TCRAP_Public/170417.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

            Monday, April 17, 2017, Vol. 20, No. 75


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: S&P Raises ICR to 'B' on Completed Refinancing
RESIMAC TRIOMPHE 2017-1: S&P Assigns 'BB' Rating on Cl. D Notes


C H I N A

DR. PENG: S&P Assigns 'BB' CCR on Weaker Market Position
CHINA SCE: S&P Revises Outlook to Positive & Affirms 'B' CCR
HYDOO INTERNATIONAL: S&P Affirms 'B' CCR; Revises Outlook to Neg.
MIE HOLDINGS: S&P Cuts CCR to CCC on Heightened Refinancing Risk
SUNAC CHINA: S&P Affirms 'B+' CCR; Outlook Remains Negative


I N D I A

AGGARWAL AUTOMATIVE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
ALCHEMIST HOSPITALS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
AVICHAL MULTITRADE: Ind-Ra Assigns 'B' Long-Term Issuer Rating
BALLARPUR INDUSTRIES: Ind-Ra Lowers NCDs to 'D'
BELLATRIX INFRASTRUCTURE: Ind-Ra Assigns 'B+' Issuer Rating

BILT GRAPHIC: Ind-Ra Lowers NCDs and CP to 'D'
BRAND ADVANCE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
CHOWDHRY RUBBER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
CONTINENTAL EARTHMOVERS: Ind-Ra Assigns 'BB' Issuer Rating
GMR WARORA: Ind-Ra Affirms 'D' Rating on 12.15MM NCDs

GS EXPRESS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating


                            - - - - -


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A U S T R A L I A
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BARMINCO HOLDINGS: S&P Raises ICR to 'B' on Completed Refinancing
-----------------------------------------------------------------
S&P Global Ratings said that it had raised the issuer credit
rating on Australian hard-rock contract mining company Barminco
Holdings Pty Ltd. to 'B' from 'B-'.  The outlook is stable.  S&P
has also removed all ratings from CreditWatch with positive
implications, where they were initially placed on March 23, 2017.

Barminco has completed its refinancing task with an issue
comprising US$350 million of senior secured notes maturing in
2022, which removed the refinancing risk that previously
constrained the ratings.

At the same time, S&P assigned a 'B' rating to the company's new
senior secured notes maturing in 2022 with a recovery rating of
'4'.

"We upgraded Barminco to reflect the company's successful issuance
of US$350 million senior secured notes maturing in 2022, which
removed any refinancing pressure over the next 12 months," said
S&P Global Ratings credit analyst Sam Heffernan.  "The upgrade
also reflects our view of Barminco's relatively stable
profitability even during the recent downturn in the mining
industry and through a period of challenging conditions for mining
services companies."

S&P don't expect a significant rebound in trading conditions over
the next 12 months, given that miners remain disciplined in
committing significant capital expenditure for expansion.
However, pressure on mining services companies has moderated over
the past six to 12 months as commodity prices rebounded, and some
pipeline opportunities could supplement Barminco's business.

S&P expects Barminco's earnings to increase modestly over the next
two to three years on the back of new and existing contracts.
Barminco's order book continues to be stable as it rolls over
expiring contracts and wins new contracts to replace lost ones
(for example replacing the one lost contract over the past 12
months with two new ones).  Indeed, the company's EBITDA has been
relatively steady over the past few years.  Its new contracts at
Kundana mine, Western Australia and Rampura Agucha mine, India
would ramp up and reach full earnings potential over the next two
years, modestly lifting earnings.

Barminco has offset the impact of the recent mining downturn
through proactive cost management, in addition to maintaining a
sufficient pipeline of contracts.  As a result, the company has
maintained relatively stable profitability, despite pressure on
revenues and margins.

Barminco's experience and track record in providing underground
hard-rock mining services partly offset the company's relatively
small scale and narrow business focus.  Nonetheless, in S&P's
view, the company's concentration in relatively short-term
contracts of three to five years is an inherent risk in its
business risk profile.

Mr. Heffernan added: "The stable outlook reflects our expectation
that the company will continue to manage its contract book and
maintain its steady track record in providing underground hard-
rock mining services."

An upward rating action could occur if Barminco wins a number of
additional contracts that improve its project diversity.  In
addition, further upward rating action could occur if the
constraints of financial sponsor ownership diminished and S&P
believes the company could maintain credit metrics, such as FFO to
debt greater than 20%, even under a moderate stress scenario.

Downward rating action could happen if commodity prices were to
decline, resulting in mines being placed into care and maintenance
and Barminco being unable to roll over or replace lost contracts.
This scenario would result in the company's FFO to debt
deteriorating to below 12%.


RESIMAC TRIOMPHE 2017-1: S&P Assigns 'BB' Rating on Cl. D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2017-1.  RESIMAC Premier Series 2017-1 is a
securitization of prime residential mortgages originated by
RESIMAC Ltd. (RESIMAC).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including that this is a closed portfolio, which
      means no further loans will be assigned to the trust after
      the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance on 18.2% of the loans
      in the portfolio, which provides cover for 100% of the face
      value of the insured loans, accrued interest, and
      reasonable costs of enforcement, as well as note
      subordination for the rated notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 1.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.
      The exception is the class C and class D notes, where the
      rating does not address the likelihood of payment of the
      residual class C note interest and the residual class D
      note interest.

   -- The extraordinary expense reserve of A$250,000, funded by
      RESIMAC before closing, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The benefit of a cross-currency swap to hedge the mismatch
      between the Australian dollar receipts from the underlying
      assets and the U.S. dollar payments on the class A1 notes.

The management of interest-rate risk. Interest-rate risk between
any fixed-rate mortgage loans and the floating-rate obligations on
the notes are appropriately hedged via interest rate swaps to be
provided by an appropriately rated interest-rate swap provider.

A copy of S&P Global Ratings' complete report for RESIMAC Triomphe
Trust - RESIMAC Premier Series 2017-1 can be found on
RatingsDirect, S&P Global Ratings' Web-based credit analysis
system, at:

                  http://www.globalcreditportal.com

RATINGS ASSIGNED

Class      Rating        Amount (mil.)
A1a        AAA (sf)      US$275.0
A1b        AAA (sf)      US$125.0
A2         AAA (sf)       A$370.0
AB         AAA (sf)        A$45.0
B          AA (sf)         A$27.0
C          A (sf)          A$13.0
D          BB (sf)         A$10.0
E          NR               A$5.0

Note: The exchange rate applicable to the class A1a and A1b notes
is US$0.75 per Australian dollar. NR--Not rated.



