TCRAP_Public/170421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, April 21, 2017, Vol. 20, No. 79

                            Headlines


A U S T R A L I A

BRYVE RESOURCES: Second Creditors' Meeting Set for April 28
BULLAMANKANKA PTY: Second Creditors' Meeting Set for April 27
MESOBLAST LIMITED: Reports Successful Phase 3 Trial of MPC
TRADE ALLIANCE: Second Creditors' Meeting Set for May 2
VASQUEZ INVESTMENTS: Second Creditors' Meeting Set for April 28


C H I N A

SLEEPAID HOLDING: Centurion ZD CPA Expresses Going Concern Doubt
TIMES PROPERTY: S&P Assigns 'B' Rating to Proposed US$ Sr. Notes
YIDAO YONGCHE: Founder Blames LeEco for Cash Problems


I N D I A

AKJA EXIM: CRISIL Lowers Rating on INR0.5MM LT Bank Loan to B+
ALCHEMIST HOSPITALS: Ind-Ra Prelim. Rates INR311.5MM Loans 'BB+'
ANSHUMAN TRADING: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
AYAAN EXCLUSIVE: CRISIL Assigns 'B' Rating to INR10MM Loan
BAHRAICH NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

CHAMPION ROLLING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
CHEVRON BUILDERS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
CLAYRIS CERAMICS: CRISIL Lowers Rating on INR28.36MM Loan to D
DISTRIBUTION LOGISTICS: CARE Issues D Not Cooperating Rating
DONATELLO IFMR: Ind-Ra Assigns BB+ Rating to INR12M PTC-Series A2

EASTMAN RECLAMATIONS: CARE Issues 'B+ Not Cooperating' Rating
ELLENABAD STEELS: CARE Lowers Rating on INR9.50cr Loan to D
GAMMON INDIA: CARE Reaffirms 'D' Rating on INR9092.78cr Loan
GH REDDY: CRISIL Lowers Rating on INR4MM LT Loan to 'B'
GNT EXPORTS: CRISIL Assigns 'B' Rating to INR1MM LT Loan

GOAN REAL: CARE Downgrades Rating on INR100cr LT Loan to 'D'
GUPTA ENERGY: Files Insolvency; Claims Deadline Set Sept. 2017
GUPTA TRADING: CRISIL Assigns B+ Rating to INR8.5MM Cash Loan
HEARTS MALABAR: Ind-Ra Assigns 'B' Long-Term Issuer Rating
HIMACHAL HYDEL: CRISIL Reaffirms 'D' Rating on INR18MM LT Loan

INDIAN YARN: CARE Issues D Issuer Not Cooperating Rating
INFISSI FENESTRATION: CRISIL Reaffirms B Rating on INR3.5MM Loan
J.M. INTERNATIONAL: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
JAYPEEM GRANITES: CRISIL Assigns 'B' Rating to INR5.2MM LT Loan
K SESHAGIRI: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating

K. M. MOHAMMED: CRISIL Ups Rating on INR6.5MM Cash Loan to B+
K.N. SRINIVASA: CRISIL Reaffirms 'B' Rating on INR5.0MM Overdraft
KESHAV COTTON: CRISIL Reaffirms B Rating on INR5MM Cash Loan
KND ENGINEERING: CRISIL Cuts Rating on INR20MM Bank Loan to B+
KOTHARI PRIMA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

MAGADH INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
MANSHA BUILDERS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
MCO HOSPITAL: CRISIL Lowers Rating on INR6.8MM Cash Loan to B+
MUKESH AND ASSOCIATES: CRISIL Assigns B+ Rating to INR8.35MM Loan
NIRAV METALS: CRISIL Reaffirms B+ Rating on INR7.5MM Loan

NIRUPAMA COLD: CRISIL Reaffirms 'B' Rating on INR6.5MM Cash Loan
ORBIT ELECTRO: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
ORCHID PHARMA: CARE Lowers Rating on INR2687.49cr Loan to D
OSL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR161MM Term Loan
PARTH NATURAL: CARE Assigns B+ Rating to INR7.83cr Loan

PATIALA COTSPIN: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
PREMIER SEAFOODS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
R V ENTERPRISE: CARE Issues B Issuer Not Cooperating Rating
R V PLASTIC: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
REWINDER TECHNO: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating

RITU CARGO: CARE Reaffirms B+ Rating on INR12.59r LT Bank Loan
RPG INDUSTRIAL: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
S.S. CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR3MM Loan
SAICON TILES: CRISIL Reaffirms B Rating on INR5.25MM Term Loan
SANGAM FORGINGS: Ind-Ra Assigns 'B' Long-Term Issuer Rating

