TCRAP_Public/170407.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

            Friday, April 7, 2017, Vol. 20, No. 70

                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: Moody's Puts B2 CFR on Review for Upgrade
BOOZH WAH: Second Creditors' Meeting Set for April 18
ECSM PTY: First Creditors' Meeting Set for April 18
EMECO HOLDINGS: Fitch Ups IDR to CCC on Restructuring Completion
ICRG NORTH: Goes Into Voluntary Administration

ICRG NORTH: Second Creditors' Meeting Set for April 13
ICRG NORTH: Creditors Committee's Meeting Set for April 10
GH1 PTY: First Creditors' Meeting Set for April 19
MOTORGUARD EWM: ASIC Cancels License for Failure to File Reports
RURAL & GENERAL: ASIC Cancels Suspended AFS License

SMI GROUP: In Liquidation; Subcontractors Owed AUD7 Million
TMAC PTY: Second Creditors' Meeting Set for April 18
TOPSTYLE INVESTMENTS: Second Creditors' Meeting Set for April 20


C H I N A

BIOSTIME INT'L: 2016 Results No Impact Ba2 CFR, Moody's Says
GOLDEN EAGLE: Fitch Affirms BB- IDR; Outlook Negative
JINGRUI HOLDINGS: Fitch Puts CCC+ Unsec. Rating on Watch Negative
ORIENT PAPER: Gets Audit Opinion With Going Concern Qualification


I N D I A

ALAKNANDA HYDRO: CARE Reaffirms 'D' Rating on INR2147.94cr Loan
ANIR TECHPARK: CRISIL Assigns B- Rating to INR150MM LT Loan
BACHMANN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR14MM Loan
BHAGWATI LACTO: CARE Reaffirms 'B+' Rating on INR15cr LT Loan
COMBINE DIAMONDS: CARE Reaffirms B+ Rating on INR48cr Loan

DHOOT RESORTS: CRISIL Cuts Rating on INR48MM Term Loan to 'D'
GARV UDYOG: CRISIL Lowers Rating on INR6.50MM Loan to 'D'
GATI INFRASTRUCTURE: CARE Reaffirms D Rating on INR229.23 cr Loan
GOLD MOHAR: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
GOLDCOIN POLYPLAST: CRISIL Reaffirms B+ Rating on INR8.35MM Loan

IB INABENSA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
IBC LIMITED: CRISIL Lowers Rating on INR30MM Loan to D
ICA EDU: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
JITENDRA DALL: CARE Assigns 'B+' Rating to INR5cr LT Loan
JUNO IFMR 2015: Ind-Ra Affirms 'BB+' Rating on 2 Tranches

KALP DIAMONDS: CRISIL Lowers Rating on INR11MM Loan to B+
KOHINOOR AGRO: CRISIL Reaffirms B+ Rating on INR5.75MM Cash Loan
KONARK SYNTHETIC: Ind-Ra Assigns 'B-' Rating on INR192.5MM Limits
M/S FORTUNE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
M/S TRANS CONDUCT: Ind-Ra Assigns 'B' Long-Term Issuer Rating

M. O. POONNEN: CRISIL Assigns 'B+' Rating to INR5.5MM Cash Loan
MELAMPARAMPIL M.O.: CRISIL Assigns B+ Rating to INR6.5MM Loan
MIDDHA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR6MM Loan
MPS STEELS: CARE Reaffirms B+ Rating on INR10.66cr LT Loan
NAGARJUNA FERTILIZERS: CARE Lowers Rating on INR1696.49cr Loan

NR ISPAT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
PING TELEMATICS: CARE Reaffirms 'B' Rating on INR8.50cr Loan
POWERWIND LTD.: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
PUNE TUBES: CRISIL Lowers Rating on INR7.25MM Cash Loan to D
PUNJAB RICE: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan

R. L. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR7MM Loan
RADHA SMELTERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
RIGA SUGAR: CARE Revises Rating on INR124.80cr LT Loan to B+
ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR14MM Cash Loan
SAHARA HOSPITALITY: CARE Reaffirms D Rating on INR506.74cr Loan

SHAMBHU SINGH: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
SHREE VEERABHADRESWARA: CARE Assigns B Rating to INR6cr Loan
SHRI DHANALAKSHMI: CARE Assigns B+/Issuer Not Cooperating Rating
TRAVANCORE MULTI: CARE Assigns B+/Issuer Not Cooperating Rating
SURANI PAPER: CARE Assigns 'B' Rating to INR7.25cr Loan

VENUS P.P.: CRISIL Raises Rating on INR5MM Cash Loan to 'B'
VIRAJ CONSTRUCTION: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
WINS INTERNATIONAL: CRISIL Ups Rating on INR4.5MM Loan to B+
WORLDWIDE TRADELINKS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: Fires Westinghouse Chair to Signal Fresh Start


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Pension Fund Undecided on Debt Rescheduling
DAEWOO SHIPBUILDING: Union Agrees to Return 10% of Salaries
DAEWOO SHIPBUILDING: Creditors Undecided on Refund Guarantee


T A I W A N

WAN HAI: Weak Earnings in 2016 No Impact on Moody's Ba2 CFR


                            - - - - -


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


BARMINCO HOLDINGS: Moody's Puts B2 CFR on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade
Barminco Holdings Pty Limited's B2 corporate family rating (CFR)
and Barminco Finance Pty Ltd's B2 senior unsecured debt rating.

At the same time, Moody's has assigned a provisional (P)B2 rating
to the new senior secured 144a bond issued by Barminco Finance
Pty Limited and a provisional (P)B1 rating to the new super
senior secured revolving credit facility issued by Barminco
Finance Pty Ltd and Barminco Limited. These ratings have also
been placed on review for upgrade.

RATINGS RATIONALE

These rating actions follow Barminco's announcement that it plans
to launch an USD300 million 144a bond to refinance all of its
existing USD300 million high-yield bond. The ratings on the new
debt are assigned on a provisional basis and are subject to
Moody's review of final terms and conditions.

"The review will focus on the timely completion of the
refinancing on the currently proposed terms. If the transaction
is completed as planned, it will likely result in a one-notch
upgrade of the CFR to B1 from B2, as well as a one-notch upgrade
of the senior secured 144a debt rating to B1 from (P)B2 and super
senior secured revolving credit facility to Ba3 from (P)B1, as it
would reduce refinancing risk," says Kirsten Lee, a Moody's
Analyst.

"The review for upgrade also reflects the company's improved
credit profile, underpinned by higher earnings from new contract
wins, reduced financial leverage, as well as its strong
operational track record of maintaining a stable volume of
contracts and solid contract EBITDA margins," adds Lee.

While the operating environment for mining services providers
remains competitive and challenging, Barminco's high exposure to
the gold sector has supported revenue, given the more favourable
supply and demand fundamentals for gold than for other base
metals and bulk commodities.

Moody's expects new contract wins from the Kundana Gold mine in
Australia and Rampura Agucha Zinc mine in India, as well as the
Sukari contract renewal and increased revenue expectations for
Nova Bollinger and Sunrise Dam, to continue to support strong
revenue and EBITDA generation over the next 2 to 3 years.

Barminco's debt/EBITDA was around 4.1x for the 12 months ended 31
December 2016, and Moody's expects it will improve further to
around 3.0x-3.3x over the next 12 to 18 months, supported by
additional earnings from new contract wins and its commitment to
deleverage further.

Barmico's rating also benefits from its strong position and
franchise in underground hard rock mining. Barminco is estimated
to have a leading market share in this niche segment of mining
services in Australia and Western Africa.

What could change the rating -- Up

Barminco's CFR could be upgraded if it maintains a track record
of strong cash flow generation and improved earnings, such that
adjusted debt/EBITDA is sustained below 4.25x. Any rating upgrade
will also depend on the company's ability to refinance the USD300
million high-yield bond maturing in 2018.

What could change the rating -- Down

The rating could face negative pressure if market conditions
deteriorate despite Moody's expectations for conditions to
stabilize, thereby hindering Barminco's ability to generate
revenue and earnings, and leading to its adjusted debt/EBITDA to
rise above 5.25x-5.50x on a consistent basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Barminco Holdings Pty Limited is a market leader in underground
hard rock contract mining in Australia. The company also provides
diamond drilling, crushing and screening support services to its
mining customers. Barminco also has material operations across
Africa, both directly and through its 50% interest in the African
Underground Mining Services joint Venture.


BOOZH WAH: Second Creditors' Meeting Set for April 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Boozh Wah Pty
Ltd, formerly trading as The Locavore, has been set for April 18,
2017, at 2:00 p.m., at the offices of Heard Phillips Chartered
Accountants, Level 12, 50 Pirie Street, in Adelaide, SA.

The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 18, at 10:00 a.m.

Andrew Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of Boozh Wah on March 9, 2017.


ECSM PTY: First Creditors' Meeting Set for April 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of ECSM Pty
Ltd, as trustee for THY Family Trust, will be held at the offices
of Worrells Solvency & Forensic Accountants, Suite 1, Level 15, 9
Castlereagh Street, in Sydney, NSW, on April 18, 2017, at
12:30 p.m.

Simon Cathro of Worrells Solvency & Forensic Accountants was
appointed as administrator of ECSM Pty on April 5, 2017.


EMECO HOLDINGS: Fitch Ups IDR to CCC on Restructuring Completion
----------------------------------------------------------------
Fitch Ratings has downgraded Australia-based mining services
company Emeco Holdings Limited's Long-Term Issuer Default Rating
(IDR) to 'RD' (Restricted Default) from 'C' on Emeco's
announcement that it has completed the restructure of its USD283
million 9.875% senior unsecured notes due 2019, issued by Emeco
Pty Ltd and guaranteed by Emeco, which the agency viewed as a
distressed debt exchange. The IDR has then been upgraded to
'CCC', reflecting Fitch's belief that, while the distressed
exchange improves liquidity by extending the next maturity to
2022, business prospects are weak.

Emeco announced on March 31, 2017, that it has completed its debt
restructure as well as a merger with two local entities with
similar businesses - Orionstone Holdings Pty Ltd and Andy's
Earthmovers (Asia Pacific) Pty Ltd - and has launched a AUD20
million rights-issue underwritten by its key shareholders and
noteholders.

Fitch expects Emeco to post EBITDA of around AUD65 million in the
financial year ending June 2017 (FY17), which consists of nine
months of Emeco's standalone operations and three months of
operations post-restructuring. Fitch expects Emeco's EBITDA to be
pressured by the slow recovery in global commodity prices. The
agency believes prices have bottomed in most sectors, but miners
remain cost-focused and are targeting productivity improvements,
which limits new project and expansion starts.

KEY RATING DRIVERS

Improved Debt Servicing Flexibility: The upgrade of Emeco's Long-
Term IDR to 'CCC' from 'RD' reflects its improved debt servicing
flexibility post the restructure and merger. Fitch expects
Emeco's FFO-adjusted net leverage to fall to around 6.7x for FY17
on a pro-forma basis, from 10.6x in FY16, and for FFO fixed-
charge cover to improve to 1.5x, from 0.7x. Emeco's earliest
significant debt maturity is now its USD356 million 9.25% senior
secured notes due March 2022. Emeco reported that the 12 month
pro-forma EBITDA of all three businesses was AUD95 million in
FY16, excluding extraordinary costs, which is an increase from
the AUD54 million it reported on the same basis before the merger
and restructure.

Weak Rental-Rates, Industry Challenges: Emeco's rating reflects
ongoing challenges in the global mining industry, which Fitch
expects to continue pressuring Emeco's cash flow over the medium-
term. Fitch expects the Australian rental market, which comprises
79% of the company's post-merger revenue, to remain oversupplied
as miners remain cost-focused and extend the useful lives of
existing assets; this may impede any meaningful increase in
equipment-rental rates. The cost-focus could also limit new
projects and expansion starts in the short term. Fitch notes that
although Emeco reported increased fleet utilisation in 1HFY17,
higher cash flow was only possible via cost containment measures
and the sustainability of further cost cuts are challenging.
Orionstone's and Andy's operating cash flow has also declined
considerably in the last two fiscal periods due to weak industry
fundamentals.

Larger Fleet, Newer Assets: Emeco's equipment fleet, as a merged
entity, includes 729 machines, compared with 362 before the
merger. Emeco indicates that the average age of its fleet will
fall to around 18,000 hours, compared with more than 23,000 hours
previously. This provides it with increased flexibility to manage
incremental capex. Emeco expects to realise around AUD14 million-
AUD20 million of capex savings per annum in FY17 and FY18 on
fleet rationalisation and optimisation, assuming a modest
increase in utilisation levels.

DERIVATION SUMMARY

Emeco's Long-Term IDR reflects its substantially improved capital
structure post its merger, debt restructure and rights issue. The
debt restructure has pushed back Emeco's next significant debt
maturity of USD356 million to FY22. Fitch estimates that FFO
fixed-charge cover could improve to between 1.5x-1.7x over the
next two years, from 0.7x in FY16, and FFO-adjusted net leverage
could improve to between 5.8x-6.7x, from 10.6x. However the
rating also factors in Fitch's view that there are considerable
business risks and uncertainties around Emeco's ability to
increase the utilisation rate of its expanded equipment fleet in
a cash-flow accretive manner, given weak mining industry
fundamentals to which the business is leveraged.

KEY ASSUMPTIONS

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

- flat to marginal increase in asset utilisation rates for FY17
   and FY18, without any meaningful increase in rental rates;

- synergies from the merger of around AUD15 million to be
   realised by end-FY18, but to be offset by increasing operating
   costs in line with higher fleet-utilisation; and

- capex per annum at around 15% of revenue.

RATING SENSITIVITIES

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

- The rating could be upgraded if Emeco is able to grow
   operating cash flow on a sustained basis and successfully
   integrate the merged businesses.

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

- The rating could be downgraded if Emeco cannot improve its
   operating cash flow.

LIQUIDITY

Adequate Liquidity: Post-merger, Emeco's earliest significant
debt maturity is in 2022 when its USD356 million senior secured
9.25% notes fall due. This provides the company with significant
flexibility to manage cash flow. Emeco also has AUD15 million of
finance leases on its balance sheet and has secured a super-
senior revolving credit facility to meet contingencies.


ICRG NORTH: Goes Into Voluntary Administration
----------------------------------------------
Trailer Magazine reports that Northern Territory-based mining
services provider and freight forwarder, ICRG North Pty Ltd., has
gone into voluntary administration.

ICRG North is the NT division of Perth-based ICRG West, which
currently provides civil construction, freight forwarding and
mining services for a number of Government projects in the
region.

The report notes that according to local newspaper, NT News, ICRG
North owes $2.5 million to unrelated creditors and $1.5 million
to related creditors, and the administration will threaten more
than 50 local NT businesses.

Trailer Magazine relates that a Creditors Committee issued a
statement that said, "procurement of Northern Territory
Government services is in crisis and ICRG has 10 business days to
come back with a company agreement."

"The department has been actively working with ICRG and the
administrator to understand how a successful company got itself
into this situation," an Infrastructure Department spokesman
said, according to the report. "We are working on how the matter
can be resolved and understand the difficult situation the
subcontractors face having undertaken the work and not been fully
paid."


ICRG NORTH: Second Creditors' Meeting Set for April 13
------------------------------------------------------
A second meeting of creditors in the proceedings of ICRG North
Pty Ltd will be held at the Signature Room, Hilton Darwin, 32
Mitchell Street, in Darwin, NT, on April 13, 2017, at
11:00 a.m.

The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors to
resolve whether the Company should execute a deed of company
arrangement, the administration should end; or the Company be
wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 12, at 4:00 p.m.

Stuart Reid and Austin Taylor of Meertens were appointed as
administrators of ICRG North on Feb. 22, 2017.


ICRG NORTH: Creditors Committee's Meeting Set for April 10
----------------------------------------------------------
A meeting of the committee of creditors of ICRG North Pty Ltd.
will be held on April 10, 2017, at 3:00 p.m., at the offices of
Meertens Chartered Accountants at Suite 4 Raffles Plaza, 1
Buffalo Court, in Darwin NT.

The purpose of the meeting is to consider the recovery of BMD
Urban debtor claim, and any other business.


GH1 PTY: First Creditors' Meeting Set for April 19
--------------------------------------------------
A first meeting of the creditors in the proceedings of GH1 Pty
Ltd will be held at Business & Insolvency Solutions, Level 1,
15 Adelaide St, in Fremantle, WA, on April 19, 2017, at 9:30 a.m.

David Raymond Spencer of Business & Insolvency Solutions was
appointed as administrator of GH1 Pty on April 5, 2017.


MOTORGUARD EWM: ASIC Cancels License for Failure to File Reports
----------------------------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian financial services (AFS) license of
Queensland-based company Motorguard EWM Pty Ltd for failing to
lodge its annual financial statements and auditor's report for
three consecutive years.

ASIC Deputy Chairman Peter Kell said, "The annual lodgement of
audited accounts is an important part of a licensee demonstrating
it has adequate financial resources to provide the services
covered by its license and to conduct the business lawfully."

"ASIC will act on failures to lodge financial statements,
resulting in the suspension or cancellation of the AFS license."

The cancellation of Motorguard EWM Pty Ltd's AFS license is part
of ASIC's ongoing efforts to improve standards across the
financial services industry.

Motorguard EWM Pty Ltd has held its AFS license since March 2013.

ASIC is empowered to suspend or cancel a license if the licensee
has contravened its obligation to lodge its financial statements
and auditor's reports.


RURAL & GENERAL: ASIC Cancels Suspended AFS License
---------------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian Financial Services (AFS) license of
Parramatta-based company Rural & General Insurance Broking Pty
Limited (RGIB) for failing to comply with their legal obligations
and license conditions.

In particular, ASIC has found that RGIB failed to lodge annual
financial statements and auditor's reports for the financial
years ending June 30, 2014 and June 30, 2015.

RGIB's AFS license was initially suspended by ASIC for six months
in October 2016 for its failure to meet its obligations to lodge
these annual financial statements and auditor's reports during
the period of its license suspension. Accordingly, ASIC has now
cancelled its license.