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C H I N A
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DR. PENG: S&P Assigns 'BB' CCR on Weaker Market Position
--------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to China-based telecommunications services
provider Dr. Peng Telecom & Media Group Co. Ltd.  The outlook is
stable.  At the same time, S&P assigned its 'cnBBB-' long-term
Greater China regional scale rating to Dr. Peng.

"The rating on Dr. Peng reflects the company's weaker market
position in China than state-owned operators', business
concentration in broadband internet services, and the highly
competitive telecommunications services industry in China," said
S&P Global Ratings credit analyst Shalynn Teo.  "In our view, Dr.
Peng's continued high capital expenditure and potential debt-
funded acquisitions will push up the company's financial leverage
over the next 12 months.  These risks are tempered by the
company's stable operating cash flows, extensive network in China,
and the industry's positive fundamentals."

S&P expects Dr. Peng's market position and scale to remain
significantly smaller than that of the three major state-owned
telecommunication operators, together account for more than 90% of
the broadband market in China.  On the other hand, Dr. Peng is the
largest private-sector player and we believe the company can
maintain its market share of around 5%.  Dr. Peng's competitive
pricing and its more advanced, full-fiber network should continue
to support subscriber growth over the next 12 months.

S&P expects Dr. Peng's business concentration in broadband
services to remain high in the next 12-24 months, limiting the
company's ability to provide bundled offerings as compared with
the large operators in China.  Dr. Peng has been diversifying its
operations into other businesses, including data center operations
and media and mobile services.  However, diversification is slow
and S&P sees limited benefits at this stage.

In S&P's view, intensifying competition in China may put pressure
on Dr. Peng's profitability.  S&P expects the state-owned players
will continue to remain aggressive in pricing while providing
bundled products to increase their customer base.  S&P expects
Dr. Peng's EBITDA margin to be 30.0%-35.0% in the next 12 months,
compared with 38.5% in 2016, due to aggressive pricing and higher
selling expenses, which all players are experiencing in their
broadband segments.

Nevertheless, S&P believes that fundamentals in China's
telecommunications services industry remain positive.  Broadband
penetration is increasing from a relatively low level compared to
more developed countries, and the consumption of online content is
on the rise.  In S&P's estimate, Dr. Peng is well positioned to
further increase its customer base, given the company's national
network which covers more than 100 million households in over 211
major cities.

On the back of continued high capital expenditure and potential
debt-funded acquisitions, S&P expects Dr. Peng's debt-to-EBITDA
ratio to increase to 1.5x-2.0x in the next 12-24 months, from 0.4x
in 2016.  S&P anticipates the company will continue to seek growth
through acquisitions as it expands into overseas markets and
enhances product offerings.  However, good operating cash flows
from the prepayment nature of broadband services should partially
offset the capital expenditure needs.

S&P factors into the rating the risk of Dr. Peng adopting a more
aggressive expansion strategy than S&P forecasts in its base case,
either organically or through acquisitions.  Such a strategy
increases the risk of the company's financial metrics
deteriorating beyond S&P's forecasts.  S&P therefore views
Dr. Peng's financial policy as negative, an assessment which
lowers the final rating by one notch.

"The stable outlook on Dr. Peng reflects our expectation that the
company will maintain stable operating cash flows over the next 12
months despite the intense competition against its larger peers in
the Chinese market," said Ms. Teo.  "We expect Dr. Peng's
financial leverage to increase due to continued high capital
expenditure and debt-funded acquisitions, in addition to mildly
weakening profitability, leading to a debt-to-EBITDA ratio of
1.5x-2.0x in the next 12 months."

S&P could lower the rating if Dr. Peng's debt-to-EBITDA ratio
exceeds 2.0x or the ratio of funds from operations (FFO) to debt
drops below 45% without signs of improvement.  This could happen
if: (1) the company undertakes more aggressive acquisitions or
capital expenditure than we expect; or (2) the company has
difficulty executing its expansion strategy or faces more severe
competition than S&P expects, resulting in a significant
deterioration in its profitability or sales growth.

S&P could raise the rating if Dr. Peng demonstrates a track record
of disciplined financial policy on acquisitions or expansions,
with the debt-to-EBITDA ratio staying comfortably below 2.0x and
the FFO-to-debt ratio being above 45% on a sustained basis.


CHINA SCE: S&P Revises Outlook to Positive & Affirms 'B' CCR
------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on China SCE
Property Holdings Ltd. (CSCE) to positive from stable.  At the
same time, S&P affirmed its 'B' long-term corporate credit rating
and our 'cnBB-' long-term Greater China regional scale rating on
the China-based property developer.

S&P also affirmed its 'B-' long-term issue rating and 'cnB+' long-
term Greater China regional scale rating on CSCE's outstanding
senior unsecured notes.

S&P revised the outlook to positive because it believes CSCE's
financial leverage will improve significantly in 2017, due to
recovery in CSCE's margins.  At the same time, CSCE is likely to
continue to expand its operating scale, with better geographical
diversity and more exposure to higher tier cities.

S&P anticipates a notable recovery in CSCE's margins in 2017,
after a compression over the past two years.  The company's gross
margin declined to 25% in 2016, from 28% in 2015, as it recognized
revenue from some low-margin (or loss-making) projects in smaller
cities (such as Nanchang and Anshan) that were sold at discount
before 2015.  However, margins should improve over the next two
years as these low-margin legacy projects wind down and more
contribution comes from higher-tier cities.  S&P estimates that
CSCE's unrecognized revenue of around Chinese renminbi (RMB) 15
billion at the end of 2016 carries better margins of more than
30%.  As a result, S&P forecasts gross margin will recover to over
29% in 2017.

S&P affirmed the ratings because it believes the pace of CSCE's
deleveraging plan still faces some uncertainty, given its fast
expansion in top-tier cities.  CSCE's capital expenditure (capex)
will remain high as it expands in new cities (e.g., Suzhou and
Hangzhou).  S&P estimates its land acquisition spending will
increase to RMB14 billion-RMB16 billion per year in the next two
years, from RMB11.6 billion in 2016.