SANGOTRA FASHIONS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
SHREE RADHA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHYAM ENTERPRISES: CRISIL Cuts Rating on INR37.07MM Loan to B
SURANA META: Ind-Ra Assigns 'B' Long-Term Issuer Rating

TP BUILDTECH: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
V.R. FOUNDRIES: CRISIL Reaffirms 'D' Rating on INR42MM Term Loan
VANTAGE MOTORS: CRISIL Assigns 'B' Rating to INR4.5MM Loan
VETRIVEL EXPLOSIVES: CRISIL B Rating Remains on Watch Negative
VITTHALRAO SHINDE: CRISIL Reaffirms B+ Rating on INR325MM Loan

YADAV TRACTOR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: Ups on Reports Amazon, Dell Could Join Hon Hai Bid


N E W  Z E A L A N D

TE MANIA: Avoids Liquidation; Wilding Given Chance to Buy Shares


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Seeks Court OK for KRW2.9-Tril. Bailout Plan
* SOUTH KOREA: Smaller Shipbuilders on the Brink


                            - - - - -


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


BRYVE RESOURCES: Second Creditors' Meeting Set for April 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bryve
Resources Pty Ltd has been set for April 28, 2017, at 12:30 p.m.,
at the offices of Chartered Accountants Australia Level 11, 2
Mill Street, in Perth, WA.

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 27, 2017, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Vasquez Investments on March 14, 2017.


BULLAMANKANKA PTY: Second Creditors' Meeting Set for April 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Bullamankanka
Pty Limited has been set for April 27, 2017, at 9:00 a.m., at the
offices of Hall Chadwick Chartered Accountants, Level 40, 2 Park
Street, 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 26, 2017, at 4:00 p.m.

Shahin Hussain and David Ross of Hall Chadwick were appointed as
administrators of Bullamankanka Pty on March 13, 2017.


MESOBLAST LIMITED: Reports Successful Phase 3 Trial of MPC
----------------------------------------------------------
Mesoblast Limited announced that the Phase 3 trial of its
allogeneic mesenchymal precursor cell (MPC) product candidate
MPC-150-IM in patients with moderate to advanced chronic heart
failure (CHF) was successful in the pre-specified interim
futility analysis of the efficacy endpoint in the trial's first
270 patients.  It is expected that the trial will enroll in total
approximately 600 patients.  After notifying the Company of the
interim analysis results, the trial's Independent Data Monitoring
Committee (IDMC) additionally stated that they had no safety
concerns relating to MPC-150-IM and formally recommended that the
trial should continue as planned.

Dr. Emerson C. Perin, director, Research in Cardiovascular
Medicine and Medical Director, Stem Cell Center at the Texas
Heart Institute, and a lead investigator on the ongoing Phase 3
trial said: "It is very pleasing to see that this large and
rigorously conducted Phase 3 trial of Mesoblast's cell therapy
was successful in the pre-specified interim futility analysis for
the trial's efficacy endpoint in the first 270 patients.
Advanced heart failure is a very serious and life-threatening
disease, and there is an urgent need to develop a safe and
effective new therapy for these patients that may halt or reverse
disease progression and prevent the high associated mortality."

Mesoblast Chief Executive Silviu Itescu commented: "Passing this
interim futility analysis for MPC-150-IM is an important
milestone for Mesoblast and our cardiovascular disease program.
This validates our strategy and our prioritization of this
valuable program."

This ongoing double-blinded randomized (1:1) trial is currently
being conducted across multiple study sites in the United States
and Canada.  It is evaluating MPC-150-IM in adult patients with
moderate to advanced New York Heart Association (NYHA) Class
II/III chronic heart failure with left ventricular systolic
dysfunction.

The trial's primary efficacy endpoint is a comparison of
recurrent non-fatal heart failure-related major adverse cardiac
events (HF-MACE) in moderate to advanced CHF patients receiving
either MPC-150-IM by catheter injection into the damaged left
ventricular heart muscle or sham control.  A Joint Frailty Model
is the statistical method that evaluates multiple non-fatal heart
failure-related events per patient (such as repeated
hospitalizations for decompensated heart failure) while
accounting for increased likelihood of a terminal cardiac event
(such as death, implantation of a mechanical heart assist device
or a heart transplant) for patients with multiple non-fatal heart
failure events.  In line with best practice for blinded Phase 3
clinical trials, the interim analysis data are only reviewed by
the IDMC.

Mesoblast, the United States Food and Drug Administration (FDA),
and trial investigators are blinded to grouped safety and
efficacy data for the ongoing trial as well as the numerical
results of this interim analysis.

                      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.


