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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, April 20, 2017, Vol. 20, No. 78

                            Headlines


A U S T R A L I A

INFRASTRUCTURE ELECTRICAL: Creditors' Meeting Set for May 1
BUSINESS CONNECT: First Creditors' Meeting Set for April 27
KIDZ LIDZ: Second Creditors' Meeting Set for April 28
MEDIA PLUS: First Creditors' Meeting Set for April 28
MESOBLAST LTD: Gets AUD3.7MM from Australian Government for R&Ds


C H I N A

CHINA HUISHAN: Two More Executive Directors Step Down
CHINA HUISHAN: Chairman Dumps Jiutai Bank Shares to Raise Cash
SHANGHAI BELLING: Court Approves Unit's Bankruptcy Plan
TIMES PROPERTY: Fitch Rates Proposed USD Notes 'B+'


I N D I A

A. B. PAL: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
ADITYA STEEL: CRISIL Upgrades Rating on INR17MM Cash Loan to B-
ANDHRA BARYTE: CRISIL Reaffirms 'D' Rating on INR13.5MM Loan
ARJUN ENTERPRISES: CRISIL Reaffirms B+ Rating on INR3.75MM Loan
ASIAN OILFIELD: CRISIL Withdraws 'D' Rating on INR25MM Loan

BEGORRA INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR18M Loan
DISTICHEMI PROCESS: CRISIL Lowers Rating on INR33MM Loan to 'D'
HPCL-MITTAL ENERGY: Fitch Assigns BB IDR; Outlook Stable
HPCL-MITTAL ENERGY: Moody's Assigns Ba1 Corporate Family Rating
INDIAN STITCHERS: CRISIL Cuts Rating on INR4MM LT Loan to B+

MOHAMAD ISRAIL: Ind-Ra Assigns 'B' Long-Term Issuer Rating
NIAGARA METALS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
NOTANDAS GEMS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
PARIN GEMS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
PK FOODS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

PRAKASH INDUSTRIAL: Ind-Ra Migrates 'B' Rating to Non-Cooperating
PRASHANT AUTOMOBILES: Ind-Ra Migrates B- Rating to NonCooperating
PRATISTHAN COAL: CRISIL Assigns 'B' Rating to INR12.5MM Loan
PREMIER POULTRY: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
PROMPT BARRIER: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan

PUDUKKOTTAI MUNICIPALITY: Ind-Ra Assigns 'BB+' LT Issuer Rating
QUALIT EXPORTS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
RAMA AUTO: CRISIL Lowers Rating on INR5MM Loan to 'B'
RAMAYANI CREATIONS: CARE Issues B+; Issuer Not Cooperating Rating

RATIONAL HANDLOOM: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
ROSEBEY RESORTS: CRISIL Assigns 'B' Rating to INR12.9MM Loan
SAHYADRI RENEWABLE: Ind-Ra Assigns 'D' Long-Term Issuer Rating
SAI BHARATHI: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SANDCITY AUTOTEC: CARE Issues B+; Issuer Not Cooperating Rating

SANSAARA WEAVES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
SATYA SAI: CARE Assigns B+ Rating to INR7cr Long Term Loan
SECURENS SYSTEMS: CRISIL Reaffirms B+ Rating on INR3.00MM Loan
SHINDE DEVELOPERS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SHIV GRAM: CARE Reaffirms 'B' Rating on INR11.02cr LT Loan

SHIVA COTTON: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SHREE BADRI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHREE DWARKADHISH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHREE GAUTAM: CRISIL Downgrades Rating on INR8MM Loan to B
SHREEGOPAL GOBIND: Ind-Ra Migrates 'B-' Rating to Non-Cooperating

SHUBHANG OILS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
SMART MOTORS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
SRM POWER: Ind-Ra Assigns 'D' Long-Term Issuer Rating
STEELFUR SYSTEM: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
SURESH KUMAR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

SWADESHI TEXTILES: Ind-Ra Migrates BB- Rating to Non-Cooperating
TEXACO SYNTHETICS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
UNIMECH INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
UNITECH COTSPIN: CARE Assigns B+ Rating to INR15cr LT Loan
UNIVERSAL AUTO: CARE Assigns 'B' Rating to INR7.84cr Loan

UNIWORLD SUGARS: CARE Lowers Rating on INR60cr LT Loan to 'D'
VADALIA FOODS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
VAIBHAV COTEX: CARE Reaffirms B+ Rating on INR6.73cr LT Loan
VEDIC AND FUTURISTIC: CRISIL Ups Rating on INR100MM Loan to B+
VELANKANNI TOWN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

VIJAYALAKSHMI HYDRO: Ind-Ra Assigns 'D' Long-Term Issuer Rating
VIVAANA DESIGNERS: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
VMD MILLS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating


I N D O N E S I A

SAKA ENERGI: Moody's Assigns Ba1 CFR; Outlook Stable
SAKA ENERGI: S&P Assigns 'BB' CCR; Outlook Positive


J A P A N

TOSHIBA CORP: Planning Spinoffs of New Key Operations


M O N G O L I A

MONGOLIA: S&P Affirms 'B-' Sovereign Credit Rating


N E W  Z E A L A N D

FOREX BROKERS: Collapses Into Liquidation; Owes More Than NZ$1MM


                            - - - - -


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


INFRASTRUCTURE ELECTRICAL: Creditors' Meeting Set for May 1
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Infrastructure Electrical Services Pty Ltd will be held at the
offices of Chartered Accountants Australia and New Zealand
Boardroom, Level 29, 91 King William Street, in Adelaide, on
May 1, 2017, at 2:00 p.m.

Andrew Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of Infrastructure Electrical on April
18, 2017.


BUSINESS CONNECT: First Creditors' Meeting Set for April 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Business
Connect Pty Limited, trading as Telstra Business Centre Hills &
North West, and Business Connect Carlingford Pty Limited will be
held at Suite 601B, Level 6, 91 Phillip Street, in Parramatta,
NSW, on April 27, 2017, at 2:30 p.m. and 3:30 p.m., respectively.

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of Business Connect on April 12, 2017.


KIDZ LIDZ: Second Creditors' Meeting Set for April 28
-----------------------------------------------------
A second meeting of creditors in the proceedings of Kidz Lidz
Salons Pty Limited has been set for April 28, 2017, at 2:00 p.m.,
at the offices of Dean-Willcocks Advisory, Level 2, 32 Martin
Place, in Sydney, NSW.

The purpose of the meeting is (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 28, 2017, at 2:00 p.m.

Ronald John Dean-Willcocks and Cameron Hamish Gray of Dean-
Willcocks Advisory were appointed as administrators of Kidz Lidz
on March 14, 2017.


MEDIA PLUS: First Creditors' Meeting Set for April 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of
Media Plus Plus Group Pty Ltd will be held at Level 27, 259
George Street, in Sydney, NSW, on April 28, 2017, at
12:00 p.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Media Plus on April 13, 2017.


MESOBLAST LTD: Gets AUD3.7MM from Australian Government for R&Ds
----------------------------------------------------------------
Mesoblast Limited (ASX:MSB; Nasdaq:MESO) announced that it has
received AUD3.7 million from the Australian Government for
Research & Development (R&D) activities conducted during the 2016
financial year.  The funds were provided to Mesoblast under the
Government's R&D Tax Incentive Program, which is designed to
support industry innovation.

                     About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.



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


CHINA HUISHAN: Two More Executive Directors Step Down
-----------------------------------------------------
Megan Durisin and Lisa Pham at Bloomberg News report that China
Huishan Dairy Holdings Co. Chairman Yang Kai has lost his board
of directors.

Bloomberg News relates that Mr. Yang, the dairy tycoon who's
fighting for his company's survival, is effectively now the only
member of Huishan's board after two executive directors resigned
this week, adding to a flood of departures since the stock
collapsed suddenly on March 24. Ge Kun, tasked with overseeing
the company's finances, is technically still a director but has
been unreachable since at least March 21, Bloomberg notes.

The board now lacks the minimum number of members to act for the
company, Huishan said in a statement on April 18, Bloomberg News
relays. That raises questions about the dairy producer's ability
to recover from a crisis triggered by Ge's disappearance and the
firm's inability to pay its debt on time. It's the latest in an
unusual series of events that turned Huishan into a poster child
for weak corporate governance and the dangers of leverage in
China, Bloomberg says.

"I would question whether the directors should be resigning at a
time like this," Bloomberg News quotes Paul Gillis, a professor
at Peking University's Guanghua School of Management in Beijing,
as saying. "This is really when the directors have a fiduciary
responsibility to the shareholders to stay with it and to get to
the bottom of the problems."

So Wing Hoi and Kwok Hok Yin resigned as executive directors,
Huishan, as cited by Bloomberg, said. Kwok remains employed as a
vice president responsible for the company's dairy-ingredient
business, while So resigned for health reasons and also ended his
role as chief finance officer, Bloomberg discloses. Four non-
executive directors resigned at the end of last month.

Ge remains "uncontactable," the company added, Bloomberg News
relays. Huishan said earlier it had filed a missing person report
with the Hong Kong police.

"Mr. Yang Kai is taking such steps as practicable to identify
suitable candidates to fill such vacancies on the board, but
given recent events, he may not be able to find suitable
candidates soon," the company said, notes the report.

Huishan hired Deloitte Advisory of Hong Kong this month to
analyze its financial position. Trading in the stock remains
suspended, Bloomberg News discloses.

                       About China Huishan

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2017, The South China Morning Post said a Shanghai
court has frozen assets of China Huishan Dairy Holding and its
chairman as requested by a mainland wealth management firm, and
that HSBC alleges it has defaulted on a US$200 million loan.
Huishan said in a filing to the Hong Kong stock exchange on
April 10 that it had received a letter on April 7 from HSBC
alleging "non-compliance with certain of the covenants" and "has
therefore called events of default under the Facility Agreement".
HSBC acted on behalf of six creditor banks, including China CITIC
Bank International.


CHINA HUISHAN: Chairman Dumps Jiutai Bank Shares to Raise Cash
--------------------------------------------------------------
The South China Morning Post reports that Yang Kai, the second-
wealthiest businessman of northeastern China of 2016 and operator
of the country's biggest dairy farm, has been dumping shares of a
Hong Kong-traded bank over the past three weeks, after his
Huishan Dairy defaulted on debt.

Yang pared his 16% stake in Jiutai Rural Commercial Bank to 4% in
five transactions valued at HK$423 million (US$54 million) over
three weeks, the report relates citing disclosures with the
Hong Kong Stock Exchange.

"He is now desperate for cash, probably to fill the debt hole, or
to meet margin calls," the report quotes Shen Meng, an executive
director with Beijing-based investment bank Chanson & Co., as
saying.

According to SCMP, Yang's cash woes began in late March, when he
met more than 20 of his creditor banks to plead for time to
restructure an estimated US$5.8 billion in debt, and to raise
fresh capital. While some of the banks agreed to give him a
breather, disclosure after the meeting drove Huishan's stock
price into an 85% plunge, wiping US$4 billion off his company's
market value.

The company subsequently defaulted on US$200 million of bonds,
and disclosed that its treasury chief had suddenly become
"unreachable," SCMP says.

Yang's troubles didn't stop there. One by one, his directors and
executives hit the exits, including Huishan's chief financial
officer, the report states.

Yang, 60, had pledged almost all of his entire 72% stake of
Huishan as collateral for loans either to the company, or to fund
his personal ventures, SCMP discloses citing Hong Kong's Central
Clearing & Settlement System (CCASS) records. That means if
Huishan's share price drops by a certain percentage, Yang must
top up his collateral by either depositing more cash, or add more
stocks, the report states.

That requirement is weighing on Yang, after a Shanghai court
froze many of his assets in late March at the request of Gopher
Asset Management, one of nearly 70 creditors beating on Huishan's
door.

According to the report, Yang was the largest shareholder of
Jiutai Bank, with 16% held through his investment unit Champ
Harvest. Jiutai, based in northeastern China's Jilin province, is
also Huishan's largest creditor after the Bank of China, with
CNY1.83 billion of loans to its largest shareholder's company on
its books, SCMP discloses.

                       About China Huishan

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2017, The South China Morning Post said a Shanghai
court has frozen assets of China Huishan Dairy Holding and its
chairman as requested by a mainland wealth management firm, and
that HSBC alleges it has defaulted on a US$200 million loan.
Huishan said in a filing to the Hong Kong stock exchange on
April 10 that it had received a letter on April 7 from HSBC
alleging "non-compliance with certain of the covenants" and "has
therefore called events of default under the Facility Agreement".
HSBC acted on behalf of six creditor banks, including China CITIC
Bank International.


SHANGHAI BELLING: Court Approves Unit's Bankruptcy Plan
-------------------------------------------------------
Thomson Reuters reports that Shanghai Belling Corp Ltd said the
bankruptcy plan of its wholly owned microelectronics subsidiary
is approved by Shanghai Xuhui District People's Court.

The company said the unit stopped production in Aug. 2016, due to
serious losses, Reuters relates.

Shanghai Belling Corp., Ltd. is a China-based company primarily
engaged in the design, production and trading of integrated
circuits. The Company's primary products include intelligent
metering, universal analog and power management products. The
Company's products are mainly used in electricity meters, mobile
phones, liquid crystal display (LCD) televisions (TVs), set-top
boxes and other types of consumer electronics products. The
Company is also involved in the provision of testing and
processing services through its subsidiaries.


TIMES PROPERTY: Fitch Rates Proposed USD Notes 'B+'
---------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(Times Property; B+/Positive) proposed US dollar senior notes a
'B+(EXP)' expected rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The final rating is subject
to the receipt of final documentation conforming to information
already received.

Fitch revised the Outlook on Times Property to Positive from
Stable on January 11, 2017, and Fitch may take further positive
rating action if the company can maintain leverage below 45% and
keep its landbank sufficient for three years of development. The
China homebuilder's ratings are supported by its execution track
record but constrained by the need to consistently replenish its
land bank with quality sites, which results in a fluctuation in
leverage.

KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's contracted sales
rose 50% in 2016 to CNY29.3 billion, beating its annual target of
CNY21.5 billion by more than 35%. The average selling price (ASP)
for contracted sales climbed to CNY11,860/square metre (sq m)
from CNY9,010/sq m in 2015, due mainly to better market
performance in Foshan and Zhuhai. Times Property managed to
maintain high sales efficiency, with contracted sales/total debt
at 1.4x (1.2x at end-2015).

Times Property is targeting sales of CNY32.5 billion in 2017,
representing 11% growth over 2016. The company will be able to
retrieve around CNY28 billion from the sales proceeds, assuming a
historical cash-collection rate of 86%. January-March 2017 sales
have increased by 21% to CNY6.7 billion, with an ASP of
CNY14,800/sq m. Fitch believes that Times Property's strong cash
collection from larger sales will continue to support expansion
in the next three years.

Better Land Bank Quality: Times Property reported 13.1 million sq
m of land as of end-2016, with 17% located in Guangzhou, 35% in
Guangdong's Tier 2 cities (Foshan, Zhuhai and Zhongshan), and the
rest in less-developed noncore cities - Qingyuan, Dongguan,
Changsha and Huizhou. Fitch estimates that the company had
increased its land bank in its core markets (Guangzhou, Foshan
and Zhuhai) to 3.8 years of development activity by end-2016 from
2.9 years at end-2015.

High-Cost Acquisitions: Times Property started to acquire higher-
priced land parcels in its core markets from 2015 to expand the
share of products that appeal to upgraders and to solidify its
foothold in Guangzhou and core Tier 2 cities such as Foshan and
Zhuhai. It bought several land parcels in Foshan and Zhuhai at
above CNY12,000/sq m, resulting in an weighted-average land-
acquisition cost of more than CNY8,500/sq m in 2016, compared
with around CNY6,000/sq m in 2015 and less than CN3,000/sq m
before 2014. However, Fitch expects Times Property to add two to
three projects from urban redevelopment sites annually, to
complement high-cost land acquisitions from public auctions.

Stable Leverage: Times Property's leverage, measured by net
debt/adjusted inventory, was maintained at 33% at end-2016
compared with 35% at end-2015. Fitch expects leverage to
fluctuate while Times Property expands, particularly as the
government has implemented a series of policies since October
2016 to curb excessive increases in housing prices. The company's
sustainable sales at current levels would be key to managing the
fluctuation in leverage. Fitch will consider taking positive
rating action if Times Property is able to maintain its leverage
below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province in Southern
China. Guangzhou, Foshan and Zhuhai together accounted for more
than 85% of the total contracted sales in the past three years.
Fitch believes that Times Property will focus on expanding within
Guangdong Province, and is unlikely to expand into other
provinces in the near term.

DERIVATION SUMMARY

Times Property expanded by about 50% in 2016 to reach a
contracted sales scale similar to 'BB' category peers - such as
Yuzhou Properties Company Limited's (BB-/Stable)'s CNY23 billion
and China Aoyuan Property Group Limited's (BB-/Stable) CNY26
billion. Times Property had previously been constrained by
relatively high leverage (around 40%) compared with its small
scale, due to constant pressure to increase its land bank in its
core markets in Guangdong province. The company has managed to
maintain its leverage stable while significantly boosting scale
and saleable resources during the past two years to support
future growth. Fitch revised the Outlook to Positive from Stable
in January 2017, and will take further positive action if Times
Property is able to meet positive rating sensitivities on a
sustainable basis in the next 12 months.

KEY ASSUMPTIONS

- Contracted sales sustain above CNY30 billion in the next three
   years
- Gross profit margin (including capitalised interests) maintain
   at 20%-25% over 2017-2019
- Attributable land premium around 45% of total contracted sales
   in the next three years.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Net debt/adjusted inventory sustained below 45%
- Contracted sales/total debt sustained above 1.5x
- EBITDA margin sustained above 20%. (2016: 19.4%)
- Land bank sufficient for three years of development

Negative: Future developments that may lead to the Outlook
reverting to Stable:

- Failing to maintain the positive guidelines

LIQUIDITY

Sufficient Liquidity: Times Property had cash and cash equivalent
of CNY11.9 billion (including restricted cash) as of end-2016,
compared with its CNY2 billion short-term debt. The company also
took advantage of the offshore debt-financing window in the
beginning of 2017 by issuing a USD375 million 6.25% bond due 2020
to refinance the USD305 million 12.625% bond due 2019 (already
redeemed in February 2017) and the CNY1.5 billion 10.375% bond
due 2017. The average funding cost had dropped to 8.3% by end-
2016 from 9.6% at end-2015, and Fitch expects this to drop
further to below 8% in 2017.