ASIC Deputy Chairman Peter Kell said, 'The annual lodgement of
audited accounts is an important part of a licensee demonstrating
it has adequate financial resources to provide the services
covered by its license and to conduct the business lawfully.'

RGIB had held its AFS license since March 2003 and provided
general financial product advice. It was also authorised to deal
in general insurance products.  Clients of RGIB are encouraged to
contact their insurance provider to confirm that their insurance
is in place.

In 2016, ASIC permanently banned the former director of RGIB,
Timothy Charles Pratten of New South Wales, from providing
financial services and from engaging in credit activities.


SMI GROUP: In Liquidation; Subcontractors Owed AUD7 Million
-----------------------------------------------------------
The creditors of SMI Group Pty Limited, on March 28, 2017, passed
a resolution to voluntarily liquidate the company's business.

Frank Lo Pilato and Peter Marsden Jonathon Colbran of RSM
Australia Partners have been appointed as liquidators of the
company.

Subcontractors are chasing AUD7 million in payments owed by the
company, Doug Dingwal at Canberra Times reports.

Canberra Times relates that businesses are owed amounts up to
AUD733,000 from SMI, which went into administration in February.

According to the report, RSM Australia told creditors that ACT
builders Decca showed interest in purchasing SMI, which could
help recover more money.  However Decca confirmed it was no
longer interested in buying SMI as it was "not viable".

Canberra Times says ACT opposition leader Alistair Coe
has described a list of creditors as a "who's who of Canberra
businesses".

In a hearing of the Standing Committee on Economic Development
and Tourism in February, Mr. Coe warned of dire knock-on effects
if payments weren't made, the report relays.

SMI also owes AUD561,000 in employee entitlements, Canberra Times
discloses.

The report notes that RSM said it is unclear whether SMI traded
while insolvent, and its director and former director deny this.

Canberra Times adds that the ACT government has terminated
its five contracts with SMI, including two unfinished projects,
and suspended payment to the company.

In the standing committee hearing in February, Procurement and
Capital Works executive director George Tomlins said the
government was getting legal advice about how it could protect
subcontractors, the report relates.

PCW has yet to find any who are owed payments from money the ACT
paid to SMI for government projects, the report notes.

The report says the government was trying transfer subcontractors
to a new project manager, allowing them to be paid for claims.

SMI also completed projects for the Treasury Department, the
Commonwealth Scientific and Industrial Research Organisation
(CSIRO) and the Australian National University (ANU), and
operated in Canberra, Sydney and Melbourne before
entering financial strife, adds Canberra Times.

RSM said the Company's problems stemmed from losses on a contract
to refurbish two buildings at the University of Canberra, the
report adds.

                          About SMI Group

SMI Group Pty Limited, trading as SMI Fitout Pty Limited, is a
construction firm in Australia.  It has provided construction
services and fire services to various Federal Government, Local
Government and Private Sector clients in the Australian Capital
Territory (ACT), Victoria, South Australia, Queensland and New
South Wales since 2005.

On January 12, 2017, an application for the winding up of SMI
Group was commenced by the plaintiff Lifestyle Kitchens & Joinery
Australia Pty Ltd.

On February 7, 2017, Frank Lo Pilato, Jonathon Colbran and Peter
Marsden of RSM Australia Partners were appointed as Joint and
Several Administrators of the Company pursuant to Section 436A of
the Corporations Act 2001.


TMAC PTY: Second Creditors' Meeting Set for April 18
----------------------------------------------------
A second meeting of creditors in the proceedings of TMAC Pty Ltd,
formerly trading As "Armadillo Campers" and "Customline Camper
Trailers" has been set for April 18, 2017, at 11:00 a.m., at the
offices of BDO, Level 10, 12 Creek Street, in Brisbane,
Queensland.

The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company, and (2) for the creditors to
resolve whether the Company execute a deed of company
arrangement, the administration should end, or the Company be
wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 13, at 4:00 p.m.

Helen Newman and Andrew Fielding of BDO were appointed as
administrators of TMAC Pty on March 13, 2017.


TOPSTYLE INVESTMENTS: Second Creditors' Meeting Set for April 20
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Topstyle
Investments Pty Ltd, trading as Oliver's on James, will be held
at the offices of Palisade Business Consulting, 22 Lindsay
Street, in Perth, WA, on April 20, 2017, at 11:00 a.m.

The purpose of the meeting is for the creditors to resolve
whether the Company execute a deed of company arrangement; the
administration should end; or the Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 19, at 4:00 p.m.

Jack Robert James and Paula Lauren Cowan of Palisade Business
Consulting Pty Ltd were appointed as administrators of Topstyle
Investments on March 14, 2017.



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C H I N A
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BIOSTIME INT'L: 2016 Results No Impact Ba2 CFR, Moody's Says
------------------------------------------------------------
Moody's Investors Service says that Biostime International
Holdings Limited's 2016 results will not immediately affect the
company's Ba2 corporate family rating and the Ba3 senior
unsecured rating on its senior notes.

The ratings outlook is stable.

"Biostime's posted EBITDA growth in 2016, reflecting revenue
growth, which was in turn driven by its vitamin, herbal and
mineral supplements business," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Biostime's revenue rose 35% year-on-year in 2016, reflecting the
full year consolidation of Swisse Wellness Group Pty Ltd
(unrated), an Australian vitamin, herbal and mineral supplements
provider that Biostime acquired in October 2015.

The rise in revenues for vitamin, herbal and mineral supplements
offset the results in its other pediatric products and infant
milk formula businesses, which grew 1% and fell 5% respectively
versus a year ago.

While growth in probiotics supplements supported revenue growth
in other pediatric products, competition in the mid-tier segment
and de-stocking ahead of new infant milk formula registration
regulation resulted in a fall in revenue for its infant milk
formula business.

Moody's expects that Biostime's revenue growth, reflecting its
enlarged revenue scale, will moderate to about 7%-8% year-on-year
in 2017, driven by its vitamin, herbal and mineral supplements
and other pediatric products businesses.

"Biostime's EBITDA growth also benefitted from margin expansion,
resulting from operating leverage," adds Ho.

The company's adjusted EBITDA margin rose to about 30.1% in 2016
from 20.2% a year ago, reflecting operating leverage and the
absence of one-off expenses relating to the launch of infant milk
formula and the Swisse acquisition.

Moody's expects Biostime's EBITDA margin to narrow to about 27.3%
over the next 12-18 months driven by higher marketing and brand
building expenses.

Excluding the convertible bonds of RMB1.2 billion that the
company redeemed in February 2017, for which the company had
pre-funded with a USD400 million bond issuance in June 2016,
Biostime's debt/EBITDA reached 3.7x in 2016.

Moody's expects the company's adjusted debt/EBITDA to reach about
3.7x over the next 12-18 months, driven by a stable level of
EBITDA and debt reduction through scheduled repayments of its
USD450 million senior loan.

At end-2016, Biostime's cash balance - including restricted
cash - totaled RMB2.5 billion, and its reported short-term debt
registered RMB2.0 billion, resulting in cash/short-term debt of
127%.

After factoring in the tap bond issuance of USD200 million in
January 2017, Moody's expects that the company's cash balance and
operating cash flow will be sufficient to cover its short-term
debt, payments for its acquisition of a 17% stake in Swisse in
February 2017, and its capital expenditure over the next 12
months.

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Biostime International Holdings Limited is a leading domestic
infant milk formula provider in China. The company acquired an
83% stake in the leading Australian vitamin, herbal and mineral
supplements provider, Swisse Wellness Group Pty Ltd (unrated) in
September 2015, and further raised its stake to 100% in February
2017.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's stock exchange in December 2010. Chairman
and CEO, Mr. LUO Fei, and other principal shareholders together
held a 72% stake in the company at end-December 2016.


GOLDEN EAGLE: Fitch Affirms BB- IDR; Outlook Negative
-----------------------------------------------------
Fitch Ratings has affirmed China-based department store operator
Golden Eagle Retail Group Limited's Long-Term Issuer Default
Rating (IDR) and senior unsecured rating at 'BB-'. The Outlook on
the IDR is Negative.

The ratings reflect the company's efforts to diversify its
revenues and a high proportion of self-owned stores. This has
helped to stabilise EBITDA, but the ratings remain constrained by
the company's leverage and a challenging retail landscape. The
Negative Outlook reflects the uncertainty over when leverage can
be reduced. The Outlook could stabilise if the negative triggers
are not breached within the next 12 months.

KEY RATING DRIVERS

Slight Improvement in Revenue. The operating environment for
Golden Eagle has been challenging since 2014 due to changing
consumer preferences for shopping channels and a lack of
differentiation among department stores, but there are initial
indications of a possible recovery in consumer spending. Gross
sales proceeds (GSP) from concessionaire sales were flat yoy in
2H16 compared with a decline of 8% in 1H16, and full-year 2016
same-store sales (SSS) declined by only 4% compared with -9% in
1H16.

Shifting Business Model: Weakness in concessionaire sales has
been offset by boosting other revenue sources such as direct
sales, rental income and auto services. The contribution from
concessionaire sales as a percentage of GSP (not including sale
of properties) fell to 84% in 2016 from 91% in 2013. Revenue
diversification along with a lower proportion of rental
properties has allowed Golden Eagle's EBITDA to remain relatively
stable at over CNY1.5bn for the past three years. Fitch expects
the change in sales mix will result in operating revenues
outperforming GSP and contribute to stable or slightly growing
EBITDA over the next few years.

Leverage a Key Constraint: Fitch expects leverage to remain high
until Golden Eagle is able to generate cash from residential
property sales or sees a turnaround in the core business.
Payables-adjusted net leverage had jumped to 5.9x by end-2015
(2014: 3.3x) after the acquisition of Global Era Group, which
included a large office and residential property project in Wuhu,
located in China's Anhui province. If cash flows from property
sales related to Global Era are booked, then Fitch expects
leverage may decrease along with any improvement in the core
concessionaire business.

Property Value Supports Rating: Golden Eagle owns more than 60%
of the floor space it operates, and Fitch believes these assets
may be used as collateral to secure additional debt funding, if
needed. The carrying value of unencumbered fixed assets, land and
investment properties was over CNY11 billion at end-2016, and
Fitch estimates the market value to be substantially higher. The
company already has the right to issue onshore medium-term bonds
and company notes, which - combined - should be more than
sufficient to refinance the CNY5.2 billion syndicated loan
maturing in 2018, but the property value further provides
confidence in the company's access to funding.

DERIVATION SUMMARY

Golden Eagle has a decent scale of operations and profitability
compared with global peers, but relatively higher leverage and
negative FCF may cause its financial profile to weaken if the
retail environment remains unfavourable. Within the China retail
environment, Golden Eagle faces structural challenges like weaker
consumer spending and competition from other retail formats, such
as e-commerce and shopping malls. Thanks to diversification in
its revenue base and a higher proportion of self-owned stores,
the company's business profile and financial metrics have been
relatively resilient compared with local peers like Parkson
Retail Group Limited (B-/Negative).

No Country Ceiling, parent/subsidiary or operating environment
aspects have an impact on the rating.

KEY ASSUMPTIONS

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

- Low-single-digit growth in gross sales proceeds, with mild
   growth in concessionaire sales complemented by growth in
   direct sales, rental and service income (2016: -2% excluding
   sales of properties)

- Low- to mid-single-digit revenue growth (2016: 5% excluding
   sale of properties)

- EBITDA margin relative to operating revenue of 40%-41% (2016:
   41%)

- Capex of CNY1.2 billion-1.5 billion per year (2016: CNY448
   million)

- 45% dividend payout rate (2016: 130% including special
   dividends).

RATING SENSITIVITIES

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

- The Outlook will be revised to Stable if the Negative triggers
   are not breached in the next 12 months
   Future Developments That May, Individually or Collectively,
   Lead to Negative Rating Action

- Payables adjusted net leverage (adjusted for lease, payables
   and customer deposits) being sustained above 6.0x (2015: 5.9x)

- Further decline in operating revenues and gross sales proceeds

- Failure to generate planned cash flows from property sale.

LIQUIDITY

Sufficient Liquidity: Golden Eagle had over CNY5 billion of cash
and short-term investments and only CNY171 million of current
bank loans as of end-December 2016. Short-term liquidity should
not be an issue, while the company will still need to repay or
refinance its CNY5.2 billion syndicated loan maturing in 2018.
Fitch expects Golden Eagle to have sufficient funding in order to
potentially repay this loan, as the company issued CNY1.5 billion
in medium-term notes in September 2016 and has available credit
facilities over CNY5 billion as well as a high value of property
assets which could be used as collateral to secure additional
debt funding.


JINGRUI HOLDINGS: Fitch Puts CCC+ Unsec. Rating on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed Chinese homebuilder Jingrui Holdings
Limited's (Jingrui, B-/Negative) 'CCC+' senior unsecured rating
and the 'CCC+' rating of its USD150 million notes due 2019 (USD94
million outstanding) and USD150 million notes due 2018 (USD66
million outstanding) on Rating Watch Negative (RWN). The action
is pending Jingrui's appeal of Fitch's actions on these ratings
that will be resolved by close of business day on April 6, 2017.

Fitch conducted a rating review of Jingrui's ratings on April 3,
2017, and Jingrui has appealed against the rating decisions on
the senior unsecured and issue ratings. Jingrui is in the process
of providing information to Fitch for the appeal by close of
business day on April 5, 2017. The appeal relating to the issue
ratings will be resolved by the close of business day on April 6,
2017. Jingrui's Long-Term Foreign Currency Issuer Default Ratings
(IDR) and associated Outlook are unlikely to be affected by the
outcome of the appeal.


ORIENT PAPER: Gets Audit Opinion With Going Concern Qualification
-----------------------------------------------------------------
Orient Paper, Inc., a manufacturer and distributor of diversified
paper products in North China, on April 3, 2017, disclosed that
its independent registered public accounting firm included a
going concern qualification in its audit opinion relating to the
Company's audited consolidated financial statements for the
fiscal year ended Dec. 31, 2016, which were included in the
Company's Annual Report on Form 10-K filed on March 22, 2017 with
the Securities and Exchange Commission.

This announcement is made pursuant to NYSE MKT LLC Company Guide
Section 610(b), which requires a public announcement of the
receipt of an audit opinion containing a going concern
qualification. This announcement does not represent any change or
amendment to the Company's audited financial statements or to its
Annual Report on Form 10-K for the fiscal year ended December 31,
2016.

                     About Orient Paper, Inc.

Orient Paper (NYSE MKT: ONP) is a paper manufacturer in North
China. Using recycled paper as its primary raw material (with the
exception of its digital photo paper and tissue paper products),
Orient Paper produces and distributes three categories of paper
products: corrugating medium paper, offset printing paper, and
other paper products, including tissue paper products.

With its production based in Baoding and Xingtai, cities in Hebei
Province in North China, Orient Paper is located strategically
close to the Beijing and Tianjin region, home to a growing base
of industrial and manufacturing activities and one of the largest
markets for paper products in the country.

Orient Paper's production facilities are controlled and operated
by its wholly owned subsidiary Shengde Holdings Inc., which in
turn controls and operates Baoding Shengde Paper Co., Ltd., and
Hebei Baoding Orient Paper Milling Co., Ltd.

Founded in 1996, Orient Paper has been listed on the NYSE MKT
under the ticker symbol "ONP" since December 2009.



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


ALAKNANDA HYDRO: CARE Reaffirms 'D' Rating on INR2147.94cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Alaknanda Hydro Power Company Limited (AHPCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          2,147.94      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the rating assigned to AHPCL is on account
of continued delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in Debt Services: On account of tight liquidity position
of the company, there are delays with respect to debt servicing.

Key Rating Strengths

Successful commencement of operations during FY16: The Company
started generating revenue in FY16; it achieved net sales of
INR521.97 crore in FY16. The plant has generated 837.34 Million
units of net saleable energy units from the Commercial Operation
date (COD) (June 21, 2015) to March 31, 2016. For the first 9
months of FY17 the generation capacity of the plant has increased
from 837.34 Million Units to 1040.57 Million units.

Promoter's strength & experience in the power sector: Alaknanda
Hydro Power Co Ltd (AHPCL) belongs to Hyderabad based GVK group,
which is one of the first Independent Power Plant developers in
the country. The GVK group through GVK Power & Infrastructure
Limited (GVKPIL) and its subsidiaries has substantial ownership
interest into power generating assets.

Long-term PPA in place: AHPCL has entered into long term PPA with
UPPCL for selling 88% of the power generated and the state of
Uttarakhand will be provided balance 12% of the power generated
as free energy. The initial term of PPA is 30 years from the date
of commissioning of the last unit, extendable for a further
period of 20 years on mutually agreeable terms and conditions
between AHPCL and UPPCL. The company at present gets a tariff of
INR4.88 per unit.

Alaknanda Hydro Power Company Ltd is a Special Purpose Vehicle
(SPV) promoted by GVK group to set up a 330 MW (4x82.5) formed to
implement 330 MW (4x82.5 MW) run-of-the-river hydroelectric power
project on Alaknanda River at Shrinagar, Uttarakhand. AHCPL is
the first hydropower venture of the GVK Power and Infrastructure
Limited (GVKPIL) the flagship company of GVK group. The project
is located on the Alaknanda river, a major tributary of the
Ganges River, a perennial river in Uttarakhand. The project site
is at a distance of about 110 km from Rishikesh railhead, along
Rishikesh- Badrinath highway. A dam is being constructed on the
Alaknanda river at Shrinagar, about 26 kms downstream of
Rudraprayag. AHPCL has signed purchase power agreement (PPA) with
UP Power Corporation Ltd (UPPCL) for selling 88% of the power
generated and the state of Uttarakhand will be provided 12% of
the power generated as free energy.

For FY16, the company registered total operating income of
INR522.18 crore with a loss of INR138.47 crore as against total
operating income of INR0.36 crore and loss of INR1.08 crore in
FY15.


ANIR TECHPARK: CRISIL Assigns B- Rating to INR150MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of Anir Techpark Private Limited (ATPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      150        CRISIL B-/Stable

The rating reflects stretched liquidity owing to high vacancies
in the commercial building. The rating also factors in exposure
to implementation, funding, and demand risks for the proposed
additional floors in the existing commercial building and
geographic concentration in revenue. These weaknesses are
partially offset by promoters' extensive experience in the real
estate business.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: Cash accrual is expected to be tightly
matched against the repayment obligation owing to high vacancies
in the commercial building.