TRADE ALLIANCE: Second Creditors' Meeting Set for May 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of Trade
Alliance Pty. Ltd. has been set for May 2, 2017, at 1:00 p.m., at
The Clubhouse, Beaudesert Golf Club, 135 Kerry Rd, in Beaudesert,
Queensland.

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 4:00 p.m.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Trade Alliance on March 15, 2017.


VASQUEZ INVESTMENTS: Second Creditors' Meeting Set for April 28
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Vasquez
Investments Pty Ltd has been set for April 28, 2017, at
12:00 p.m., at the offices of Chartered Accountants Australia
Level 11, 2 Mill Street, in Perth, WA.

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 27, 2017, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Vasquez Investments on March 14, 2017.



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


SLEEPAID HOLDING: Centurion ZD CPA Expresses Going Concern Doubt
----------------------------------------------------------------
Sleepaid Holding Co. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
of $165,465 on $2,778,343 of net revenue for the year ended
Dec. 31, 2016, compared with net income of $49,153 on $2,617,987
of net revenue for the year ended Dec. 31, 2015.

The Company's independent accountants Centurion ZD CPA Limited in
Hong Kong SAR, China, notes that the Company has recurring
comprehensive loss $196,193, has negative working capital
$103,325, and has accumulated deficit $55,197 and a total
stockholders' deficit $64,217, which raise substantial doubt
about its ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2016, showed total assets
of $1,755,024, total liabilities of $1,819,241, and a
stockholders' deficit of $64,217.

A full-text copy of the Company's Form 10-K is available at:

                    https://is.gd/cS3yVl

Sleepaid Holding Co. is engaged in, together with its
subsidiaries, the design and distribution of soft bedding
products in the People's Republic of China ("PRC").  The
Company's business in China is conducted by Yuewin Trading
Limited ("Yuewin") and Guangzhou Sleepaid Household Supplies Co.,
Ltd ("Sleepaid Household") which was previously named Guangzhou
Smartfame Co. Limited ("Guangzhou Smartfame"), its wholly owned
subsidiaries located in Guangzhou.  Currently, the Company has a
total of 38 stores in which 25 of these stores were managed
directly.  The remaining 13 stores are owned by franchisees.


TIMES PROPERTY: S&P Assigns 'B' Rating to Proposed US$ Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating and
'cnBB-' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior notes by Times
Property Holdings Ltd. (B+/Stable/--; cnBB/--).  The issue
ratings are subject to S&P's review of the final issuance
documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Times Property to reflect structural
subordination risk.  The company intends to use the proceeds from
the proposed notes to refinance its existing debt.

S&P expects Times Property to use the proceeds from the proposed
notes to refinance its Chinese renminbi (RMB) 1.5 billion 10.375%
notes due July 2017.  The repayment and refinancing of these
notes would lower the company's interest expenses and extend its
debt maturities.  Times Property's average funding cost was 8.32%
in 2016.

In S&P's view, Times Property will maintain its aggressive
appetite for land acquisitions in its core cities (Guangzhou,
Foshan, and Zhuhai) to support its development.  However, S&P
expects the company to carefully manage its cash flows and tie
contracted sales to land costs paid.  S&P estimates that the
company will use 40%-45% of its attributable contracted sales for
land purchases in 2017 and 2018.  S&P expects the financial
leverage of Times Property to slightly recover, with a debt-to-
EBITDA ratio of 4.5x-5.0x in 2017, down from 5.5x in 2016,
underpinned by S&P's expectation of higher revenue recognition
and marginal margin improvement.


YIDAO YONGCHE: Founder Blames LeEco for Cash Problems
-----------------------------------------------------
The South China Morning Post reports that the founder of Yidao
Yongche, the premium vehicle-sharing company controlled by LeEco,
has admitted the company has cash flow problems but blamed the
situation on misappropriation of funds by the controlling
shareholder -- an allegation LeEco has rejected.

"As far as I know, Yidao is indeed in financial troubles and the
most direct cause is LeEco's misappropriation of CNY1.3 billion
in funds owned by Yidao," the report quotes Zhou Hang, who
founded Yidao in 2010, as saying in a statement on April 17.

The Post relates that Yidao's operations have already been
affected by the cash-strapped LeEco, with its drivers accusing
the company of not paying them. Users have also been unable to
book rides even after paying money via the app due to the
scarcity of cars currently in service.

According to the report, Zhou said these incidents were not
simple debt disputes, but rather could lead to wider protests by
drivers and users and even affect social stability.