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I N D I A
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A. B. PAL: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
A. B. Pal Electricals Private Limited (ABPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.1      CRISIL A4 (Reaffirmed)

   Bills Discount/
   Cheque Purchase         0.9      CRISIL A4 (Reaffirmed)

   Cash Credit            14.0      CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit        3.0      CRISIL A4 (Reaffirmed)

The ratings continue to reflect ABPL's modest financial risk
profile because of a high total outside liabilities to tangible
net worth ratio (TOLTNW) and weak interest coverage ratio. These
rating weaknesses are partially offset by the extensive
experience of the ABPL's promoters in the electronic products
trading industry.

Analytical Approach

CRISIL has treated INR27.86 crore of unsecured loans, outstanding
as on March 31, 2016, from directors of the ABPL as neither debt
nor equity as these funds are subordinated to bank debt and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* High TOLTNW: The company has a high TOLTNW estimated at 3.18
times as on March 2016 due to its moderate networth and high
reliance on bank borrowings to fund working capital. CRISIL
expects the company's TOLTNW to remain high over the medium term
due to working capital intensive nature of operations.

* Weak Interest Coverage Ratio: ABPL reported weak interest
coverage of 1.2 times in fiscal 2016 on account of modest
operating profitability and high reliance on short term debt.

Strength

* Extensive industry experience of the promoter: ABPL's has been
in the electrical products trading business for nearly four
decades. The firm has a diverse product portfolio, comprising of
electrical cables, wiring, switch gears and lighting. The firm
has a diverse customer base, with over 800 clients including
industrial clients such as Maruti Suzuki, Siemens, Shapoorji
Pallonji, L&T etc.

Outlook: Stable

CRISIL believes ABPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
electrical products trading business and established customer
base. The outlook may be revised to 'Positive' in case of
substantial capital infusion, thus improving the firm's capital
structure, or a significant increase in its operating income and
margin, resulting in better debt protection metrics. Conversely
the outlook may be revised to 'Negative' if working capital
management weakens or operating income or profitability decline,
resulting in weaker than anticipated liquidity, or in case of
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile.

ABPL was originally established in 1973 as a partnership firm;
this firm was reconstituted as a private limited company with the
current name in 1995. The company is based in Delhi and is
promoted by Mr. Thaker Pal Singh and his family members.

ABPL is an authorised stockiest/distributor for electrical
components such as cables, wires, and switches for various
electrical component manufacturing companies, including Havells
India Ltd, Gloster Cables Ltd, Polycab Wires Pvt Ltd, RR Kabel
Ltd, Grandlay Electricals (India) Pvt Ltd, Skytone Electrical
India Ltd, and Paragon Cables India Pvt Ltd, among others.

ABPL reported a profit after tax (PAT) of INR0.51 crores on net
sales of INR265.61 crores for fiscal 2016, vis-a-vis INR0.60
crores and INR242.40 crores, respectively in fiscal 2015.


ADITYA STEEL: CRISIL Upgrades Rating on INR17MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Aditya Steel Rolling Mills Private Limited (ASRM) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit            17        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

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

The upgrade reflects no overdrawal in the company's cash credit
account for more than 30 days

The ratings reflect ASRM's below-average financial risk profile
because of small networth, high total outside liabilities to
tangible networth (TOLTNW) ratio, and weak debt protection
metrics. The company also faces intense competition in the steel
trading segment. These weaknesses are partially offset by its
promoters' extensive experience in the steel trading business,
and its established customer relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition in the steel trading segment
The steel trading industry has a large number of steel traders in
the local market, due to limited value addition in trading
operations, resulting in stiff competition for ASRM.

* Below-average financial risk profile
Networth was modest at INR5.8 crore, and TOLTNW was high at 9.1
times, as on March 31, 2016. Debt protection metrics were below
average, with interest coverage ratio at 1.1 times in fiscal
2016.

Strength

* Promoters' extensive experience in the steel trading business,
and established customer relationships

ASRM is a prominent steel product manufacturer and trader in
Visakhapatnam. Its promoters have experience of 30 years in the
steel industry, which has helped them establish strong
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes ASRM will continue to benefit from its promoters'
extensive industry experience and its established relationships
with customers. The outlook may be revised to 'Positive' if there
is a substantial and sustained increase in revenue and
profitability, or in networth because of capital infusion. The
outlook may be revised to 'Negative' if profitability falls
steeply, or if capital structure weakens because of larger-than-
expected working capital requirement.

Incorporated in 1994, ASRM manufactures and trades in thermo-
mechanically treated bars and other steel intermediaries (blooms,
billets, and ingots). The company is promoted by Mr. S K Khemka
and Mr. P K Khemka.

Profit after tax (PAT) was INR0.15 crore on net sales of INR182.6
crore for fiscal 2016, against a PAT of INR0.14 crore on net
sales of INR91.8 crore for fiscal 2015.


ANDHRA BARYTE: CRISIL Reaffirms 'D' Rating on INR13.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Andhra Baryte
Corporation Pvt Ltd (ABCPL) continues to reflect instances of
delay by ABCPL in servicing its term debt obligations owing to
weak liquidity resulting from modest scale of operations.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              5         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.5       CRISIL D (Reaffirmed)

   Term Loan                1.5       CRISIL D (Reaffirmed)

ABCPL has below-average financial risk profile because of highly
leveraged capital structure and working capital intensive
operations and a concentrated supplier profile. Also, operations
are vulnerable to downturns in the end-user industry. However,
the company benefits from the promoter's experience in the mining
industry.

Key Rating Drivers & Detailed Description

Weakness

* Financial risk profile: ABCPL's financial risk profile is
marked by highly leveraged capital structure.

* Working-capital-intensive operations: ABCPL's operations are
working capital intensive on account of its large inventory
holding requirements and elongated receivable cycle.

Strengths

* Long standing presence of the promoters in minerals and mining
industry: The vast experience of promoters has helped the company
in establishing relationship with key suppliers and customers.

ABCPL, incorporated in 2008, is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and
Andhra Pradesh Mineral Development Corporation Ltd. Its
operations are managed by Mr. Rajamohan Reddy.

ABCPL reported net losses of INR0.51 crore on total revenue of
INR18.82 crore in fiscal 2016, vis-a-vis net losses of INR0.71
crore on total revenue of INR10.15 crore, respectively, in fiscal
2015.


ARJUN ENTERPRISES: CRISIL Reaffirms B+ Rating on INR3.75MM Loan
---------------------------------------------------------------
CRISIL has removed the 'Notice of Withdrawal' on its rating on
bank facilities of Arjun Enterprises Limited (AEL, part of the HK
group), in line with its revised withdrawal policy.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.75      CRISIL B+/Stable (Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)


   Proposed Cash
   Credit Limit            3.75      CRISIL B+/Stable (Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)

CRISIL's rating on bank facilities of Arjun Enterprises Ltd (AEL,
part of the HK group) continues to reflect the group's modest
scale, and working capital-intensive nature, of operations in the
competitive railways parts, lubricants and hosiery goods tradinsg
business. These rating weaknesses are partially offset by the
extensive experience of the promoters,and financial support
extended by them.The rating also factors in the average financial
risk profile, marked by a moderate capital structure and
improving debt protection metrics.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HK International (HKI), AEL and HK
Industries (HK), as the three firms have merged into one entity,
however no further details have been shared by the management.
HKI and HK seize to exist.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition from several
small unorganised players, in the lubricants, hosiery goods and
railway parts trading business, has kept the scale of operations
modest as reflected in revenues of INR99 crores in fiscal 2016.

* Working capital intensity in operations: Operations are working
capital intensive, as reflected in gross current assets of 120
days over the three years ended March 31, 2016 mainly led by
inventory and receivables for the lubricant and hosiery goods
segments. Purchases are either against cash or limited credit of
15-20 days, while customers are offered credit of 90-100 days.

Strengths

* Extensive experience of the promoters: Benefits from the two
decade-long experience of the group's promoters, in the
lubricants and hosiery goods trading business, and their
established relationships with suppliers, ensuring timely
supplies, will continue. The group, which is a registered
supplier for the railways, has been trading in parts such as
bearings, blocks, bushes, and manipulators, over the past decade.

* Average financial risk profile: Financial risk profile is
average, marked by moderate gearing to 1.6 times as on March 31,
2016. Debt protection metrics have improved, as marked by
interest coverage and net cash accrual to total debt ratios of
2.6 times and 0.17 time, respectively, for fiscal 2016 as
compared to 1.65 times and 0.05 time in fiscal 2015.

Outlook: Stable

CRISIL believes the HK group will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in revenue, profitability
and cash accrual, or capital infusion from the promoters. The
outlook may be revised to 'Negative' if a substantial decline in
revenue and profitability, or a stretch in working capital cycle,
weakens the financial risk profile.

AEL and HKI were set up in 2008, by Mr. Anil Anand and his family
members. The Delhi-based group trades in railway parts,
lubricants and hosiery goods. HK, set up in 2014, by Mr. Anand as
a proprietorship firm, trades in copper and its allied products.

AEL on provisional basis has registered the profit and net sales
of INR0.05 crores and INR27.17 crores, respectively, in 2015-16,
against the profit of INR0.12 crores on net sales of INR21.93
crores for 2014-15.


ASIAN OILFIELD: CRISIL Withdraws 'D' Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL has withdrawn the cash credit, standby letter of credit
and Proposed Letter of Credit of Asian Oilfield Services Limited
(AOSL). The rating has been withdrawn after receipt of no dues
certificate from State Bank of India and RBL Bank, stating that
company has closed the cash credit and standby letter of credit
account. The rating action is in line with CRISIL's policy on
withdrawal of its bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL D (Withdrawal)

   Letter of credit        15        CRISIL D (Withdrawal)
   & Bank Guarantee

   Proposed Letter          7        CRISIL D (Withdrawal)
   of Credit

   Standby Letter          38        CRISIL D (Notice of
   of Credit                         Withdrawal)

CRISIL has also placed its ratings on the remaining bank
facilities on 'Notice of Withdrawal' for 90 days following
documentation shared by company in line with CRISIL's extant
guidelines. The ratings will be withdrawn at the end of the
notice period and remain under surveillance during this period.

The rating reflects AOSL's weak financial risk profile, and
exposure to risks related to tender-based nature of business.
These rating weaknesses are partially offset by AOSL's experience
in seismic-data acquisition and technical expertise backed by its
access to wireless technology.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AOSL and Asian Oilfield & Energy
Services DMCC. This is because these entities, together referred
to as AOSL, operate in the same business segments and have
operating and financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
AOSL's financial risk profile remains weak due to sustained
losses in the past three years that led to erosion in AOSL's net
worth, poor debt protection metrics, and stretch in liquidity.
AOSL's net worth declined to negative INR7.3 crore as on
September 30, 2016, vis-a-vis INR64 crores as on March 31, 2014.
Interest coverage was negative 2 times during the first 6 months
of fiscal 2017 and Gross Current Assets stood at 291 days as on
March 31, 2016.

* Vulnerability of revenue and operating margin to competitive
pressures and investment cycles of oil exploration companies
AOSL's revenue driver is the business of onshore seismic survey
for oil exploration companies and oilfield O&M services. The
investment cycles of these companies result in fluctuations in
revenue of oilfield services companies such as AOSL.  AOSL is
also exposed to competition from peers due to limited market
size.

Strengths

* Long track record in the on-shore oil and gas services sector
AOSL has a long track record of operations in domestic on-shore
oil and gas services sector. It has healthy relationships with
its clients such as Oil and Natural Gas Corporation Ltd (ONGC)
and Oil India Ltd (OIL). Furthermore, AOSL has exclusive access
to wireless technology for seismic data collection.

AOSL was established in 1992 by a group of technocrats led by Mr.
Avinash Manchanda. The company provides seismic-data acquisition
and processing services to oil and gas exploration companies. In
fiscal 2011, with shareholding of 36.33%, Samara Capital, a
private equity fund, became the largest shareholder in AOSL
following a preferential allotment of equity shares.
Subsequently, the management of the company was taken over by
Samara Capital, while Mr. Manchanda has divested his equity
stake. In fiscal 2015, Samara Capital increased its shareholding
to 56.32% through a preferential allotment of equity shares. In
May 2016, Samara Capital entered into a share purchase agreement
with Oilmax Energy Pvt. Ltd. (Oilmax) transferring its entire
shareholding to the latter. Subsequently, Oilmax announced an
open offer for an additional 26% stake to the public shareholders
of AOSL.

Post takeover by Oilmax, AOSL has won contracts of over INR 505
crores in the seismic business and has diversified into oilfield
Operation & Maintenance (O&M) business where it has won contract
of USD 95 million (~Rs 617 crores). It has also issued shares and
warrants totalling INR136 crores to promoters and other public
category individual investors on a preferential basis.

AOSL, on a consolidated basis, reported net loss of INR27 crore
on net sales of INR77.7 crore for fiscal 2016, against net loss
of INR27.3 crore on net sales of INR140.8 crore for fiscal 2015.


BEGORRA INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR18M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank loan
facilities of Begorra Infrastructure and Developers Private
Limited (BIDPL) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            18       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operations in
the fragmented civil construction industry, working capital
intensive nature of operations and below-average financial risk
profile marked by a small net worth and high gearing. These
weaknesses are partially offset by the extensive experience of
BIDPL's promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: BIDPL's operations have
been working capital intensive with high GCA days of about 321
days as on March 31, 2016 mainly due to high work in progress
inventory as revenue is recognized when bills are realized, and
unrealized bills are shown as work-in-progress, adding to
inventory.

* Below average financial risk profile: Working capital intensive
operations led to high reliance on short term debt thereby
leading to high gearing in fiscal 2016.  Gearing is likely to be
below average at 3.94 time in fiscal 2017.

Strength

*Extensive experience of promoters in the civil construction
industry: Longstanding presence in the industry has enabled the
promoters to establish strong relationship with customers and
acquire status as a Class 1 contractor with the Government of
Kerala.

Outlook: Stable

CRISIL believes that BIDPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company scales up
its operations significantly, while it improves its
profitability, leading to substantial cash accruals and a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if BIDPL reports low revenue or profitability, or its
working capital management deteriorates, or it undertakes any
large debt funded capital expenditure programme, constraining its
financial risk profile, particularly liquidity.

Incorporated in 2010 and based in Ranni (Kerala) BIDPL,
undertakes civil contracts, primarily roads and bridges for
government entities in Karnataka. The company is founded and
managed by Mr. Abraham Thomas.

For 2015-16, BIDPL has registered a profit after tax (PAT) of
INR3.55 crore on net sale of INR51.72 crore, as against a PAT of
INR1.08 crore on net sale of INR21.56 crore for 2014-15.


DISTICHEMI PROCESS: CRISIL Lowers Rating on INR33MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Distichemi Process Engineering Private Limited (DPEPL) to CRISIL
D/CRISIL D from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.07       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit            7.00       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

   Rupee Term Loan       33.00       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects delays in the debt servicing on account of
weak liquidity due to delays in receivables.

DPEPL also has modest scale of operations and stretched working
capital cycle leading to a below-average financial risk profile.
DPEPL also benefits from its promoters' extensive experience in
the engineering industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in Servicing Debt: There have been instances of delays in
servicing debt obligations by DPEPL. The delays are primarily on
account of delayed payment from its primary customer Padmashri
Dr. Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited

* Modest scale of operations and volatile revenue: DPEPL is
engaged in engineering and designing turnkey projects for
distilleries, fuel ethanol, malt spirit and alcohol based
chemical plants. The company undertakes 2-3 projects every year
and the project size ranges from INR 1 cr to 100 cr with average
completion time of 1 to 1-1/2 years, scale of operations remains
modest. Also, revenue has fluctuated over the past few years as
it depends on the type of project undertaken.

* Large, debt-funded project undertaken for PDVVPSKL and risk
related to loan repayment: DPEPL has modernised PDVVPSKL's
distillery plant at a cost of INR44 cr, for which it has availed
of a term loan of INR33 cr under a tripartite agreement with
PDVVPSKL and the bank. PDVVPSKL has given post-dated cheques of
INR1.52 cr each for 36 months, which is deposited in an escrow
account. Dishonouring of any of these cheques by PDVVPSKL will
adversely impact DPEPL's credit risk profile.

Strength

* Promoter's extensive experience: DPEPL's promoter, Mr. Sunil
Kansara, and his family have over five decades' experience in the
engineering industry, and have established strong relationship
with customers and suppliers. The promoter has also extended
unsecured loans to support operations. The company has long
standing track record of successful implementation of projects in
the past. The successful track record has resulted in healthy
order book of INR20 cr with the company.

Incorporated in 2007, DPEPL undertakes engineering and designing
of turnkey projects for distilleries, and ethanol- and alcohol-
based chemical plants. The company is managed by Mr. Sunil
Kansara.

DPEPL reported a profit after tax (PAT) of INR50 lakh on
operating income of INR45.9 cr in 2015-16, as against a PAT of
INR40 lakh on operating income of INR13.5 cr in 2014-15

Status of non-cooperation with previous CRA: DPEPL has not
cooperated with SME Rating Agency Of India Limited, which has
suspended its rating on the company through a release dated
Aug. 17, 2016. The reason provided by SME Rating Agency Of India
Limited is non-furnishing of information required for monitoring
of ratings.


HPCL-MITTAL ENERGY: Fitch Assigns BB IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned India-based HPCL-Mittal Energy Limited
(HMEL) a Long-Term Issuer Default Rating (IDR) of 'BB'. The
Outlook is Stable. The agency has also assigned HMEL's proposed
senior unsecured US dollar notes an expected rating of 'BB-
(EXP)'.

The final ratings on the notes are contingent upon the receipt of
documents conforming to information already received.