* Exposure to implementation, funding, and demand risks for the
proposed additional floors in the existing commercial building:
The company is planning to construct additional four floors in
the existing commercial building. ATPL has plans to contract
lease rental discounting loan of INR150 crore. The occupancy rate
of the existing and new floors will determine the liquidity.

* Geographical concentration in revenue: The company operates one
commercial building in Chennai and derives majority of revenue
from this tech park.

Strength

* Promoters' extensive experience: Promoters have close to 55
years of experience in real estate development.
Outlook: Stable

CRISIL believes ATPL will continue to benefit from the extensive
experience of promoters in the real estate business. The outlook
may be revised to 'Positive' in case of higher-than expected cash
accrual leading to improvement in liquidity. The outlook may be
revised to 'Negative' in case of lower-than-expected cash
accrual, delay in fund support, or larger-than-expected, debt-
funded capital expenditure, leading to weakening of the financial
risk profile, particularly liquidity.

ATPL, incorporated in 2004, is engaged in real estate
development. The company has on a joint development basis with
TVH group developed a commercial building, Agnitio Park, with a
built-up area of about 6 lakh sq ft with 12 floors.

Profit after tax was INR89 lakh on net sales of INR6.87 crore in
fiscal 2016, against loss of INR25 lakh on net sales of INR3.81
crore in fiscal 2015.


BACHMANN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR14MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Bachmann Industries India Limited at 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)
   Cash Credit            14        CRISIL B+/Stable (Reaffirmed)

The ratings reflect large working capital requirement and below-
average financial risk profile. These weaknesses are partially
offset by the promoters' extensive experience and the technical
support of Senior Plc, UK.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations: Operations continue to
be working capital intensive, despite credit of 161 days availed
of from suppliers as on March 31, 2016. Gross current assets were
sizeable at 442 days, because of inventory of 175 days, largely
work-in-progress, and debtors of 103 days.

* Weak financial risk profile: Low networth of INR8.69 crore and
high total outside liabilities to tangible networth ratio of 5.6
times constrained financial risk profile as on March 31, 2016.
Debt protection metrics were average, with adjusted interest
coverage of 1.9 times for fiscal 2016.

Strengths

* Promoters' extensive experience: Benefits from the promoters'
experience of around two decades in the flue gas control and
isolation equipment industry, and healthy relationships with
customers such as Bharat Heavy Electricals Ltd (rated 'CRISIL
AA+/Negative/CRISIL A1+'), Lanco Infratech Ltd ('CRISIL D/CRISIL
D'), NTPC Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+') and Reliance
Utilities and Power Pvt Ltd (CRISIL AAA/Stable/CRISIL A1+) should
continue to support business risk profile.

* Technical support from Senior Plc: Bachmann India also benefits
from technical collaboration with the Senior Plc group primarily
in product design, which helps the company to get edge over
competitors in getting new orders and thus sustain its trend for
growth in operating income.

Outlook: Stable

CRISIL believes Bachmann India will continue to benefit over the
medium term from the promoters' extensive experience and
technical support from the Senior Plc group. The outlook may be
revised to 'Positive' in case of improvement in working capital
requirement along with sufficient cash accruals through sustained
growth in operating income and profitability reduces dependence
on external borrowings and thereby, improves financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates because of further increase
in working capital requirement or in case of lower than expected
growth in cash accruals due to decline operating income of
profitability.

Bachmann India was established in 1987 as a 60:40 joint venture
between Mr. S M Maheshwari and Bachmann Industries Inc (Bachmann
USA). Bachmann USA was subsequently acquired by US-based Wahlco-
Metroflex Inc (Wahlco), which is now part of the Senior group.
Bachmann India has one manufacturing plant each in Faridabad
(Haryana) and Chennai. It manufactures flue gas control and
isolation equipment, and is managed by Mr. Rajesh Maheshwari, son
of Mr. S M Maheshwari. Wahlco provides original technical inputs
for product design and supply.

Senior Plc, headquartered in Hertfordshire in the UK, is the
holding company for firms in the manufacturing and engineering
sectors. The company is listed on the London Stock Exchange and
is a constituent of the FTSE 250 Index. The Senior group is an
international manufacturing conglomerate, providing engineered
products for demanding operating environments.

Profit after tax and operating income improved to INR1.7 and
INR46.7 crore in fiscal 2016, from INR1.3 crore and INR34.1
crore, respectively, the previous fiscal.


BHAGWATI LACTO: CARE Reaffirms 'B+' Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhagwati Lacto Foods Private Limited (BPL), as:

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

The rating assigned to the bank facilities of BPL continues to
remain constrained by its leveraged capital structure and working
capital intensive nature of operations. The rating is further
constrained by the susceptibility of margins to volatility in raw
material prices and foreign exchange fluctuations, monsoon
dependent operations and highly competitive & fragmented nature
of the industry with a high level of government control. The
rating, however, derives strength from the experience of the
promoters and favourable location of operations. Going forward,
BPL's ability to scale-up its operations, while improving its
profitability margins and overall solvency position, along with
efficient working capital management would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure: Despite the absence of external term
debt obligation, the capital structure remained leveraged marked
by a long term debt to equity ratio and overall gearing ratio of
4.01x and 11.63x, respectively, as on March 31, 2016. The same
however improved from 4.75x and 14.26x, respectively, as on
March 31, 2015. Other debt coverage indicators also remained weak
with the total debt to GCA at 54.84x as on March 31, 2016, and
interest coverage ratio at 1.37x in FY16 (refers to the period
April 1 to March 310, respectively, though improving from 115.96x
as on March 31, 2015, and 1.13x in FY15.

Working capital intensive nature of operations: The operating
cycle of the company remained elongated at ~199 days as March 31,
2016. The same, however, shortened from ~213 days as on March 31,
2015, owing to the shortened average collection period. Average
utilization of the cash credit limits remained ~90% for the 12-
month period ended January 2017.

Susceptibility of margins to volatility in raw materials prices
and foreign exchange fluctuations: Availability and prices of
agro-based commodities are highly dependent on the climatic
conditions. The price of rice moves in tandem with the prices of
paddy which is a seasonal product. Since there is a long time lag
between raw material procurement and liquidation of inventory,
the company is exposed to the risk of adverse movement in prices
of paddy resulting in lower realization than expected. BPL is
also engaged in the export of Basmati rice. It derived ~30% of
the total sales in FY16 (~40% in FY15) from this segment. The
company hedges ~90% of the exposure by booking forward contracts.
However the rest of the exposure is kept unhedged therefore the
foreign exchange risk remains.

Monsoon dependent operations: The operations of the company are
susceptible to the vagaries of nature. The monsoon has a huge
bearing on crop availability and therefore prices. Highly
competitive and fragmented industry with a high level of
government control: The commodity nature of the product along
with presence of several unorganized and organized players,
especially in the paddy growing regions, makes the industry
highly fragmented and competitive. Furthermore, operations of
entities engaged in the industry are directly affected by
government policies like imposition of import bans, minimum
support prices, etc.

Key rating strengths

Experienced and resourceful promoters: The two current directors
of the company are Mr. Kishan Kumar Mittal and Mr. Rahul Mittal,
having an industry experience of around 25 years and 5 years,
respectively. Group concerns of the company include: BRM, which
had been engaged in the rice industry since its incorporation in
1994 (currently non-operational) and BLVEPL which is engaged in a
similar line of business since 2009. Furthermore, the promoters
are resourceful having infused an additional INR1.52 crore in the
form of unsecured loans in FY16 taking the total to INR31.39
crore as on March 31, 2016.

Favorable location of operations: BPL's unit is located in close
proximity to raw material sources owing to its presence in
the paddy growing region viz. Ferozepur, Punjab. This results in
easy availability of the raw material at competitive rates.

Bhagwati Lacto Foods Private Limited (BPL) was incorporated in
2009 by Mr. Kishan Kumar Mittal and Mr. Rahul Mittal. The company
is engaged in the processing of paddy to produce basmati rice
since 2014. Prior to this, it was engaged in trading of rice
since the commencement of its commercial operations in 2013.
Domestically, the company sells basmati rice under the brand
names 'GARIMA' and 'KASTURIKA' in Punjab, Himachal Pradesh,
Delhi, Haryana, etc. The company is also engaged in export of its
products to the Middle East, New Zealand, etc, under the same
brand names. Group concerns of the company include Bhagwati Rice
Mills (BRM) and Bhagwati Lacto Vegetarian Exports Private Limited
(BLVEPL; rated 'CARE BB+/CARE A4+').

BPL registered a total operating income of INR116.57 crore during
FY16 with PAT of INR1.56 crore as against a total operating
income of INR78.90 crore with PAT of INR0.70 crore in FY15. In
10MFY17 (Provisional), the company has registered a total
operating income of INR110 crore.


COMBINE DIAMONDS: CARE Reaffirms B+ Rating on INR48cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Combine Diamonds Pvt. Ltd. (CDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             48.00      CARE B+; Stable Reaffirmed

   Proposed Long-
   term Bank
   Facilities              7.00      CARE B+; Stable Reaffirmed

Detailed Rationale

The reaffirmation in the rating assigned to the bank facilities
of CDPL is constrained by modest scale of operations, thin
profitability margins, trading nature of operations, high gearing
levels and weak debt coverage indicators. The rating is further
constrained by working capital intensive nature of operations
resulting in elongated operating cycle and presence in fragmented
and competitive nature of gems and jewellery industry. The rating
continues to derive strength from experienced promoters and
diverse geographical presence in gems & jewellery industry.

The ability of CDPL to continue increasing the scale of
operations; profitability margin, improve capital structure and
operating cycle amidst an uncertain economic environment in the
key export markets, are the key rating sensitivities. Detailed
description of the key rating drivers Modest scale of operations
with thin profitability: CDPL's income levels have been almost
stagnant over the past three years. The profitability of the
company has been thin due to trading nature of operations, yet
the company has been consistently maintaining PBILDT margin at
around 3.75% in FY16 and 4.24% in H1FY17.

High gearing levels and weak debt coverage indictors: Low net
worth base and high working capital requirements resulted in high
gearing levels which stood at 4.73x as on March 31, 2016. Further
meager cash accruals accounted for weak debt coverage ratios.

Working capital intensive nature of operations: Elongation of
operating cycle is due to high collection period; being primarily
export driven business. Thus the business is working capital
intensive resulting in full utilization of working capital
limits.

Competitive industry: The Cut & Polished Diamond (CPD) industry
in India is highly fragmented with presence of numerous
unorganized players apart from some very large integrated G&J
manufacturers leading to high level of competition

Key Rating Strengths

Experienced promoters: The promoter director of CDPL, Mr. Dinesh
Desai has over three decade of experience in the diamond industry

Diverse geographical presence: CDPL's is an export oriented unit
with almost 90% of the revenues being derived from overseas
markets. The company has been exporting to various countries
namely Hong Kong, Belgium, UAE and USA.

Analytical approach: Standalone

Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. The company was incorporated in 1998. CDPL is
engaged in trading and processing of cut & polished diamonds
whereby 80% of the income is derived through trading activity.
The company is export oriented with 90% of its revenue from
overseas markets. The exports are primarily to Hong Kong, UAE,
USA and Belgium.

During FY16 A (refers to the period April 1 to March 31), CDPL
posted total operating income of INR107.03 crore (vis-a-vis
INR104.83 crore in FY15) and PAT of INR0.86 crore (vis-a-vis
INR0.82 crore in FY15). In H1FY7 UA (refer to April 2016 to
September 2016), CDPL posted total operating income of INR48.34
crore and PAT of INR0.41 crore.


DHOOT RESORTS: CRISIL Cuts Rating on INR48MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Dhoot Resorts and Spa Private Limited (DRSPL; a part of the
Dhoot group) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Term Loan              48        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects delays in payment of instalment due on
term loan due to stretched liquidity.
Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing of debt obligation: The company has been
meeting debt obligation with delays and installments of January
and February 2017 are still unpaid. Liquidity is expected to
remain weak driven by insufficient cash accrual expected in the
near term against maturing debt obligation

* Limited track record of profitable operations: Profitability
was low during the initial months of operations as it took time
to improve visibility and streamline operations, in line with
expectations. However, with improving visibility and
stabilisation of operations, DRSPL has already turned profitable
in fiscal 2016; it recorded operating margin of 12.48%.

Strength

* Association with Taj Brand: Association with the Taj brand aids
well for the occupancy levels and higher ARRs. In addition, DRSPL
benefits from Taj's large network and marketing strategies.

DRSPL, was incorporated in 2011; it operates The Gateway Resort
in Damdama Lake, Gurgaon (Haryana).

The Dhoot group was set up by Mr. Kedar Nath Dhoot in 1962 with
business interests of trading in garments, hardware, and
electrical appliances, and manufacturing industrial tools and
components. The group also has presence in the education and
healthcare businesses. Mr. Pawan Dhoot, the current managing
director, initiated the group's entry into the real estate
business and incorporated Dhoot Developers Pvt Ltd (DDPL) in
1999. DDPL undertakes construction on a contract basis. In 2003,
the group diversified into infrastructure development and
established Dhoot Infrastructure Projects Limited (DIPL) to
undertake residential and commercial real estate projects.

DRSPL recorded net losses of INR10.40 crores on net sales of
INR22.95 crores in fiscal 2016, as against net losses of INR44.76
crores on net sales of INR11.50 crores in fiscal 2015.


GARV UDYOG: CRISIL Lowers Rating on INR6.50MM Loan to 'D'
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Garv Udyog to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.25      CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        6.50      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Term Loan               3.75      CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects recent overdrawls of more than 30 days in
the firm's working capital facility on account of stretched
liquidity.

The ratings reflect weak financial risk profile marked by small
networth and average debt protection metrics. The ratings also
reflect exposure to risks related to low entry barriers in the
copper wire business leading to intense competition and working
capital intensive operations. These weaknesses are partially
offset by the extensive experience of partners in the copper wire
manufacturing business and funding support from them and their
affiliates.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting debt obligation: Due to weak liquidity, there
has been devolvement in letter of credit and the cash credit
limits of the GU were over drawn for more than 30 days.

* Weak financial risk profile: Financial risk profile is weak
marked by expected low net worth of INR3-4 crore and high total
outside liabilities to tangible networth of above 3 times over
the medium term.

* Working capital intensive operations: Operations are working
capital intensive on account of expected high receivable of 150
days and inventory requirement of 60 days over the medium term,
which is partially supported by stretch in creditors.

* Intense competition due to low entry barriers: The copper wire
industry is highly fragmented, with many small, medium-sized, and
large players resulting in high competition, which restricts GU's
ability to pass on raw material price increases to customers.

Strength

* Extensive experience of partners and their funding support: The
partners have over two decades of experience in the manufacture
and trade of copper wires through group concern. They have
developed strong relationship with customers and suppliers, which
has helped the firm to grow its scale of operations.

GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr. Mukesh Dhawan and Mr. Sumit
Magan.

Profit after tax was INR0.93 lakhs over operating income of
INR10.52 crore in fiscal 2015.


GATI INFRASTRUCTURE: CARE Reaffirms D Rating on INR229.23 cr Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gati Infrastructure Private Limited (GIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            229.23      CARE D Reaffirmed

Detailed Rationale

The rating of GIPL continues to remain constrained on account of
continued delays in servicing of debt obligations.

Detailed description of key rating drivers

Key rating weaknesses

Stretched liquidity position

The project though has achieved COD in May 2013, it was not able
to operate at full capacity due to flash floods which resulted in
lower generation of power coupled with low off-take leading to
cash flow mismatches. Combined with above mentioned force
majeure, the average realizations of the company remained low
further pressurising the cash flows resulting in delays in
interest and principal payments on term loans.

Key rating Strength

Experienced promoter group

The company is promoted by Mr. Mahendra Agarwal, Founder and CEO
of Gati Group and holds 81.29% equity stake in GIPL through Amrit
Jal Ventures Pvt ltd. He is well supported by qualified
professionals having rich experience in their respective fields.
Mr. V T Pawar looks after the finance function and also handles
various modernisation, expansion and diversification projects of
Gati group. Mr. Sairam Mochela has total experience of more than
two decades in power (mostly at Hydro-power) projects and cement
industry.

Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his
group company Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110
MW run-of-the-river, Chuzachen hydro-electric project (HEP) in
the state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of

Sikkim (GoS), Sikkim Power Development Company (SPDC) for a
period of 35 years from commercial operating date (COD).

The company has incurred INR1189 crore on the project which was
funded by debt of INR770 crore and equity of INR419 crore and has
achieved COD in May 2013. During FY16 (refers to the period
April 1 to March 31), the company has reported PBILDT of INR69.15
crore (as against INR109.54 crore in FY15) on a total operating
income of INR113.23 crore (as against INR159.21 crore in FY15).
The company incurred net loss of INR107.11 crore in FY16 (as
against net loss of INR57.24 crore in FY15).


GOLD MOHAR: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gold Mohar
Gramudyog Sansthan's (GMGS) 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
rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on
the agency's website.  Instrument-wise rating actions are:

   -- INR57.5 mil. Fund-based working capital limits with 'BB-'
      rating migrated to non-cooperating category; and

   -- INR10 mil. Non-fund-based working capital limit with 'BB-'
      rating migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 19, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GMGS was founded as a society by Mr. Dinesh Arora and other
members in February 2005 to manufacture laundry soaps, detergents
powder and cakes in Kanpur, Uttar Pradesh.


GOLDCOIN POLYPLAST: CRISIL Reaffirms B+ Rating on INR8.35MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the enhanced long term bank facilities of Goldcoin Polyplast.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           5.65       CRISIL B+/Stable (Reaffirmed)
   Term Loan             8.35       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect GP's modest scale of operations,
weak financial risk profile, and working capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the partners in manufacturing
polyethylene stretch films.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: GP's business risk profile is
constrained by its modest scale of operations in the intensely
competitive industry with turnover of around INR17.02 crores for
2015-16.

