other Debtors and assess the
       distributable value that will flow from those entities to
       the Chapter 11 estates;

   (n) coordinate the sale of non-core assets;

   (o) coordinate the sale of the Peruvian OpCos;

   (p) coordinate workflow administration between the Trustee's
       professionals, creditor constituencies and their
       professionals, and the various Chapter 11 estates;

   (q) assist the Trustee with the day-to-day, short-term and
       long-term management of the bankruptcy process, including
       evaluation of strategic and tactical options with respect
       to any related insolvency administrations throughout the
       world, as well as management of the reorganization of
       operations and sale of Debtor's assets; and

   (r) render such other assistance as the Trustee or his
       retained professionals may deem necessary consistent with
       the role of an accountant to the extent that it would not
       be duplicative of services provided by other professionals
       in the bankruptcy proceeding.

Development Specialists will be paid at these hourly rates:

     Robert Weiss                  $650
     Patrick J. O'Malley           $615
     Steven L. Victor              $595
     Yale S. Bogen                 $475
     Matthew P. Sorenson           $395
     Shelly Cuff                   $315
     William G. Brandt             $195

Development Specialists will also be reimbursed for reasonable
out-of-pocket expenses incurred.

William A. Brandt, Jr., president and CEO of Development
Specialists, Inc., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code and (a) is not creditors, equity security
holders or insiders of the Debtor; (b) has not been, within two
years before the date of the filing of the Debtor's chapter 11
petition, directors, officers or employees of the Debtor; and (c)
does not have an interest materially adverse to the interest of
the estate or of any class of creditors or equity security
holders, by reason of any direct or indirect relationship to,
connection with, or interest in, the Debtor, or for any other
reason.

Development Specialists can be reached at:

     William A. Brandt, Jr.
     DEVELOPMENT SPECIALISTS, INC.
     110 East 42nd Street, Suite 1818
     New York, NY 10017
     Tel: (212) 425-4141
     Fax: (212) 425-9141

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition
was signed by Ng Puay Yee, chief executive officer. The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP as conflict
counsel; Goldin Associates, LLC, as financial advisor; and RSR
Consulting LLC as restructuring consultant.

On November 10, 2016, William Brandt, Jr. was appointed as Chapter
11 trustee for CFG Peru Investments Pte. Limited (Singapore), one
of the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves
as the trustee's bankruptcy counsel; Hogan Lovells US LLP serves
as special counsel; and Quinn Emanuel



                             *********

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

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

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


                            *********


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

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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