Fitch assesses HMEL's standalone credit profile at 'BB-',
reflecting its robust refining operations supported by its highly
complex refinery, strong profitability and expectations of high
leverage on account of the large capex plans for its proposed
petrochemical expansion. The IDR of 'BB' benefits from a one-
notch uplift for its parent - Hindustan Petroleum Corporation
Limited (HPCL, BBB-/Stable) - given the moderate linkages. HMEL's
IDR will benefit from an additional notch uplift in the case of
any weakening of its standalone credit profile below the current
level of 'BB-', provided its linkages with HPCL remain intact.

KEY RATING DRIVERS

Strong Refining Operations: HMEL's refining operations are
supported by its robust asset quality. Its refinery is highly
complex (Nelson Complexity Index of 12.6), which enables the
company to optimise its crude diet and supports strong margins.
HMEL's utilisation rate has also been high (year ending March
2016 (FY16): 119%) with a throughput of 10.7 million metric
tonnes per annum (mmtpa) - given the strong demand-supply
dynamics in north India, where the refinery is located.

HMEL expects to complete its refinery expansion to 11.3 mmtpa
(from 9 mmtpa) during 1HFY18. Fitch expects margins to benefit
from higher volumes, an improved product slate, ability to
process acidic crude oils, and cheaper fuel alternatives in the
near to medium term. HMEL also benefits from its take-or-pay
agreement with HPCL for its liquid hydrocarbon production (about
75% of total), and also incentives from the state of Punjab.

Locational Benefit, Strong Profitability: HMEL's refinery-
utilisation rate benefits from the strong demand for petroleum
products in India - and particularly in the north. HMEL's land-
locked refinery benefits from the favourable demand-supply
dynamics in the region and minimal competition. This is likely to
result in utilisation rates remaining high (FY16: 119%) over the
medium term. The off-take agreement with HPCL for its liquid
hydrocarbon further minimises the off-take risk and supports the
high utilisation rates. The company also has a strong marketing
infrastructure for its solid products, including polypropylene,
which is likely to support its enhanced downstream operations
following completion of its planned petrochemical expansion.

Large Capex Plans: HMEL plans to improve its downstream
integration by setting up a petrochemical plant. The company
estimates to spend around INR215 billion over the next five years
starting in FY18. Increasing downstream integration should
benefit HMEL in the long-term as a result of the petrochemical
expansion. However, Fitch expects HMEL's FCF to be negative over
the medium term on account of the high capex; HMEL is likely to
fund its capex partly from its operating cash flows and balance
with debt.

Leverage to Rise: FCF turning negative after FY18 and the long
lead time to revenue generation (after FY22) leads us to expect
net leverage (net adjusted debt/ operating EBITDAR) to rise and
remain between 4x-5x over the medium term. This may stay
temporarily above Fitch downward net leverage guideline of 5x
over FY21-FY22 just before the completion of the petrochemical
capex. Fitch takes a positive view of the take-or-pay off-take
agreement with HPCL, which provides minimum payments to cover
HMEL's debt obligations and ensures that the debt service
coverage ratio (DSCR) is always maintained at or above 1.0x.
However, net leverage is likely to improve once the petrochemical
project starts operations, expected in FY23.

Uplift for Parent Support: HMEL benefits from a two-notch uplift
from its standalone credit profile, to reflect moderate linkages
with its 49% parent - HPCL - as assessed under Fitch's Parent
Subsidiary Rating Linkage Criteria. HMEL's IDR of 'BB' includes a
one-notch uplift, while its IDR will benefit from one more notch
in the case of any weakening of its standalone credit profile
below the current level of 'BB-' - provided these linkages with
HPCL remain intact. Similarly, HMEL's IDR will also benefit from
one more notch in the case of any improvement in HPCL's
standalone profile - again, provided the linkages with HPCL
remain intact.

These linkages factor in HMEL's strategic importance and
operational linkages with HPCL. HPCL has a product off-take
agreement with HMEL (valid until 2026) to buy all liquid products
of HMEL, which also supports its debt-servicing capacity. Liquid
products constituted over 75% of HMEL total output and about 80%
of HMEL's revenues in FY16. HMEL's capacity will constitute over
40% of HPCL's total refining capacity, after expansion, to 11.3
mtpa. HMEL is also accorded first priority by HPCL for sourcing
its product requirement in north India - where it is its only
refinery.

Notching for Secured Debt: Fitch has rated HMEL's proposed senior
unsecured debt one notch below its IDR, due to the high
proportion of secured debt in its capital structure. Secured debt
comprised nearly 88% of HMEL's total consolidated debt as of
FYE16. The proportion of HMEL's secured debt is likely to come
down after the proposed US dollar note issuance. However, Fitch
expects HMEL's secured debt/EBITDA to remain above 2.5x over the
medium term, resulting in the notching.

DERIVATION SUMMARY

HMEL's IDR of 'BB' includes one notch uplift for linkages with
its parent - Hindustan Petroleum Corporation Limited (HPCL, BBB-/
Stable). HMEL ratings will benefit from one more notch in the
case of any weakening in its standalone credit profile - provided
the linkages with HPCL remain intact. HMEL's standalone credit
profile of 'BB-' reflects its strong refining asset quality which
is likely to drive its strong cash flows and expectations of high
leverage, in light of its large capex. HMEL's standalone credit
profile of 'BB-' is one notch higher than that of Sweden's Corral
Petroleum Holdings AB (CPH, B+/ Stable), due to HMEL's better
asset quality, stronger profitability and presence in the high-
growth Indian market. CPH has larger scale and some integration
into fuel retailing, while its ratings are constrained by its
presence in the mature European market with expected excess
refining capacity, a structural decline in fuel consumption,
stiff competition and high leverage despite manageable capex.
Indian Oil Corporation Ltd's (IOC, BBB-/ Stable) large scale,
dominant position as the largest refiner and fuel retailer in
India, integration into fuel-retailing and petrochemicals,
average asset quality and relatively better financial profile
explain the two-notch differential with IOC's standalone credit
profile of 'BB+'. IOC's IDR is equalised with that of the
sovereign (BBB-/ Stable), due to the strong linkages.

KEY ASSUMPTIONS

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

- Crude oil price (Brent) of USD52.5 per barrel (bbl) in FY18,
   USD55/ bbl in FY19 and USD60/ bbl in FY20, in line with
   Fitch's crude oil price deck (refer to Fitch report titled
   "Shale Recovery to Put Pressure on Oil Prices in 2017", dated
   March 6, 2017)

- Moderation in the industry-wide gross refining margins, though
   remaining strong.

- Refinery throughput of 11 mmtpa in FY18, 12.3 mmtpa in FY19
   and 11.7 mmtpa in FY20.

- Capex of over INR80 billion during the next three years
   starting FY18.

RATING SENSITIVITIES

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

- Any improvement in HPCL's standalone credit profile, provided
   the linkages remain intact
- Fitch do not expects any positive action on HMEL's standalone
   rating over the next medium term, given the expectations of
   increasing leverage on account of the large capex.

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

- Any weakening of linkages between HPCL and HMEL

- Higher-than-expected capex or weak profitability resulting
   in net leverage (net adjusted debt/ operating EBITDAR) of
   over 5x on a sustained basis may result in a downgrade of
   the standalone credit profile to 'B+'. However, in the case
   of a one-notch downgrade of HMEL's standalone credit profile,
   its IDR will remain unchanged at 'BB' on account of an
   additional notch of support given its linkages with HPCL,
   provided the linkages remain intact.

LIQUIDITY

Comfortable Liquidity: HMEL's cash balance was around INR2.4
billion as of end-December 2016 compared with long-term debt
maturities of INR1.7 billion. The company also has a large
unutilised undrawn working-capital facilities and access to the
domestic debt market, given its strong relationship with banks in
India. As detailed above, liquidity also benefits from the
provision for minimum payments under its off-take agreement with
HPCL.


HPCL-MITTAL ENERGY: Moody's Assigns Ba1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating (CFR) to HPCL-Mittal Energy Ltd (HMEL).

At the same time, Moody's has assigned a Ba2 rating to the
proposed USD senior unsecured bonds to be issued by HMEL. The
proceeds from the bonds will be used to refinance existing
indebtedness.

This is the first time that Moody's has assigned ratings to HMEL.

The outlook on the ratings is stable.

RATINGS RATIONALE

HMEL's Ba1 CFR incorporates a two-notch uplift from the issuer
rating for its 49% shareholder and a key offtaker, Hindustan
Petroleum Corporation Ltd. (HPCL, Baa3 positive).

"The two-notch uplift is based on HMEL's strategic importance to
HPCL, as well as HPCL's management oversight and track record of
providing financial and operational assistance to HMEL," says
Vikas Halan, a Moody's Vice President and Senior Credit Officer.

HMEL's refinery, with crude distillation capacity of 9 million
tons per annum is the largest refinery in HPCL's portfolio. Also,
the HMEL refinery is the only refinery in HPCL's portfolio that
is located in north India, the largest market for petroleum
product consumption in India.

"HMEL's standalone credit profile benefits from its high
complexity refinery that has started generating high refining
margins over the last two years," adds Halan, who is also Moody's
Lead Analyst for HMEL. "HMEL's ratings also take into account the
15-year offtake agreement between the company and HPCL; with the
agreement providing high visibility on sale volumes."

HMEL's ratings, however, are constrained by the company's
moderate scale of operations, with a single refinery, single CDU,
and exposure to the cyclicality of refining margins. Although the
company's credit metrics have improved significantly over the
last two years, its planned expansion into petrochemicals at a
cost of $3.4 billion will keep leverage high until the project is
completed in 2023.

HMEL's refinery started commercial production in December 2011
but many of its units were still in stabilization and testing
stage. The first full year of operations was fiscal year ended
March 2014 (fiscal 2014). Ramp-up in refinery utilization levels
enabled HMEL to generate free cash flows since fiscal 2015 (the
fiscal year ended March 31, 2015). This situation led to the
company reducing its debt to INR204.7 billion at 31 December 2016
from INR276.9 billion in March 2014. As a result, its leverage -
as measured by debt/EBITDA - fell to 3.3x from 20.1x over the
same period.

HMEL is planning to expand its polymer and aromatic production
capacity by installing a mixed feed cracker at a total cost of
$3.4 billion. Of the total cost for the cracker, around $2
billion will be funded with borrowings, while the balance will be
funded from internal accruals and tax credits from the Government
of India (Baa3 positive).

Management estimates that the project - once completed in fiscal
2023 - will lead to incremental EBITDA generation of $500-$600
million. However, given the upfront increase in borrowings,
Moody's expects leverage to increase over the next 3-4 years,
such that debt/EBITDA will rise above 4.0x by March 2018 and stay
elevated until the project starts generating cash flows by 2023.
Net incremental borrowings could be lower than $2 billion as the
company plans to use surplus cash flows for reducing its existing
borrowings.

The one notch differential between HMEL's corporate family rating
and bond rating reflects the high amount of secured debt in
HMEL's capital structure. At March 31, 2016, the ratio of secured
debt to total debt was over 88% while the ratio of secured debt
to total assets was over 60%.

While the proposed bond will reduce the secured debt to some
extent, Moody's expects the proportion of secured debt to remain
high over the next 3-4 years, because the company will increase
its secured borrowings for funding the planned petrochemical
expansion.

As such, the claims of the bondholders will remain significantly
subordinated to those of the secured lenders. Consequently,
Moody's rates the proposed bonds one notch below the CFR.

The stable ratings outlook reflects Moody's view that the company
will continue to maintain high utilization levels at its
refinery, resulting in healthy margins and strong operating cash
flows, which will be sufficient to partly fund its ongoing
petrochemical production capacity expansion, and to maintain
credit metrics that would continue to support its standalone
credit profile.

Given HMEL's expansion of its petrochemical segment, Moody's
expects that HMEL's credit metrics will weaken over the next 3-4
years. Moody's therefore does not anticipate any upgrade to the
company's ratings over the next 3-4 years.

Downward pressure on the ratings could build if there is a
sustained decline in either refining margins or operational
efficiency, resulting in lower cash flow generation, such that
the borrowings needed for the expansion project are substantially
higher than Moody's projections. This situation could result in
the deterioration of HMEL's credit metrics beyond Moody's
expectations.

Specific metrics that would indicate downward ratings pressure
during the project construction phase include an adjusted
debt/EBITDA above 5.0x and EBIT/Interest below 2.5x.

The ratings could also be downgraded, if HMEL's credit metrics
fail to recover after project completion, such that debt/EBITDA
stays above 4.0x and EBIT/interest stays below 3x.

HMEL's ratings could also face downward pressure if: (1) HPCL's
rating is downgraded, or (2) there is any change in the
relationship between HPCL and HMEL that lowers Moody's assessment
of the level of support incorporated into HMEL's ratings.

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

HPCL-Mittal Energy Ltd, which commenced operations in 2011, owns
a nine million metric tonnes per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making
it one of the highest complexity refineries in Asia.

The company is a joint venture between Hindustan Petroleum
Corporation Ltd. and Mittal Energy Investment Pte Ltd (unrated),
with each holding a 49% shareholding. The remaining 2% is held by
Indian financial institutions.


INDIAN STITCHERS: CRISIL Cuts Rating on INR4MM LT Loan to B+
------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Indian Stitchers (IS) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

   Foreign Bill             2       CRISIL B+/Stable (Downgraded
   Discounting                      from 'CRISIL BB-/Stable')

   Packing Credit           5       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term       4       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects the stretch in working capital cycle as a
result of increase in inventory levels to 166 days as on
March 31, 2016, from 85 days as on March 31, 2015, leading to
weak liquidity, with high bank limit utilisation at 96% over the
12 months through February 2017. It is expected to remain near
similar levels with minor reductions in Medium Term. Financial
risk profile remained weak, with high TOLTNW ratio of 2.90 times
and weak debt protection metrics. No significant improvement in
the financial profile is expected in medium term as the leverage
has increased considerably in FY 2016-17. However, the business
risk profile is expected to remain stable in medium term, with a
comfortable operating margin at 7.5%, though witnessing a
reduction in operating income to INR17 crore for FY 2015-16 from
INR25 crore for FY 2014-15.

The rating reflects IS's modest scale in the intensely
competitive industry and weak financial risk profile. These
weaknesses are partially offset by promoters' experience in
textile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive textile
industry ' IS has a modest scale of operations, as reflected in
its operating income of INR17.7 crore in 2015-16 in the highly
fragmented readymade garments industry. IS faces intense
competition from several organized and unorganized players.

* Weak financial risk profile marked by high leverage - IS's net
worth stood at around INR4.6 crore as on March 31, 2016. In the
current financial year 2017, IS has availed a fresh term loan of
INR6.5 crore for funding capital expenditure towards setting up
of a manufacturing facility in Noida. CRISIL believes that IS's
leverage will increase in FY 2016-17, and shall remain high over
the medium term.

Strength

* Extensive experience of promoters in the textile industry '
IS's proprietor has experience of over a decade in the
manufacturing of fabrics and he has created a good customer base
in Europe and US. Though the revenues have declined in FY 2015-16
as compared to FY 2014-15, as IS is focusing on improvement of
its profitability and reduction of carrying costs by restricting
sales to customers who delay payment, the proprietor is
continuously engaged in building new relationships/ customers in
the market for growth of business and revenues. CRISIL believes
that IS will continue to benefit from the moderate experience of
its proprietor, over the medium term.

Outlook: Stable

CRISIL believes that IS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure, most likely by a substantial increase in its
cash accruals, backed by improvement in its scale of operations
and working capital management, or by equity infusion.
Conversely, the outlook may be revised to 'Negative' if IS's
financial risk profile, particularly its liquidity, deteriorates,
most likely on account of a further decline in its revenue and
profitability, or large unanticipated debt-funded capex, or an
increase in its working capital requirements.

IS was setup in 2005 by Noida (Uttar Pradesh) based Taneja
family. IS manufactures readymade garments for ladies and kids.
Mr. Rajesh Taneja is the proprietor of the firm who is actively
engaged in day to day activities of the company.

Profit after tax was INR0.35 crore on net sales of INR16.40 crore
in fiscal 2016, against a profit after tax of INR0.42 crore on
net sales of INR23.63 crore in fiscal 2015.


MOHAMAD ISRAIL: Ind-Ra Assigns 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mohamad Israil
Cold Storage Private Limited (MICSPL) a Long-Term Issuer Rating
of 'IND B'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR23.9 mil. Fund-based working capital limit assigned with
      'IND B/Stable' rating; and

   -- INR50.18 mil. Long-term loans assigned with 'IND B/Stable'
      rating

                         KEY RATING DRIVERS

The ratings reflect MICSPL's small scale of operations and
moderate credit profile. During FY16, revenue was INR14 million
(FY15: INR15 million), interest coverage (operating EBITDA/gross
interest expense) was 1.7x (1.9x), net leverage (net debt/
operating EBITDA) was 6.5x (4.5x) and operating EBITDA margins
were 35.5% (46.1%).

Also, the liquidity position of the company is tight, indicated
by 84.3% utilization of its fund-based limit during 12 months
ended February 2016.

The ratings, however, are supported by the decade-long experience
of the company's directors in the cold storage business.

                         RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability leading to a sustained improvement
in the credit profile will lead to a positive rating action.

Negative: Long-term deterioration in the profitability and credit
profile will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2003, MICSPL operates a cold storage with
capacity of 15,430MT at Ara, Bihar.  It mainly stores
agricultural and horticultural products.

LFIPL is managed by its promoters namely Mohamad Khurshid Alam,
Mohamad Raushan Alam, Mohmad Nausad.


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

   -- INR70 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR20 mil. Term loan migrated to Non-Cooperating Category;

   -- INR160 mil. Non-fund-based limits migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were suspended on
July 25, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2004, NMIL is engaged in the manufacture of heavy
steel fabrications and construction of pre-engineered steel
structural buildings.  It provides turnkey solutions with regard
to infrastructure and land bank development.  NMIL is equipped
with technically advanced, latest machinery and equipment.


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

   -- INR80 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 16, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NGPL was incorporated in 1984 by Mr Harikishan Jagwani and his
family.  The company manufactures and trades gold and diamond
studded gold jewellery.