S&P believes CSCE has improved its operating scale and
geographical diversity over the last few years as it expanded
outside its home market.  The company's sales increased to
RMB23.5 billion in 2016, from RMB14.5 billion in 2015 and
RMB11.9 billion in 2014. Its sales contribution from Fujian
decreased to 32.6% in 2016 from 73.6% in 2014.

S&P anticipates that CSCE's sales will increase steadily to
RMB26 billion-RMB28 billion in 2017.  This is driven by its
salable resources of RMB45 billion.  The company will have new
projects of around 0.7 million square meters gross floor area in
2017, mostly in Beijing, Shanghai, and Tianjin.

CSCE's increased exposure to higher-tier cities with more stable
demand enhances its asset quality, in S&P's view.  First- and
second-tier cities accounted for 80% total land bank by costs in
2016, up from around 68% in 2015 and 58% in 2014.

CSCE still faces some execution risks in its newly expanded
cities, including Nanjing, Hangzhou, and Suzhou, which it entered
in 2016.  Previously, certain projects in new markets initially
operated with longer cycles.  However, CSCE's past record
demonstrates it has generally been able to adapt to new markets
over time.

The positive outlook reflects S&P's expectation that CSCE's
leverage will improve significantly in 2017 due to material
recovery in margins.  S&P also expects the company to manage the
pace of its expansion, while maintaining steady sales growth over
the next 12 months.

S&P could upgrade CSCE if the company can substantially improve
its margins, such that the debt-to-EBITDA ratio improves to below
5x on a sustained basis.

S&P could revise the outlook to stable if CSCE's debt-to-EBITDA
ratio doesn't show clear visibility of declining to below 5x over
the next 12 months.  This could be due to a weaker recovery in
margins than S&P expects, with gross margin lower than its base
case of about 29%.

S&P could also revise the outlook to stable if CSCE pursues a more
aggressive debt-funded expansion, with significantly higher land
acquisition than S&P's base-case forecast of RMB 14 billion.


HYDOO INTERNATIONAL: S&P Affirms 'B' CCR; Revises Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on Hydoo
International Holding Ltd. to negative from stable.  S&P also
affirmed its 'B' long-term corporate credit rating on the China-
based trade center developer and S&P's 'B-' long-term issue rating
on its outstanding notes.  At the same time, S&P lowered its long-
term Greater China regional scale rating on Hydoo to 'cnB+' from
'cnBB-' and on its notes to 'cnB' from 'cnB+'.

"We revised the outlook to negative because we expect Hydoo's
financial leverage to remain high in the next 12-24 months, as
sales performance and revenue may remain weak associated with the
down cycle in the trade center industry," said S&P Global Ratings
credit analyst Dennis Lee.  "The company's key financials for 2016
were weaker than our previous forecast."

Hydoo's debt-to-EBITDA ratio has increased to 5.4x in 2016, from
3.4x in 2015.

S&P expects Hydoo's sales to remain weak in the next 12 months
because there is no sign of recovery in the trade center industry
in China. In addition, the company focuses on the sale of trade
center units in lower-tier cities, servicing the surrounding
areas.  This makes Hydoo more vulnerable to the economic slowdown
when compared with peers targeting provincial capitals, where
economic activity has been stronger.  In 2016, Hydoo achieved
contracted sales of only Chinese renminbi RMB2.5 billion,
declining for the third year in a row.  S&P forecasts the
company's sales performance will stabilize at RMB2.6 billion-
RMB2.8 billion, mainly supported by a new project in Liuzhou that
will be launched in 2017.

"Hydoo's operating cash flow is likely to remain negative in 2017
as its sales cannot fully cover operating expenses," said Mr. Lee.
"We believe the company has limited room to scale back its
construction and land acquisitions to preserve cash.  We project
that Hydoo will have RMB300 million-RMB400 million in cash outflow
during the period."

S&P expects Hydoo's gross margin to decline to 46%-50% in the next
two years, primarily due to increasing pressure in destocking and
a change in product mix.  In 2016, the average selling price of
its contracted sales decreased 21.7% to RMB5,016 per square meter.
Hydoo has also increased residential sales to supplement the
suffering trade center business.  The contribution from
residential sales increased to 28.2% of the total in 2016,
compared with only 2% in 2015.  Given the lower margin of
residential properties than that of trade centers, S&P believes
Hydoo's overall margin is likely to decrease.

S&P believes Hydoo's continuous weak sales performance will
pressure its liquidity position. As of the end of 2016, Hydoo has
a total cash balance of RMB2.1 billion, of which RMB966 million is
unrestricted.  This compares with short-term borrowings of
RMB1.3 billion.  Hydoo's current liquidity position is largely
reliant on rolling over its debt.  Nevertheless, S&P believes that
near-term liquidity risk remains manageable since a significant
part of its short-term borrowings are construction loans that are
asset-pledged.

The negative outlook on Hydoo reflects S&P's expectation that the
company's sales will remain weak in the coming 12 months.
However, S&P expects Hydoo to control its capex, such that its
debt-to-EBITDA ratio will not further deteriorate from the 2016
level.

S&P may lower the rating if Hydoo's sales performance is weaker
than S&P's expectation or its margin declines materially, such
that its debt-to-EBITDA ratio stays at above 5x on a consistent
basis.  This could happen if Hydoo's contracted sales are lower
than S&P's projection of RMB2.7 billion in 2017.

S&P could also downgrade the company if its cash balance
significantly depletes or it encounters difficulty in refinancing.

S&P may revise the outlook on Hydoo to stable if it achieves good
sales execution and cash collection, and cautiously controls its
expenditure, such that its debt-to-EBITDA ratio improves and stays
below 5x.


MIE HOLDINGS: S&P Cuts CCR to CCC on Heightened Refinancing Risk
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on MIE Holdings Corp. to 'CCC' from 'B-'.
The outlook is negative.  S&P also lowered its long-term issue
rating on the company's senior unsecured notes to 'CCC' from
'B-'.

At the same time, S&P lowered its long-term Greater China regional
scale rating on MIE and its notes to 'cnCCC' from 'cnB-'.  MIE is
a China-based oil and gas exploration and production company.

"We lowered the rating to reflect our view that MIE's liquidity is
likely to remain weak and the company faces heightened refinancing
risk on its outstanding U.S. dollar notes," said S&P Global
Ratings credit analyst Danny Huang.  "The downgrade also reflects
our expectation of a heightened risk of debt restructuring, given
MIE's unsustainable debt level."