* Working-capital-intensive operations: GP has high working
capital requirements, as reflected in the GCA of 191 days as on
March 31, 2016 on account of large inventory of 122 days however,
ably supported by the high creditors of 58 days. The debtors of
the firm have remained at around 61 days as on March 31, 2016.

* Weak financial risk profile: Financial risk profile remains
average marked by high gearing of 4.35 times as on March 31, 2016
and moderate debt protection metrics with interest coverage of
1.77 times and net cash accruals to total debt of 0.07 times for
fiscal 2016.

Strength

* Extensive experience of promoters in the industry: GP's
partners have extensive experience in manufacturing of plastic
sheets industry for the last 10 years. Due to established
relations with suppliers and customers, GP can even take a sense
on the order receivable as and when required, which helps in
maintaining the smooth flow of operations and gaining an edge
over other players in the industry.

Outlook: Stable

CRISIL believes that GP will continue to benefit from extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant increase in revenues and profitability
results in significant increase in cash accrual leading to
strengthening of the financial risk profile. The outlook may be
revised to 'Negative' if significantly low cash accrual,
substantial working capital requirement, or debt-funded capital
expenditure, weakens the financial risk profile.

GP was incorporated in 2012, by promoters, Mr. Ashvinbhai
Pansuriya and Mr. Rameshbhai Tilara. The Rajkot-based company
manufactures PP (polypropylene) flute board, PE stretch films and
EPE (expanded polyethylene) capliner/ wad sheets.

GP, reported a profit after tax (PAT) of INR0.08 crores on net
sales of INR17.02 crores for 2015-16 (refers to financial year,
April 1 to March 31), against a PAT of INR0.35 crores on net
sales of INR16.96 crores for 2014-15.

Any other information: GP has reported the net sales of INR17.02
Cr. in 2015-16. GP has already booked revenue worth INR13.85 Cr
till December, 2016. For full year GP expects to book revenue of
INR23 Cr. The increased sales will support the business risk
profile of the firm over the medium term. Operating margin was at
8.05% for 2015-16.

Operations remained working capital intensive with gross current
assets (GCA) of 191 days as on March 31, 2016.

Financial risk profile remains weak marked by high gearing of
4.35 times and moderate debt protection metric with interest
coverage of 1.77 times and net cash accruals to total debt of
0.07 times for fiscal 2016. Liquidity is marked by high BLU and
sufficient cash accruals against term debt obligations.


IB INABENSA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated IB - Inabensa
(JV)'s (IBJV) Long-Term Issuer Rating to 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 rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  Instrument-wise rating actions are:

    -- INR110 mil. fund-based limits with 'B+' rating migrated to
       non-cooperating category;

   -- INR100 mil. non-fund based limits with 'B+' rating migrated
      to non-cooperating category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 28, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

IBJV was set up by Inabensa Bharat Private Limited ('IND D'; 80%)
and its parent company Instalaciones Inabensa S.A. (20%) in
February 2014 for the execution of a single phase electrification
works in the Nallapadu to Diguvametta section of the Guntur
division of South Central Railways.


IBC LIMITED: CRISIL Lowers Rating on INR30MM Loan to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of IBC Limited (IBC) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'. The ratings downgrade reflect instances of
delay by IBC in servicing its term debt obligations; the delays
have been caused by the company's weak liquidity driven by
working capital-intensive operations and large advances extended
to associates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              5        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Drop Line Overdraft
   Facility                12.8      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Export Packing Credit   30        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit         4        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Standby Line of Credit   6.2      CRISIL D (Downgraded from
                                    'CRISIL A4')

IBC also has a below-average financial risk profile, marked by a
leveraged capital structure and subdued debt protection metrics.
The ratings also factor in supplier concentration risk in IBC's
revenue profile, and cyclicality in end-user industry. These
rating weaknesses are partially offset by the extensive
experience of IBC's promoter in the barytes business, its
proximity to quality barytes mining region, and longstanding
relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Financial risk profile: IBC's financial risk profile is marked
by leveraged capital structure. The gearing and interest coverage
was 2.36 times and 1.28 times respectively for fiscal 2016.

* Working-capital-intensive operations: IBC's operations are
working capital intensive reflected in its gross current assets
(GCAs) of 165 days as on March 31, 2016. High inventory
requirements and moderate credit offered to customers lead to
large working capital requirements for the company. Further the
company has extended large advances to its associates.

Strengths

* Long standing presence of the promoters in minerals and mining
industry: The promoters of IBC have been in the barytes business
for over 3 decades. IBC has a significant access to barite
reserves in its proximity and the promoters have leveraged on
this to expand IBC's operations.

Incorporated as a partnership firm Indian Barytes and Chemicals
in 1972, the firm was reconstituted as a public limited company,
IBC, in 1985. The company mines and processes barytes, and sells
it largely to oil well drilling companies. Operations are managed
by Mr. Rajamohan Reddy, the managing director of the company.

Profit after tax (PAT) was INR0.99 crore on total revenue of
INR157.8 crore in fiscal 2016, vis-a-vis PAT of INR1.63 crore on
total revenue of INR60.28 crore, respectively, in fiscal 2015.


ICA EDU: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded ICA Edu Skills
Pvt. Limited's (ICA) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR50 mil. Non-fund-based limits raised to 'IND BB+/Stable'
      rating;

   -- INR50 mil. Non-fund-based limits affirmed with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The upgrade reflects the improvement in ICA's revenue and credit
metrics.  In FY16, the company's revenue grew 58% yoy to
INR618.46 million due to an increase in work orders.  The credit
metrics of the company improved with EBITDA interest coverage
(operating EBITDAR/gross interest expense) of 5.0x (FY15: 2.4x)
and net financial leverage (total adjusted net debt/operating
EBITDA) of negative 0.7x (FY15: negative at 1.2x).  The
improvement in credit metrics was on account of an improvement in
revenue resulting in the improvement in EBITDA.  In FY16, EBITDA
was INR77 million (FY15: INR51 million).

The ratings reflect ICA's comfortable liquidity profile as
indicated by its 54.8% average working capital utilization during
the 12 months ended February 2017.

The ratings are supported by over 15 years of experience of ICA's
promoters in running a computer training center.

The ratings, however, are constrained by cash flow from
operations of negative INR22 million in FY16 (FY15: INR225
million).

                        RATING SENSITIVITIES

Positive: A significant improvement in the overall revenue, while
maintaining the present credit profile will be positive for the
rating.

Negative: Deterioration in the profitability leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

Kolkata-based ICA was incorporated in 1999.  The company runs as
a computer training centre.  It is managed by Mr. Narendra Kumar
Shyamsukha and Mr. Deepak Pramanik.


JITENDRA DALL: CARE Assigns 'B+' Rating to INR5cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jitendra Dall Mill (JDM), as:

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

The rating assigned to the bank facilities of JDM is primarily
constrained on account of its financial risk profile marked by
thin profitability, leveraged capital structure and working
capital intensive nature of operations with constitution as a
proprietorship concern. The rating is, further, constrained on
account of the seasonally associated with agro commodities and
its presence in the highly fragmented and government regulated
industry.

The rating, however, derives strength from the experience
management with strong group support and location advantage being
presence in pulse sowing region. Ability of JDM to increase its
scale of operations with improvement in profitability and
efficient management of working capital would remain the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Thin profitability, moderate solvency position and working
capital intensive nature of operations

Due to presence in a highly fragmented industry and vulnerability
of margins to volatile prices of agriculture commodities led to
thin profitability of the firm. The capital structure of the firm
stood leveraged as well as debt coverage indicators also stood
weak. The business of the firm is working capital intensive
nature of operations.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry

The industry is highly fragmented and competitive in nature as
evident by the presence of numerous unorganised and few organised
player. Further, the industry is characterized by high degree of
government control both in procurement and sale for agriculture
commodities.

Key Rating Strengths

Experienced management with long track record of operations The
overall affairs of SAI are managed by Mr. Subhash Chandra Jain
and assisted by other family members and have strong group
support. Mr. Subhash Chandra Jain has more than four decade of
experience in this industry. Being present in the industry since
long period, the promoters have established relationship with
customers and suppliers for its product.

Location advantage being presence in pulse sowing region JDM
strategically located in one of the largest pulse producing
regions of India and makes easier access to raw material.  Indore
(Madhya Pradesh) based jitendra Dall Mill (JDM) was formed in
1973 by Mr. Subhash Chandra Jain with an objective to set up a
dall mill for processing of Toor dall. It sell its product under
brand name "WHITE ROSE." During FY16 (refers to the period of
April 1 to March 31), JDM has reported a total operating income
of INR36.56 crore with a net profit of INR0.23 crore.


JUNO IFMR 2015: Ind-Ra Affirms 'BB+' Rating on 2 Tranches
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Juno IFMR
Capital 2015 (an ABS transaction) as:

   -- INR29.53 mil. Pass through certificates (PTCs) affirmed
      with 'IND A(SO)/Stable' rating;

   -- INR23.19 mil. PTCs-Series A2 affirmed with
      'IND BB+(SO)/Stable' rating; and

   -- INR23.19 mil. PTCs-Series A2 affirmed with
      'IND BB+(SO)/Stable' rating

The micro finance loan pool assigned to the trust was originated
by Future Financial Services Private Limited (FFSPL); however the
servicer and credit enhancement provider for this transaction has
been changed to Disha Microfin Ltd (DML, 'IND A-'/Stable), with
effect from Oct. 1, 2016, (Ind-Ra published a rating action
commentary on Aug. 24, 2016).

                         KEY RATING DRIVERS

The affirmation reflects the 66.7% amortization of the loan pool
at end-February 2017 payout with no utilization of external
credit enhancement (CE).  According to the payout report of
February 2017, the available CE remained at the original level of
INR19.32 million and the current pool principle outstanding (POS)
was INR62.98 million.  The available external CE as a percentage
of original POS increased to 30.67% in February 2017 from 11.25%
in February 2016.

The transaction benefits from the internal CE on excess interest
spread, subordination and over-collateralization.  The
transaction also benefits from the external CE in the form of
fixed deposit in the name of originator with a lien marked in
favor of the trustee.

The 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 of Sept. 20, 2017, in
accordance with the transaction documentation.  The rating of
Series A2 PTCs addresses the timely payment of interest on
monthly payment dates only after complete redemption of Series A1
PTCs and ultimate payment of principal by the final maturity date
on Sept. 20, 2017, in accordance with the transaction
documentation.

                       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 rating of all
the Series of PTCs will not be impacted.

COMPANY PROFILE

Incorporated in 1995, Disha is registered with the Reserve Bank
of India as a non-banking financial company - microfinance
institution (NBFC - MFI).  In September 2015, it received in-
principle approval from the Reserve Bank of India to start
operations as a small-finance bank.  Disha acquired Future
Financial Services Pvt Ltd in October 2016.  It is a part of
Fincare group, which comprises Disha, Future Financial Services
Pvt. Ltd, Lok Management Services Pvt. Ltd., India Finserve
Advisors Pvt. Ltd. and Fincare Business Services Pvt. Ltd.


KALP DIAMONDS: CRISIL Lowers Rating on INR11MM Loan to B+
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Kalp Diamonds (Kalp) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Export Packing
   Credit                  4         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Exchange
   Forward                 0.4       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Post Shipment Credit   11         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility      1.6       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the firm's business
performance on account of stretch in working capital cycle. Gross
current assets (GCAs) increased to 259 days as on March 31, 2016,
from 167 days a year earlier, mainly because of rise in
receivables to 203 days from 129 days. The working capital
intensity remained high as of December 2016, leading to stretched
liquidity on account of full utilization of bank lines.

The ratings reflect Kalp's modest scale of operations in the
intensely competitive diamond industry, and large working capital
requirement. These weaknesses are partially offset by established
presence in the diamond industry, supported by promoters'
extensive industry experience and established customer
relationships, and above-average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive diamond
industry: The firm has adopted a prudent approach to growth and
its scale of operations remains modest, reflected in expected
revenue of INR65 crore in fiscal 2017.

* Large working capital requirement: Kalp's business is working
capital intensive, reflected in GCAs of 259 days as on March 31,
2016, mainly on account of sizeable receivables of 203 days.

Strengths

* Established presence in the diamond industry, supported by
promoters' extensive industry experience and established customer
relationships: Kalp's senior partner, Mr. Anandlal Shah, has been
in the diamond business for over four decades. Over the years,
Kalp has built strong relationships with suppliers and customers.
Exports to the US, Hong Kong, and Europe constitute 70-80% of its
revenue.

* Above-average financial risk profile: Financial risk profile is
backed by adequate networth of INR16.9 crore and low total
outside liabilities to adjusted networth ratio of 1.9 times as on
March 31, 2016. Interest coverage ratio was modest, at 1.8 times
for fiscal 2016.

Outlook: Stable

CRISIL believes Kalp will continue to benefit from its promoters'
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if
working capital cycle improves, or if revenue or profitability
increases significantly. The outlook may be revised to 'Negative'
if there is a steep decline in profitability, or significant
deterioration in capital structure on account of a stretch in
working capital cycle.

Set up as a partnership firm in 1995, Kalp cuts and polishes
diamonds. The firm also trades in rough and polished diamonds. It
derives 85-90% of its revenue from processing of diamonds, and
the rest from trading. It has six partners: Mr. Anandlal Shah,
Mr. Bhavik Shah, Mr. Jayesh Shah, Ms Diptiben Shah, Ms Geetaben
Shah, and Ms Jigishaben Shah.

Profit after tax (PAT) was INR0.86 crore on net sales of INR65.58
crore in fiscal 2016, against a PAT of INR0.76 crore on net sales
of INR79.44 crore in fiscal 2015.


KOHINOOR AGRO: CRISIL Reaffirms B+ Rating on INR5.75MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Kohinoor Agro Foods (KAF).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            5.75      CRISIL B+/Stable (Reaffirmed)
   Term Loan              3.25      CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts     3         CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's nascent stage of operations in the
highly fragmented wheat-processing segment and susceptibility of
profitability to volatility in raw material prices and changes in
government policy. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Due to start-up phase, operating
income was modest at INR47.4 crore in fiscal 2016. Turnover will
register moderate growth over the medium term.

* Susceptibility to volatility in raw material prices: Wheat
prices depend on weather conditions and government policy
regarding statutory minimum prices. Since raw material cost
accounts for 85-90% of total sales, any sharp fluctuations in
wheat prices can affect profitability.

Strengths

* Extensive experience of promoters: Presence of around four
decades in the wheat processing segment through group company,
Kisan Agro Foods Pvt Ltd, has enabled the promoters to establish
strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes KAF will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if more-than-expected cash accrual
through ramp-up in operations leads to significant accretion to
reserves and hence limited reliance on working capital borrowing.
The outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability weakens financial risk profile.

Set up as a partnership firm in June 2014 by Mr. Ajay Kumar and
Ms. Anu Jindal, KAF processes wheat to produce flour, maida,
suji, and bran at its facility in Punjab, which has an installed
capacity of 1400 quintal per day. Operations began in February
2015 and are managed by Mr. Ajay Kumar.

Profit after tax (PAT) was INR12.3 lakh on an operating income of
INR47.43 crore in fiscal 2016, against a PAT of INR0.6 lakh on an
operating income of INR1.44 crore in fiscal 2015.


KONARK SYNTHETIC: Ind-Ra Assigns 'B-' Rating on INR192.5MM Limits
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Konark Synthetic
Limited a Long-Term Issuer Rating of 'IND B-'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR192.5 mil. Fund-based working capital limits assigned
      with 'IND B-/Stable/IND A4' rating; and

   -- INR87 mil. Non- fund-based working capital limits assigned
      with 'IND A4' rating

While assigning the ratings, Ind-Ra has taken a standalone view
of Konark due to limited information about its subsidiary
companies. Konark has three subsidiary companies namely India
Denim Limited (with 61.17% stake), Konark Infratech Private
Limited (53.85%), and Trade Bazaar Retail Private Limited (100%).
Further Konark has three step-down subsidiaries namely Konark
Gujarat PV Private Limited (Subsidiary of Konark Infratech
Private Limited), Konark Wind Projects Private Limited
(Subsidiary of Trade Bazaar Retail Private Limited), Konark
Natural Foods Private Limited (subsidiary of Trade Bazaar Retail
Private Limited).  Konark has given corporate guarantee for the
bank borrowings taken by one of the subsidiary 'India Denim
Limited'.

                        KEY RATING DRIVERS

The ratings are constrained by Konark's weak credit metrics and
tight liquidity.  Net leverage (total adjusted net debt/operating
EBITDAR) was 7.5x in FY16 (FY15: 9.2x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.7x
(2.1x).  There had been instances of overutilization up to 22
days in its fund-based limits during the six months ended
February 2017, on account of a stretch in receivables.

The ratings factor in Konark's moderate scale of operations along
with volatile EBITDA margins.  The company registered marginal
decline in revenue to INR1.137 billion in FY16 from INR1.141
billion in FY15 mainly due to a slowdown in the textile industry;
the company has recorded revenue of INR859.4 million during
9MFY17.  The EBITDA margins were volatile in the range of 5.2%-
6.1% over FY14-FY16 on account of the company's presence in
trading business.

The ratings, however, are supported by promoter's experience of
more than 37 years in the business of manufacturing of specialty
fancy yarns and trading of fabric, which helped the company
establish its own brand as Konark Speciality yarns.

                         RATING SENSITIVITIES

Negative: Further stretch in the liquidity along with a decline
in the profitability resulting in a sustained deterioration in
the credit profile of the company could lead to a negative rating
action.

Positive: Improvement in liquidity along with substantial growth
in the company's top-line and an improvement in the profitability
leading to a sustained improvement in the credit metrics could
lead to a positive rating action.

COMPANY PROFILE

Konark, incorporated in 1984, is primarily engaged in the
manufacturing specialty yarn and fabric.  Apart from the
manufacturing activities the company is also involved in job work
for ready-made garments and trading of processed fabrics.