PARIN GEMS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parin Gems' (PG)
Long-Term Issuer Rating at 'IND BB-'.  The Outlook is Stable.
The instrument-wise rating actions are:

   -- INR217.2 mil. (decreased from INR248.5) Fund-based
      Facilities affirmed with 'IND BB-/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects PG's continued moderate credit profile.
Net leverage (total adjusted net debt/operating EBITDAR) of the
company improved to 5.3x in FY16 (FY15:6.5x) and interest
coverage (operating EBITDA/gross interest expense) marginally
deteriorated to 1.6x (FY15: 1.8x) due to an increase in other
interest expenses.  Improvement in net leverage was on account of
a decrease in the working capital facilities to INR217.2 million
in FY16 from INR248.5 million in FY15.  EBITDA margin stood at
3.1% in FY16 (FY15: 2.8%).  Margins increased consistently over
FY14-FY16 backed by the firm's strategy to purchase diamonds when
the price is less in the market and sell at a higher price.

PG's revenue declined to INR1.333 billion in FY16 from INR1.473
billion in FY15 on account of a decrease in the work orders
received, due to an unfavorable market demand in the industry.
However, revenue in FY16 was higher than Ind-Ra's expectation.
The company has recorded revenue of INR1.300 billion during
11MFY17.  The company has INR350 million orders in hand to be
executed by May 2017.

PG's liquidity remained tight with its fund-based facilities
being utilized at an average of 96.1% over the 12 months ended
March 2017.

Net working capital cycle deteriorated to 102 days in FY16 (FY15:
94 days) on account of high receivable days as the firm allows
high credit period to achieve the top-line growth in considering
the muted demand scenario.

The ratings, however, are supported by promoters' experience of
more than two decades in the diamond processing business.

                      RATING SENSITIVITIES

Positive: A positive rating action could result from significant
growth in the revenue, sustaining the credit profile at the
current levels.

Negative: A negative rating action could result from
deterioration in the operating margins leading to the weakening
of the credit metrics.

COMPANY PROFILE
Incorporated in 2010, PG is a partnership firm engaged in the
cutting and polishing of diamonds. It is promoted by the Surat-
based Moradia family.


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

   -- INR100 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Jan. 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

P.K. Foods started a rice milling business in 2010 in Rajpura,
Punjab.  The company procures raw material (paddy in this case)
from local dealers at market-driven prices and sells the final
product - basmati rice - to exporters and local customers.


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

   -- INR100 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR93.7 mil. Term loan limits migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1975, PIIPL is primarily engaged in industrial
civil construction for the private sector.  The company is
promoted by Mr. Dinesh Agrawal.


PRASHANT AUTOMOBILES: Ind-Ra Migrates B- Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prashant
Automobiles Pvt. Ltd.'s (PAPL) Long-Term Issuer Rating to the
non-cooperating category.  The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency.  Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The rating
will now appear as 'IND B-(ISSUER NOT COOPERATING)' on the
agency's website.  Instrument-wise rating actions are:

   -- INR57.5 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR17.4 mil. Long-term loans migrated to Non-Cooperating
      Category

   -- INR8.6 mil. Non-fund-based working capital limit migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 16, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PAPL was incorporated in September 2013.  The company is a Honda
Cars India Limited's dealer and has a showroom in Muzaffarpur,
Bihar.  PAPL is promoted by Shashank Shekhar, Nibha Kumari,
Dr. Moti Sinha.


PRATISTHAN COAL: CRISIL Assigns 'B' Rating to INR12.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Pratisthan Coal Bricket (PBC).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         12.5       CRISIL B/Stable (Assigned)

The rating reflects a modest scale of operations combined with
high customer concentration in revenue, and a weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the proprietor in the coal and steel trading
industry and an established relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with customer concentration in
revenue: The scale of operations is modest, while the operating
profitability margin is low on account of the trading nature of
business. The coal and steel trading industry is highly
fragmented and competitive thus affecting small players such as
PBC, which have little bargaining power with customers and
suppliers.

* Weak financial risk profile: Due to the high dependence on
external debt and creditors for funding working capital
requirement, the total outside liabilities to tangible networth
ratio was high at around 30 times as on March 31, 2016. The ratio
is expected to remain at a similar level over the medium term in
the absence of any significant equity infusion or improvement in
the working capital cycle.

Strengths

* Experience of the proprietor and established relationship with
customers: The proprietor, Mr. Rajesh Jha, has been trading in
coal and steel though PBC from 2008. Over the years, he has
gained considerable experience in the business; this has helped
the firm establish a strong relationship with suppliers and
clients, traders, and various industries in the region. It has
thus achieved sales of around INR125 crore in fiscal 2016; sales
are estimated at around INR130 crore in fiscal 2017.
Outlook: Stable

CRISIL believes PBC will continue to benefit from the industry
experience of its proprietor. The outlook may be revised to
'Positive' in case of significant growth in operations while
operating profitability and working capital management improve,
leading to considerably higher cash accrual. The outlook may be
revised to 'Negative' in case of deterioration in the financial
risk profile on account of a decline in operating performance, a
stretched working capital cycle, or capital withdrawal.

Established in 2008, PBC is a proprietorship firm of Mr. Rajesh
Jha, who looks after operations. The firm trades in coal, and
also in steel products such as TMT (thermo-mechanically treated)
bars and angles.

Profit after tax (PAT) was INR38 lakh on operating income of
INR125.13 crore in fiscal 2016, as against PAT of INR3 lakh on
operating income of INR74.68 crore in the previous fiscal.


PREMIER POULTRY: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Premier Poultry
Products Limited (PPPL) 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:

   -- INR26.6 mil. Long-term loan migrated to Non-Cooperating
      Category;

   -- INR74 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR5 mil. Non-fund-based limit migrated to Non-Cooperating
      Category

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

COMPANY PROFILE

PPPL was established in 1986.  It trades table eggs.  The company
procures eggs from poultry farmers in Hyderabad, and sells them
in Mumbai.  FY15 revenue was INR1.004 billion (FY14: INR870
million).


PROMPT BARRIER: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short term bank
loan facilities of Prompt Barrier Films Private Limited (PBFPL)
and has reaffirmed its rating on the long-term bank facilities at
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Reassigned)

   Cash Credit              3        CRISIL B/Stable (Reaffirmed)

   Long Term Loan          12        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the initial stage of operations
of the company's new unit, and its exposure to risk related to
stabilisation of operations. PBFPL is also exposed to customer
concentration risk as more than 80% revenue comes from a single
client. These weaknesses are partly offset by its promoters'
extensive experience in the plastic-based packing material
industry, and established relationships with suppliers and
customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage of operations: PBFPL's new unit commenced
operations in October 2016. The company is exposed to risk
related to stabilisation of operations at the new unit.

* Customer concentration: PBFPL derives more than 80% of its
revenue from single client leading to significant customer
concentration risk. Any vendor rationalisation effort by the
client could affect the company's business risk profile

Strength

* Extensive industry experience of promoters: The promoters'
experience of more than a decade in manufacturing and trading of
plastic-based packing material, and strong relationships with
various stake holders, will benefit PBFPL over the medium term.

Outlook: Stable

CRISIL believes PBFPL will continue to benefit from its
promoters' industry experience and established customer
relationships. The outlook may be revised to 'Positive' if there
is a significant increase in revenue and profitability, and
subsequent improvement in financial risk profile. The outlook may
be revised to 'Negative' if the company undertakes large, debt-
funded capital expenditure, or if cash accrual declines,
weakening the financial risk profile.

PBFPL was established as a partnership firm named Unique Barrier
Films in 2001, and was reconstituted as a private limited company
with the present name in 2016. It trades in and prints polythene
rolls. Its operations are managed by Mr. T Mathiprakash and his
brother, Mr. T Muralidharan.

PBFPL reported net profit of INR0.05 crore on operating income of
INR33.9 crore in fiscal 2016 against net profit of INR0.04 crore
on operating income of INR32.25 crore in fiscal 2015.


PUDUKKOTTAI MUNICIPALITY: Ind-Ra Assigns 'BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pudukkottai
Municipality a Long-Term Issuer Rating of 'IND BB+'.  The Outlook
is Stable.

                         KEY RATING DRIVERS

Pudukkottai's rating is constrained by its inadequate civic
infrastructure, which affects the municipality's growth.  There
is lack of proper water supply services, sewerage and stormwater
drainage systems in the town.  However, there is scope for
improvement in its infrastructure facilities due to its selection
under Atal Mission for Rejuvenation and Urban Transformation
scheme.  Huge investments are required for upgrading
infrastructure in Pudukkottai.

The town's economy is mainly driven by the employees of the State
Industries Promotion Corporation of Tamil Nadu - an industrial
complex located near Pudukkottai, with a major set-up of
engineering and general industries.  The economic growth is also
contributed by agricultural activities.  The main crops
cultivated in the town are paddy, groundnut and sugarcane.

The town has a high level of dependence on the state government.
It receives compensation in lieu of stamp duty and revenue grants
and equity contributions.  Revenue compensation and revenue
grants cumulatively contributed 59.17% to the total revenue
income during FY12-FY16.

Pudukkottai Municipality reported s strong financial performance
in FY16.  Pudukkottai's revenue receipts increased to INR326.20
million in FY16 from INR181.90 million in FY12, a CAGR of 15.72%.
Being a municipality, Pudukkottai's own revenue source comprises
tax revenue and non-tax revenue which on average contributed
14.68% and 21.95%, respectively, to the total revenue income over
FY12- FY16.  Pudukkottai reported an average revenue margin of
34.68% during FY12-FY16. In FY16, the revenue margin surged to
43.84% from 26.36% in FY15, mainly due to the grants from the
government, which constituted 49.72% of the total revenue income
in FY16.

                        RATING SENSITIVITIES

Positive: A significant improvement in Pudukkotai's
infrastructure by rolling out the reforms within the stipulated
timeframe and the municipality's ability to ameliorate own
revenue sources would positively impact the rating.

Negative: An increase in the burden on the finances of the
municipality in the form of debt obligations and withdrawal of
revenue support without a suitable compensatory plan would
trigger a negative rating action.

COMPANY PROFILE

Pudukkottai is the administrative headquarters of Pudukkottai
District in the state of Tamil Nadu.  It is situated about 395km
south-west of the state capital Chennai.  The State Industries
Promotion Corporation of Tamil Nadu was established in 1980 with
the complex area of 421.10 acres, which is the main contributor
to employment in the area, other than agricultural activities.
Pudukkottai Municipality is responsible for the provisioning and
governance of civic services in the Pudukkottai city.


QUALIT EXPORTS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Qualit
Exports (QE) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The instrument-wise rating action is:

   -- INR120 mil. Fund-based working capital limits assigned with
      'IND B/Stable/ IND A4' rating;

                         KEY RATING DRIVERS

The ratings reflect QE's small scale of operations and weak
credit metrics.  The firm's revenue was INR482 million in FY16
(FY15:INR797 million).  The revenue is likely to have decreased
at end-FY17 due to demonetization as the supply of the product
was not sufficient in the market, and the firm procures turmeric
through cash transactions.  QE achieved revenue of INR390 million
during 11MFY17 (unaudited).  EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.2x at FYE16 (FYE15:1.3x) and
net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 8.8x at FYE16 (FYE15: 5.1x) on account of a
decline in the top-line.  EBITDA margins declined to 2% in FY16
(FY15: 2%) from 3.7% in FY14 due to an increase in the raw
material prices.

QE's liquidity position remained tight as indicated by an average
maximum working capital utilization of 98.6% during the 12 months
ended February 2017.

The ratings, however, are supported by the founders' experience
of over a decade in the agro products trading business.

                       RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to sustained improvement in credit metrics could be
positive for the rating

Negative: Substantial decline in top-line or profitability and
sustained deterioration in overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1993, QE is a proprietorship firm engaged in
trading of agro products mainly chilies, turmeric, rice, pulses.
The firm exports 100% of the products to Vietnam, Malaysia,
Singapore, Bangladesh, and Pakistan.  QE procures the products
from Andra Pradesh, Tamilnadu, Maharashtra and Karnataka.


RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Rajasthan Pulses
(RP) for obtaining information through letters and emails dated
November 21, 2016, December 22, 2016 and March 16, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7.5      CRISIL B+/Stable (Issuer
                                    Not Cooperating; Rating
                                    Reaffirmed)

   Proposed Long           3.5      CRISIL B+ (Issuer Not
   Term Bank Loan                   Cooperating; Rating
   Facility                         Reaffirmed)

   Warehouse Receipts      4.0      CRISIL B+ (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajasthan Pulses. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Rajasthan Pulses is consistent with
'Scenario 1' outlined in 'Framework for Assessing Consistency of
Information with 'CRISIL B Rating category or lower.' Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL is reaffirming the rating to CRISIL
B+/Stable.

RP, a partnership firm based in Kanpur (Uttar Pradesh), processes
and trades in pulses such as masoor dal, matar dal, chana dal,
arhar dal and urad dal. The firm was incorporated in 2001 by Mr.
Manoj Agarwal and three other partners. The firm procures raw
pulses and processes them into split pulses or dal and sells them
directly.


RAMA AUTO: CRISIL Lowers Rating on INR5MM Loan to 'B'
-----------------------------------------------------
CRISIL has been consistently following up with Rama Auto Dealers
Private Limited (RADPL) for obtaining information through letters
and emails dated November 21, 2016, December 22, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              1        CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Drop Line
   Overdraft Facility       1        CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Inventory Funding
   Facility                 5        CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Short Term      0.38     CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rama Auto Dealers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Rama Auto Dealers Private
Limited is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. 'Therefore, on account of inadequate
information and lack of management cooperation, CRISIL is
downgrading the long term rating to 'CRISIL B/Stable' and
reaffirming the short term rating at 'CRISIL A4'.

Incorporated in January 2007, RADPL is an authorised dealer of
HMIL's cars in Ranchi (Jharkhand). Mr. Manish Jaiswal, Mr. Rajesh
Kumar Choudhary and Mrs. Manju Jaiswal are the directors of the
company.


RAMAYANI CREATIONS: CARE Issues B+; Issuer Not Cooperating Rating
-----------------------------------------------------------------
CARE Ratings has been seeking information from Ramayani
Creations, to monitor the rating(s) vide e-mail communications/
letters dated March 11, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on Ramayani Creations, bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         15         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 in January 14, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Post implementation project risk associated with newly setup
debt-funded manufacturing unit: The firm had incurred an
expenditure of INR12.87 crore for setting up of unit and the same
has been funded through term loan of INR8.50 crore and balance is
funded through partners contribution (including unsecured loans)
and term loans of INR4.37 crore and INR8.50 crore respectively.
The firm commenced its commercial operations from September,
2015. Being a new unit, the stabilization and streamlining of
production remains to be seen. Furthermore, the operations of the
firm are at a nascent stage and have achieved a total operation
income of INR3.50 crore from September 1, 2015 till December 31,
2015.

Presence in highly fragmented and competitive industry: The
readymade garment industry is highly fragmented and is
characterized by low entry barriers as it is the least capital
intensive part of the textiles value chain. There are more than
8,000 exporters registered with Apparel Export Promotion Council
(AEPC). CARE Research estimates the Indian apparel exports to
grow at a CAGR of 9 per cent to about INR 928 billion in FY16.
The growth would primarily be driven by the increasing shift of
the apparel industry from the developed western nations
(traditional exporting destinations) to the other non-traditional
markets. Currently, India's exports are mainly directed to the
traditional markets US and EU and now, with these regions turning
into matured markets, the growth in apparel imports is expected
to slow down. Also, with the hovering concern over the economic
condition in these regions, India needs to look at the other
potential markets for apparel exports. With the growing concern
over the rising production cost in China, India stands a good
opportunity to increase its share in the global apparel market.

Presence in a fragmented and cyclical textile processing industry
along with associated regulatory risk: The textile processing
industry is highly fragmented in nature due to the presence of
large number of unorganized players leading to high competition
in the industry. Smaller standalone processing units are more
vulnerable to intense competition, which constrains their
profitability as compared to larger integrated textile companies
who have better operating efficiencies. The profitability of SPL
thus remains susceptible to any adverse fluctuations in the raw
material prices (including prices of dyes & chemicals).
Furthermore, textile is a cyclical industry and closely follows
the macroeconomic business cycles. The prices of raw materials
and finished goods are also determined by global demand-supply
scenario. Hence, any shift in the macroeconomic environment
globally would have an impact on the domestic textile industry.
The textile processing units use various chemicals for dyeing and
printing process, which generate polluted water and air that
needs to be treated before their disposal. Hence, textile
processing units require compliance with stringent pollution
control norms set by the regulatory authorities and any violation
in compliance with these norms or any further strengthening of
these norms may adversely impact SPL's operations.

Constitution of the entity being a partnership firm: RMC
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency. Moreover, partnership firms have restricted
access to external borrowing as credit worthiness of partners
would be the key factors affecting credit decision for the
lenders.

Key Rating Strengths

Experienced partners in textile industry: RMC is promoted by Mr
Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin Mehta and Mr Sunil
Gupta. Mr Jitender Bansal, Mr Sanjeev Jindal and Mr Vipin Mehta
have more than one and a half decade of experience in
manufacturing of readymade garments through their association
with Instyle Embroideries Private Limited (ISE), engaged in
similar line of business. Mr Sunil Gupta also has close to two
decades of experience in textile industry through his association
with other family concern i.e. Shubh Laxmi Embroideries.
Furthermore, being a group entity, RMC is expected to benefit
from the marketing setup and established relationships of ISE
with its customers and suppliers which has been in the textile
industry since, 1998.

Bhiwadi-based, (Rajasthan) RMC was established as a partnership
firm in 2015, by Mr Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin
Mehta and Mr Sunil Gupta with equal profit loss sharing ratio.
RMC was established with an objective to manufacture readymade
garments for ladies. The firm is setting up a manufacturing unit
at Bhiwadi, Rajasthan. The commercial operations are expected to
commence from June, 2015. The main raw material of the firm is
cotton yarn which would be procured from various spinning mills
across the country. The company would cater to domestic as well
as international market. The firm is setting up the manufacturing
unit with total project cost of INR12.87 crore which is to be
funded through partner's contribution(including unsecured loans)
and term loans of INR4.37 crore and INR8.50 crore respectively.