A joint statement from LeEco and Yidao on April 17 refuted Zhou's
allegation, stating that LeEco offered one of its buildings as
collateral to help Yidao borrow CNY1.4 billion (US$203 million),
of which CNY1.3 billion was for LeEco's automobile development
and the remaining CNY100 million was to be used for Yidao's
business operations, the Post relays.

The Post relates that the statement said Zhou, as chief executive
and second-largest shareholder of Yidao, was well aware of the
details of the loan deal. It added that he has made false
statements that have damaged the "reputation" of Yidao and LeEco.

The report notes that Chinese conglomerate LeEco gradually took
over management of Yidao after investing US$700 million for a
70% stake in October 2015, becoming the controlling shareholder
of the company.

Noting his diminishing role in the company's day to day
management, Zhou said he expects the LeEco team to "accept the
constructive plans offered by some external partners" to solve
current problems, without elaborating on the details of these
offers, according to the Post.

In early April, reports suggested Zhou had left Yidao to join
Shunwei Capital as a partner. Shunwei was co-founded by Lei Jun,
the chief executive of smartphone maker Xiaomi.

"LeEco has never misappropriated any users' cash deposits in
Yidao but has [invested] nearly CNY4 billion into the company to
support its operation," it added.

In March, Yidao denied financial troubles after media reports
suggested the company was unable to make payments to several of
its service suppliers and to its drivers, the report recalls.

A Yidao driver surnamed Li told the South China Morning Post that
over the past few months it has become increasingly difficult to
retrieve earnings from Yidao and that a large number of his peers
have decided to quit the business.

"Many drivers chose to go to Yidao's Shenzhen office to collect
their income. By doing this, they will also have to terminate
their contract with Yidao as the same time," said Li, notes the
report.

Users have also bombarded Yidao's official Weibo account with
complaints because they have been unable to book a ride due to
the scarcity of vehicles in services, even after adding money to
the app, the report adds.

According to a field test conduct by the Post at various
locations in Shenzhen during the past three days, most of the
rides that were booked were not picked up by any drivers even
after 15 minutes of waiting time. Ride requests that
automatically doubled the price to encourage drivers to respond
were also not answered.

In November, LeEco admitted to a cash shortage and vowed to cut
costs and scale down its business expansion, the report recalls.

A Bloomberg report on April 15, citing an unnamed source, said
LeEco's global head of corporate finance, Winston Cheng, is
leaving the company, the Post adds.

Yidao Yongche is a car-hailing company based in China.



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AKJA EXIM: CRISIL Lowers Rating on INR0.5MM LT Bank Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of AKJA
Exim Private Limited (AKJA) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit         10      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Packing Credit            2      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

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

The rating downgrade reflects weakening of AKJA's business risk
profile on account of lower than expected profitability. The
company reported operating losses in fiscal 2016 as against
operating margins of 0.5% in fiscal 2015. This was on account of
higher input costs and the company's inability to pass on the
same to its customers due to intense industry competition. CRISIL
believes that AKJA's business risk profile will be under pressure
over medium term and any improvement in profitability will be
gradual.

The ratings also reflect AKJA's below-average financial risk
profile because of modest net worth and high gearing, and
exposure to intense competition. These weaknesses are partially
offset by promoters' extensive experience in the agricultural
commodities trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: AKJA has below average
financial risk profile due to modest net worth of INR1.3 crores
and high gearing of 9.1 times as on March 31, 2016.

* Exposure to intense competition: The agro-commodity trading
business is highly fragmented, with numerous small-scale un-
organized players catering to local demands. CRISIL believes that
the fragmented nature of business and AKJA's modest scale of
operations will continue to constrain the company's business risk
profile.

Strength

* Promoters' extensive experience in agro commodities trading
business: AKJA benefits from its established track record and
extensive experience of its partners in the agro-commodities
trading business. The company is managed by Mr. Kathiravan and
his wife Mrs. T Jaisudha, whose family has been in the agro-
commodity trading business for the past two decades. Established
relationships with its suppliers help the company to obtain
timely and adequate supplies of raw materials. Also, it has
established relationships with its customers, which includes a
diverse base of wholesalers and millers located in Tamil Nadu,
leading to low customer concentration.

Outlook: Stable

CRISIL believes AKJA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company sustains
growth in revenue while increasing profitability, or improves
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
accrual declines, or if working capital management deteriorates,
weakening financial risk profile.

AKJA, set up in 2011 and based in Chennai, trades in black matpe,
toor dal, green moong, and lentils. It is managed by promoters
Mr. S Kathiravan and his wife Ms. T Jaisudha.

AKJA reported Profit after tax (PAT) of INR0.1 crore on revenues
of INR50 crores in fiscal 2016, as against INR0.1 crore and INR49
crores, respectively in fiscal 2015.