M/S FORTUNE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Fortune
Group a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable. The instrument-wise rating actions are:

   -- INR60 mil. Fund-based limit assigned with 'IND BB+/Stable'
      rating; and

   -- INR100 mil. Non-fund-based limit assigned with 'IND A4+'
      rating

                        KEY RATING DRIVERS

The ratings reflect Fortune's small scale of operations and
moderate credit metrics.  In FY16, revenue was INR653 million
(FY15: INR697 million) and net interest coverage (operating
EBITDA/gross interest expense) was 5.18x (6.43x).  The
deterioration in net interest coverage was due to an increase in
interest expenses.  Net financial leverage (total adjusted net
debt/operating EBITDAR) was 1.14x in FY16 (FY15: 1.54x).  The
improvement in net financial leverage was due to a decline in
outstanding debt.  Operating EBITDA margin declined to 6.5% in
FY16 from 6.9% in FY15 due to a rise in personnel expenses.  Low
work orders led to a decline in FY16 revenue.  Fortune booked
INR612.33 million in revenue for 10MFY17 (provisional).

The ratings are constrained by the partnership nature of the
business and high geographical concentration risk.  The majority
of its contracts are based in Orissa.

The ratings, however, are supported by the partners' over 10
years of experience in the construction business.  Moreover, the
ratings consider the company's moderate unexecuted order book of
INR1.616 billion as of January 2017 (2.47x of FY16 revenue) that
would be executed by July 2018.

                        RATING SENSITIVITIES

Negative: A decline in operating EBITDA margin leading to a
deterioration in net financial leverage and interest coverage on
a sustained basis will be negative for the ratings.

Positive: A substantial rise in revenue, along with the
maintenance of overall credit profile, will be positive for the
ratings.

COMPANY PROFILE

Formed as a proprietorship firm in 2003, Fortune was
reconstituted as a partnership firm in 2009.  The firm is engaged
in the execution of road, bridge and building construction
projects in Orissa.  It primarily undertakes government projects.


M/S TRANS CONDUCT: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/S Trans
Conduct (India) (Trans Conduct) a Long-Term Issuer Rating of 'IND
B'.  The Outlook is Stable.  The instrument-wise rating actions
are:

   -- INR65 mil. Fund-based working capital limits assigned with
      'IND B/Stable/IND A4' rating; and

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

                        KEY RATING DRIVERS

The ratings reflect Trans Conduct's moderate credit profile.
Revenue increased to INR145 million in FY16 from INR111 million
in FY15, driven by a rise in orders.  In FY16, net leverage
(total adjusted net debt/operating EBITDA) was 6.4x (FY15:
negative 7.7x) and EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.4x (FY15: 1.1x).  Operating
margin declined to 13.1% in FY16 from 14.6% in FY15 owing to high
competition. Moreover, Trans Conduct reported INR32.91 million in
revenue for 11MFY17.  The firm has informed the agency that it
has work orders totaling about INR110 million pending for
approval due to the Municipal Corporation of Greater Mumbai
elections in February 2017.

The ratings, however, are supported by the founders' experience
of over a decade in the construction business and the firm's
comfortable liquidity position, indicated by an average maximum
working capital utilization of 81.8% during the 12 months ended
February 2017.

                         RATING SENSITIVITIES

Negative: A sustained deterioration in the credit profile will
lead to a negative rating action.

Positive: Substantial revenue growth and an improvement in
operating margin leading to an improvement in credit metrics on a
sustained basis will lead to a positive rating action.

COMPANY PROFILE

Trans Conduct commenced operations as a sole proprietorship firm
before it was reconstituted as a partnership firm in 2008.

The firm undertakes the construction of roads, buildings,
waterlines, gardens and others, along with repair and
maintenance, mainly for Municipal Corporation of Greater Mumbai.

Moreover, it undertakes works for Public Works Department,
Maharashtra, and Indian Railways, and subcontracts from private
contractors.


M. O. POONNEN: CRISIL Assigns 'B+' Rating to INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facilities of M. O. Poonnen (part of the
Melamparampil M. O. Poonnen group).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Standby Line of Credit    0.5       CRISIL B+/Stable

   Cash Credit               5.5       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        1.0       CRISIL B+/Stable

The rating reflects group's small scale of operations in
intensely competitive and highly fragmented building material
trading industry and working capital intensive operations. These
weaknesses are partially offset by a moderate financial risk
profile and promoter's extensive industry experience.
Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of M. O. Poonnen and Sunil Steels -
Podiyadi. That's because both firms, together referred to as the
Melamparampil M. O. Poonnen group, are in the same line of
business, and have common promoters and significant operational
and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in intensely competitive and highly
fragmented building material trading industry: The group's small
scale of operation in a highly competitive and fragmented
industry will constrain its business risk profile. This will
restrict the firm from realizing the benefits associated with
economies of scale.

* Working capital intensive operations: Group's operations remain
working capital intensive due to large inventory requirement and
moderate credit period the group offer to its clients. Gross
current assets (GCA) was at 242 days as on March 31, 2016.

Strengths

* Promoter's extensive industry experience: Promoters have
experience of more than 2 decades in trading of ceramics, marbles
and granites resulting in established relationship with its
suppliers and clientele.

* Moderate financial risk profile: Financial risk profile is
moderate with total outside liabilities to tangible net worth of
1.56 times as on March 31, 2016, while the interest cover was at
1.7 times for the fiscal 2016.

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an improvement in scale of
operations and profitability, along with efficient management of
working capital requirement. The outlook may be revised to
'Negative' in case of low cash accrual or increase in working
capital requirement, or any large, capital withdrawal by
partners, resulting in pressure on liquidity.

The Melamparampil M. O. Poonnen group was established in 1985 by
Mr. M.O. Poonnen. The Kerala-based group imports and processes
marbles. The group which also trades Ceramics, granites and
various construction materials retails its products through its
three retail showrooms in Kerala and its operations are managed
by Mr. Sunil George Oommen.

The group reported net profit of INR0.34 crore on revenue of
INR22.38 crore in fiscal 2016, against net profit of INR0.65
crore on revenue of INR26.57 crore in fiscal 2015.


MELAMPARAMPIL M.O.: CRISIL Assigns B+ Rating to INR6.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facilities of Sunil Steels - Podiyadi (part
of the Melamparampil M. O. Poonnen group).

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

   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B+/Stable

The rating reflects group's small scale of operations in
intensely competitive and highly fragmented building material
trading industry and working capital intensive operations. These
weaknesses are partially offset by a moderate financial risk
profile and promoter's extensive industry experience.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sunil Steels - Podiyadi and M. O.
Poonnen. That's because both firms, together referred to as the
Melamparampil M. O. Poonnen group, are in the same line of
business, and have common promoters and significant operational
and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in intensely competitive and highly
fragmented building material trading industry: The group's small
scale of operation in a highly competitive and fragmented
industry will constrain its business risk profile. This will
restrict the firm from realizing the benefits associated with
economies of scale.

* Working capital intensive operations: Group's operations remain
working capital intensive due to large inventory requirement and
moderate credit period the group offer to its clients. Gross
current assets (GCA) was at 242 days as on March 31, 2016.

Strengths

* Promoter's extensive industry experience: Promoters have
experience of more than 2 decades in trading of ceramics, marbles
and granites resulting in established relationship with its
suppliers and clientele.

* Moderate financial risk profile: Financial risk profile is
moderate with total outside liabilities to tangible net worth of
1.56 times as on March 31, 2016, while the interest cover was at
1.7 times for the fiscal 2016

Outlook: Stable

CRISIL believes the group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of an improvement in scale of
operations and profitability, along with efficient management of
working capital requirement. The outlook may be revised to
'Negative' in case of low cash accrual or increase in working
capital requirement, or any large, capital withdrawal by
partners, resulting in pressure on liquidity.

The Melamparampil M. O. Poonnen group was established in 1985 by
Mr. M.O. Poonnen. The Kerala-based group imports and processes
marbles. The group which also trades Ceramics, granites and
various construction materials retails its products through its
three retail showrooms in Kerala and its operations are managed
by Mr. Sunil George Oommen.

The group reported net profit of INR0.34 crore on revenue of
INR22.38 crore in fiscal 2016, against net profit of INR0.65
crore on revenue of INR26.57 crore in fiscal 2015.


MIDDHA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed 'CRISIL B/Stable' rating to the
long-term bank loan facility of Middha Industries (MI).

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

The rating reflects MI's weak financial risk profile because of
small networth and subpar debt protection metrics. The rating
also factors in the small scale of operations in the highly
fragmented rice industry and susceptibility to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of partners and their funding support.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is weak
marked by low networth of INR1.7 crore and high total outstanding
liabilities to tangible networth of 2.5 times as on March 31,
2016. Debt protection metric is weak with adjusted interest
coverage ratio of 1.68 times for fiscal 2016.

* Small scale of operations: Small scale of operations is
reflected in moderate operating income of INR18.3 crore in fiscal
2016 owing to limited milling capacity of 3 tonne per hour.

* Susceptibility to volatility in raw material prices:
Profitability is vulnerable to volatility in raw material prices.
The prices of paddy are highly volatile, and dependent on monsoon
and crop cycles. Further, high inventory requirement owing to
seasonality of paddy crop increases exposure to price volatility
risk.

Strengths
* Partners' experience and funding support: The partners have
around two decades of experience in the rice-processing business
in Jalalabad, Punjab, through MI. Over the years, the partners
have gained a sound understanding of the market dynamics and have
established relations with customers and suppliers. Partner
contribution through unsecured loans stood at INR59.43 lakh as on
March 31, 2016.

Outlook: Stable

CRISIL believes MI will benefit over the medium term from the
partners' extensive experience. The outlook may be revised to
'Positive' in case of significantly higher-than expected cash
accrual, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, large working capital requirement, or
any unanticipated large, debt-funded capital expenditure weakens
the liquidity.

MI was established in 2001 as a partnership between Mr. Amin
Chand, Mr. Mukesh Kumar, and Mr. Gourav Middha. The firm
processes basmati rice at its plant in Jalalabad. It has a total
milling capacity of 3 tonne per hour (tph) and sorting capacity
of 4 tph.

Profit after tax was INR17.4 lakh over operating income of
INR18.29 crore in fiscal 2016 against INR15.7 lakh and INR5.58
crore in fiscal 2015.


MPS STEELS: CARE Reaffirms B+ Rating on INR10.66cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
MPS Steels Private Limited (MPS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.66      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MPS continues to
remain constrained by its small scale and limited track record of
operations, leveraged capital structure, working capital
intensive nature of operations, profit margins susceptible to raw
material price fluctuation and intense competition due to
fragmented nature of industry. The rating also factors in
increase in profitability margins albeit decline in total income
in FY16 (refers to the period April 1 to march 31).

The rating, however, continues to derive strength from experience
of the promoters, support from the promoter by way of infusion of
funds in the business and moderate debt coverage indicators.

Going forward, the company's ability to increase its scale of
operations by maintaining profit margins, improving its capital
structure and effectively maintaining its working capital
requirements will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size and limited track record of operations: FY15 was the
first full year of operations of the company. The company has a
small scale of operations with total operating income at INR25.73
crore in FY16.

Leveraged capital structure and moderate debt coverage
indicators: The company has leveraged capital structure marked by
high gearing and debt equity ratio at 2.71x and 1.21x
respectively as on March 31, 2016. In spite of leverage capital
structure, the company has moderate debt coverage indicators.
However, the company had moderate debt coverage indicators marked
by total debt to Gross cash accruals of 6.89x and interest
coverage ratio of 2.30x in FY16.

Working capital intensive nature of operations: The company's
working capital intensive nature is reflected by high operating
cycle at 149 days in FY16.

Profit margins susceptibility to price fluctuation: The raw
material prices for MSPL are volatile in nature which are driven
by the global prices and are also dominated by the demand supply
scenario prevailing on a particular day. Intense competition due
to fragmented nature of the industry: The spectrum of the steel
industry is highly fragmented and competitive marked by presence
of numerous players in India, in view of low entry barriers.

Key Rating Strengths

Long experience of the promoters of over a decade in similar
business: The promoters of MPS have over 2 decades of experience
in similar business belonging to the Beepath Group.

Analytical Approach: Standalone

MPS Steels Private Limited (MPS) was originally established as
MPS Steels Castings P Ltd, part of the Paragon Steel Group. It
had two divisions - castings and ingots. Subsequently in FY13,
the ingot division was taken over by Beepath group, whose
promoters are Mr. Palakkandy Usman Koya Moideenkoya, Mr. Mujeeb
Rehman Charupadikkal and Mr. Palakkandy Hafeezula and thus MPS
was incorporated. The directors are involved in the day to day
activities of the business. MPS commenced its operations in May
2013 and is engaged in manufacturing MS ingots with installed
capacity of 12,000 MT per annum. The average capacity utilization
stood at 88% in FY16.

The manufacturing unit is situated in Palakkad (Kerala) in 2.5
acres land area which has in-house godown to the extent of
approximately 1 acre. MPS is certified by ISO 9001:2008 and ISI
certification for entire product range. The key raw materials are
sponge iron and scrap.

In FY16, MPS had a Profit after Tax (PAT) of INR0.33 crore on a
total operating income of INR25.73 crore, as against PAT and TOI
of INR0.32 crore and INR34.25 crore, respectively, in FY15.


NAGARJUNA FERTILIZERS: CARE Lowers Rating on INR1696.49cr Loan
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nagarjuna Fertilizers and Chemicals Limited (NFCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           1696.49      CARE D Revised from
                                     CARE B

   Short-term Bank
   Facilities           1181.17      CARE D Revised from
                                     CARE A4

Detailed Rationale

The revision in the ratings assigned to the bank facilities of
NFCL takes into account the delays in servicing of debt
obligations on account of stretched liquidity position of the
company.

Detailed description of the key rating drivers

Key rating Strengths

Long-track record of the company: NFCL belongs to the Nagarjuna
group of Hyderabad, promoted by the late Mr. K V K Raju. The
group is an established South India-based industrial house with a
major focus on agricultural fertilizers & chemicals business
since the last three decades. Besides agriculture, the group also
has presence in the oil refinery segment, through its associate
company Nagarjuna Oil Refinery Limited (NORL).

Key Rating Weaknesses

Delays in debt servicing: The company has been facing stretched
liquidity position with cash flow mismatches resulting in delays
in servicing of debt obligations.

Analytical approach: Standalone

Nagarjuna group, is an established player in the field of
agricultural chemicals and fertilizers with more than three
decades of rich experience in the segment. Nagarjuna Fertilisers
& Chemicals Ltd. (NFCL), promoted by late Mr. K V K Raju, is the
flagship company of the Hyderabad based Nagarjuna group. Along
with Mr. Raju, Andhra Pradesh State Government and FIIs are the
major shareholders of NFCL. NFCL, currently, operates two Urea
plants (capacity - 1,810 MT per day each) at its facilities
located at Kakinada, Andhra Pradesh.


NR ISPAT: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed N.R. Ispat &
Power Pvt. Ltd.'s (NRIPPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR269 mil. (increased from INR241.5) Fund-based limits
      affirmed with 'IND BB/Stable' rating; and

   -- INR279.5 mil. Term loan assigned with 'IND BB/Stable'
      rating

                        KEY RATING DRIVERS

The affirmation reflects NRIPPL's modest financial profile as
reflected by its revenue of INR1,681 million in FY16 (FY15:
INR1,598 million), EBITDA margin of 8.9% (9.2%), net financial
leverage (adjusted net debt/operating EBITDAR) of 5.5x (4.2x) and
interest coverage (operating EBITDA/gross interest expense) of
1.7x (1.5x).  NRIPL revenue increased by 5.2% in FY16 on the back
of higher volume growth as well as an increase of back to back
orders from the customers.

The ratings factor in NRIPL's moderate liquidity position as
reflected by its average maximum utilization of 81% of the fund-
based working capital limit during the 12 months ended February
2017.

The ratings, however, are supported by more than three decades of
experience of the company's founder-promoter in the steel
manufacturing industry.

                        RATING SENSITIVITIES

Negative Deterioration in the overall credit metrics may lead to
a negative rating action.

Positive: An improvement in the profitability leading to an
improvement of the overall credit metrics could lead to a
positive rating action.

COMPANY PROFILE

NRIPPL, incorporated in 2008, manufactures sponge iron and mild
steel (MS) ingots at its facility located at Raigarh in
Chhattisgarh.  The company has a sponge iron manufacturing
capacity of 60,000 tonnes per annum, while its MS ingot
manufacturing capacity has recently been augmented to around
40,000 tonnes per annum.  In addition, the company has installed
a 4MW waste heat recovery plant and a 4MW coal-based power plant
at its manufacturing facility.


PING TELEMATICS: CARE Reaffirms 'B' Rating on INR8.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ping Telematics Private Limited (PTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE B; stable Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of PTPL continue to
remain constrained by its small and declining scale of
operations, low profitability margins, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by customer concentrated risk and presence in the
highly competitive and fragmented industry with low entry
barriers.

However, the ratings draw comfort from the experienced promoters
with long track record of operation and moderate operating cycle.

Going forward, the company's ability to increase the scale of
operations while diversifying its customer base, improvement in
capital structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low net worth base
The scale of operations stood 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

Profitability margins of the company continue to remain low owing
to limited value addition coupled with competitive nature of
business. Though the profitability margins improved in FY16 over
the previous year, it continued to remain low. The capital
structure continues to remain leveraged on account of high
dependence on high dependence on bank borrowings to meet the
working capital requirements coupled with low net worth base.
Also, the debt coverage indicators as marked by interest coverage
and total debt to GCA continues to remain weak owing to high debt
levels.

Customer concentration risk

The company is manufacturing the plastic part and the main
customer base comprise of LG Electronics Private Limited
and its vendors who are contributing almost 60% of the total
operating income over the past three years. Hence, any
changes in the procurement policy of LG Electronics Private
Limited could adversely affect the profitability margins of the
company.

Intense competition in the industry with low entry barriers
PTPL operates in a highly fragmented industry marked by the
presence of a large number of players in the unorganized sector.
Furthermore, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key Rating Strengths

Experienced directors and long track record of operations
The company is being managed by experienced directors having rich
experience in the plastic parts manufacturing through their
association with this entity. Mr. Amit Shukla has more than two
decades of experiences in manufacturing of plastic products and
looks after the overall affairs of the entity. In 2005, Mr.
Ashish Shukla joined the company as a director, having an
experience of around a decade and looks after the production &
operational activities.