RATIONAL HANDLOOM: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rational
Handloom Company Private Limited's (RHCPL) 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:

   -- INR350 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR124.82 mil. Term loan migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 1, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RHCPL was started as a proprietorship concern named M/s National
Handloom Corporation, by Mr. Lalit Mehta in 1982; it was a shop
in Jodhpur that sold handloom items.  It was incorporated as
RHCPL in 2000 and runs 12 showrooms: nine in Rajasthan and three
in Gujarat.


ROSEBEY RESORTS: CRISIL Assigns 'B' Rating to INR12.9MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rosebey Resorts LLP (RRL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      0.1      CRISIL B/Stable (Assigned)

   Term Loan              12.9      CRISIL B/Stable (Assigned)

The rating reflects exposure to risks associated with timely
completion and stabilisation of an ongoing hotel project and to
cyclicality in the hospitality industry, and geographical
concentration in revenue. These rating weaknesses are partially
offset by the extensive industry experience of the partners and
the long-tenor debt repayment structure.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks associated with timely completion and
stabilisation of an ongoing hotel project: The project is in the
initial stage of construction and its completion as per schedule
would significantly depend on timely infusion of funds by the
promoters and disbursal of bank loans. Furthermore, the
stabilisation of operations and occupancy of the hotel will
remain a key sensitivity factor.

* Exposure to cyclicality in the hospitality industry: The firm
will remain vulnerable to cyclical demand, over the medium term.

* Geographical concentration in revenue: As the entire revenue
will be derived from a single hotel in Raipur, Chhattisgarh, any
slowdown in demand or any force majeure event can adversely
impact the business risk profile.

Strengths

* Extensive industry experience of the partners: The partners
have over a decade of experience in the hospitality industry.
This should continue to support the business risk profile over
the medium term.

* Long-tenor debt repayment structure: The eight-year term debt
repayment structure will support liquidity in the initial years
of operations.

Outlook: Stable

CRISIL believes RRL will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if timely completion of the project and ramp'up in
operations lead to better cash accrual. The outlook may be
revised to Negative in case of a cost or time overrun in the
project, or delay in ramp up of operations, resulting in
weakening of the financial risk profile, particularly liquidity.

RRL was established in 2013 as a private limited company, Rosebey
Resorts Private Limited, and was reconstituted as a limited
liability partnership (LLP) firm under the current name in
November 2016. Mr. Mahabir Agarwal, Mr. Ashok Agarwal, Mr. Vivek
Agarwal, Ms Suman Bansal, and Mr. Ajay Agarwal are the current
partners. The firm is setting up a luxury hotel in Sakri, Raipur.


SAHYADRI RENEWABLE: Ind-Ra Assigns 'D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sahyadri
Renewable Energy Private Limited (SREPL) a Long-Term Issuer
Rating of 'IND D'.  The instrument-wise rating action is:

   -- INR90.78 mil. Term loans (Long term) assigned with 'IND D'
      rating

                        KEY RATING DRIVERS

The ratings reflect SREPL's continuous delays in servicing term
debt obligations over the six months ended March 2017, due to its
stretched liquidity.

                      RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

SREPL has identified a site for hydro power development on Bhatsa
river, located around 10 km downstream of the Bhatsa Dam and
around 5 km downstream of the existing Vajra-I hydro power
project near Kasgaon village in Shahapur taluk of Thane district
in Maharashtra.


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

   -- INR130 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SB Homes was set up in 2014.  It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments and commercial complexes in Guntur City
(Andhra Pradesh).


SANDCITY AUTOTEC: CARE Issues B+; Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE Ratings has been seeking information from Sandcity Autotec
Private Limited (SAPL) to monitor the rating vide e-mail
communications/letters dated July 15, 2016, February 17, 2017,
March 1, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requiste
information for monitoring the rating. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, Sandcity
Autotec Private Limited (SAPL) has not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.78       CARE B+; ISSUER NOT
   Facilities                        COOPERATING; BASED ON
                                     BEST AVAILABLE INFORMATION

The rating on Sandcity Autotec Private Limited.'s bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

The rating takes into account SAPL's relatively small player with
short track record of operation, risk of termination of
dealership agreement from Hyundai Motor India Ltd (HMIL), pricing
constraints and margin pressure arising out of competition from
other auto dealers in the market, working capital intensive
nature of operation and high leverage ratios. The ratings,
however, draw comfort from the experience of the promoters, sole
authorized dealer of Hyundai Motor India Ltd (HMIL) resulting in
low geographical concentration risk and integrated nature of
business.

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

Key Rating Strengths

Experienced promoter

The main promoter of SAPL, Shri Shiv Kumar Poddar (Graduate), the
Managing Director, aged about 53 years, is having an experience
of three decades in similar line of business. He is being duly
supported by the other director Shri Ankit Poddar and a team of
experienced personnel. Shri Shiv Kumar Poddar is actively
involved in the day-to-day operations of the company.

Sole authorized dealer of Hyundai Motor India Ltd (HMIL)
resulting in low geographical concentration risk

SAPL is an authorized dealer of Hyundai Motor India Ltd. HMIL is
the second largest car manufacturer in India and the largest
passenger car exporter with a market share of around 48 percent
of the total exports of passenger cars from India. SAPL's
showroom at Balasore covers a wide region of three districts
Balasore, Bhadrak and Mayurbhanj in Odisha.

As such it is exposed to a relatively low geographical
concentration risk.

Integrated nature of business

The company also provides authorized after sales service and
deals in original accessories & spare parts apart from selling
passenger vehicles and commercial vehicles by virtue of being a
'3-S' (Sales, Services and Spare parts) authorized dealer of
HMIL. Owning authorized service centre helps the company to tap a
larger client base who prefers to purchase vehicles from dealers
having own authorized service centre to avoid hassles in case of
breakdown and requirement of service.

Key Rating Weaknesses

Relatively small player with short track record of operation

The total operating income (TOI) increased from INR 4.87 crore in
FY15 to INR 37.93 crore in FY16 and continues to remain small.
The PBILDT margin declined from 4.28% during FY15 to 2.14% during
FY16. The company continued to incur net loss during FY16 as
against FY15. However, SAPL did not incur cash loss during the
period.

Risk of termination of dealership agreements from HMIL:

SAPL has entered into a dealership agreement with Hyundai Motor
India Ltd. (HMIL) in May, 2014. At present, there exists no
renewal clause in the dealership agreements of SAPL with HMIL and
the same are guided by certain terms and conditions of HMIL
resulting in mitigation of the risk of non renewal of the
agreements. However the dealership agreements can be terminated
at any time completely at the discretion of either of the parties
entailing the termination risk. Moreover, the agreements may also
get terminated at any time on violation of certain clauses.

Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market

SAPL faces aggressive competition on account of established
presence of authorized dealers of other passenger vehicle
manufacturers like Maruti, Honda, Chevrolet, Mahindra, Tata
Motors, Ford etc. Considering the existing competition, SAPL is
required to offer better terms like providing discounts on
purchases to attract new customers. Such discounts offered to
customers create margin pressure and negatively impact the
revenue earning capacity of the company. Further, the revenues of
SAPL would also be governed by launch of newer models by HMIL and
acceptance of the products in the market.
Working capital intensive nature of operation

Average utilisation of working capital limit remained high at
around 95% during the last twelve month ending January. 31,
2017.

High leverage ratios

The long term debt equity ratio remained same at 2.23x as on
March 31, 2016 as against March 31, 2015. However, the overall
gearing ratio deteriorated to 7.79x as on Mar 31, 2016 as against
4.70x as on March 31, 2015.

Sandcity Autotec Private Limited (SAPL) was incorporated in June,
2014 by Shri Shiv Kumar Poddar and Shri Ankit Poddar of Balasore,
Odisha. However, the company commenced operations from January,
2015. It is an authorized dealer of Hyundai Motor India Ltd
(HMIL) for its passenger vehicles, spares & accessories in
Balasore, Odisha. Currently, SAPL has its only vehicle showroom
and workshop at Balasore (Odisha) where it also provides repair
and refurbishment services for HMIL passenger vehicles.

During FY16, the company has reported total income of INR37.93
crore with net loss of INR0.17 crore.


SANSAARA WEAVES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sansaara Weaves
& Filaments Private Limited's (SWFPL) 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:

   -- INR46.7 mil. Long-term loans migrated to Non-Cooperating
      Category;

   -- INR20.0 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 11, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SWFPL was established in 2010.  It manufactures and sells grey
fabric in the domestic market to customers in Surat (Gujarat).


SATYA SAI: CARE Assigns B+ Rating to INR7cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Satya
Sai Builders & Contractors (SSBC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              7         CARE B+; Stable Assigned

   Long-term/short
   Term Bank
   Facilities              8         CARE B+; Stable/CARE A4
                                     Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSBC are
constrained by its small scale of operations coupled with low
networth base, low profitability margins and leveraged capital
structure. The ratings are further constrained by concentrated
order book, presence in the highly competitive nature of industry
and tender based business.

The ratings, however; take comfort from the experienced
promoters, moderate working capital cycle and SSBC's revenue
visibility owing to moderate unexecuted order book and growing
scale of operations.

Going forward, the ability of SSBC to increase its scale of
operations with improvement in profitability margins and capital
structure coupled with effectively managing working capital
management 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
firm is a small regional player involved in executing civil
construction and structural engineering projects. The ability of
the firm to scale up to larger-sized contracts and having better
operating margins are constrained by its comparatively low
capital base as on March 31, 2016 and total operating income of
INR13.28 crore in FY16 (refers to the period April 1 to
March 31). The small scale of operations in a competitive
industry limits the pricing power and benefits of economies of
scale.

Low profitability margins and leverage capital structure

The firm undertakes different types of contacts and profitability
margins are directly associated with type of contract executed by
the company in the particular financial year. The capital
structure of the firm stood leveraged on account of high
dependence on bank borrowings to meet the working capital
requirements and low capital base.

Highly competitive industry and business associated with tender-
based orders

SSBC faces direct competition from various organized and
unorganized players in the market. The industry is marked by
presence of several small and regional players offering similar
services, resulted into limited bargaining power and exerted
pressure on its margins. Furthermore, the award of contracts are
tender driven and lowest bidder gets the work. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in
the medium term.

Experienced proprietor

Mrs Pushpa Gangwar looks after the overall operations of the firm
with Mr Ram Chandra Gangwar. The proprietor has developed an
expertise in the civil construction work; this has helped the
firm in procuring repeat orders from its customers.

Moderate order book although concentrated with few large orders
As on September 20, 2016, the firm had an unexecuted order book
was INR158.37 crore which translates into 11.89x of the total
operating income of FY16. Thereby providing revenue visibility in
short to medium term. However, the order book at present is
concentration towards three contracts constituting around 67% of
the total order book as on September 20, 2016. Therefore,
effective and timely execution of the orders has a direct bearing
on the margins.

Moderate working capital management

SSBC has moderate working management as due to limited customers
and efficient collection system. Also firm's major customers are
government bodies, which result in lower counterparty risk. Also,
the firm has low inventory holding as it bill to the client at
the end of every month, resulting in lower inventory.

Barelly-based (Uttar Pradesh), Satya Sai Builders & Contractors
(SSBC) established in 2013 is a proprietorship firm promoted by
Mrs Pushpa Gangwar. The firm undertakes civil construction and
structural engineering projects for varied nature of work which
comprises of power & telecom transmission towers, commercial
building, water supply and sanitation, sewerage, Earth moving,
lake, river and canal renovation work. SSBC is registered as
Class AA of U.P. Irrigation department and registered as class A
license holder of Uttar Pradesh Power Corporation Limited
(UPPCL). The firm executes contracts for both private as well as
government companies.

As per the Audited results for FY16, SSBC reported a TOI of
INR13.28crore (FY15: INR4.87 crore) and PAT of INR0.61 crore
(FY15: INR20 crore). As per provisional result for 9MFY17, the
company has reported TOI of INR20 crore.


SECURENS SYSTEMS: CRISIL Reaffirms B+ Rating on INR3.00MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Securens Systems Private Limited at 'CRISIL B+/Stable/ CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit             .75      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.25      CRISIL B+/Stable (Reaffirmed)

   Term Loan              3.00      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its average financial risk
profile marked by moderate gearing, weak debt protection metrics
and moderate net worth. The ratings also factors in high initial
capital intensity and moderate working capital intensity. These
rating weaknesses are partially mitigated by the benefits that
Securens derives from the extensive experience of the promoter in
security services segment and its established customer
relationships. Also, the rating reflects support it gets from the
regular fund infusions from Private Equity Mayfield.

Analytical Approach

There are INR79.14 cr of preference shares of which 75 per cent
have been considered as equity while 25 per cent have been
considered as debt in-line with CRISIL's policy on treatment of
preference shares.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile
Securens had a net worth of INR29 cr as on March 31, 2016.
Company had operated at moderate gearing of 1.5 times as on
March 31, 2016. The company is expected to avail debt over the
medium term for fund its new installations. However, the gearing
is expected to remain in the range of 2 to 2.5 times over the
medium term. The company is estimated to have weak debt
protection metrics marked by estimated interest coverage of 0.4
times and for 2015-16, however it is expected to improve with
improvement in margins over the medium term.

* High initial capital intensity and moderate working capital
intensity
Securens has to initially install the equipments at the location
and then rental will start flowing. Hence every time company gets
new order, its capital outlay increases. Given the high initial
capital intensity, company has to heavily rely upon external
debt. Company usually takes 80-90 per cent of funding from bank
on the back of steady cash flow expected from rentals. This large
debt leads to high debt repayment over the medium term.
Furthermore, securens being in growing stage, its incremental
capital outlay outweighs, cash flow received from rentals. The
requirements have primarily been funded out of equity infusion
from Private Equity players. CRISIL believes that initial high
capital intensity will remain constraining factor for the company
in the growing phase. Securens' operations are moderately working
capital intensive as reflected in expected gross current assets
of 220 days as on March 31, 2016. The GCA days primarily
comprises of 36 days of credit extended to customers and lease
provider which buys the equipments, while inventory is of 133
days as on March 31, 2016.

Strengths

* Extensive experience of the promoter in security services
segment and its established customer relationships:
Securens's promoter, Mr. Sunil Udupa, has been with the ATM
Industry for more than 27 years. He has previously worked with
various ATM based companies. Because of the long-standing
presence in the industry, the company has been able to establish
healthy relations with its customers. The company has got
contracts with large banks like ICICI Bank, Axis Bank, Standard
Chartered Bank, State Bank of India, etc. Based on the promoter's
extensive experience, Securens has been able to increase its
coverage to 24282 sites by December 2016. CRISIL expects Securens
to benefit from the extensive experience of promoters and
established customer relationships.

* Support from Mayfield in the form of regular fund infusion:
Mayfield FVCI Ltd entered in Securens in 2012-13, with initial
funding of INR7cr, which has over the years have increased to
well above INR79 cr by December 2016. The investment is in the
form of compulsorily convertible cumulative preference shares
with coupon rate of 0.0001%. They will be compulsorily converted
to equity after expiry of 19 years and 11 months to equity. In
the last three years, Mayfield has invested on an average INR21
cr yearly in securens, which has helped company to grow at a rate
of over 80 per cent compounded annual growth rate in the past
three years through 2016-17.

Outlook: Stable

CRISIL believes that Securens will maintain its business risk
profile on the back of the promoters' extensive industry
experience and established relationships with its customers. The
outlook may be revised to 'Positive' if there is substantial and
sustained growth in its accruals, most likely as a result of
improved operating margins and higher-than-expected additions to
its coverage. Conversely, the outlook may be revised to
'Negative' if the company reports significantly lower-than
expected accruals or if the company contracts higher than
expected debt thereby impacting its financial risk profile.

Securens incorporated in 2012, by Mr. Sunil Udupa and Mr.
Srinivas Popuri, is engaged in providing security services like
installation of surveillance equipments, maintenance and
monitoring of the site, primarily ATMs. Mayfield FVCI Ltd, a
private equity investor, has subscribed to compulsorily
convertible preference shares, which when converted will lead to
shareholding of 56.58 per cent in Securens. The company's
registered office and monitoring centre is based in Navi Mumbai
(Maharashtra).

KPPL reported a net loss of INR10.4 cr on net sales of INR53 cr
for 2015-16, as against net loss of INR1 cr on net sales of
INR42.1 cr for 2014-15.


SHINDE DEVELOPERS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shinde
Developers Private Limited (SDPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR170 mil. Fund-based working capital limit assigned with
      'IND BB/Stable/IND A4+' rating; and

   -- INR360 mil. Non-fund-based limit assigned with 'IND A4+'
      rating

                        KEY RATING DRIVERS

The ratings reflect SDPL's tight liquidity, and volatile revenue
and profitability.  SDPL's liquidity position is evidenced by
full use of working capital limits during the 12 months ended
February 2017.  Revenue was volatile over FY13-FY16 and increased
to INR958.1 million in FY16 from INR548.4 million in FY15 (FY14:
INR808.1 million; FY13: INR640.5 million).  The volatility in the
revenue was due to slower execution of some major projects due to
delays in receiving environmental clearances.  However, according
to the management all the present projects are running smoothly
and it has booked revenue of INR712.4 million during 10MFY17.
Profitability remained volatile yet healthy between 15.1% - 24.7%
over FY13-FY16 depending upon the revenue mix.

The ratings factor in SDPL's moderate credit metrics with net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) of 1.5x in
FY16 (FY15:2.0x) and interest coverage (operating EBITDA/gross
interest expense) of 2.5x (2.3x).  The order book remains
moderate with unexecuted order book of INR865.1 million as on
March 1, 2017, which is around 0.9x of FY16 revenue.  The company
has a healthy bid book worth INR3.676 billion.

The ratings, however, are supported by SDPL's operational track
record of more than two decades in the civil construction
business.

                        RATING SENSITIVITIES

Positive: Improvement in the liquidity on a sustained basis along
with substantial improvement in the revenue while maintaining the
profitability and credit metrics will be positive for the
ratings.

Negative: A decline in the revenue or margins resulting in the
further tightening of the liquidity and/or credit metrics could
lead to negative rating action.