S&P believes MIE could face a material liquidity deficit over the
next 12 months because the company's cash on hand is unlikely to
cover debt due in the coming 12 months, including a US$200 million
bond due in February 2018.  S&P has revised its assessment of
MIE's liquidity to weak from less than adequate.

Despite S&P's expectation of a moderate recovery in oil prices and
stabilization of MIE's production volume, S&P believes the
improvement in the company's cash flows would not be sufficient to
cover its large debt maturities.  S&P do not expect a material
improvement in liquidity in the next 12 months unless MIE can
secure other funding sources, such as new bank loans, or sell
assets.

"We have low visibility on MIE's successfully refinancing of its
debt," said Mr. Huang.  "The company is yet to come up with a
concrete refinancing plan even though the US$200 million notes are
due in less than a year, and the US$476 million notes are due in
April 2019.  We believe this indicates challenges the company
faces in refinancing its large debt maturities."

S&P believes Boston Power Inc.'s timely repayment of a loan due
June 2017 is uncertain.  Therefore, S&P do not include the receipt
of the US$30 million loan in its liquidity assessment.
Nonetheless, MIE's liquidity is unlikely to materially improve
even if the loan is repaid on time.

In S&P's view, MIE's business remains vulnerable due to its small
scale.  S&P expects MIE's production volume in China to be flat in
the next two to three years because the company's asset size has
shrunk following asset disposals (Emir Oil and Asia Gas & Energy
Ltd.) in 2016.  Given that MIE's oilfields in China are aged, S&P
expects the company's capital expenditure to maintain production
to be Chinese renminbi (RMB) 110 million-RMB120 million each year
in 2017-2018.

S&P expects MIE to remain highly leveraged.  S&P anticipates that
the company will maintain a conservative approach to capital
expenditure amid the current market conditions and refinancing
pressure.  S&P therefore expects debt to remain high but
relatively flat.

The negative outlook over the next 12 months reflects MIE's
unsustainable debt leverage and the lack of a concrete refinancing
plan.  S&P expects the company's operating cash flow will not be
sufficient to repay debt even after factoring in a moderate
recovery in oil prices.  The negative outlook also reflects S&P's
view of an increased risk of debt restructuring, considering the
current market price of MIE's outstanding notes and the company's
unsustainable capital structure.

S&P could lower its rating on MIE if the company cannot come up
with a concrete refinancing plan within the next few months or S&P
believes the likelihood of debt restructuring has increased.

S&P could revise the rating outlook to stable if it has greater
visibility on MIE's refinancing plan.


SUNAC CHINA: S&P Affirms 'B+' CCR; Outlook Remains Negative
-----------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on Sunac China Holdings Ltd.  The outlook
remains negative.  S&P also affirmed its 'B' long-term issue
rating on the company's outstanding senior unsecured notes.  At
the same time, S&P affirmed its long-term Greater China regional
scale rating on Sunac at 'cnBB-' and on the notes at 'cnB+'.
Sunac is a China-based property developer.

"The affirmed rating with negative outlook reflects our
expectation that Sunac will slow down its land acquisitions and
maintain strong sales performance in 2017, such that its financial
leverage will improve from the high level in 2016," said S&P
Global Ratings credit analyst Dennis Lee.

In S&P's base case, it forecasts that Sunac's debt-to-EBITDA
ratio, including the proportional consolidation of joint ventures
(JVs) and associates, will improve to 8x?10x in 2017, from about
11x in 2016.  This is driven by S&P's forecast that the company
will achieve total contracted sales of Chinese renminbi RMB225
billion, supported by its increased saleable resources of RMB418
billion.  Sunac's high leverage in 2016 was a result of its
aggressive expansion during the year.

At the same time, S&P expects Sunac will reduce its land
acquisition budget to about RMB60 billion, from RMB73.7 billion in
2016.  The company has slowed down its land acquisition activities
since the start of 2017 due to high land prices and tightening
liquidity conditions.  As a result of aggressive land acquisitions
in 2016, Sunac's attributable land reserves have increased
significantly to about 50 million square meters (sqm), from 18.05
million sqm in 2015.  In S&P's view, the company's enlarged land
reserves provide it with a strong foundation for scale expansion
in the next five years.  As of end-2016, the company has committed
but unpaid land premiums of RMB32.8 billion.

"We believe the short-term liquidity pressure on Sunac is
manageable, given the company's substantial cash position of
RMB69.7 billion at the end of 2016," said Mr. Lee.  "We expect the
company's debt growth to moderate in 2017 and 2018 due to more
controlled spending after a substantial increase from aggressive
land acquisitions in 2016."

S&P expects JVs and associates will continue to generate a
significant portion of Sunac's sales in the next few years.  In
2016, only one-third of the company's sales were from
subsidiaries.  The rest were from JVs and associates.  S&P
estimates that the overall financial leverage of the company's JVs
and associates is lower than that at the consolidated parent level
because the parent funds some of the land payments.  S&P estimates
the overall debt-to-EBITDA ratio of Sunac's unconsolidated JVs and
associates is about 7.0x.

S&P anticipates Sunac will continue to leverage on its experience
and capabilities in mergers and acquisitions (M&A) as the key way
to acquire land plots.  In S&P's view, this method could lower
land costs and reduce competition when compared with public
auction.  However, it also lowers Sunac's financial transparency,
given the timing mismatch between financial gain recorded at the
time of the transaction and the impact on cost of goods sold in
the subsequent period.  More than half of the land plots that the
company acquired in 2016 were through M&A.

Additionally, S&P expects Sunac to continue to invest in non-
property development businesses.  In the first quarter of 2017,
the company spent RMB17.6 billion to invest in Homelink, a
property transaction services provider, and Leshi, an internet
company.  Although these transactions did not have a material
impact on cash flows, they show Sunac's intention to expand
outside property development in the long run.  These acquisitions
were opportunistic in nature, and the strategy and synergy with
Sunac's main property development business remains unclear.  S&P
therefore revised its financial policy score for Sunac to negative
from neutral.

Based on Sunac's ability to achieve its sales goals in 2016 and
its satisfactory execution of its land acquisition strategy, S&P
revised its management and governance score to fair from weak.
However, S&P continues to believe that the company has high key
man risk with its founder and chairman Mr. Sun Hongbin.