Moderate operating cycle

The operating cycle of the company has remained comfortable. The
company has to offer reasonable credit period to its customers as
majority of them are OEMs and large sized players which possess
high bargaining power compared to PTPL. The company maintains the
inventory level in the form of raw material for smooth running of
manufacturing units. Furthermore, the company receives average
credit period of around 1-2 months from its suppliers; combining
all entails to moderate working capital cycle.

Uttar Pradesh-based PTPL is a private limited company which was
incorporated in November 1994. The company is currently being
managed by Mr. Ashish Shukla and Mr. Amit Shukla. PTPL is engaged
in manufacturing of plastic products of white good like
refrigerator parts, invertor parts and washing machine parts. The
manufacturing facility of the company is located in Noida. The
main raw material for the manufacturing of above mentioned
products are Polyvinyl chloride granules which the company
procures from various suppliers located in Kanpur, Noida and
Delhi.


POWERWIND LTD.: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Powerwind
Limited's (PWL) 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 rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR414.9 mil. Long term loan with 'BB-' rating migrated to
      non-cooperating category;

   -- INR580 mil. Fund-based working capital facilities with
      'BB-' rating migrated to non-cooperating category; and

   -- INR1.14 bil. Non-Fund Based Working Capital Facilities with
      'A4' rating migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PWL is into the manufacturing of windmill blades and assembling
of wind turbine generators.  The manufacturing facility of the
company is located in Bawal, Haryana.


PUNE TUBES: CRISIL Lowers Rating on INR7.25MM Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Pune Tubes Manufacturing Private Limited (PTMPL) to
'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Cash
   Credit Limit            7.25      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan               8.25      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects PTMPL's delays in servicing its term debt
on account of weak liquidity.

PTMPL's has a weak financial risk profile, with weak debt
protection metrics and large working capital requirement.
However, the company benefits from its promoters' extensive
experience in executing steel plant projects and operating steel
plants.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt
Delays in servicing its term debt obligations were due to weak
liquidity, driven by time overruns to start commercial operation.

* Weak financial risk profile
PTMPL is expected to report losses in fiscal 2017 due to early
stage of operations, and report subdued debt protection metrics.

Strength

* Promoters' extensive experience in executing steel plant
projects and operating steel plants.
The promoters' extensive experience in the steel industry should
support the business risk profile over the medium term.

Established in 2011, PTMPL, promoted by Mr. Prakash Saxsena, Mr.
Atul Dudhe, Mr. Nitin Sathe, and Mr. NM Parande, was set up a
plant for manufacturing ERW pipes in Pimpari Saandas near Pune
(Maharashtra). Commercial operations began October 2016. Its
registered office is in Pune.


PUNJAB RICE: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Punjab Rice and General Mills (PRGM) at 'CRISIL B+/Stable.'

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

   Proposed Fund-Based
   Bank Limits              2       CRISIL B+/Stable (Reaffirmed)

The rating reflects the weak financial risk profile and small
scale of operations in the highly competitive rice industry.
These weaknesses are partially offset by the extensive experience
of the promoters, and funding support extended by them.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is weak,
marked by low networth and high total outside liabilities to
tangible networth (TOL/TNW) ratio of INR2.5 crore and 3.9 times,
respectively, as on March 31, 2016, and weak debt protection
metrics, with interest coverage ratio of 1.7 times for fiscal
2016. The ratios are unlikely to improve significantly, due to
low accretion to reserves, stemming from weak profitability, and
high reliance on working capital bank debt.

* Small scale of operations: Scale of operations remains small,
as reflected in operating income of INR14.2 crore in fiscal 2016,
and is likely to grow at a moderate pace in the medium term.

Strength

* Extensive experience of the partners, and funding support
extended by them: Benefits from the two decade-long experience of
the partners in the rice milling industry, and established
relationships with customers and suppliers, will continue.

Outlook: Stable

CRISIL believes PRGM will continue to benefit from the extensive
experience of its partners in the rice industry. The outlook may
be revised to 'Positive' if better than expected cash accruals
through growth in revenue or capital infusion by the partners,
strengthens the financial risk profile significantly. The outlook
may be revised to 'Negative' if significant increase in
inventory, leading to large incremental bank debt, or debt-funded
capital expenditure, weakens the financial risk profile.

PRGM is a partnership firm, set up by Mr. Amrik Singh and Mr.
Harpal Singh in 1986. The firm mills and processes paddy into
rice, and has an installed capacity of 7 tonne per hour for paddy
and 15 tonne per hour (Sortex) at Ferozepur (Punjab).

Profit after tax of INR10 lakhs over operating income of INR13.2
crore was reported in fiscal 2016, vis-a-vis INR6 lakhs and
INR17.6 crore, respectively, in fiscal 2015.


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

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's small scale of operations in the
highly fragmented rice industry, and its weak financial risk
profile. These weaknesses are partially offset by its partners'
extensive industry experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: RLI's small scale is reflected in
operating income of INR17.3 crore in fiscal 2016. Operating
income is expected to grow moderately over the medium term.

* Weak financial risk profile: RLI's financial risk profile is
constrained by small networth of INR1.6 crore and high total
outside liabilities to tangible networth ratio of 2.6 times as on
March 31, 2016, and weak debt protection metrics, with adjusted
interest coverage ratio of 1.7 times for fiscal 2016. The
financial risk profile is expected to remain weak due to low
profitability leading to modest accretion to reserves and high
working capital debt.

Strength

* Partners' extensive experience and funding support: The
partners have more than two decades of experience in rice milling
in Jalalabad, Punjab. Over the years, they have gained sound
understanding of market dynamics and established relationships
with customers and suppliers.

Outlook: Stable

CRISIL believes RLI will continue to benefit from its partners'
extensive industry experience and funding support. The outlook
may be revised to 'Positive' if better-than-expected cash
accruals or equity infusion reduces reliance on external
borrowings and thereby, improves financial risk profile. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, or larger-than-expected working capital requirement, or
unanticipated, large, debt-funded capital expenditure leads to
pressure on liquidity.

RLI was established in 2000 as a partnership firm by brothers Mr.
Ayodhya Parkash, Mr. Varun Kumar, and Mr. Nitin Kumar. The firm
mills and sorts rice, and has milling and sorting capacity of 2
tonne per hour. Its facilities are in Jalalabad, Punjab.

Profit after tax was INR10.1 lakh on operating income of INR19.9
crore in fiscal 2016, vis-a-vis profit after tax of INR9.9 lakh
and operating income of INR7.2 crore in the previous fiscal.


RADHA SMELTERS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings has upgraded Radha Smelters Ltd's (RSL) Long-Term
Issuer Rating to 'IND BB+' from 'IND BB'.  The Outlook is Stable.
The instrument-wise rating actions are:

   -- INR410 mil. Fund-based working capital limit raised to
      'IND BB+/Stable' rating;

   -- INR410 mil. Fund-based working capital limit affirmed with
      'A4+' rating;

   -- INR60 mil. Non-fund-based working capital limit affirmed
      with 'IND A4+' rating; and

   -- INR17.2 mil. Term loan rating withdrawn

                         KEY RATING DRIVERS

The upgrade reflects improvement in RSL's credit metrics.
Interest coverage (EBITDA/gross interest expenses) improved to
1.8x in 9MFY17 (unaudited) from 1.4x in 9MFY16 (FY16: 1.4x FY15:
1.2x) because of an improvement in margin on account of higher
capacity utilization and increased contribution from the
manufacturing segment.  During 9MFY17, the company registered
EBITDA margin of 4.3% (3.9% in 9MFY16), while the capacity
utilization increased to 61% (FY16: 45%).  The company's net
leverage (net adjusted debt/EBITDA) improved to 3.8x during
9MFY17 from 4.5x in 9MFY16 (FY16:4.9x; FY15:4.8x).  Lowering of
bank interest rates and closure of higher interest bearing term
debts during FY17 further contributed to improvement in credit
metrics in 9MFY17.

The ratings, however, are constrained by the continued pressure
on steel prices arising out of the weak demand-supply position of
steel globally, thereby limiting any significant improvement in
the margins in the near-term. Lower average realization also led
to decrease in revenue by 5% yoy to INR1.78 billion in 9MFY17
(9MFY16: INR1.87 billion).

Further, the company's liquidity position is stretched with over
99% average peak utilization of working capital limits over the
12 months ended February 17.  However, the company repaid and
closed its term debt obligations to the banker during FY17, which
will lead to availability of cash flows for operations and
therefore improve the liquidity in the near-term.

                        RATING SENSITIVITIES

Negative: Inability to improve margins and/or stress in liquidity
leading to deterioration in the credit metric will lead to
negative rating action.

Positive: Improvements in the credit metrics with net leverage
reducing below 3.5x on a sustained basis will lead to positive
rating action.

COMPANY PROFILE

Incorporated in 2007, RSL manufactures billets (36,000mtpa),
thermo-mechanically treated bars (6,0000mtpa), mild steel angels
and sections (9,600mtpa) at its facilities in Nacharam, near
Hyderabad.  Company also has a trading division.

During FY16, RSL registered revenue of INR2575 million (FY15:
INR2,904 million), EBITDA of INR98 million (INR98 million) and
profit after tax of INR8.2 million (INR13.2 million).


RIGA SUGAR: CARE Revises Rating on INR124.80cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Riga Sugar Company Limited (RSCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            124.80      CARE B+; Stable Revised
                                     from CARE B

   Short-term Bank
   Facilities              5.00      CARE A4 Reaffirmed

Detailed Rationale

The revision in the rating is on account of improvement in
financial performance witnessed by significant reduction in
losses in FY16 (refers to the period April 1 to Mar 31) and
9MFY17 coupled with a positive outlook of the sugar industry.
However, the rating is constrained by weak financial risk profile
marked by high gearing ratios, working capital intensive nature
of the business, susceptibility of sugar industry to the vagaries
of nature, cyclicality associated with the sugar industry and the
regulated outlook of the same. The above constraints are
partially offset by experienced promoters, long track record of
the company and forward integration initiatives taken by the
company.

The ability of the company to improve its financial risk profile
and improve its operating profitability would be the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

High gearing ratios

Overall gearing ratios however continued to deteriorate and
remained high at 18.21 times as on March 31, 2016 on account of
erosion of net worth arising out of accumulated losses.

Dependence on vagaries of nature

Sugar industry is agro based and its performance is dependent on
sugarcane production which, in turn, depends on the climatic
conditions due to inadequate irrigation facility in the country.

Working capital intensiveness & Regulated nature of the industry

Since sugar is agro-based commodity and the sugarcane has to be
crushed within a day or two of arrival in the mills, the sugar
inventory is piled up during the SS resulting into high inventory
carrying cost and requirement of higher working capital. Also,
the sugar industry is subject to the regular intervention of the
Central and State governments viz. fixing of the sugarcane price
to ensure remunerative return to the farmers, release mechanism,
levy allocation, etc.

Cyclical nature of industry

The industry is cyclical by nature and is vulnerable to the
government policies for various reasons like its importance in
the Wholesale Price Index (WPI) as it classifies as an essential
commodity. The government on its part resorts to various
regulations like fixing the raw material prices in the form Fair
& Remunerative Prices (FRP).

Key Rating Strengths
Experience promoter and long track record of the company
RSCL is currently managed by Shri O P Dhanuka (Chairman cum MD)
who has more than four decades of experience in the Sugar
Industry and had also been the President of Indian Sugar Mills
Association.

Favorable outlook of the industry

SS15-16 witnessed significant recovery of sugar sector from
gloomy phase of past two SS (Sugar Season) of SS13-14 and SS14-
15. CARE expects stable outlook for industry in medium-term on
the back of favorable developments in SS15-16, scenario of
consumption outpacing production for SS2016-17, sustained healthy
sugar prices providing reasonably good margins to mill owners and
supportive measures by the government. Improvement in operating
profit during FY16 & 9MFY17 PBILDT of the company improved in
FY16 & 9MFY17 on account of higher realization of sugar. Higher
PBILDT has led to reduction in losses in FY16 & 9MFY17.

Riga Sugar Company Limited (RSCL), incorporated in September 02,
1980, the flagship company of DHANUKA GROUP, currently has Sugar
(5000 TCD), Distillery (50 KLPD), Ethanol (45 KLPD), Power plant
(8 MW) & DAP/ Organic Fertilizer facilties in Riga, North Bihar.
The sugar factory is one of the oldest sugar factories in India
which was set-up in 1933 by The Belsund Sugar & Industries
limited under British Management before being taken over by
Dhanukas in 1950 and was subsequently transferred w.e.f.1.10.1981
to Riga Sugar Company Limited.

During FY16, the company incurred a loss of INR2.29 crore on
total operating income of INR178.84 crore. During the nine months
ended December 31 2016, the company incurred a loss of INR9.11
crore on total operating income of INR120.79 crore.


ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR14MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Rohan Metals Private Limited (RMPL) at 'CRISIL B/Stable.'

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              14      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        1      CRISIL B/Stable (Reaffirmed)

The rating reflects the below-average financial risk profile and
small scale of operations in the metal manufacturing and trading
business, and susceptibility to volatile metal prices. These
rating weaknesses are partially offset by the extensive
experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
weak, due to subdued debt protection metrics, with interest
coverage ratio of 1.2 times for fiscal 2016,  and low networth of
INR5.50 crore and moderate total outside liabilities to tangible
networth (TOL/TNW) ratio of 2.5 times, both as on March 31, 2016.
The TOL/TNW ratio may remain at similar levels, owing to weak
profitability constraining accretion to reserves.

* Modest scale of operations: Operating income, which is likely
to be around INR60 crore in fiscal 2017, will continue to be
moderate in the medium term, constrained by labor and land
availability.

* Susceptibility to volatile lead prices: Operating margin
remains susceptible to volatile lead prices, as intense
competition and low bargaining power limit the ability to pass on
any upward price fluctuation to buyers.

Strengths

* Extensive experience of the promoter: The four decade-long
experience of the promoter, in the metal trading and
manufacturing business for four decades, through the firm, Sunil
Metal Works, has helped the company survive through different
business cycles.

Outlook: Stable

Financial risk profile will remain weak in the medium term,
driven by large working capital requirement and small networth.
The outlook may be revised to 'Positive' if a significant
increase in revenue and profitability, and efficient working
capital management, strengthen the capital structure. The outlook
may be revised to 'Negative' if a considerable stretch in the
working capital cycle, or a decline in revenue and profitability,
leading to lower-than-expected cash accrual, weakens the
financial risk profile, especially liquidity.

RMPL, incorporated in 1996, manufactures and trades in lead
alloys and lead ingots that are used in batteries. The
manufacturing unit is located at Bhiwadi, Rajasthan, and the
trading unit is based in New Delhi.

Profit after tax was INR9 lakhs over operating income of INR54.5
lakhs in fiscal 2016 vis-a-vis profit after tax of INR8 lakhs
over operating income of INR51.9 lakhs in fiscal 2015.


SAHARA HOSPITALITY: CARE Reaffirms D Rating on INR506.74cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sahara Hospitality Limited (SHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            506.74      CARE D Reaffirmed

   Short-term Bank
   Facilities             20.00      CARE D Reaffirmed

Detailed Rationale

The ratings continue to take into account on-going delays in
servicing of term loan obligations and devolvement in the
non-fund based limits.

Detailed description of the key rating drivers

On-going delays with restructuring of term loans

SHL's continues to delay its payment in term loan and there has
been instances of devolvement in the non-fund based limits. The
company has requested for flexible structuring of existing term
loans and accordingly the same has been approved by the bankers.
Currently the company has 148 structured monthly installment
commenced from September 2016 with last installment falling due
in Dec 2028 as against existing repayment period of 96 monthly
installments commencing from Oct 2016 with last installment
falling due on Sep 2024.

Sahara Hospitality Limited (SHL) operates Sahara Star Hotel in
Mumbai, the construction of which was planned in three phases.
Phase-I of the project was completed in October 2007 wherein 223
rooms and 9 specialty restaurants outlets where constructed.
Phase II and III includes construction of 209 rooms (186 rooms in
phase-II and remaining in phase-III), new restaurants, banquets
and conference facilities, meeting rooms, swimming pool (4100 sq
ft), internationally branded salon, preview theater, gymnasium,
health clubs, squash and badminton courts, a 5 floor tower with
banquet hall, business centers, night clubs, event hall (25 ft
height), entertainment zone and pent house etc. The Phase II of
the project has been completed and is operational since April
2015 and Phase III of the project achieved its commercial
operational date on March 31, 2016. The company has leased out
some portion on rental basis.

During FY16 (refers to the period April 1 to March 31), SHL
posted total operating income of INR195.30 crore as against
INR163.48 crore in FY15 and loss of INR27.58 crore as against PAT
of INR4.27 crore in FY15.


SHAMBHU SINGH: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Shambhu Singh Engineers Private
Limited (SSEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4
   Cash Credit             5.5       CRISIL B+/Stable

The ratings reflect the small scale of operations with limited
revenue diversity in the intensely competitive electric
installation industry, below-average financial risk profile,
marked by small networth and high gearing, and the large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters and moderate revenue
visibility provided by the order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and limited revenue diversity:
Revenue of around INR6.97 crore in fiscal 2016, and INR11.85
crore, expected in fiscal 2017, reflects the small scale of
operations. Despite the longstanding presence of the company, the
scale has not improved significantly. This is because of the
smaller size of contracts undertaken, given the limited
resources, intense competition, and dependence on tenders.

* Below-average financial risk profile: Financial risk profile is
weak, on account of low networth of INR1.9 crore and high gearing
of 3.01 time, as on March 31, 2016, and the below-average debt
protection metrics, marked by interest coverage and net cash
accrual to total debt ratios of 1.52 times and 0.04 time,
respectively, in fiscal 2016.

* Large working capital requirement: Operations are working
capital intensive, marked by gross current assets, receivables
and inventory of 408, 272 and 141 days, respectively, as on
March 31, 2016.