COMPANY PROFILE

Established in 1997 and located in Pune, Maharashtra, SDPL is an
engineering, procurement & construction company mainly engaged in
construction of roads, highways, bridges, tunnels, dams and
canals.


SHIV GRAM: CARE Reaffirms 'B' Rating on INR11.02cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Gram Udyog sansthan (SGS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.02       CARE B; Stable Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of SGS continues to
remain constrained by its small and declining scale of
operations, low profitability margins, leveraged capital
structure, weak coverage indicators. The
ratings are further constrained by working capital intensive
nature of operations and presence in highly competitive and
fragmented industry with susceptibility to volatility in raw
material prices.

The rating, however, draws comfort from the experienced promoters
with long track record of operation.

Going forward, SGS's ability to profitably scale-up its
operations, improving its capital structure with effective
working
capital management 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 society continue to remain low owing
to competitive nature of business. 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 continue to remain weak owing to high debt
levels coupled with low profitability.

Working capital intensive nature of operations

The average collection period remains elongated as SGS receives
entire payment once its products are sold by the retailers to
consumer and being a competitive industry SGS has to give
extended credit period to its customers. SGS maintain inventory
off around 2 months to meet out the demands of customers and
society gets payable period of around 4 months from its
suppliers. Combining all entails the elongated operating cycle.
The working capital
requirements were largely met through bank borrowings which
resulted into almost full utilization of the average working
capital limits for the past 12-month period ended January 31,
2017
Susceptibility of margins to volatility in prices of raw material
The society is exposed to the raw material price volatility risk
due to the volatility experienced in the prices of non-edible
oil, soda ash, etc., which are linked to market prices. They
constitute a major component of the raw material and hence
any volatility in their prices has a direct impact on the
profitability margins of the society.

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

Key Rating Strengths

Experienced promoters and long track record of operations

The company is being managed by experienced members having rich
experience in the fast moving consumer goods industry from their
association with this entity. Mr Ram Chand has more than three
decades of experience in the FMCG industry and he looks after the
overall affairs of the entity. He is supported by his family
members and Mr Anuj Pandey having an experience of around a
decade through his association with this entity.

Uttar Pradesh-based Shiv Gram Udyog Sansthan (SGS) is a
Cooperative society registered under Societies Registration Act.
It was founded by Mr. Ram Chand and his family members. The
society is engaged in manufacturing of detergent powder,
detergent cake & laundry soap (oil based) and all the products
manufactured are sold under the brand name "Moar" and "More". SGS
has two manufacturing units located in Chaubepur Kalan, Kanpur
with an installed capacity to manufacture 9,260 metric ton per
annum of detergent powder, 1475 metric ton per annum of detergent
cake and 1,343 metric ton per annum of laundry soapas on
March 31, 2016.

SGS achieved a total operating income (TOI) of INR27.50 crore
with net surplus of INR0.06 crore FY16(refers to the period
April 1 to March 31) as against INR36.12 crore and INR0.03
respectively in FY15 Furthermore, the company has achieved total
operating income of INR28.00 crore in 11MFY17(refers to the
period of April 1 to February 28).


SHIVA COTTON: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiva Cotton
Industries (SCI) to the non-cooperating category.  The issuer did
not participate in the rating exercise despite continuous
requests and follow-ups by the agency.  Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.  The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating actions are:

   -- INR60 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR35 mil. Long-term loans migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2014, SCI commenced operations in March 2015 in
the Shahpur District of Karnataka.  Its registered office is in
Sendhwa, Madhya Pradesh.  The firm is primarily engaged in the
ginning and pressing of cotton.  It has 36 ginning machines and
one pressing machine.

Its partners are Mr. Shyamsunder Goyal, Mr. Gopaldas Agarwal and
Mr. Pawan Kumar Agarwal.


SHREE BADRI: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Badri
Kedar Udyog Private Limited (SBKPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR150 mil. Fund-based limits assigned with
      'IND BB-/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect SBKPL's moderate scale of trading operations
with weak credit profile.  In FY16, the company achieved revenue
of INR643 million (FY15: INR486.6 million), EBITDA interest
coverage (operating EBITDA/ gross interest expenses) was 1.1x
(1.1x), net financial leverage was 14.6x (1.2x), operating EBITDA
margin was 1.9% (4.8%).

The ratings also factor in the company's tight liquidity
position, as reflected in its 98% average utilization of the
working capital facility for the 12 months ended February 2017.

The ratings are however supported by the proprietor's experience
of more than a decade in the garment industry.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the operating margin and
credit metrics could be positive for ratings.

Negative: Any deterioration in the credit metrics could be
negative for ratings.

COMPANY PROFILE

SBKPL was incorporated by Ranchi-based Sarwagi family in 2011.
The company was primarily engaged in the civil constructions
business.  During FY14, the promoters decided to discontinue the
construction business and started the trading of textiles and
fabrics in the domestic market.

Sarawagi family runs other two companies namely Shree Dwarkadhish
Udyog Private Limited and Shree Radha Krishna Vinimay Private
Limited which mainly are involved in the trading of construction
materials.

During April 2016 to January 2017, SBKPL achieved revenue of
INR598.8 million.


SHREE DWARKADHISH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree
Dwarkadhish Udyog Private Limited (SDUPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.  Instrument-wise
rating action is:

   -- INR100 mil. Fund-based limits assigned with 'IND BB-
      /Stable' rating

                        KEY RATING DRIVERS

The ratings reflect SDUPL's moderate scale of operations and weak
credit metrics.  In FY16, revenue was INR545.2million (FY15:
INR506.4million), EBITDA interest coverage (operating
EBITDA/gross interest expenses) was 1.2x (1.2x) and net financial
leverage was 5.5x (6.1x).  Operating EBITDA margin was low at
3.0% in FY16 (FY15: 3.2%) due to the trading nature of the
business.

The ratings also factor in the company's moderate liquidity
position as reflected by 85.1% average use of working capital
limits for the 12 months ended February 2017.

However, the ratings are supported by the proprietor's around one
decade of experience in the construction material trading
business.

                        RATING SENSITIVITIES

Positive: An improvement in operating profitability along with an
improvement in other credit metrics could be positive for
ratings.

Negative: Any deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2012 by Ranchi-based Sarwagi family, SDUPL is
involved in trading of construction materials such as steel,
cement, electric items and sanitary ware.  The company is managed
by Mr. Ayush Sarawgi and Mr. Gyan Prakash Sarawgi.

The family runs other two companies namely Shree Badri Kedar
Udyog Private Limited ('IND BB-'/Stable) and Shree Radha Krishna
Vinimay Private Limited, which are mainly involved in the trading
of fabrics and construction materials.

During April 2016 to January 2017, SDUPL achieved revenue of
INR434.5 million.


SHREE GAUTAM: CRISIL Downgrades Rating on INR8MM Loan to B
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Gautam Labdhi Trade Links (SGLTL) for obtaining information
through letters and emails dated November 24, 2016, December 17,
2016 and March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Gautam Labdhi Trade
Links. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that
the information available for Shree Gautam Labdhi Trade Links is
consistent with 'Scenario 1' outlined in 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
lower.' Therefore, on account of inadequate information and lack
of management cooperation, CRISIL is downgrading the rating to
CRISIL B/Stable.

SGLTL, established in September 2012, is a partnership firm of
Mr. Tejas Gosalia and his cousin Mr. Bhavin Gosalia. The firm
trades in iron and steel products, mainly thermo-mechanically
treated (TMT) bars. The promoters have experience of over a
decade in the industry through family-owned entities. SGLTL's
main office is in Mumbai.


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

   -- INR150 mil. Term loan migrated to Non-Cooperating Category;

   -- INR85 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Jan. 20, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shreegopal was incorporated in October 2013 by Siddharth Sarda
and Vishal Sarda.  The company has set up a 48,000 tonnes per
annum rice manufacturing unit in Kaimur, Bihar.


SHUBHANG OILS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shubhang Oils
Private Limited's (SOPL) 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 B(ISSUER NOT COOPERATING)' on the
agency's website.  The instrument-wise rating action is:

   -- INR85 mil. Fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 16, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in July 2000, SOPL was over taken by the present
management in 2014.  It has its registered office in Madhya
Pradesh.  The company manufactures wheat flour and mustard oils,
palm oil, rice bran oil, etc.

SOPL sells its products under the brand name of Badshah for wheat
flour, Sharvati and Lal Badshah brands for mustard oil.  The
company sells majorly in Bihar, West Bengal, Maharashtra, Uttar
Pradesh and Madhya Pradesh.


SMART MOTORS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Smart Motors
Private Limited's (SMPL) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency.  Therefore, investors and other users are advised to
take appropriate caution while using these ratings.  The rating
will now appear as 'IND B(ISSUER NOT COOPERATING)' on the
agency's website.  Instrument-wise rating action is:

   -- INR100 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 5, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Assam-based SMPL was incorporated in 2004 as an authorised dealer
of Mahindra & Mahindra Limited ('IND AAA'/Stable).  SMPL obtained
the dealership of Chevrolet Sales India in 2009 and M&M for
construction equipment in FY12.

SMPL is a family-run business and promoted by Mr. Sushanta Kumar
Basak and Mrs. Madhuparna Basak.


SRM POWER: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SRM Power
Private Limited (SRMPPL) a Long-Term Issuer Rating of 'IND D'.
Instrument-wise rating actions are:

   -- INR204.17 mil. Term loans I (Long term) assigned with
      'IND D' rating; and

   -- INR23.12 mil. Term loans II (Long term) assigned with
      'IND D' rating

                         KEY RATING DRIVERS

The ratings reflect SRMPPL's continuous delays in servicing term
debt obligations over the six months ended March 2017, due to
stretched liquidity.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Established in 2004, SPPL is engaged in developing a mini hydel
project (Somavathy) with installed capacity of 23,000KW located
near Kalasa in Mudigere, Karnataka.  The project was commissioned
on Oct. 24, 2011.


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

   -- INR28.5 mil. Fund-based working capital limits assigned
      'IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT
      COOPERATING)';

   -- INR18.6 mil. Term loan limits migrated to Non-Cooperating
      Category;

   -- INR5 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR1.5 mil. Proposed fund-based working capital limit
      migrated to Non-Cooperating Category; and

   -- INR5 mil. Proposed non-fund-based working capital limit
      migrated to Non-Cooperating Category

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

COMPANY PROFILE

Established in 2007, Steelfur mainly provides storage solutions
such as racks and cabinets for super markets and various
industries.  The company is ISO 9000-2000 and TQM certified and
it has two manufacturing units in Vadodara.


SURESH KUMAR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Suresh Kumar
and Brothers' (SKB) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR130 mil. Fund-based working Capital Limit migrated to
      Non-Cooperating Category;

   -- INR13.4 mil. Term loan migrated to Non-Cooperating
      Category; and

   -- INR56.6 mil. Proposed fund-based limit migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established on Feb. 10, 2006, SKB is engaged in the business of
rice milling and packaging of basmati rice.  The total installed
capacity of its plant is 4MT/year.


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

   -- INR60 mil. Fund-based working capital limit migrated
      to Non-Cooperating Category;

   -- INR2 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR40 mil. Proposed fund-based working capital limit
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 29, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mumbai-based STPL was incorporated in 2001.  The company
manufactures interlining fabric and wide width fabric.


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

   -- INR93 mil. Fund-based limit assigned with
      'IND BB/Stable/IND A4+' rating;

   -- INR72.96 mil. Term loan assigned with 'IND BB/Stable'
      rating;

   -- INR15.5 mil. Non-fund-based limit assigned with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The ratings reflect Texaco's moderate scale of operations and
moderate credit metrics.  In FY16, revenue was INR523 million
(FY15: INR349 million), gross interest coverage (EBITDA/interest)
was 1.8x (2.3x), net leverage (total adjusted net debt/operating
EBITDA) was 6.5x (10.2x) and operating margin was 5.7%.  The
decline in gross interest coverage was owing to a rise in
interest expenses due to an increase in debt, and the improvement
in net leverage on account of an improvement in EBITDA.  The
increase in revenue was driven by the execution of a higher
number of orders. Moreover, Texaco booked INR334.1 million in
revenue for 9MFY17.

The ratings also reflect the moderate liquidity position of
Texaco, indicated by a 96.67% utilization of fund-based limit
during the 12 months ended February 2017, with instances of no
over utilization.

However, the ratings are supported by the company's long
operational track record of around three decades.

                       RATING SENSITIVITIES

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

Positive: An improvement in operating margin leading to
substantial improvement in credit metrics will be positive for
the ratings.

COMPANY PROFILE

Ahmedabad-based Texaco was formed in 1988 by Mr. Krishan Agarwal
and Mr. Pradeep Agarwal.  It is a leading manufacturer and
exporter ofpolyester viscose, polycotton, cotton fabrics,
synthetic-blended fabrics, suiting and shirting fabrics.  The
company caters to both domestic and international markets.  It
primarily exports to Dubai.  In addition, it exports to Sri Lanka
and Iran.


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

   -- INR97.5 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR34.6 mil. Long-term Loan migrated to Non-Cooperating
      Category; and

   -- INR78 mil. Non-fund-based working capital limits migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1978, UIPL has its registered office and
manufacturing facilities in Coimbatore, Tamil Nadu.  The company
manufactures machine components for automobiles and tractors.
The company has been exporting to countries such as France and
the US since 2007.


UNITECH COTSPIN: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Unitech Cotspin Limited (UCL), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of UCL are constrained
on account of its relatively small size of operations, volatile
operating profit margins with net loss reported during last two
years, high leverage and moderate debt coverage indicators.The
ratings are further constrained by susceptibility of its
profitability to volatile cotton prices and presence in the
highly fragmented and competitive cotton industry.

The weaknesses are partially offset by, experienced promoters,
and strategic location of its manufacturing facilities in the
cotton producing cluster of Gujarat along with government's
fiscal benefits.

Growth in scale of operations along with generation of envisaged
cash accruals and reduction in debt levels are the key rating
sensitivities. UCL's ability to pass on the volatility associated
with cotton prices to its customers while efficiently managing
its working capital requirements are also crucial from a credit
perspective.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with high leverage and moderate debt
coverage indictors: Despite healthy growth in total operating
income during FY15 (refers to the period April 1 to March 31) and
FY16 post expansion of its capacities, the overall scale of
operations of the company has remained small. UCL has leveraged
capital structure as indicated by high overall gearing of 3.13
times as on March 31, 2016. Furthermore, it had moderate debt
coverage indicators on account of high debt levels.

Susceptibility of profitability to volatile cotton prices and
presence in the highly fragmented and competitive industry: UCL's
profitability margins are susceptible to volatility associated
with cotton prices. UCL operates in a highly fragmented and
unorganized market of the textile industry marked by a large
number of small sized players. The industry is characterized by
low entry barrier due to minimal capital requirement and easy
access to customers and supplier.

Key Rating Strengths

Experienced promoters and strategically located manufacturing
unit along with government's fiscal benefits: The promoters of
UCL have over three decade of experience in cotton ginning and
pressing, which has helped it in terms of raw material
procurement, ease of managing day-to-day operations and
marketing. Furthermore, UCL's presence in the cotton producing
region has geographical advantage in terms of lower logistics
expenditure (both on the transportation and storage) & ready
availability of raw materials. Also, UCL's spinning project is
eligible for various incentives by the state as well as central
government.

UCL is a public limited company incorporated in October, 2007 by
Mr. Manubhai Patel and Mr. Hasmukh Patel. Subsequently in 2011,
UCL was taken over by the present promoters, Mr. Mahesh Patel,
Mr. Narendra Patel and Mr. Pravin Khunt. UCL manufactures carded
cotton yarn of finer quality ranging between 20s to 40s count and
operates from its sole manufacturing facility located at Idar,
Gujarat. UCL has total installed capacity of 29,376 spindles to
produce 5,470 metric tonne per annum (MTPA) of cotton yarn.

As per audited financials of FY16, UCL reported total operating
income (TOI) of INR66.06 crore with net loss of INR2.43 crore.
Based on provisional financials of H1FY17 (refers to the period
April 1 to September 30), UCL reported TOI of INR29.01 crore.


UNIVERSAL AUTO: CARE Assigns 'B' Rating to INR7.84cr Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Universal Auto Gears LLP, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.84       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Universal Auto
Gears LLP is constrained by the small scale of operations,
fluctuating PBILDT margins with net loss incurred in FY16 (refers
to period April 1 to March 31), leveraged capital structure and
weak debt coverage indicators, working capital intensive nature
of operations and constitution of the entity as a partnership
firm with inherent risk of withdrawal of capital. The rating is,
however, underpinned by the experienced promoters, growth in
total operating income during review period and reputed clientele
of the company with universal demand for gear products in
automobile industry.

Going forward, the firm's ability to increase its scale of
operations and improve the profitability margins in competitive
environment, capital structure and debt coverage indicators along
with effective management of working capital requirements would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations

The firm was established in 2014 and commercial operations were
started in FY15. The firm has small scale operations marked by
total operating income of INR12.20 crore in FY16 and tangible
networth at INR 3.37 crore as on March 31, 2016. Leveraged
capital structure and weak debt coverage indicators Capital
structure of the firm is highly leveraged marked by overall
gearing at 7.22x as on March 31, 2016 compared to 3.29x as on
March 31, 2015 due to increased amount of total debt of the firm.
Total debt of the firm increased from INR 16.90 crore as on
March 31, 2015 to INR 27.24 crore as on March 31, 2016 due to
additional long term loan availed by the firm during FY16. High
debt level and low cash accruals of the firm have resulted in
weak Total Debt/GCA at 55.17x in FY16.

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

Constitution as a partnership has the inherent risk of
possibility of withdrawal of the capital at the time of personal
contingency which can adversely affect its capital structure.
Furthermore, partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders. Fluctuating
PBILDT margins with net loss incurred in FY16 The PBILDT Margin
of the firm reduced from 25.70% in FY15 to 8.30% in FY16 due to
significant increase in material cost and employee costs of the
firm. The firm has incurred net losses in FY16 due to reduced
PBILDT coupled with high financial expenses.