ALCHEMIST HOSPITALS: Ind-Ra Prelim. Rates INR311.5MM Loans 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Alchemist Hospitals
Limited's (AHL) additional proposed long-term loans as:

   -- INR311.5 mil. *Proposed long-term loans assigned with
      'provisional IND BB+/Stable' rating;

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

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

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

During nine months FY17, AHL's revenue from operations was
INR637 million and EBITDA was INR129 million.


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

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

   -- INR200 mil. Proposed non-fund-based limit* assigned with
      'Provisional IND A4' rating;

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

                        KEY RATING DRIVERS

The ratings reflect ATPL's short operational track record as FY15
was its first year of operations, and weak EBITDA margins
inherent to the trading business.  In FY16, revenue was
INR1.127.3 billion (FY15: INR2.498 billion) with EBITDA margin of
0.7% (0.02%).  The decline in the revenue in FY16 was due to a
change in the product mix which was a planned move by the
management for improving EBITDA margin.  The company was debt
free as of March 2016.

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

                         RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margin could be positive for the ratings.

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

COMPANY PROFILE

Established in October 2013, located in Mumbai, ATPL trades in
household electronic appliances.  As per provisional 9MFY17, ATPL
generated revenue of INR1.035 billion.


AYAAN EXCLUSIVE: CRISIL Assigns 'B' Rating to INR10MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facilities of Ayaan Exclusive Private Limited (AEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit         2        CRISIL B/Stable
   Inventory Funding
   Facility                10        CRISIL B/Stable
   Long Term Loan           3        CRISIL B/Stable

The rating reflects its nascent stage of operations in the
intensely completive automobile dealership industry and its
limited bargaining power with its key principal 'Hyundai Motors
India Limited' (HMPL; rated 'CRISIL A1+').  The rating also
reflects its below-average financial risk profile marked by high
Total outside liabilities to adjusted net worth (TOL/ANW) ratio
and modest interest coverage ratio and exposure to risks relating
to low bargaining power with principal, HMPL. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of the promoters in automobile dealership
business and its efficient working capital management.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations in the intensely completive
automobile dealership industry
AEPL has nascent stage of operations as reflected by its
estimated revenues of around INR11 crores in fiscal 2017 (refers
to the financial year April 1 to March 31). AEPL has started
operations in April, 2016 and fiscal 2017 is expected to be its
first full year of operations. The automotive sector is intensely
competitive with a large number of players in the mini, compact,
mid-size, executive, premium, and luxury passenger car segments.
CRISIL believes that AEPL's business risk profile will remain
constrained owing to its susceptibility to intense competition in
the automobile dealership industry and its nascent stage of
operations over the medium term.

* Below average financial risk profile
AEPL has below average financial risk profile marked by its
estimated net worth of INR3 crores and estimated high total
outside liabilities to adjusted net worth ratio (TOL/ANW) of
around 2.3 times as on March 31, 2017. This is primarily on
account of modest accretion to reserves due to modest operating
profitability of the company.

* Exposure to risks relating to low bargaining power with
principal, HMPL
AEPL is exposed to risks relating to low bargaining power with
principal, HMPL. HMPL faces intense competition from other four-
wheeler manufacturers. AEPL also faces competition from other
HMPL dealers in Vijaywada, Andhra Pradesh. CRISIL believes that
AEPL will remain exposed to risks relating to low bargaining
power with principal, HMPL.

Strengths

* Extensive industry experience of the promoters
AEPL benefits from extensive industry experience of the promoters
in the automobile dealership business. The promoters of AEPL have
an extensive experience of over two decades in the automotive
dealership industry and have aided AEPL to establish a
comfortable presence in Andhra Pradesh automobile dealership
market. CRISIL believes that will benefit from the extensive
industry experience of its promoters over the medium term.

* Efficient working capital management
Gross current assets are estimated to be in the range of 90 days
as on March 31, 2017, with receivables of 15 days and moderate
inventory of 60 days which primarily comprises vehicles. CRISIL
believes that efficient working capital management would support
the business risk profile over the medium term.

Outlook: Stable

CRISIL believes AEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustainable increase in the company's profitability, or there is
a better than- expected improvement in its capital structure on
the back of sizeable equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's revenue or profitability margins,
or significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

Established in 2016 as a private limited company, Ayaan Exclusive
Pvt Ltd (AEPL) is an authorized dealer of passenger cars of
Hyundai Motors India Limited (HMPL; rated 'CRISIL A1+'). Based in
Vijaywada (Andhra Pradesh), the company is promoted and managed
by Mr.Sandeep Usman.