Strengths

* Extensive experience of the promoters in the electrical
installation business: Benefits from the two decade-long
experience of the promoters, Mr. Shambhu Singh and Mrs Archana
Singh, and their established relationships with suppliers and
customers, will continue.

* Moderate order book position: Orders worth INR30 crore, to be
executed in the next 36 months, are expected to generate revenue
of INR12 crore and above in the medium term.

Outlook: Stable

CRISIL believes SSEPL will continue to benefit from the extensive
experience of its promoters, and moderate order book position.
The outlook may be revised to 'Positive' if a significant
increase in scale of operations and profitability, leads to
better-than-expected cash accrual. The outlook may be revised to
'Negative' if a considerable stretch in the working capital
cycle, arising from delay in realisation of receivables and
subsequent project execution, or any major, debt-funded, capital
expenditure, weakens the financial risk profile, especially
liquidity.

SSEPL was incorporated in 2007, by Mr. Shambhu Singh and Mrs
Archana Singh. The Kolkata-based company undertakes turnkey
projects for laying electrical cables, installation of panels and
electrical contracting jobs.

For fiscal 2016, SSEPL reported profit after tax (PAT) of INR14
lakh on total sales of INR6.97 crore, as against INR18 lakh and
INR9.69 crore, respectively, in fiscal 2016.


SHREE VEERABHADRESWARA: CARE Assigns B Rating to INR6cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Veerabhadreshwara Rice Industries (SVRI), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SVRI is constrained
by short track record of the firm with small scale of operations,
operational and cash losses in FY16 (refers to the period April
01 to March 31), leveraged capital structure and weak debt
coverage indicators, seasonal nature of availability of paddy
resulting in working capital intensive nature of operations,
intensely competitive rice milling industry and constitution of
the entity as a partnership firm. The ratings are, however,
underpinned by the experience of partner for two decades in rice
milling industry, locational advantage with presence in cluster
and easy availability of paddy and healthy demand outlook of
rice.

Going forward, the firm's ability to scale up its operations
turnaround from loss to profit while managing its working capital
requirement efficiently and improve its capital structure and
debt coverage indicators as envisaged would be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the firm with small scale of operations
SVRI was established in the year 2015 and the commercial
operations of the firm relating to rice milling business
(Production) was started in March, 2016. Thus, the firm has short
track record of operations. The total operating income stood low
at INR0.65 crore in FY16 (A) with low net worth base of INR2.55
crore as on March 31, 2016 (A).

Financial risk profile marked by operational and cash losses,
leveraged capital structure and weak debt coverage indicators

The firm has commercial operations for only one month in FY16 in
rice milling business and incurred operational and cash
losses due to under absorption of fixed overheads and interest
expenses. During 9MFY17 (Provisional), the firm has
achieved sales of INR20 crore The firm met its debt obligation
during FY16 by bringing additional capital by the partners. The
tangible net worth of the firm increased from INR0.36 crore in
FY15 to INR2.55 crore in FY16.

The firm has leveraged capital structure marked by debt equity
ratio and overall gearing ratio at 1.07x and 1.92x as on March
31, 2016, due to availing debt (term loan and working capital
loan) to set up the rice milling unit and to manage business
operations. The Total debt/GCA of the firm was weak during FY16
due to cash losses. The PBILDT interest coverage of the firm
stood very low at 0.26x FY16 due to high interest costs and low
operational profit.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital

SVRI, being a partnership firm, is exposed to inherent risk of
the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations

Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi
(November to April). The millers have to stock enough paddy by
the end of the each season as the price and quality of paddy is
better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. Majority of the firm's funds of the firm are
blocked in inventory and with customers. Moreover, the paddy is
procured from the farmers generally against cash payments or with
a minimal credit period of 10- 15 days while the millers have to
extend credit to the wholesalers and distributors around 20-30
days resulting in high working capital utilization reflecting
working capital intensity of business. The average utilization of
fund-based working capital limits of the firm was utilized (90%)
during the last 10 months period ended December 31, 2016.
Key Rating Strengths

Experience of promoter for two decades in rice business

Brief Rationale

SVRI was promoted by Mr. S M Veeresh (Managing Partner) and his
family members. He is having around 20 years of experience in
rice trading business. He is also a MBA graduate. Through his
experience in the rice trading business, he has established
healthy relationship with key suppliers, customers, local
farmers, dealers and also with the brokers facilitating the rice
business within the state.

Locational advantage with presence in cluster and easy
availability of paddy

The rice milling unit of SVRI is located at East Davangere
district which is one of the major paddy cultivation areas in
Karnataka. The manufacturing unit is located near the rice
producing region, which ensures easy raw material access and
smooth supply of raw materials at competitive prices and lower
logistic expenditure.

Shree Veerabhadreshwara Rice Industries was established in 2015
as a partnership firm and promoted by Mr. S M Veeresh and Ms
Roopa Veeresh (Spouse of S M Veeresh). SVRI is engaged in milling
and processing of rice. The rice milling unit of the company is
located at Davangere district of Karnataka. Apart from rice
processing, the firm is also engaged in selling by-products such
as broken rice, husk and bran. The firm started its commercial
operations from March 2016. Earlier, the promoter of the firm,
Mr. S M Veeresh, was engaged in warehousing business of paddy and
other agriculture products. The main raw material, paddy, is
directly procured from local farmers located in and around
Davangere District and the firm sells rice and other by-products
in the open markets of Karnataka.

In FY16, VFPL reported a Profit after Tax (PAT) of INR-0.48 crore
on a total operating income of INR0.65 crore, as against a PAT
and TOI of INR0.08 crore and INR0.27 crore, respectively, in
FY15.


SHRI DHANALAKSHMI: CARE Assigns B+/Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Shri Dhanalakshmi
Green Energy India Private Limited (SDGE) to monitor the rating
vide e-mail communications dated November 21, 2016, November 29,
2016, December 9, 2016, a letter dated March 7, 2017 and numerous
phone calls. 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 the rating on
Shri Dhanalakshmi Green Energy India Private Limited's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        32.85       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.

Detailed description of the key rating drivers

At the time of last rating on April 14, 2016 the following were
the rating strengths and weaknesses:

Key Rating Strengths

Long business experience of the promoters: The promoters of SDGE
are first generation entrepreneurs and possess vast experience of
over three decades in the textile industry. Mr. Natarajan, the
main promoter of the company has been in the textile industry
since 1978. He is assisted by his wife, Mrs Leelavathy and a team
of well-qualifi ed professionals to take care of the day to day
operations of the company.

Established relationship with customers for power offtake: SDGE
has established good relationship with customers, which are
mostly textile mills, leveraging on the decades long experience
of Mr. C Natarajan. SDGE sells its wind power to various textile
companies located in and around Coimbatore. SDGE has diluted 27%
of its shareholding to these companies referred to as group
captive companies and in-turn supplies power to these companies.
SDGE has 20 group captive companies to supply its off take.

Key Rating Weakness

Weak financial profile: SDGE's total debt comprises of term debt
only. SDGE's total term debt as of March 31, 2015 was 34.68
crore. The overall gearing as on March 31, 2015 was weak at
10.81x. SDGE has unsecured loans from the directors at INR4.92
crore as on March 31, 2015 which is sub-ordinated to bank debts.
Total debt to GCA for the year ended March 31, 2015 is at 11.97
years and the interest coverage ratio stood at 1.65 times in
FY15. The company had posted net loss of 2.31 crore during FY14
and 1.33 crore during FY15. However, SDGE has its GCA at 2.90
crore for the year ended March 31, 2015.

Absence of formal PPA agreements with customers: SDGE sells its
power to its group captive consumers based on availability of
power and demand from the customers.

There is no formal PPA agreement for short/long term tenure with
its group captive companies. Price is decided as per the TNEB
prices prevailing at particular point of time. However, the group
companies have ceded their confirmation through their board
resolution passed in their respective boards. Dependence on
seasonal wind patterns for power generation: Wind farms are
exposed to inherent risk of changing weather condition leading to
variations in the wind patterns which affects the Plant Load
Factor (PLF). Generally, the wind farms enjoy high PLF during
June to November period (monsoon period). However, unfavourable
wind conditions in the other half of the year results in lower
PLF thereby impacting the revenue of the company.

SDGE is a private limited company incorporated in February 2013
and promoted by Mr. C Natarajan and Mrs. N Leelavathy (W/o Mr. C
Natarajan). Mr. C Natarajan is also the promoter of Shri
Dhanalakshmi Spinntex P Ltd (SDS) and has vast experience of more
than two decades in the textile industry. The promoters are
having nearly a decade of experience in the field of wind energy
generations through their captive windmill power consumed by SDS.

SDGE purchased 9 no's of used windmill machines and started its
operations from June 2013. FY15 was the first full year of
operations for the company and total capacity as on November 30,
2015 stood at 10.75 MW.


TRAVANCORE MULTI: CARE Assigns B+/Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Travancore Multispeciality
Hospital Private Limited, to monitor the rating vide email
communications dated August 16, 2016, November 18, 2016,
December 30, 2016, February 11, 2017, a letter dated March 7,
2017 and numerous phone calls. 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 Travancore Multispeciality Hospital Private
Limited's bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         12.20      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.

Detailed description of the key rating drivers

At the time of last rating on March 15, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Qualified Promoters with experience in healthcare business

Two of the promoters of the company are qualified medical
practitioners. Dr. Safeena Anas has been a gynaecologist for a
decade and is a Doctor of Medicine (M.D). She also specialized in
Laparoscopic surgery and Infertility treatment. Dr. Bindhu Mary
George is a Doctor of Medicine from Kottayam Medical College and
has over 12 years' experience as a gynaecologist. They were l to
be the lead consultants of the hospital. Mr. James George (spouse
of Dr. Bindhu Mary George) and Mr. A M Anas (spouse of Dr.
Safeena Anas) are architects with 2 decades of experience in
designing and constructing buildings.

Hospital with a focus on single specialty

The Hospital is being planned as a mother & child Hospital. The
Hospital will majorly house the department of Gynaecology and
ancillary departments like Infertility treatment & Paediatrics.
The Hospital is being planned as a state of the art facility with
the latest facilities targeting the affluent population of
Cochin.

Key Rating Weakness:

Moderately debt funded project with financial assistance from the
promoters

The company is constructing a 35 bed hospital in Cochin at an
estimated total cost of INR29 crore, funded by promoter's
contribution of INR17 crore and term debt of INR12 crore. The
Promoters had infused INR5 crore as of February 29, 2016.

Project execution risk

As of February, 2016, the company has bought the land for
constructing the hospital and has also received all other
approvals except the building plan approval for which an
application has already been made. The Construction activities
were expected to be carried out by their group company TBPL. The
Company intended to finish the project by 2018 and start
operations of the Hospital.

Dependence on scarcely available qualified medical professionals
Presence of qualified medical professionals such as doctors,
paramedical staff and support staff is one of the important
requisites of a hospital to be successful and to get continued
patronage from the local population. TMHPL will also be dependent
on these scarcely available qualified medical professionals once
it starts operations. The company is expected to recruit doctors,
nurses and other paramedical staff by leveraging the contacts of
Dr. Bindhu Mary George & Dr. Safeena. Given the increasing
competition and the scarcity of medical specialists, the ability
of the hospital to recruit the right mix of doctors and other
staff would be important.

Presence of competition

TMHPS once inaugurated will face heavy competition from
established hospitals in Cochin. The Company aims to position
TMHPS as a speciality, modern, sophisticated hospital with the
latest facilities and personalized care. But the presence of
other hospitals with reputed brand names will be a challenge for
the hospital.


SURANI PAPER: CARE Assigns 'B' Rating to INR7.25cr Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Surani
Paper Private Limited (SPPL), as:

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank
   Facilities/Short-
   term Bank Facilities     7.25       CARE B; Stable/CARE A4
                                       Assigned

   Long-term Bank
   Facilities               3.62       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Surani Paper
Private Limited (SPPL) are primarily constrained on account of
its moderate scale of operations and net losses, leveraged
capital structure and weak debt coverage indicators and modest
liquidity position during FY16 (refers to the period April 1 to
March 31). The ratings are further constrained on account of
susceptibility of profit margins to volatility in raw material
price. The ratings however, continue to derive strength from
experience of directors. SPPL's ability to increase its scale of
operations with improvement in capital structure and liquidity
indicators would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations and net losses: Because of having
short operational track record, the total operating income (TOI)
of SPPL remained moderate at INR37.08 crore during FY16 (Audited)
which increased by 1.12% as compared with FY15. The PBILDT margin
has decreased by 93 bps y-o-y during FY16 (Audited) as compared
with FY15 and remained at 6.00% (6.93% during FY15). However, the
company reported net loss of INR1.94 crore during FY16 which
reduced from net loss of INR2.03 crore during FY15. The reason
for net loss of the company is high depreciation and interest
charges as against the absolute PBILDT.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leveraged marked by
negative overall gearing due to negative net worth. Debt coverage
indicators of the company also stood weak as marked by very high
total debt to GCA (TDGCA) and interest coverage of 0.60 times
[FY15: 0.71 times]in FY16 owing to losses and leveraged capital
structure.

Modest liquidity position: The current ratio of the company stood
below unity at 0.60 times as on March 31, 2016 as against 0.71
times as on March 31, 2015 owing to high creditors and working
capital borrowings as on balance sheet date.

Operating cycle of the company stood short at 21 days in FY16 as
compared to 14 days in FY15 owing to increase in creditors days
and inventory days in FY16.

Susceptibility of profit margins to volatility in raw material
price: The main raw material is paper waste which constitutes
around 70-75% of the total production cost the company. As the
price of the waste paper is primarily driven by international
demand and supply scenario, volatility in the prices can have a
direct impact on the profitability of the company.

Key Rating Strengths

Experienced directors: All directors have experience in range of
5 years to 35 years in industry and all are involve in business
of the company. Due to the long experience in business, the
promoters have developed good relationship with customers. Over
the years, company has developed good relationship with its
suppliers as well.

Ahmedabad-based (Gujarat), Surani Paper Private Limited (SPPL) is
a Private Limited company established in 2011 by six promoters
namely Mr. Mehulbhai Patel, Mr. Hansrajbhai Patel, Mr. Maheshbhai
Patel, Mr. Ramjibhai Patel, Mr. Surendrabhai Patel and Mr.
Prakashbhai Patel. The company manufactures kraft papers from
waste paper. The facility is located at Kheda district of
Gujarat. The company operated at 70% of its installed capacity of
100 Metric Tonne per annum during FY16. The kraft paper finds its
application in the packaging industry especially for making
container board and corrugating medium for boxes, paper bags,
paper moving pads, gumming kraft for paper tape, paper trash bags
etc. for industrial packaging.

As per the audited results for FY16, SPPL reported net loss of
INR1.94 crore on a total operating income of INR37.08 crore
as against net loss of INR2.03 crore on a total operating income
of INR36.67 crore in FY15. The company has booked TOI of INR40
crore till February 9, 2017.


VENUS P.P.: CRISIL Raises Rating on INR5MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities Venus P.P. Varadaraju Spinning Mills Private Limited
to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Long Term Loan           2.4     CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Term Loan       2.64    CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects improvement in liquidity marked by timely
debt servicing from August 2016. Expected cash accrual of INR1.6
crore in fiscals 2018 and 2019, will be sufficient to meet
repayment obligation of INR1.1 crore and INR0.6 crore,
respectively. Liquidity should remain adequate but constrained by
high bank limit utilisation, over the medium term.

The ratings reflect Venus's modest scale of operations in the
intensely competitive textile industry, susceptibility of margins
to fluctuations in raw material prices and weak financial risk
profile marked by low networth and high gearing. It, however,
benefits from the extensive industry experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The cotton yarn segment is
intensely competitive because of a few large and numerous small
players. The small players have limited bargaining power with
suppliers and customers. Venus is a small player with a
production capacity of 14,200 spindles; revenue was estimated at
INR23.3 crore in fiscal 2016. The scale of operations is expected
to remain small over the medium term.

* Weak financial risk profile: Capital structure is leveraged
owing to small networth, at INR2 crore as on March 31, 2016, and
debt-funded capital expenditure'reflected in gearing of 3.5
times. The capital structure is expected to remain pressurized
over the medium term due to small networth however supported by
unsecured loans of INR5.5 crores likely to remain in the business
over the medium term and treated as Non debt Non Equity. The debt
protection metrics are expected to remain moderate over the
medium term'with estimated interest coverage and net cash accrual
to debt ratios at 2 times and 13%, respectively, in 2016 because
of adequate operating margin.

* Susceptibility to volatility in raw material prices: Operating
margin is vulnerable to volatility in the prices of key raw
material, cotton, which accounts for 75% of cost of sales. The
prices of cotton have been volatile over the past few years. The
risk is more pronounced inventory of 3-4 months is maintained,
while yarn is sold at prevailing market prices. Hence,
profitability is largely linked to cotton prices since any sharp
increase therein cannot be fully passed on to customers because
of over-capacity in the industry. Hence, profitability should
remain susceptible over the medium term to volatility in raw
material prices.

Strength

* Extensive industry experience of promoters: The promoters have
extensive experience in the textile segment through other stores
in and around Virudhunagar (Tamil Nadu). The company has
established relations with key customers and raw material
suppliers across the country and has been associated with them
since inception.

Outlook: Stable

CRISIL believes Venus will continue to benefit from the extensive
industry experience of its promoters.The outlook may revised to
'Positive' if increase in scale of operations and profitability
improve financial risk profile.The outlook may be revised to
'negative' if low revenue or profitability, sizeable debt-funded
capital expenditure, or stretch in working capital management
weakens capital structure and liquidity.

Set up in 2005 and based in Salem (Tamil Nadu), Venus
manufactures double count yarn in 60s. Mr. Gopu, the promoter,
manages the operations. Its manufacturing facility has an
installed capacity of 14,200 spindles.

Profit after tax was INR13 lakh on revenue of INR23 crore in
fiscal 2016 against INR8.7 lakh on revenue of INR22 crore in
fiscal 2015.