Intensely competitive business segment

The Indian auto-components industry is classified into organised
and un-organised sectors. The organised sector caters to the
Original Equipment Manufacturers (OEMs) and consists of high-
value precision instruments while the unorganised sector
comprises low-valued products and caters mostly to the
aftermarket category. Despite of the firm's major supplies being
done to OEM's directly, the firm faces competition from several
other small size players/competitors in the market, in terms of
price and profitability margins.

Working capital intensive nature of operations

The firm being engaged in manufacturing of automobile gears and
allied products which are majorly used in two-wheelers is
attributed by dependency on working capital requirements to cater
to the minimum levels of inventory maintained in terms of raw
materials and WIP stock, and further to provide credit to its
principal customers. Working capital cycle days of the firm
though increased slightly from 59 days in FY15 to 64 days in
FY16, however, remained satisfactory during FY16. The average
inventory days of the firm improved significantly from 150 days
in FY15 to 78 days in FY16 due to execution of work orders
resulting in reduction in work-in-progress and raw material
inventory as on account closing date.

Furthermore, average collection days of the firm also improved
from 143 days in FY15 to 91 days in FY16 due to timely
realization debtors. The average utilization of working capital
is 90% for last 12 month December 31, 2016.

Key Rating Strengths

Experience of the promoter for more than a decade in
manufacturing of Gears and allied products

Universal Auto Gears LLP was established in the year 2014,
promoted by Mr. Imraan Mohammed Jamal (Managing Partner). Mr.
Imraan Mohammed Jamal has an experience of around 15 years in
manufacturing of gears through their group entity which is in the
same line of business and is into existence since 1963. The other
partner, Mr. Mohammed Jamal who is the father of the managing
partner has around 40 years of experience in the same line of
business. The firm is likely to be benefitted from the experience
of the promoters of the firm.

Growth in total operating income of the firm during FY14-16
With FY15 being first year of commercial operations, total
operating income of the firm increased from INR 3.82 crore in
FY15 to INR 12.20 crore in FY16 achieving a significant growth by
218%, at the back of higher amount of volumes supplied to its
existing customers and new customers as well.

Reputed clientele of the company with stable demand for gear
products in automobile industry

Majority of the firm's supplies are done directly to reputed
automobile manufacturers like Piaggio Vehicles Private Limited,
TVS, etc. The firm being engaged in manufacturing of automobile
gear's and allied products have stable demand for volumes from
the automobile manufacturers.

Universal Auto Gears LLP (UAGL) was established in the year 2014
as a limited liability partnership firm, promoted by Mr. Imraan
Mohammed Jamal (Managing Partner). UAGL started commercial
operations in FY15. The firm has its registered and
administrative office located at Narsapura Hobli, Bengaluru and
is engaged in manufacturing of automobile gears and allied
products which are majorly used in two-wheelers. The firm sells
its products directly to reputed automobile manufacturers like
Piaggio Vehicles Private Limited, TVS Motors Company Limited, VST
Tillers tractors Limited, etc.

In FY16, UAGLLP reported a net loss of INR 1.24 crore on a total
operating income of INR12. 20 crore, as against a PAT and TOI of
INR0.27 crore and INR 3.82 crore respectively in FY15.


UNIWORLD SUGARS: CARE Lowers Rating on INR60cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Uniworld Sugars P Ltd (USPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              60        CARE D Revised from
                                     CARE B

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
USPL takes into consideration the instances of delays in
servicing of the company's debt obligations. Going forward, the
ability of the company to improve
its liquidity position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: On account of stretched
liquidity position, USPL has delayed in servicing of its debt
obligations due to the Banks. Furthermore, in the past also the
auditor in their report (FY15)have qualified that the company has
defaulted in repayment of dues to certain banks, financial
institutions on account of the sugar industry crisis leading to
cash losses and increasing accumulated loss. Weak financial risk
profile: The financial risk profile of the company remains weak
characterised by cash losses.

Furthermore, interest expenses on the fully drawn term debt also
increased the net loss. In FY16, the company has booked total
Income for INR571.17 crore with a net loss of INR44.44 crore as
against total income of INR259.02 crore in FY15 with a net loss
of INR41.09 crore. In the past the losses were largely funded
through extended credit period from suppliers and support from
the promoters in the form of compulsorily convertible debentures.
On account of net loss the net worth depleted from INR133.10
crore in FY15 to INR91.75 crore in FY16.

USPL is an equal joint venture between ED & F Man Sugar
Netherlands BV (EDF), one of the largest commodity traders in
the world markets and Simbhaoli Sugars Limited (SSL), having one
of the largest sugar refineries in India. USPL is engaged in
refinery operations which processes raw sugar into white refined
sugar though ION exchange process and sells its product under the
brand name "Tiger". SSL and EDF formed a joint venture to set up
a manufacturing facility at the port of Kandla, Gujarat with a
capacity to refine 1000 metric tonnes of raw sugar per day into
white refined sugar.

As per the Audited results for FY16 (refers to the period April 1
to March 31) USPL had a total operating income of INR571.17 crore
with a net loss of INR44.44 crore as against total operating
income of INR259.02 crore with a net loss of INR41.09 crore in
FY15.

Status of non-cooperation with previous CRA: ICRA has suspended
its rating vide press release dated December 2016 on account of
its inability to carry out a rating surveillance in the absence
of the requisite information from the company.


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

   -- INR30 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR43.84 mil. Term loan limits migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in July 2013 and based out of Gujrat, Vadalia Foods
is into food processing and packaged snacks.  The firm is
undergoing an expansion to install a 6,600mtpa potato chips
product line.


VAIBHAV COTEX: CARE Reaffirms B+ Rating on INR6.73cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vaibhav Cotex Private Limited (VCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.73       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VCPL continues to
remain constrained on account of weak financial risk profile
marked by leveraged capital structure, weak debt coverage
indicators and thin profitability margins owing to limited value
addition nature of business. The rating is further constrained by
exposure of profit margins to fluctuation in raw material price
and presence of the company in a highly competitive cotton
ginning and pressing industry with susceptibility to adverse
changes in government regulations.

However, the rating continues to factor in experience of
promoters in the cotton industry and location advantage and
increasing scale of operations.

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

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters in cotton ginning and pressing industry:
VCPL, incorporated in 2008, is promoted by Bhandari family and
the company's executive directors are Mr Sunil Bhandari and Mr
Ashok Bhandari. The directors have an average experience of eight
years in cotton ginning & pressing along with oil extraction
under VCPL. Being in the industry for more than eight years has
helped the promoter to gain adequate acumen about the business
which will aid in smooth operations of VCPL.

Location advantage: The manufacturing facility of VCPL is located
at Wani, Yavatmal in the Vidarbha region of Maharashtra. Hence,
raw material is available in adequate quantity. Furthermore, the
presence of VCPL in cotton producing region also fetches a
location advantage of lower logistics expenditure.

Key Rating Weaknesses

Financial risk profile marked by low profitability and weak
solvency position: The scale of operations of the company
remained small with low networth base in FY16, thus depriving it
of scale benefits and limiting its financial flexibility.
Accretion to networth has been slower owing to low profit margins
subsequent to limited value addition nature of business.
Furthermore, high dependence of the entity on external borrowings
resulted in leveraged capital structure owing to low networth
base.

Susceptibility of margins to fluctuation in input prices and
adverse changes in government regulations: The price of raw
cotton in India is regulated through function of MSP by the
government. Hence, any adverse change in government policy
i.e. higher quota for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw
cotton in domestic market and could result in lower realizations
and profit for VCPL.

Risk associated with seasonality and fragmented nature of
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from July to September and the
harvesting season is spread from October to March. Hence, the
average working capital utilization is high. Furthermore, the
cotton industry is highly fragmented with large number of players
operating in the unorganized sector.

Vaibhav Cotex Private Limited (VCPL) is engaged in ginning and
pressing of cotton and extraction of oil from cotton seeds. The
ginning and pressing unit and oil extraction unit is located at
Yavatmal, Maharashtra. It procures the raw material i.e. raw
cotton from the local market and sells its final product i.e.
cotton bales to the customers located in and around Yavatmal. The
top five customers of the company, namely Cotton Emporium,
Prasuna Vamshri Krishna Spinning mills Private Limited
(ICRA BBB-), Anup Traders, etc., contributed around 35% of total
revenue during FY16 (against 31% in FY15- refers to the period
April 1 to March 31). The firm has an installed capacity of
processing 34,500 cotton bales per annum and to extract 1,35,000
quintals of oil per annum.

The company reported TOI of INR97.60 crore with PAT of INR0.20
crore in FY16 against TOI of INR55.54 crore with a net loss of
INR0.12 crore in FY15.


VEDIC AND FUTURISTIC: CRISIL Ups Rating on INR100MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vedic and Futuristic Edutech (VAFE) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile,
reflected in earlier-than-expected ramp up in operations. Revenue
is estimated to be INR20 crore for fiscal 2017 on account of
early admission to college after TAFE received approval for 150
seats and admitted 148 students. Operating income is likely to
increase to INR80 crore for fiscal 2018.

The rating reflects VAFE's exposure to implementation and
stabilisation risks related to hospital project. These weaknesses
are partially offset by the extensive experience of its promoters
in the healthcare segment, locational advantage, and benefits
expected from robust growth prospects for the hospital industry.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to implementation risk in hospital project: Of the six
floors, construction of three floors plus basement has been
completed. The firm has started pre-operative operations. Around
148 students have enrolled and the hospital is expected to begin
operations from June 2017. However, timely project completion and
stabilisation will remain key rating sensitivity factors.

Strengths
* Experience and funding support of promoters: The promoters have
already invested INR80.0 crore in the project, which is more than
the proposed amount of INR57 crore. Furthermore, term loan
repayment is scheduled to start from April 2018, 12 months after
commercial operations begin. Also, 30 quarterly instalments on
ballooning payment basis and floating interest rates will cushion
liquidity.

* Locational advantage and robust growth prospects for the
healthcare industry: According to the World Health Organization,
India has only nine hospital beds per 10,000 persons, against the
global median of 24 per 10,000, which indicates the underlying
opportunity for Indian healthcare companies as competition in
this sector is low (except in a few micro-markets in top cities).

Outlook: Stable

CRISIL believes VAFE will benefit over the medium term from the
experience and funding support of its promoters and locational
advantage. The outlook may be revised to 'Positive' if timely
execution of project within budgeted costs or higher-than-
expected occupancy level and profitability result in substantial
accrual and hence a better financial risk profile. The outlook
may be revised to 'Negative' if any time or cost overrun
adversely affects financial risk profile and hence debt-servicing
ability.

Set up in October 2012 as a partnership firm by Mr. Kapil Mishra
and Dr. Shubhshree, VAFE is setting up a 400-bed hospital, TSM
Hospital and Medical College, near Amausi railway station in
Lucknow. Capacity is expected to be enhanced to 700 beds in the
future.

TAFE incurred losses of INR1.23 crore on net sales of INR1.38
crore for fiscal 2016.


VELANKANNI TOWN: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Velankanni Town
Panchayat a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

Velankanni's rating is constrained by its inadequate civic
infrastructure, which affects the town panchayat's potential
growth.  There are lack proper water supply services and sewerage
systems.  However, there is scope for an improvement in the
infrastructure facilities due to its selection under Atal Mission
for Rejuvenation and Urban Transformation scheme.

The town's jurisdiction is only 5.5sq km with a population of
11,108.  Economic activities in the town are not buoyant and the
council's property tax revenue increased only at a CAGR of 3.43%
during FY12-FY16.  Velankanni Town Panchayat's own non-tax
revenue mainly emanates from rental income from its properties,
with an average contribution of 15.42% to total revenue during
FY12-FY16.

The town panchayat has a high level of dependence on the state
government. It received compensation in lieu of stamp duty and
revenue grants and equity contributions.  Revenue compensation
and revenue grants cumulatively contributed 50.30% to the total
revenue income during FY12-FY16.

The town panchayat has a low scale of revenue, due to its small
area of jurisdiction.  Its revenue receipts increased to
INR28.10 million in FY16 from INR25.06 million in FY12, at a CAGR
of 2.90%.  Being a town panchayat, Velankanni's own revenue
source comprises tax revenue and non-tax revenue which on average
contributed 18.12% and 18.36%, respectively, to the total revenue
income over FY12-FY16.  It reported an average revenue margin of
66.16% during FY12-FY16.

The town is a popular pilgrim centre.  It is named after Shrine
Baslica of our Lady of Health Velankanni.  Everyday around 8,500
pilgrims visit the church and in the weekends this number becomes
3x the settler population of the town.  Velankanni's economy
largely depends on lodging, business and commercial shops due to
the influx of people.  Due to its cultural importance, Velankanni
selected under both National Heritage City Development and
Augmentation Yojana with a sanctioned amount of INR200 million
and Pilgrimage Rejuvenation and Spiritual Augmentation Drive with
sanctioned amount of INR56.80 million.  These schemes can help to
increase the inflow of the pilgrims.

                        RATING SENSITIVITIES

Positive: A significant improvement in the town's revenue
performance coupled with the augmentation of urban infrastructure
facilities with the help of the government schemes within the
stipulated timeframe, would positively impact the rating.

Negative: Any unexpected withdrawal of revenue support from the
state government without a suitable compensatory plan would
trigger a negative rating action.

COMPANY PROFILE

Velankanni is a Special Grade Town Panchayat in Nagapattinam
District.  It is situated on the sea shore of the Bay of Bengal
and is 350km far from Chennai.


VIJAYALAKSHMI HYDRO: Ind-Ra Assigns 'D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijayalakshmi
Hydro Power Private Limited (VHPPL) a Long-Term Issuer Rating of
'IND D'.  The instrument-wise rating actions are:

   -- INR77.74 mil. Term loans I (Long term) assigned with
      'IND D' rating; and

   -- INR9.04 mil. Term loans II (Long term) assigned with
      'IND D' rating

                         KEY RATING DRIVERS

The ratings reflect VHPPL's continuous delays in servicing term
debt obligations over the six months ended March 2017, due to its
stretched liquidity.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

VHPPL has established two mini hydel canal-based power projects
in Malavalli taluk in Hebbakavadi village.  The company has
successfully implemented the project and is supplying power to
the power-starved Chamundeswari Electricity Supply Company.
VHPPL is contributing to minimise the power shortage of CESCO.


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

   -- INR84 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 11, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, VDPL manufactures textile products such as
embroidery works on sarees and suits.  It also stitches suits and
other textile products.  The company books a majority of sales by
selling through Home Shop Network.


VMD MILLS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VMD Mills Pvt
Ltd's 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:

   -- INR106.5 mil. Term loan migrated to Non-Cooperating
      Category;

   -- INR50 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR19.5 mil. Non-fund-based limit migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Feb. 25, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VMD manufactures and exports yarns.  The company is managed by
Mr. A.P Dhandapani and his family.  Its registered office is
located in Coimbatore.  The company has an installed capacity of
36,000 tonnes per annum.



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


SAKA ENERGI: Moody's Assigns Ba1 CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to PT Saka Energi Indonesia (Saka).

At the same time, Moody's has assigned a Ba1 rating to proposed
USD denominated bonds to be issued by Saka. The proceeds from the
bonds will be used to refinance company's bank loans and also for
funding its capex.

This is the first time that Moody's has assigned ratings to Saka.

The outlook on the ratings is stable.

RATIONALE

"Saka's Ba1 ratings incorporate a four-notch uplift, because of
Moody's expectations that the company will receive extraordinary
support from its parent, PT Perusahaan Gas Negara (Persero) Tbk.,
in times of need," says Vikas Halan, Moody's Vice President and
Senior Credit Officer.

Moody's points out that PT Perusahaan Gas Negara (Persero) Tbk
(PGN, Baa3 positive) owns a 100% stake in Saka.

Moody's expectation of extraordinary support to Saka from PGN is
based on Saka's strategic importance to its parent, given that:

(1) Saka is PGN's only upstream arm and is integral to PGN's
long-term vertical integration strategy;

(2) Saka is PGN's largest subsidiary in terms of profit
contribution and asset base;

(3) PGN has an established track record of providing financial
support to Saka, providing equity funding and shareholder loans -
amounting to $1.9 billion from 2013-2016 - for Saka's investments
totaling about $2.7 billion;

(4) PGN is exposed to reputational risk should Saka default; and

(5) A default by Saka on any of its obligations exceeding $50
million would be a default by PGN on its USD denominated bonds.

The rating incorporates expectation that the outstanding loan
from PGN, which is currently scheduled for repayment in January 1
2021, will either be extended or converted to equity in line with
the past track record.

"Saka's standalone credit profile is constrained by its weak
credit metrics, small production scale and limited reserves
base," adds Halan, who is also Moody's Lead Analyst for Saka.
"Saka is also exposed to high geographic and production
concentration risk, with the Pangkah block contributing over 50%
of its total revenue in 2016."

Nevertheless, these risks are partly mitigated by the high
revenue visibility of Saka's long-term fixed-priced gas sales
contracts with good quality counterparties. Saka's credit profile
is also supported by high production entitlements from its fields
and declining operating costs.

Saka's credit metrics remain weak for its standalone credit
profile, with debt - including shareholder loans - to EBITDA of
about 6.8x in 2016.

Saka's credit metrics will improve over the next 1-2 years, on
the back of increasing production volumes, thereby resulting in
higher EBITDA levels.

The stable ratings outlook reflects Moody's expectation that Saka
will continue to receive financial support from its parent, and
that its credit metrics will improve, as new fields - Sanga
Sanga, Bangkanai, and Muara Bakau - come online in 2017 and 2018.


A ratings upgrade will require an improvement in Saka's
standalone credit profile, as well as an upgrade of PGN's
ratings. Saka's ratings will remain at least a notch below that
of PGN, in the absence of guarantees from PGN to Saka's lenders.

Saka's standalone credit profile will improve if the company
performs better than Moody's expects, or if a substantial portion
of its loans from shareholders is either converted into equity or
an instrument that has more equity like features.

Credit metrics indicative of an improvement in Saka's standalone
credit profile include a retained cash flow (RCF)/debt above 15%,
and EBITDA/interest above 5x, both on a sustained basis.

Saka's ratings could be downgraded if: 1) PGN's ratings are
downgraded; or 2) there is a change in the relationship between
Saka and PGN, such as to lower Moody's expectation of support
from the parent to Saka.