BAHRAICH NAGAR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bahraich Nagar
Palika Parishad (BNPP) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                       KEY RATING DRIVERS

Bahraich Nagar has inadequate civic infrastructure with lack of
proper water supply services and sewerage systems.  However,
there is a scope for improvement in the infrastructure facilities
due to its selection under the Atal Mission for Rejuvenation and
Urban Transformation (AMRUT) scheme.

Bahraich has a jurisdiction of merely 34 sq. km with a population
of 1,86,223.  The economic activities in the town are not
buoyant. Being a municipality, BNPP's revenue comprises tax
(5.64% average contribution to the total revenue over FY12-FY16)
and non-tax revenue (2.47%).  The municipality's own non-tax
revenue mainly emanates from fees and rental income from
municipal properties, with an average contribution of 60.52% and
35.42%, respectively, to the total non-tax revenue during FY12-
FY16.

BNPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants.
Revenue compensation and revenue grants cumulatively contributed
90.34% to the total revenue income during FY12-FY16.

BNPP reported a moderate financial performance in FY16.  Revenue
receipts increased at a CAGR of 14.93% to INR319.89 million over
FY12-FY16 on account of growth in tax revenue and grants income.
Additionally, revenue balance improved to INR124.50 million in
FY16 (FY12: INR74.11 million).  However, revenue margin declined
to 38.92% in FY16 (FY12: 40.42%), mainly due to higher yoy
increase in revenue expenditure than revenue income.

                      RATING SENSITIVITIES

Positive: A significant improvement in BNPP's operating
performance, delivery of civic services and timely execution of
AMRUT projects would be positive for the rating.

Negative: Significant delays in execution of urban civic service
projects and deterioration in financial performance of BNPP would
be negative for rating.

COMPANY PROFILE

Bahraich is located on the Saryu River, a tributary of river
Ghaghra, and is 125km north-east of Lucknow.  The town shares
international border shared with Nepal.  The main occupation of
the residents of Bahraich is agriculture and is known for
agricultural products such as pulses, wheat, rice, corn, sugar
and mustard.  Bahraich also has a Galla Mandi, which is the
second-largest grain market in Uttar Pradesh.  Also, the dense
forests in Nanpara and Bhinga region which account for herbs and
timber sericulture make this another occupation of the people in
the region.

Bahraich is administered by BNPP.  According to 2011 census,
Bahraich's average literacy rate was 49.36% and sex ratio was 892
per 1,000 male.


CHAMPION ROLLING: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Champion Rolling
Mill Private Limited's (CRMPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR23.4(decreased from INR49.95) mil. Long-term loans
      affirmed with 'IND BB+/Stable' rating;

   -- INR200 mil. Fund-based limits (cash credit) affirmed with
      'IND BB+/Stable' rating; and

   -- INR140 mil. Non-fund-based limits affirmed with 'IND A4+'
      rating

                         KEY RATING DRIVERS

The affirmation reflects CRMPL's continued moderate scale of
operations and modest credit profile.  In FY16, revenue was
INR1.806 billion (FY15: INR1,913 million), interest coverage was
3.1x (1.5x), net financial leverage was 2.8x (4.3x) and EBITDA
margin was 5.2% (4.3%).

The ratings factor in CRMPL's tight liquidity position as
reflected in its near to full working capital limit utilization
during the  twelve months ended March 17.

The ratings are, however, supported by over three decades of
experience of CRMPL's promoters in manufacturing MS beams,
channels and MS angles.

                        RATING SENSITIVITIES

Positive: A substantial rise in the scale of operations while
maintaining the credit metrics will lead to a positive rating
action.

Negative: A decline in the overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2004, CRMPL commenced the manufacture of MS
beams, MS channels and MS angles in December 2008.  It has an
annual production capacity of 90,000MT and uses about 50% of its
capacity internally.  Its manufacturing facility is located near
Wada, Thane, Maharashtra.


CHEVRON BUILDERS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chevron Builders And Realtors Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable

The rating reflects the nascent stage of the company's project,
and the high saleability and funding risks associated with the
project. The rating also factors exposure to risks and
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by the experience of the
promoters in the real estate industry in Thiruvananthapuram,
Kerala.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of project: The company's Royal Woods project is
in a nascent stage with more than 85% of the construction cost
yet to be incurred.

* Exposure to high demand and funding risks: Intense competition,
muted demand, and high reliance on incremental bookings and
customer advances to fund the project expose the company to high
saleability and funding risks.

* Susceptibility to cyclicality in the real estate industry:
CBRPL is susceptible to the inherent risks and cyclicality
associated with the Indian real estate industry because of a
highly fragmented market structure with a large number of
regional players.