The negative outlook reflects S&P's view that Sunac's financial
leverage will remain high in the next 12 months.  S&P expects the
company to maintain strong sales growth and be disciplined in land
acquisitions, thus marginally improving its leverage from the 2016
level.  S&P forecasts that Sunac's debt-to-EBITDA ratio, including
the proportional consolidated financials of its JVs and
associates, will improve to 8x-10x 2017, from about 11x in 2016.

S&P could downgrade Sunac if the company's financial leverage does
not improve as S&P expects.  This could happen if Sunac's
aggressive debt-funded land acquisitions continue, the company's
sales execution does not meet S&P's expectation of about RMB225
billion in 2017, or its margin declines substantially.

S&P could revise the outlook to stable if Sunac's financial
leverage, including the proportionally consolidated financials of
JVs and associates, meets S&P's forecast of a debt-to-EBITDA ratio
of below 10x in 2017 and continues to show an improving trend
thereafter.



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


AGGARWAL AUTOMATIVE: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aggarwal
Automotive Private Limited (AAPL) a Long-Term Issuer Rating of
'IND B-'.  The Outlook is Stable.  The agency has taken this
rating action on the company's fund-based limits:

   -- INR300 mil. Fund-based limit assigned with 'IND B-/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect AAPL's moderate scale of trading operations
and weak credit profile as reflected in its revenue of INR1,166.44
million in FY16 (FY15: INR88 million), EBITDA interest coverage
(operating EBITDA/gross interest expense) of 0.7x (0.1x) and high
net leverage (total adjusted net debt/operating EBITDAR) of 17x.
Operating EBITDA margins were 0.96% in FY16 (FY15: 0.07%).

The ratings are constrained by the tight liquidity profile of the
company, as reflected in its average working capital utilization
of 87% during the 12 months ended February 2017.

The ratings however factor in the company's association, as a
distributor, with Hyundai Motor Company.

                        RATING SENSITIVITIES

Positive: Substantial improvement in the operating margin leading
to improvement in the overall credit metrics will be positive for
the ratings

COMPANY PROFILE

AAPL was incorporated by Mr Harshvardhan Bansal and family, and
started its operations in February 2015.  AAPL is distributor of
Hyundai cars in Delhi and has three showrooms.


ALCHEMIST HOSPITALS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Alchemist
Hospitals Limited's (AHL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR70.2 mil. (decreased from INR70.9) Long-term loans
      affirmed with 'IND BB+/Stable' rating;

   -- INR100 mil. Fund-based working capital affirmed with
      'IND BB+/Stable' rating;

   -- INR10 mil. Non-fund-based working capital affirmed with
      'IND A4+' rating; and

   -- INR58.3 mil. *Proposed long-term loans assigned with
      provisional IND BB+/Stable rating

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

                         KEY RATING DRIVERS

The affirmation reflects continued improvement in AHL's financial
profile post the hive-off of its loss making Gurgaon hospital into
Alchemist Hospital Gurgaon Private Limited (AHGPL) as majority of
the balance sheet debt was transferred to AHGPL.  AHL's (Panchkula
hospital?s) gross interest coverage ratio (operating EBITDAR/gross
interest expense + rents) in 9MFY17 increased to 15.5x
(FY16:13.4x; FY15: 7.6x) while the net leverage was strong at 0.5x
(FY16: 1.2x; FY15: 1.0x).  Improvement in coverage was due to
reduced interest expenses on account of repayment of secured bank
debt.  Ind-Ra expects rationalization in AHL's coverage and
leverage in the short to medium-term owing to planned debt-funded
capex for the capacity expansion.

AHL's revenue grew 4.2% yoy in FY16 to INR759 million. EBITDA
remained nearly same at INR110 million in FY16 (FY15: INR107
million); this moderation was due to a decrease in bed occupancy
rate (FY16: 60.7%, FY15: 64%) and increase in consultant payout
and employee expenses.  Accordingly, Panchkula hospital's FY16
EBITDA margin decreased to 14.5% (FY15: 14.8%).  This decrease was
absorbed to a certain extent by improvement in its average revenue
per operating bed (ARPOB) to INR28,126 in FY16 (FY15: INR26,422)
supported by its focus on high value cardiology, neurology and
oncology services.  The 9MFY17 EBITDA margin has improved to 20.3%
primarily due to reduction in consumables cost and increase in
ARPOB to INR30,065.  Despite modest size of operations, the
hospital has a high percentage of patients requiring surgery (150-
200 surgeries performed per month) resulting in high ARPOBs.
Ind-Ra believes that in the short to medium-term, the revenue
growth would be impacted to a certain extent by the recent cap on
prices of stents for cardiology procedures.

AHL has planned to expand the Panchkula hospital capacity to 200
beds (additional 82 beds) within the existing area.  The
construction is likely to begin in another few months and the
entire project is likely to take around 1 to 1.5 years for
completion.  Increasing lifestyle disease will drive higher
occupancy for the hospital in the short to medium term.

AHL has an established market position in Panchkula despite the
presence of other specialty hospital in the vicinity.  Moreover,
healthcare sector is relatively immune to seasonal and economic
factors compared with other industries.

The ratings continue to factor in AHL's small size of operations,
as it operates a 118 bed multi-specialty hospital in Panchkula.
Moreover, single operating location also exposes the company to
geographical concentration risk.  AHL is planning to increase its
capacity to 200 beds in the next two years.

                         RATING SENSITIVITIES

Positive: A significant improvement in the occupancy rates
resulting in a considerable improvement in the profitability will
be positive for the ratings.

Negative: Higher-than-expected debt-funded capex resulting in the
weakening of credit metrics will be negative for the ratings.

COMPANY PROFILE

AHL is a company of the Alchemist Group.  The company offers a
wide range of specialty services such as cardiology, joint
replacements, laparoscopic surgery, neurology and neuro surgery,
paediatric surgery, endocrinology and nephrology.