VIRAJ CONSTRUCTION: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Viraj
Construction Pvt Ltd's (VCPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'.  The Outlook is Stable.  Instrument-wise rating
actions are:

   -- INR615 mil. (reduced from INR1,086.4) Term loan raised to
      'IND BB/Stable' rating;

   -- INR238 mil. Fund-based limit raised to 'IND BB/Stable'
      rating;

   -- INR82 mil. Fund-based limit* assigned with 'IND BB/Stable'
      rating;

   -- INR67.5 mil. Non-fund-based limit* assigned with 'IND A4+'
      rating;

    -- INR175 mil. Proposed term loan rating withdrawn

                         KEY RATING DRIVERS

The upgrade reflects a substantial progress of the company's
ongoing projects: BBD Green City, BBD Green City Integrated
Township and BBD Times Square; and 30% construction completion of
commercial mall, which commenced operations in September 2015.
The present project cost from the three projects is INR7,269.48
million and the company has already achieved a revenue of 40.68%
of the total project cost as on Feb. 28, 2017, (May 2015: 28.6%).
The increase in sales as compared to May 2015 reflects the
projects' steady cash flow generation.

The ratings also draw support from the strategic location of the
projects owing to its proximity to school, hospital, market, etc.

However, the ratings continue to be constrained by lack of
experience of the promoter in the real estate sector as these are
the first residential-cum-commercial projects of VCPL which are
expected to complete by April 2019.

                       RATING SENSITIVITIES

Positive: Steady cash flow generations from the project, along
with the scheduled completion would be positive for the ratings.
Negative: Any delays or cost overruns in the project affecting
cash flows will be negative for the ratings.

COMPANY PROFILE

Established in 2005 by R.K Agarwal, VCPL is engaged in executing
real estate projects. BBD Green City and BBD Green City
Integrated Township are residential projects and BBD Times Square
is a commercial project.


WINS INTERNATIONAL: CRISIL Ups Rating on INR4.5MM Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Wins International (WI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming the short-term facilities at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        2        CRISIL A4 (Reaffirmed)

   Packing Credit          2.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan               1        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that liquidity will improve
over the medium term driven by a sustained improvement in its
business risk profile. The operating income is expected to
increase to INR20 crore in fiscal 2017 from INR15 crore in fiscal
2016. The operating profitability margin, which was 6.6% for
fiscal 2015 increased to 8.6 percent for fiscal 2016 supported by
better realisations and is likely to stabilise at around 8.5%
over the medium term. Consequently, cash accrual is expected to
improve and be around INR1.00-1.20 crore per fiscal over this
period, against maturing debt obligation of INR0.40 crore per
fiscal. Average bank limit utilisation was 65% for the 12 months
through December 2016.

The ratings reflect a modest scale of operations and exposure to
intense competition in the fragmented readymade garments (RMG)
industry, and a below-average financial risk profile. These
weaknesses are partially offset by the extensive industry
experience of the promoters and an established customer
relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition
in a fragmented industry: Revenue is expected at INR20 crore in
fiscal 2017. The modest scale of operations renders the company
vulnerable to the intense competition in the RMG export business.
That's due to low entry barriers, and consequently, high
fragmentation.

* Below-average financial risk profile: The networth is small,
estimated at INR2.7 crore, and the gearing high, estimated at
1.55 times, as on March 31, 2017. The debt protection metrics are
weak, with net cash accrual to total debt and interest coverage
ratios estimated at 22% and 2.17 times, respectively, for fiscal
2017.

Strength

* Extensive industry experience of the promoters and established
customer relationship: The main promoter, Mr. Palanisamy, and his
family have been operating in the RMG segment for over two
decades. The promoters have an established relationship with key
customers such as LPP S.A. (Poland) with which they have been
associated since inception.

Outlook: Stable

CRISIL believes WI will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations while operating profitability is maintained, or if the
working capital management improves, resulting in a better
financial risk profile. The outlook may be revised to 'Negative'
if the financial risk profile deteriorates because of a decline
in cash accrual, weakening of working capital management, large,
debt-funded capital expenditure, or significant withdrawal by the
promoters.

WI was founded in Tirupur, Tamil Nadu, in 1997. The firm
manufactures and exports readymade garments. The managing
partner, Mr. Palanisamy, manages operations.

For fiscal 2016, profit after tax (PAT) was INR9.83 lakh on total
income of INR15.05 crore, against PAT of INR11.44 lakh on total
income of INR10.14 crore for the previous fiscal.


WORLDWIDE TRADELINKS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Worldwide
Tradelinks' (WWTL) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR300 mil. (Increased from INR200) Fund-based limit
      affirmed with 'IND BB/Stable/IND A4+' rating; and

   -- INR150 mil. Proposed fund based limit rating withdrawn

                         KEY RATING DRIVERS

The affirmation reflects WWTL's moderate scale of operations.  In
FY16 WWTL's revenue was INR1.8 billion (FY15: INR1.101 billion).
According to Ind-Ra, the firm's overall revenue is likely to have
declined in FY17 as the firm has achieved revenue of
INR 1.462 billion during 11MFY17.  WWTL's operating EBITDA
margins deteriorated to 1.87% in FY16 from 3.59% in FY15 due to
high competition from the domestic and international players.
Volatility in the raw material prices and administration and
selling expenses also led to decline in margins.

The ratings continue to factor in WWTL's continued weak credit
metrics as the gross interest coverage (operating EBITDA/gross
interest expense) stood at 1.45x in FY16 (FY15: 1.47x) and
financial leverage (total adjusted debt/ operating EBITDAR) stood
at 8.03x in FY16 (FY15: 5.90x).

The ratings factor in the tight liquidity position of WWTL as
average utilization of fund-based limits during the 12 months
ended February 2017 was around 99.87%.The ratings also factor in
the forex risks as 80% of WWTL's revenue is generated from
exports.

The ratings, however, benefit from four decades of experience of
WWTL's promoters in garment manufacturing business.  The ratings
are supported by the firm's strong relationship with its supplier
and customers and low customer concentration risk with 35% of the
total revenue in FY16 coming from the top ten customers.  The
ratings are further supported by an improvement in the firm's
working capital cycle in FY16 to 67 days (FY15: 112 days) on
account of improved inventory and debtor days in FY16.

                       RATING SENSITIVITIES

Negative: Any further deterioration in EBITDA margins lead to
deterioration in the credit metrics could lead to a negative
rating action.

Positive:  A significant improvement in the revenue along with
improvement in the profitability shall be positive for ratings.

COMPANY PROFILE

WWTL was established in November 2010.  The firm is engaged in
manufacturing of knitted readymade garments with a daily
installed capacity to manufacture 12,500 pieces.



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


TOSHIBA CORP: Fires Westinghouse Chair to Signal Fresh Start
------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. apparently pressed
Westinghouse Electric's chairman to resign last week as the U.S.
nuclear unit prepared for a bankruptcy filing, in an effort to
show business partners that responsibility was being taken for
corporate missteps and that change is on the way.

Danny Roderick stepped down as chairman of Westinghouse's board
of directors on March 27 and was replaced by Mamoru Hatazawa, a
Toshiba executive responsible for the Japanese conglomerate's
nuclear operations, according to Nikkei. The subsidiary filed for
Chapter 11 bankruptcy protection in the U.S. two days later.

Nikkei relates that the change was related to the bankruptcy
filing, and aimed to forge a stronger bond between the company
and various stakeholders, according to a person close to the
matter.  Mr. Hatazawa is expected to stay on as chairman only
temporarily, Nikkei says.

Nikkei notes that Toshiba has twice delayed the announcement of
results for the nine months ended last December, citing an
ongoing investigation into suspected improprieties and faulty
internal controls at Westinghouse. Investigators had partly
confirmed those suspicions by mid-March, according to a person
familiar with the matter, including allegations that some senior
managers had exerted undue pressure in the acquisition of U.S.
nuclear construction services company CB&I Stone & Webster. Steps
were then taken to isolate Roderick from executive functions at
the company, the report relays.

According to Nikkei, the former chairman has had a long career in
nuclear power, having served as senior vice president at a joint
venture of General Electric of the U.S. and Japan's Hitachi
before joining Westinghouse as president in 2012. Mr. Roderick
became Westinghouse's chairman and president of Toshiba's in-
house energy systems and solutions company last June, the report
notes.

Nikkei says the executive was known for his hard-charging
personality, on display in the bold proposals Westinghouse used
to win nuclear reactor contracts. He left his position at Toshiba
in February, after massive losses at the nuclear unit came to
light late last year.

Jose Emeterio Gutierrez, Westinghouse's interim president, is
expected to remain on board for now, relates Nikkei.
Mr. Roderick's departure could affect further investigations into
the company, such as an audit of past acquisitions that many have
demanded, Nikkei 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.



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


DAEWOO SHIPBUILDING: Pension Fund Undecided on Debt Rescheduling
----------------------------------------------------------------
Yonhap News Agency reports that South Korea's state pension fund,
one of the key debt holders for ailing Daewoo Shipbuilding &
Marine Engineering Co., said on April 6 it remains undecided on
whether to agree on debt rescheduling measures that aim to keep
the shipyard afloat.

The National Pension Service (NPS), which holds about 30 percent
of bonds sold by Daewoo Shipbuilding, made the remarks when
announcing the outcome of the meeting on April 5 on the troubled
shipbuilder, Yonhap relates.

Citing "doubts over the financial situation" at Daewoo
Shipbuilding, the NPS said in a statement that it made no
decision on whether to accept the debt rescheduling measures, the
report relays.

According to Yonhap, NPS officials said the fund will make a
decision by the end of next week.

Of KRW1.35 trillion (US$1.19 billion) worth of corporate bonds
sold by Daewoo Shipbuilding, the NPS holds KRW388.7 billion. In
particular, the NPS holds about 45 percent of KRW440 billion
worth of the bonds maturing on April 21, the report discloses.

Unless the NPS accepts a debt-for-equity swap and other debt
rescheduling measures, analysts said a rescue package for Daewoo
Shipbuilding may not succeed, according to Yonhap.

The Troubled Company Reporter-Asia Pacific, citing Yonhap News
Agency, reported on March 24, 2017, that South Korea's state-run
creditors of Daewoo Shipbuilding & Marine Engineering Co. said it
will provide a fresh rescue package worth KRW6.7 trillion
(US$5.98 billion) to the ailing shipbuilder, but only if all
stakeholders agree to a painful debt-for-equity swap plan. The
huge rescue measures, proposed by the state-run Korea Development
Bank and Export-Import Bank of Korea, are the second round of
bailout for the shipbuilder that has been suffering severe
liquidity problems over heavy losses from offshore projects.

Under the rescue packages, Daewoo Shipbuilding will receive new
loans worth KRW2.9 trillion, if lenders and bondholders agree to
swap KRW2.9 trillion of debts for new shares in the shipbuilder,
according to Yonhap.  The rescue package also included a three-
to-five year grace period for unsecured loans worth KRW900
billion.

                      About Daewoo Shipbuilding

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

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

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

The shipbuilder suffered an operating loss of KRW1.61 trillion
(US$1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015.  Its net loss narrowed to KRW2.71
trillion last year from a loss of KRW3.3 trillion a year earlier
with sales also dipping 15.1% on-year to reach KRW12.74
trillion.


DAEWOO SHIPBUILDING: Union Agrees to Return 10% of Salaries
-----------------------------------------------------------
Yonhap News Agency reports that the labor union of Daewoo
Shipbuilding on April 6 agreed that its unionized workers will
return an additional 10 percent of their salaries to the company
until its business returns to normal.

Yonhap relates that Daewoo Shipbuilding and the union also agreed
to halt labor negotiations, as part of their self-rescue package.

Daewoo Shipbuilding CEO Jung Sung-leep said he will spare no
efforts to normalize the company, while thanking employees for
joining the "pain-sharing" measures, Yonhap adds.

The Troubled Company Reporter-Asia Pacific, citing Yonhap News
Agency, reported on March 24, 2017, that South Korea's state-run
creditors of Daewoo Shipbuilding & Marine Engineering Co. said it
will provide a fresh rescue package worth KRW6.7 trillion
(US$5.98 billion) to the ailing shipbuilder, but only if all
stakeholders agree to a painful debt-for-equity swap plan. The
huge rescue measures, proposed by the state-run Korea Development
Bank and Export-Import Bank of Korea, are the second round of
bailout for the shipbuilder that has been suffering severe
liquidity problems over heavy losses from offshore projects.

Under the rescue packages, Daewoo Shipbuilding will receive new
loans worth KRW2.9 trillion, if lenders and bondholders agree to
swap KRW2.9 trillion of debts for new shares in the shipbuilder,
according to Yonhap.  The rescue package also included a three-
to-five year grace period for unsecured loans worth KRW900
billion.

                      About Daewoo Shipbuilding

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

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

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

The shipbuilder suffered an operating loss of KRW1.61 trillion
(US$1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015.  Its net loss narrowed to KRW2.71
trillion last year from a loss of KRW3.3 trillion a year earlier
with sales also dipping 15.1% on-year to reach KRW12.74
trillion.



DAEWOO SHIPBUILDING: Creditors Undecided on Refund Guarantee
------------------------------------------------------------
Yonhap News Agency reports that creditors of Daewoo Shipbuilding
& Marine Engineering Co. remain undecided over a refund guarantee
for the shipyard's latest deal, further complicating troubles for
one of the country's major shipyards, industry sources said on
April 5.

Earlier this week, Daewoo Shipbuilding clinched a US$250 million
deal to build three very large crude carriers (VLCCs), the report
says.

Yonhap relates that under the deal with Maran Tankers Management,
a unit of Greece's largest shipper, Angelicoussis Shipping Group,
Daewoo Shipbuilding will deliver the 318,000-ton VLCCs by 2018.

The deal came as the shipyard is suffering from a sharp decline
in new orders amid a protracted industry-wide slump.

According to the report, sources said Daewoo Shipbuilding's
creditors may decide who will issue the refund guarantee for the
shipyard as its corporate bondholders are set to hold a meeting
on April 17 over whether to accept a massive debt rescheduling
scheme for the embattled shipyard.

A refund guarantee issued by a shipyard's bank is important for a
ship owner when ordering a new vessel. If the shipyard defaults,
the bank's refund guarantee provides the ship owner with the
money already paid. Without a refund guarantee, winning a new
deal is almost impossible for a shipyard, Yonhap notes.

"After the bondholders meeting, the creditors may decide (on the
refund guarantee for Daewoo Shipbuilding)," said a source.

The KDB has issued 4 trillion won in refund guarantees, and the
Export-Import Bank of Korea, another policy lender, has put up
over 8 trillion won in refund guarantees for local shipyards.

Meanwhile, Daewoo Shipbuilding recently signed a deal to sell one
of its office buildings in southern Seoul for some 35 billion
won, as part of its efforts to secure much-needed cash.

The Troubled Company Reporter-Asia Pacific, citing Yonhap News
Agency, reported on March 24, 2017, that South Korea's state-run
creditors of Daewoo Shipbuilding & Marine Engineering Co. said it
will provide a fresh rescue package worth KRW6.7 trillion
(US$5.98 billion) to the ailing shipbuilder, but only if all
stakeholders agree to a painful debt-for-equity swap plan. The
huge rescue measures, proposed by the state-run Korea Development
Bank and Export-Import Bank of Korea, are the second round of
bailout for the shipbuilder that has been suffering severe
liquidity problems over heavy losses from offshore projects.

Under the rescue packages, Daewoo Shipbuilding will receive new
loans worth KRW2.9 trillion, if lenders and bondholders agree to
swap KRW2.9 trillion of debts for new shares in the shipbuilder,
according to Yonhap.  The rescue package also included a three-
to-five year grace period for unsecured loans worth KRW900
billion.

                      About Daewoo Shipbuilding

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

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

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

The shipbuilder suffered an operating loss of KRW1.61 trillion
(US$1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015.  Its net loss narrowed to KRW2.71
trillion last year from a loss of KRW3.3 trillion a year earlier
with sales also dipping 15.1% on-year to reach KRW12.74
trillion.



===========
T A I W A N
===========


WAN HAI: Weak Earnings in 2016 No Impact on Moody's Ba2 CFR
-----------------------------------------------------------
Moody's Investors Service says that Wan Hai Lines Ltd.'s weaker
earnings in 2016 were in line with Moody's expectations and will
not immediately affect its Ba2 corporate family rating.

The rating outlook remains stable.

"Wan Hai's financial leverage increased to 2.2x in 2016 from 1.8x
in 2015, driven largely by weaker earnings as average freight
rates declined. The results were in line with Moody's
expectations," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

"Moody's expects its financial leverage to stay around 2.0x-2.5x
over the next 12-18 months, as the company maintains a prudent
investment strategy and manages its costs and expenses amid the
challenging market environment and low freight rates," adds Lu.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 2.0x-2.5x over the next 12-18 months, based on its: (1)
short-term vessel chartering strategy; (2) purchase of slot
capacity from partners; and (3) limited capital expenditure. This
ratio positions it at the Ba2 rating level.

Moody's expects Wan Hai's revenue to remain flat in 2017, driven
by a modest increase in sales volumes offset by low freight
rates, amid a challenging operating environment stemming from
industry overcapacity and weak demand. Wan Hai's revenue should
grow 3% in 2018, driven by higher sales volumes, and despite
challenging market conditions in the liner market.

Moody's also projects that Wan Hai's adjusted EBITDA margin will
fall to 14%-15% over the next 12-18 months from 15.4% in 2016,
owing to lower freight rates and higher bunker costs; a situation
which will be partially offset by its implementation of expense
controls and cost improvement measures.

Wan Hai's liquidity profile remains strong. At end-2016, it had
cash and cash equivalents of NTD19.3 billion and short-term
marketable investments of NTD4.0 billion, which together provide
a strong liquidity reserve for its short-term maturing debt of
NTD6.3 billion over the next 12 months and projected capital
expenditure of NTD2.5 billion over the same period.

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Wan Hai Lines Ltd. listed on the Taiwan Stock Exchange in May
1996. At end-2016, it operated a fleet of 88 container vessels
(71 wholly owned and 17 chartered), offering intra-Asia, Asia-
Middle East, and Trans-Pacific liner services. With 29 dedicated
service routes at end-2016, Wan Hai is the leading provider of
intra-Asia container shipping services, with an estimated 15%
market share.



                             *********

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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