Strengths

* Promoters' industry experience: The promoters have been in the
real estate business for 8 years and have successfully completed
several projects in Thiruvananthapuram.
Outlook: Stable

CRISIL believes CBRPL will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' if better-than-expected bookings and customer advances
lead to higher-than-expected cash inflow. The outlook may be
revised to 'Negative' if time or cost overrun in the project, or
slow sales result in lower-than-expected cash inflow and
deterioration in the financial risk profile and liquidity.

Incorporated in 2008, CBRPL develops residential real estate
projects in Thiruvananthapuram. It is undertaking the Royal Woods
project. Its operations are managed by directors Mr. Earnest
Leyonard Boniface and Mr. Joe Thomas George.

In fiscal 2016, CBRPL had a profit after tax (PAT) of INR48.76
lakh on net sales of INR14.42 crore, against a PAT of INR39.59
lakh on net sales of INR8.32 crore in fiscal 2015.


CLAYRIS CERAMICS: CRISIL Lowers Rating on INR28.36MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Clayris Ceramics Private Limited (CCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4' on account of delays in servicing term
debt following weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             10        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit         2        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan          28.36     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term        .36     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

The company also has an average financial risk profile because of
high gearing, small networth, and muted debt protection metrics,
and large working capital requirement. However, the firm benefits
from the extensive experience of its promoters and their funding
support.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularities in servicing term debt: Weak accrual due to
decline in sales vis-a-vis continued large term loan led to
irregularities in meeting debt obligation.

* Weak financial risk profile: Networth (INR4.6 crore as on
March 31, 2016) eroded due to losses incurred, while gearing was
high at 8.5 times. Debt protection metrics also remained weak.

* Working capital-intensive operations: Gross current assets are
more than 365 days.

Strength

* Extensive experience of promoters and their funding support:
Presence of over a decade in the ceramic industry through other
entities has enabled the promoters to establish strong
relationship with customers and suppliers. The promoters have
also supported operations by extending unsecured loans, though
these have not been timely and adequate to service term debt.

Set up in 2008 by Mr. Divyesh Patel and family, Morbi-based CCPL
manufactures ceramic tiles.

Net loss was INR5.8 crore on sales of INR19.9 crore for fiscal
2016, against a net loss of INR2.3 crore on sales of INR37.3
crore in fiscal 2015.


DISTRIBUTION LOGISTICS: CARE Issues D Not Cooperating Rating
------------------------------------------------------------
CARE has been seeking information from Distribution Logistics
Infrastructure Pvt. Ltd. (DLI), to monitor the rating(s) vide
vide e-mail communications dated March 3, 2017, January 3, 2017,
November 18, 2017 and letter dated March 10, 2017 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Distribution Logistics
Infrastructure Pvt. Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           721.05       CARE D; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             5.00       CARE D; ISSUER NOT
                                     COOPERATING

The ratings take into takes into consideration the on-going
delays in debt servicing.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delay in Debt Servicing: As per banker's interaction, there were
on going delays in the debt servicing by the company.

Distribution Logistics Infrastructure Pvt Ltd (DLI), formerly
Vikram Logistics & Maritime Services Pvt. Ltd. is a multimodal
integrated logistics service provider. DLI was originally
promoted as a partnership firm in 1972; it was converted to
private limited in 1992 as Vikram Associates P Ltd. The name of
the company was changed to Vikram Logistic and Maritime Services
Pvt Ltd in 2006 and then to Distribution Logistics Infrastructure
Pvt. Ltd with effect from 12th September, 2014. DLI owns and
operates a fleet of 143 trailers along with over 300 containers
and 30 handling equipment like Reach stackers, RTGs, Cranes,
Forklifts and owns an ICD (Inland Container Depot) at Hassan,
Karnataka. Furthermore, under project phase, it has one ICD, one
domestic terminal and one FTWZ (Free Trade Warehousing Zone).

Status of non-cooperation with previous CRA: ICRA has suspended
its rating vide press release dated February 25, 2016, on account
of its inability to carry out a rating surveillance in the
absence of the requisite information from the company.


DONATELLO IFMR: Ind-Ra Assigns BB+ Rating to INR12M PTC-Series A2
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Donatello IFMR
Capital 2017 (an ABS transaction) final ratings as:

   -- INR220.4 mil. Pass through certificates (PTCs)-Series A1
      assigned with 'IND A(SO)/Stable' rating; and

   -- INR12.0 mil. PTCs-Series A2 assigned with
      'IND BB+(SO)/Stable' rating

The enterprise loan pool assigned to the trust is originated by
Janalakshmi Financial Services Limited.