AVICHAL MULTITRADE: Ind-Ra Assigns 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Avichal
Multitrade Private Limited (AMPL) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.  Instrument-wise rating actions
are:

   -- INR50 mil. Proposed fund-based working capital limit*
      assigned with 'Provisional IND B/Stable/Provisional IND A4'
      rating; and

   -- INR150 mil. Proposed non-fund-based limit* assigned with
      Provisional IND A4 rating

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

                         KEY RATING DRIVERS

The ratings reflect AMPL's short operational track record as FY15
was the first year of operations, weak EBITDA margins inherent to
the trading business and moderate credit metrics.  Revenue
increased to INR970.2 million in FY16 (FY15: INR757.4 million)
owing to the addition of new clients.  EBITDA margin was 0.7% in
FY16 (FY15: 0.1%).  Interest coverage (operating EBITDA/gross
interest expense) was 4.3x and net leverage (total adjusted net
debt/operating EBITDAR) was 10.4x in FY16.  As at March 31, 2016,
the company's debt comprised of unsecured loan of INR72.5 million.

However, the ratings are supported by the promoters' experience of
two decades in the trading business, which has led to well-
established relationships with customers and suppliers.

                        RATING SENSITIVITIES

Positive: A substantial growth in the top line, along with an
improvement in the EBITDA margin could be positive for the
ratings.

Negative: Any decline in revenue and/or deterioration in the
EBITDA margin could be negative for the ratings.

COMPANY PROFILE

Established in March 2014, AMPL is a Mumbai, Maharashtra-based
trader of household electronic appliances.  As per provisional
financials, the company booked revenue of INR1.250 billion in
11MFY17.


BALLARPUR INDUSTRIES: Ind-Ra Lowers NCDs to 'D'
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ballarpur
Industries Limited's (BILT) non-convertible debentures (NCDs) to
'IND D' from 'IND C' as:

   -- INR5.000 bil. NCDs* lowered to 'IND D' rating

* Outstanding amount is INR1.5 billion

                        KEY RATING DRIVERS

The downgrade reflects the inability of the company to service its
debt obligations in a timely manner owing to its stressed
liquidity position due to BILT's poor operational cash flows as
well as weak credit metrics as reflected in EBITDA losses at the
consolidated level in 9MFY17.  The company has already defaulted
on timely servicing of its bank loans and CPs.

BILT along with its subsidiary ? BILT Graphic Paper Products
Limited (BGPPL; 'IND D') - continues to face delays in the
necessary deleveraging, as efforts to monetize its assets have not
fructified within planned timelines.

The company has also been unable to refinance its debt or elongate
the maturity profile of its near-term debt obligations fully.

Cash flows inadequacy has reduced BILT's and BGPPL's ability to
fund debt obligations through internal accruals, creating an
immediate need for refinancing.  In 9MFY17, BILT reported
consolidated revenue of INR16.9 billion (down 44.8%yoy) and
consolidated EBITDA losses of INR744 million (INR5.6 billion) with
net loss of INR9,037 million (negative INR781 million).  BILT
reported EBIT margin of negative 12.1% in 9MFY17 in the key paper
segment (9MFY16: 16.1%).

According to the management, BILT raised working capital limits of
INR500 million in January 2017 and around INR2,000 million and
INR1,500 million in Ballarpur Paper holdings B.V. in March 2017,
due to which capacity utilization is likely to improve at its
existing facilities.  However, it will require significant
deleveraging through asset sales to improve the credit profile.
At FYE16, BILT had a consolidated balance sheet debt of around
INR72.3 billion (excluding perpetual bonds).  According to the
management, it is in the advanced stages of raising more working
capital lines for operations as well as equity and debt infusion
through asset sales.

In FY16, BILT reported consolidated revenue of INR42.7 billion
(FY15: INR32.4 billion; FY14: INR52.8 billion) and EBITDA margin
of 16.6% (21%; 17.8%).  The company has classified its subsidiary
Sabah Forest Industries as discontinued operations for FY15 and
FY16, which resulted in lower revenue and higher EBITDA margins
for these years when compared with FY14 financials.

Ind-Ra continues to take a consolidated view of BILT's business
and financial profiles for the ratings.  BGPPL has strong
operational and strategic linkages with its ultimate parent, BILT,
due to their similar business profiles, common treasury and
management team.

                       RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BILT Graphic
Paper Products, while Kamplapuram and Shree Gopal units are under
BILT.  Overall, the company has a paper capacity of around
1 million MT and a pulp capacity of around 0.8 million MT
(including rayon grade pulp capacity).


BELLATRIX INFRASTRUCTURE: Ind-Ra Assigns 'B+' Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Bellatrix
Infrastructure Private Limited (BIPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR25 mil. Term Loans assigned with 'IND B+/Stable' rating;

   -- INR35.5 mil. Fund-based facilities assigned with
      'IND B+/Stable/ IND A4' rating

                           KEY RATING DRIVERS

The ratings reflect the inception stage of BIPL's commercial
operations.  The company was incorporated in August 2014 to set up
a blue metals crushing unit.  The total cost of the project was
INR62.5 million (funded through INR27 million of promoter's
contribution and INR35.5 million of term loan.

The project was completed in November 2016 and the company started
its commercial operation in December 2016.  According to the
management, the company has indicated revenue of INR10 million
during the three months ended February 2017.  As of April 2017,
the company has order book of INR150 million to be executed in the
next one year.

The ratings, however, are supported by BIPL's comfortable
liquidity position with its fund-based facilities being utilized
at an average of 60% over the two months ended February 2017.  The
ratings are further supported by the promoters' experience of
three decades in the civil construction line of business.

                         RATING SENSITIVITIES

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

Negative: Failure to scale up operations leading to stress on
liquidity position will be negative for the ratings

COMPANY PROFILE

BIPL is engaged in crushing of different sizes of blue metals.
The company's total installed capacity of the machinery is likely
to be 250 tonnes per hour (4,50,000 tonnes per annum) and 50% of
total installed capacity is likely to be utilized during the first
year.  Sri M. Ramesh, Sri Ch. Satyanarayana, Sri M. Sri Harsha and
Sri Ch. Rohith are the promoters of the company.


BILT GRAPHIC: Ind-Ra Lowers NCDs and CP to 'D'
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BILT Graphic
Paper Products Limited's (BGPPL) non-convertible debentures (NCDs)
and commercial paper (CP) to 'IND D' from 'IND C' and 'IND A4',
respectively.  The rating actions are:

   -- INR8.5 bil. NCDs* lowered to 'IND D' rating; and

   -- INR 3.88 bil. CP** lowered to 'IND D' rating

* Outstanding is INR2.692 billion
** Outstanding is INR268 million

                         KEY RATING DRIVERS

The downgrade reflects BGPPL's delays in servicing of NCDs and CPs
obligations.  BGPPL along with its parent ? Ballarpur Industries
Limited (BILT; 'IND D') ? continues to face delays in the
necessary deleveraging, as efforts to monetize its assets have not
fructified within planned timelines.  The company has also been
unable to refinance its debt or elongate the maturity profile of
its near-term debt obligations fully.