Moody's expectation of support from PGN to Saka could be lowered
if PGN's control over Saka diminishes, or there is a change in
PGN's long-term strategy that reduces Saka's importance to PGN.

Saka's ratings could also be downgraded if the company's
standalone credit profile deteriorates, as a result of a large
debt-funded acquisition, or if the company experiences a delay in
the ramp up of its production from its new fields.

Credit metrics indicative of a downgrade includes an RCF/debt
below 10%, and EBITDA/ interest below 4x.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

Saka Energi Indonesia (P.T.) is an independent oil & gas
exploration and production company in Indonesia. Saka is wholly-
owned by Perusahaan Gas Negara (Persero) Tbk) (PGN) (Baa3
positive), a state-owned natural gas transmission and
distribution company.

As of December 31, 2016, Saka had an estimated proved reserves of
59 million barrels of oil equivalent. The company holds working
interests in 11 oil and gas blocks, seven of which are producing.
In 2016, Saka reported average daily oil and gas production of 38
thousand barrels of oil equivalent per day.


SAKA ENERGI: S&P Assigns 'BB' CCR; Outlook Positive
---------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to Indonesia-based upstream oil and gas
exploration and production (E&P) company PT Saka Energi
Indonesia. The outlook is positive.

At the same time, S&P assigned its 'axBBB' long-term ASEAN
regional scale rating to the company.  S&P also assigned its 'BB'
issue rating to the U.S.-dollar-denominated senior unsecured
notes that Saka proposes to issue.  The issue rating is subject
to S&P's review of the final issuance documentation.

"Our ratings on Saka reflect our assessment of the company's 'b+'
stand-alone credit profile (SACP) and our view that Saka will
benefit from extraordinary support from its parent, Indonesia-
based gas distributor PT Perusahaan Gas Negara (Persero) Tbk.,"
said S&P Global Ratings credit analyst Vishal Kulkarni.

Saka's SACP reflects the company's small scale, short operating
record, geographical and cash flow concentration from a few
fields in Indonesia, and elevated investment appetite.  Saka's
fairly stable cash flows, gas-sale contracts with creditworthy
counterparties, manageable funding needs, ongoing parent support,
and favorable profitability temper these weaknesses.

Saka is a strategically important subsidiary of PGN, in S&P's
view.  S&P believes the company forms an important part of PGN's
upstream integration strategy.  PGN has invested more than
US$1.0 billion in Saka in the form of equity.  This indicates the
parent's willingness to support Saka during its inception and
asset-acquisition phase, until the subsidiary gains sufficient
scale.

S&P expects PGN to maintain majority ownership and control over
Saka, and share management with the company over the next five
years at least.  PGN also has an incentive to provide
extraordinary support to Saka in case of stress because PGN's
loan documents contain a cross-default clause with Saka.
Moreover, Saka has been reasonably successful in asset
acquisition and growth in cash flows, and S&P expects the company
to contribute up to a third of PGN's consociated cash flows over
next two to three years.

Constraining S&P's assessment of Saka's strategic importance to
PGN are: Saka's limited operational record; operations in a new
industry segment of E&P as against PGN's traditional gas
transmission focus; and limited, albeit growing, integration with
PGN's operations.

Saka's E&P business is riskier than PGN's very low risk regulated
utility gas transmission and distribution business.  The
increasing contribution from Saka will likely weaken PGN's
business risk profile, in S&P's view.

S&P expects Saka's short operating record to continue to
constrain its assessment of its SACP.

The operating and project execution risks are moderate for Saka,
in S&P's view, because seven of its 10 fields are managed by
experienced operators such as Petroliam Nasional Bhd., China
National Offshore Oil Corp., and Eni SpA.  Moreover, Saka's
fields are onshore or shallow water offshore, limiting operating
complexities.  However, with many of Saka's fields reaching
maturity, S&P expects a natural decline in production, requiring
the field partners to invest in improved technologies or newer
discoveries.

The production sharing contracts (PSCs) for two of Saka's blocks-
-South East Sumatra (SES) and Sanga Sanga--are due for renewal in
2018.  However, the upstream oil and gas regulator has informed
Saka that these will not be extended and these blocks will likely
go to PT Pertamina (Persero).  S&P's assessment of Saka's
business risk profile already captures the potential downside to
production in the event PSCs on those two blocks are not renewed.

Saka is exposed to asset and cash flow concentration because more
than 80% of its production comes from its Indonesian fields.

Saka's focus on gas -- in terms of reserves and production --
increases offtake certainty and cash flow stability.  S&P expects
contribution of gas to Saka's cash flows to increase to about 70%
over the next two to three years, from about 50% currently.

Since its inception in 2011, Saka has invested in multiple fields
using a mix of debt and equity.  The company's reliance on debt
and shareholder loans to build its asset base contributed to a
fairly leveraged balance sheet.

As of Dec. 31, 2016, Saka has received shareholder loans of
US$1.9 billion from PGN, and had about US$838 million
outstanding. S&P acknowledges that PGN has converted part of such
loans into equity to support Saka's asset acquisition and capex
investments, while its cash flow was immaterial.

S&P expects Saka's financial ratios to improve in 2017 and 2018
compared with 2016 as its new assets start production.  S&P
estimates the company's annual EBITDA will exceed US$300 million
for the next two to three years, from about US$182 million in
2016.  Saka's ratios of debt to EBITDA and of FFO to debt will
therefore improve to about 4.5x and 16% in 2017 and 2018, from
about 7.0x and less than 12% in 2016.

Saka's appetite for investment -- both capex and acquisition of
new reserves and fields -- will remain elevated over the next 12
to 24 months, in S&P's view.  S&P expects the capex in existing
fields to consume all the operating cash flows.

S&P expects that Saka will need to raise new funds of US$150
million for capex and to refinance US$300 million of debt
maturities till 2019.  This funding requirement is unlikely to
affect the company's liquidity.

"The positive outlook on Saka over the next 12 to 24 months
reflects the positive outlook on PGN, which, in turn, reflects
the outlook on the sovereign rating on Indonesia and our
expectation that PGN's SACP will remain 'bbb-' over the period,"
said Mr. Kulkarni.

S&P could revise the outlook on Saka to stable if S&P revises the
outlook on PGN to stable.  S&P could also revise the outlook on
Saka to stable if: (1) S&P lowers its assessment of PGN's SACP to
below 'bbb-'; (2) S&P revises the outlook on Indonesia to stable;
or (3) S&P lowers Saka's SACP.

S&P could lower Saka's SACP if: (1) the company's investments,
including organic spending or acquisitions, are higher than S&P
expects; or (2) its production growth, especially from the Muara
Bakau and Pangkah fields, is slower than S&P anticipates, such
that its FFO-to-debt ratio falls below 12% sustainably.

S&P could raise the rating on Saka if S&P raises its rating on
PGN and maintain S&P's assessment of the relationship between PGN
and Saka.  S&P could upgrade PGN if we raise the sovereign
rating, while the company's maintains a SACP of at least 'bbb-'.

The prospects for a higher SACP for Saka are limited over the
next 12 months, given the negative free operating cash flow and
elevated capex at a time when key fields are ramping up and
having their PSCs renewed.



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


TOSHIBA CORP: Planning Spinoffs of New Key Operations
-----------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. is solidifying
plans to create separate companies for four major business areas,
aiming to provide greater flexibility to operations that will be
central to its new strategy after the sale of its cash-cow memory
unit.

Nikkei says the spinoffs center on social infrastructure,
including water treatment and railway systems; energy, including
fossil-fuel power; electronic devices other than memory chips;
and information and communications technology solutions.

The change would entail transferring some 20,000 employees to the
new companies, equivalent to roughly 80% of the parent's current
head count, Nikkei relates. Pay and benefits would be maintained
at current levels for now. About 9,000 workers were moved to
Toshiba's memory unit after the April 1 spinoff, says Nikkei.

According to Nikkei, the Japanese conglomerate is expected to
decide on a plan at a board meeting soon. Since this would entail
splitting off major businesses, Toshiba will seek investor
approval at a general shareholders meeting as early as late June.
The parent would likely retain administrative functions and
research facilities. Shifting to a holding company structure will
also be considered.

A factor behind the possible move is a construction business
license due to expire in December, Nikkei says. Japanese law
requires companies working on large-scale construction projects
to meet certain fiscal health standards, including capital and
shareholders' equity requirements, the report notes.

But Toshiba's liabilities likely exceeded its assets by
JPY620 billion ($5.7 billion) at the end of the fiscal year
through March 31, due to massive losses related to U.S. nuclear
unit Westinghouse Electric. As things now stand, the Japanese
company would not meet the requirements to get its license
renewed, the report says.

Toshiba could use spinoffs to deal with the situation, President
Satoshi Tsunakawa said in a news conference April 11, adds
Nikkei.

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



===============
M O N G O L I A
===============


MONGOLIA: S&P Affirms 'B-' Sovereign Credit Rating
--------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term sovereign credit
rating on Mongolia.  The outlook on the long-term rating is
stable.  At the same time, S&P affirmed its 'B' short-term credit
rating on Mongolia.  The transfer and convertibility assessment
remains unchanged at 'B'.

                            RATIONALE

The rating reflects the ongoing challenges to Mongolia's fiscal
performance and growth prospects.

While Mongolia's fiscal deficits are stabilizing, they remain
elevated, reflecting shortfalls in revenues and the inclusion in
the budget of spending under the country's price stabilization
program and by the Development Bank of Mongolia (DBM).  S&P
expects the elevated deficits to push Mongolia's borrowings
markedly higher over 2017-2020.  In an acknowledgment of
Mongolia's fiscal and balance-of-payments stresses, the
government reached a staff-level agreement with the IMF in
February, with further details pending.  S&P currently expects
total external funding from the IMF and other official creditor
partners to reach approximately US$5.5 billion (inclusive of the
extension of a Chinese yuan [CNY] 15 billion swap line with the
People's Bank of China [PBOC]), which should mitigate short-term
liquidity pressures.  Nevertheless, key rating weaknesses remain,
and S&P had already assumed official creditor support in its
previous review.

In March 2017, the Mongolian government assumed a US$580 million
obligation on behalf of DBM via a debt exchange program.  S&P
Global Ratings deems the exchange to have provided those
investors who opted for redemption with the full value promised
by the original securities.  Therefore, S&P do not classify the
exchange as distressed.

Additional weaknesses reflect the country's low GDP per capita
and developing institutional effectiveness and predictability,
which together hamper policy responses.  Mongolia's economy has
slowed considerably following the boost from a multi-year
commodities boom.  S&P estimates the economy grew just 1.1% in
2016 versus average real GDP growth of 10.4% annually in 2011-
2015.  In S&P's economic assessment, it forecasts Mongolia to
endure a slight contraction of 0.2% in 2017 as fiscal austerity
weighs.  Following an expected stabilization in 2018, S&P
projects a more meaningful pick-up in growth beginning in 2019,
when additional production from the country's resource
megaprojects should come online.  As a result of the slowdown,
real GDP per capita contracted by 2.1% in 2016, and S&P forecasts
this figure to fall by 3.3% in 2017.

In view of its 10-year weighted average real GDP per capita
growth of 2.1% per year, S&P assess Mongolia's economic
performance to be similar to that of other countries with GDP per
capita of approximately US$3,060.  While the recent slowdown
stems largely from the ancillary effects of Mongolia's weaker
terms of trade since 2014, the external demand and commodity
price outlook is more stable over the coming years.

A key risk factor for Mongolia relates to its public finances.
The Mongolian People's Party, which convincingly won the June
2016 general elections, has indicated an intention to improve
openness in policymaking.  An initial step was to consolidate
into the budget heavy spending on the price stabilization program
(a concessional lending facility of the Bank of Mongolia to
subsidize prices for food, fuel, and consumption goods), and
capital spending through the DBM.  S&P estimates the true fiscal
deficit to have been about 15.2% of GDP in 2016.

S&P has already consolidated the quasi-fiscal activity of the DBM
into the government's accounts.  S&P estimates net general
government debt (which captures on-lending and foreign exchange
effects, as well as estimated drawings of about US$1.7 billion
from a swap line provided by the PBOC) now stands at about 99% of
GDP.  In 2017, S&P forecasts the change in general government
debt at 14.0% of GDP, reflecting a large ongoing shortfall in the
sovereign's fiscal accounts.

S&P expects Mongolia's net borrowings to peak at about 104% of
GDP in 2018, and to fall to about 93% by 2020, in line with lower
fiscal deficits as the government follows through in its
intention to phase out the price stabilization program.  Volatile
commodity prices present both upside and downside risks.
Pressing infrastructure needs also remain a source of expenditure
pressure.

S&P envisage more supportive mining policies under the new
government.  Two large projects are underway.  The first is the
Oyu Tolgoi gold and copper mine located in the South Gobi region
of Mongolia.  The US$5.4 billion mine will be one of the world's
largest new copper-gold mines.  It is owned by the government of
Mongolia and Turquoise Hill Resources Ltd., and is operated by
Rio Tinto PLC.  The second project is Tavan Tolgoi, which the
Mongolia government proposes to be a US$4 billion coal mine
located in the same region and operated by the Mongolian Mining
Corp., China Shenhua Energy Co. Ltd., and Sumitomo Corp.
Although these two projects could transform the Mongolian
economy, S&P's ratings reflect the risks associated with these
projects while they are being developed.

Mongolia's external position remains weak.  S&P projects the
country's current account deficit will return to double digits as
a percentage of GDP from 2017-2018 because the import content of
the two big mining projects is high.  As a result of historical
and projected current account deficits, plus the financing for
the second stage of the Oyu Tolgoi megaproject, Mongolia's
external debt net of public and financial sector external assets
will rise to 266% of current account receipts (CARs) this year,
from 11% in 2010, and S&P forecasts it to remain above 200% until
2020.

Meanwhile, S&P projects the ratio of gross external financing
needs to CARs plus usable reserves at 157% this year.  Although
this marks an improvement from the estimated ratio of 203% in
2016, it nevertheless reflects considerable liquidity pressures.
Central bank reserves remain modestly negative, net of swaps with
domestic banks and drawdowns from the PBOC swap line.  S&P
believes the central bank, Bank of Mongolia, will likely focus on
boosting its reserves over the coming years following the
expected introduction of an IMF structural program.

Although the risks to the external position are partly attenuated
by a floating currency regime, the togrog is not an actively
traded currency and the central bank occasionally intervenes in
the market to reduce volatility.  Half of government debt and a
third of banking system loans are in foreign currency, suggesting
balance sheet vulnerabilities.

Mongolia's central bank has in recent years executed quasi-fiscal
spending programs on behalf of the government, and as such its
independence is deemed to be limited.  Although the central bank
has reshuffled its leadership since mid-2016, and efforts are
being made to reform its operations, its track record of
operational independence remains limited.

S&P Global Ratings considers the DBM as part of the general
government, given its quasi-fiscal activity.  S&P views the rest
of the financial and public enterprise sectors as posing moderate
contingent liabilities to the government, largely due to the size
of Mongolia's financial sector.  Mongolia's banks remain exposed
to vulnerabilities associated with the undeveloped, primarily
commodity-based, low-income economy.  Rapid credit growth in
recent years and cooling property prices add further risks.  S&P
also observes weaknesses in Mongolia's regulatory framework,
transparency, and disclosures.  S&P's Bank Industry Credit Risk
Assessment for Mongolia is '10' (with '1' being the highest
assessment and '10' being the lowest).

Weaknesses in institutional effectiveness and predictability
hamper policy responses in Mongolia, and a past record in policy
shifts continues to weigh on the environment for growing business
confidence and foreign investment.

                             OUTLOOK

The stable outlook balances the country's low-income resource-
driven economy, emerging policy environment and fiscal
performance, high external risk, and limited monetary flexibility
with the prospect that large mining projects could quickly
reverse Mongolia's sovereign credit profile during the next 12
months.

This outlook also assumes that official creditor support is
imminent to contain balance-of-payment and fiscal pressures.

The rating's upside potential could build if the development of
the Oyu Tolgoi and Tavan Tolgoi mines accelerates economic growth
and improves fiscal and external performances more than S&P
currently expects.

Downward pressure could emerge on the ratings if Mongolia's
external liquidity weakens markedly.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Mongolia
Sovereign Credit Rating                B-/Stable/B
Senior Unsecured                       B-
Senior Unsecured                       cnB



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


FOREX BROKERS: Collapses Into Liquidation; Owes More Than NZ$1MM
----------------------------------------------------------------
NZ Herald reports that foreign exchange broker Forex Brokers has
collapsed, leaving dozens of customers owed more than NZ$1
million facing "significant" losses.

Companies Office filings show shareholders of the company
appointed PKF Corporate Recovery & Insolvency as liquidators on
April 11, the Herald relates.

According to the report, liquidator Christopher McCullagh said
while he had only recently been appointed and was still preparing
his first report, he had been contacted by more than a dozen
creditors and the amount owed was "certainly in excess of a
million".

He said the company appeared to have insufficient assets to meet
claims: "It would be fair to say there'll be a significant
shortfall to creditors," the report relays.

The Herald relates that Mr. McCullagh said creditors of the
company ranged from commercial operators to people sending
personal savings abroad, and many had a long association with
Forex Brokers.

"One said she'd used the firm for 17 years: This seems to be a
genuine failure, but we need to do some investigation to
determine what happened to the funds," the report quotes Mr.
McCullagh as saying.

The Herald understands customers of the company -- which offered
spot FX transactions, and offshore bank drafts and telegraphic
transfers --ran into problems only recently.

One customer told the Herald while the company had proven
reliable in the past, a recent transfer of funds to China did not
arrive at its destination.

"These things take time, but when no one was responding to emails
and then the landline and website went down, alarm bells were
ringing pretty hard," the customer told the Herald.

The report adds that the customer said they had filed complaints
with the Financial Markets Authority.

A spokesman for the FMA said they had received three recent
complaints about Forex Brokers, but the company offered
services -- spot foreign exchange transactions -- that did not
fall under its regulatory umbrella, the Herald notes.

Auckland-based Forex Brokers was established in 1995 and had an
office in the Dingwall Building on Auckland's Queen Street.



                             *********

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.



                 *** End of Transmission ***