Cash flows inadequacy has reduced BGPPL's and its parent's ability
to fund debt obligations through internal accruals, creating an
immediate need for refinancing.  In 9MFY17, BILT reported
consolidated revenue of INR16.9 billion (down 44.8% yoy) and
consolidated EBITDA losses of INR744 million (INR5.6 billion) with
net loss of INR9,037 million (negative INR781 million).  BILT
reported EBIT margin of negative 12.1% in 9MFY17 in the key paper
segment (9MFY16: 16.1%).

According to the management, BILT raised working capital limits of
INR500 million in January 2017 and around INR2 billion and
INR1.5 billion in Ballarpur Paper holdings B.V. in March 2017, due
to which capacity utilization is likely to improve at its existing
facilities.  However, it will require significant deleveraging
through asset sales to improve the credit profile.  At FYE16, BILT
had a consolidated balance sheet debt of around INR72.3 billion
(excluding perpetual bonds).  According to the management, it is
in the advanced stages of raising more working capital lines for
operations as well as equity and debt infusion through asset
sales.

In FY16, BILT reported consolidated revenue of INR42.7 billion
(FY15: INR32.4 billion; FY14: INR52.8 billion) and EBITDA margin
of 16.6% (21%; 17.8%).  The company has classified its subsidiary
Sabah Forest Industries as discontinued operations for FY15 and
FY16, which resulted in lower revenue and higher EBITDA margins
for these years when compared with FY14 financials.

Ind-Ra continues to take a consolidated view of BILT's business
and financial profiles for the ratings.  BGPPL has strong
operational and strategic linkages with its ultimate parent, BILT,
due to their similar business profiles, common treasury and
management team.

                        RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BGPPL, while
Kamplapuram and Shree Gopal units are under BILT.  Overall, the
company has a paper capacity of around 1 million MT and a pulp
capacity of around 0.8 million MT (including rayon grade pulp
capacity).


BRAND ADVANCE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brand Advance
Machine Private Limited (BAMPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR115 mil. Fund-based working capital limit assigned with
      'IND BB+/Stable' rating;

   -- INR235 mil. Long-term loans assigned with 'IND BB+/ Stable'
      rating; and

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

                         KEY RATING DRIVERS

The ratings reflect BAMPL's moderate scale of operations and
credit profile.  In FY16, revenue was INR556 million (FY15: INR391
million), EBITDA interest coverage was 3.3x (2.9x) and net
financial leverage was 7.4x (8.1x).  The increase in revenue was
due to higher sales of railways bogies.  The improvement in EBITDA
interest coverage was due to an increase in operating EBITDA and a
decrease in interest expense.  On the other hand, the improvement
in net leverage was due to a rise in operating EBITDA and a
decline in short- and long-term debt.  Ind-Ra expects credit
metrics to further improve in FY17 and FY18, driven by the
repayment of the long-term loan.

The ratings also reflect the company's tight liquidity situation,
indicated by a fund-based utilization of 97.92% over the 12 month
ended January 2017.

The ratings, however, are supported by a strong operating margin
of 10.04% in FY16 (FY15: 13.41%) and the promoters' over two
decades of experience in steel manufacturing.

                       RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to a deterioration in
credit metrics will lead to a negative rating action.

Positive: An improvement in the scale of operations, along with an
improvement in its credit profile, will lead to a positive rating
action.

COMPANY PROFILE

BAMPL was incorporated in June 1994 as Brand Alloys Private
Limited.  The company was renamed on Jan. 24, 2017.  BAMPL
manufactures steel billets, casnub bogies and related components,
coupler components, thermomechanical treatment bars and stainless
steel castings for Indian Railways.

Its manufacturing facility is in Serampore District, Hoogly, West
Bengal.  The site has two induction furnaces of 5 metric tons
(MT), one ARC furnace of 6MT, three heat treatment furnaces, one
automatic sand plant, one fettling and machining shop, one modern
design facility, one fabrication shop and rolling mills.

Its production capacity of TMT bars is 60,000MT, billets is
20,000MT and cast materials is 10,000MT.

It produces steel for sale in the open market and conversion for
Tata Steel Limited ('IND AA'/RWE).  According to provisional
results for 9MFY17, revenue was INR378.60 million.


CHOWDHRY RUBBER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chowdhry Rubber
and Chemicals Private Limited (CRCPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The instrument rating actions
is:

   -- INR175 mil. Fund-Based Limits assigned with
      'IND B+/Stable/'IND A4' rating; and

   -- INR95 mil. Non-fund-based limits assigned with 'IND A4'
      rating

                         KEY RATING DRIVERS

The rating reflects CRCPL's tight liquidity position as reflected
in overutilization of the fund-based limits during the 12 months
ended February 2017.  The ratings further reflect CRCPL's weak
credit metrics in FY16 with interest coverage (operating
EBITDAR/net interest expense) of 1.52x (FY15: 1.58x) and net
leverage (total adjusted net debt/operating EBITDAR) of 4.35x
(4.01x).

The ratings also reflect CRCPL's unstable revenue
(FY16: INR936 million, FY15: INR1,111 million; FY14: INR834
million) on account of volatility in chemical prices.

The ratings, however, are supported by CRCPL's moderate yet stable
operating margins in the range of 4%-5.5% during FY13-FY16 and
more than four decades of experience of the company's promoters in
the trading business.

                        RATING SENSITIVITIES

Negative: Further stretch on liquidity will lead to a negative
rating action.

Positive: Improvement in liquidity profile will be positive for
the ratings.

COMPANY PROFILE

Established in 1952, CRCPL is engaged in trading of industrial
chemicals which includes zinc oxide, titanium dioxide, synthetic
rubber chemical, calcium carbonate etc. meeting the requirement of
big industries.


CONTINENTAL EARTHMOVERS: Ind-Ra Assigns 'BB' Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Continental
Earthmovers (CE) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR70 mil. Fund-based working capital limit assigned with
      'IND BB/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect CE's moderate credit metrics with net
financial leverage (adjusted debt/operating EBITDA) of 2.62x
(4.00x) and EBITDA net interest coverage (operating EBITDA/gross
interest expense) of 2.79x (1.94x).  The ratings factor in CE's
thin operating margins, inherent in the trading business.
Margins, however, improved to 2.66% in FY16 from 1.59% in FY15 due
to a decline in the administrative cost.

The ratings, however, derive strength from CE's growing scale of
operations.  Revenue improved to INR719 million in FY16 from
INR454 million in FY15 due to high demand of earthmoving equipment
in Uttrakhand.  The ratings factor in over a decade of experience
of CE's promoters in the automobile industry.  The ratings are
supported by the comfortable liquidity position of CE as evident
from 90.23% of average utilization of the working capital
facilities during the 12 months ended March 2017.

                           RATING SENSITIVITIES

Negative: A decline in operating profitability resulting in
deterioration in the credit metrics shall be negative for the
ratings.

Positive: A substantial growth in the revenue along with
improvement in the profitability shall lead to a positive rating
action.

COMPANY PROFILE

CE is a partnership firm established in November 2011, and started
its operations from January 2012. CE is an exclusive authoriszed
dealer of JCB India limited.

The firm is engaged in trading and servicing of earthmoving
equipment such as backhoe loader and heavy lines (loaders,
excavators & cranes).  CE has six outlets in Uttrakhand . The firm
is promoted by Mr. Sukhinder Singh and Mr. Harinder Singh.


GMR WARORA: Ind-Ra Affirms 'D' Rating on 12.15MM NCDs
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken these rating actions
on GMR Warora Energy Limited?s (GWEL, erstwhile EMCO Energy
Limited) instruments:

   -- 12.15 mil. Non-convertible debentures (NCDs) affirmed with
      'IND D' rating

   -- INR6.2 bil. Working capital facility affirmed with 'IND D'
      rating;

   -- INR27.02 bil. *Senior project term loan rating withdrawn;
      and

   -- INR2.6 bil. *Bank term loan rating withdrawn

* The ratings on senior project term loan and bank term loan have
been withdrawn as they were entirely replaced through refinancing.

                         KEY RATING DRIVERS

The affirmation for NCDs reflects the event of default under
financing documents of NCDs because of cross default provision
which takes cognizance of persisting delays in servicing of term
loans, though GWEL has confirmed that there is no delay in
servicing the NCDs.  The rating on working capital facility has
also been affirmed as event of default under financing documents
of working capital facility includes cross default provision.
Rating is also constrained by inadequacy of the cash flow of the
company for servicing the entire senior debt.

In 11MFY17, GWEL has recorded plant availability and plant load
factor of 84.6% (FY16:94.8%) and 69% (FY16:75.9%) respectively.
According to provisional financial statement for 9MFY17, GWEL has
recorded revenue of INR11.506 billion (FY16: INR13,985 million)
and EBIDTA of INR4,383 million (FY16: INR4,168 million).  EBITDA
interest cover (EBITDA/finance cost) was 1.22x in 9MFY17
(FY16:0.90).

                        RATING SENSITIVITIES

Timely debt servicing of entire senior debt for three consecutive
months could be positive for the rating.

COMPANY PROFILE

GWEL is an SPV, incorporated to build, maintain and operate a
600MW (two units of 300 MW each) coal-fired subcritical
technology-based thermal power plant in Warora, Maharashtra.  GMR
Energy Limited is the primary sponsor of the project with 100%
equity investment.  GMR Energy Limited is the holding company for
GWEL and a subsidiary of GMR Infrastructure Limited.  GWEL has
PPAs with Dadra Nagar Haveli and Maharashtra State Electricity
Distribution Company Limited for 200MW each and with Tamil Nadu
Generation and Distribution Company Limited for 150MW


GS EXPRESS: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G.S. Express
Private Limited (GSEPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR400 mil. Fund-based limits assigned with
      'IND BB-/Stable/IND A4+' rating;

   -- INR580 mil. Non-fund-based limits assigned with IND A4+
      rating;

   -- INR100 mil. #Proposed fund-based working capital assigned
      with 'Provisional IND BB-/Stable/Provisional IND A4+'
      rating; and

   -- INR420 mil. #Proposed non-fund-based limits assigned with
      'Provisional IND A4+' rating

#the ratings are provisional as GSEPL plans to increase its
working capital facility in order to support its working capital
requirement on the back of growth in topline and the final rating
will be assigned subject to execution of sanction letter for the
above facilities.

                         KEY RATING DRIVERS

The ratings reflect GSEPL's tight liquidity as evident from its
full utilization of working capital facilities during the 12
months ended February 2016.  The working capital cycle remained
unstable over FY14-FY16 (FY16: 59 days, FY15: 87 days, FY14: 66
days).  GSEPL's credit metrics remained weak with net interest
coverage (operating EBITDA/net interest expense) of 2.25x in FY16
(FY15: 2.15x, FY14: 2.37x) and net financial leverage (total Ind-
Ra adjusted net debt/operating EBITDAR) of 2.67x (2.65x, 2.45x).

The ratings also reflect GSEPL's nature of business highly
susceptible to government regulations and availability of
tenders/projects; any adverse change in the government policy
could hamper the operations severely.

The ratings are supported by GSEPL's robust order book of
INR3.124 billion providing revenue visibility for FY17E
(INR1.913 billion) and FY18E (INR1.210 billion).

The ratings, however, are supported by strong revenue growth with
a CAGR of 15% during FY14-FY16 (FY14: INR1.213 billion, FY15:
INR1.493 million, FY16:INR1.780 billion) and moderate EBITDA
margins of 11.22% in FY16 (FY14:13.88%, FY15:13.64%).  The ratings
are further supported by the firm's established operational track
record of more than a decade in the civil construction work.

                        RATING SENSITIVITIES

Negative: Further stretch on liquidity and sustained dip in
operating margins leading to deterioration in credit metrics will
be negative for the ratings.

Positive: Improvement in the liquidity profile and/or improvements
in the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2006 as a private limited company, GSEPL is
primarily engaged in the contract-based construction and
renovation of roads and highways, irrigation work etc. for
government bodies.  Situated at Lucknow, Uttar Pradesh the company
is headed by Sandeep Anand and Govind Kaur Anand.



                             *********

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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