                         KEY RATING DRIVERS

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

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

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
Series A2 PTCs on the closing date (Jan. 30, 2017,) were 13% and
8.25% of the initial pool principal outstanding (POS),
respectively. Principal payouts to Series A2 PTCs are
subordinated to Series A1 PTCs and thus provided 4.75% of support
through principal subordination to Series A1 PTCs.  The total
excess cash flow or internal CE available to Series A1 and A2
PTCs were 29.8% and 24.1%, respectively, of the initial POS.  The
transaction benefits from the external CE of 10% of the initial
POS in the form of fixed deposits in the name of the originator
with a lien marked in favour of the trustee.  The collateral pool
assigned to the trust at par had an initial POS of INR253.4
million, as of the pool cut-off date of Dec. 31, 2016.

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

                       RATING SENSITIVITIES

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

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

                          COMPANY PROFILE

Janalakshmi Financial Services is India's largest urban
microfinance organisation, with presence in 18 states and 197
cities as of Sept. 30, 2016, and provides various types of retail
loans largely to urban lower income group and enterprise loans to
the micro, small and medium enterprises segment.  In September
2015, it received in-principle approval from the Reserve Bank of
India to start operations as a small-finance bank.  The company
reported gross income of INR17.8 billion in FY16 (FY15: INR7.6
billion) and a PAT of INR1.6 billion (FY15: INR0.754 billion).
The company's gross loan portfolio stood at INR109.9 billion in
FY16 (FY15: INR37.63 billion) including securitized portfolio of
INR19.15 billion (FY15: INR1.04 billion).


EASTMAN RECLAMATIONS: CARE Issues 'B+ Not Cooperating' Rating
-------------------------------------------------------------
CARE has been seeking information from Eastman Reclamations (ER),
to monitor the ratings vide e-mail communications/
letters dated December 1, 2016, December 17, 2016, December 26,
2016, January 17 2017, February 2, 2017, March 1, 2017, March 2,
2017, March 7, 2017, March 9, 2017 and numerous phone calls.
However, despite our repeated requests, the firm has not provided
the requisite information for monitoring the ratings. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Eastman
Reclamations' bank facilities will now be denoted as CARE B+/CARE
A4; ISSUER
NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.60       CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities             3.55       CARE A4; ISSUER NOT
                                     COOPERATING

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Small scale of operations: Though growing in the past, the scale
of operations of the firm remained small with a total operating
income of INR19.03 crore in FY15 (refers to the period April 1 to
March 31).

Weak solvency position: The capital structure remained leveraged
marked by a long-term debt to equity ratio and the overall
gearing ratio of 1.78x and 2.74x, respectively, as on March 31,
2015. The total debt to GCA also remained weak at 17.78x as on
March 31, 2015.

Working capital intensive nature of operations: The operating
cycle of the firm remained elongated at ~116 days as on March 31,
2015. The sanctioned working capital limits remained fully
utilized for the last twelve month period ended February-2017.

Susceptibility of profitability margins to fluctuations in
foreign exchange rates: Nearly 55% of the raw material purchased
in FY15 was imported. In absence of any hedging mechanism, the
profitability margins remain exposed to a foreign exchange
fluctuation risk.

Raw material price volatility and competitive nature of the
industry: Key raw material for the firm remains rubber, prices of
which have remained volatile in the past. Competitive nature of
the industry limits the ability of passing on the increased costs
to customers, therefore exposing the profitability margins to
volatility in raw material prices.

Constitution of the entity as a partnership concern: ER's
constitution as a partnership firm leads to limited financial
flexibility and inherent risks of capital withdrawal at the time
of personal contingency and the firm being dissolved upon the
death/retirement/insolvency of the partners.

Key Rating Strengths

Experienced and resourceful partners: Partners of the firm
include Mr. Nippun Jain and Mrs Swarna Prabha Jain holding an
industry experience of over fifteen years and five years
respectively. Furthermore, the promoters are resourceful having
infused unsecured loans of INR3.92 crore in FY15 (refers to the
period April 1 to March 31).

Association with reputed clientele: Since, the commencement of
its operations in FY13, the firm has established business
relationships with various clients including several reputed
enetities engaged in the manufacturing of tyres and bicycles.
Increasing scale of operations: The total operating income grew
from INR2.05 crore in FY14 to INR19.03 crore, in FY15 on the back
of increased demand.

Incorporated in 2012, ER is engaged in the manufacturing of
reclaimed rubber and rubber compounds of various types and sizes
since January-2013. The firm operates from its manufacturing
facility in Kathua, Jammu and Kashmir (J&K) at an installed
capacity of manufacturing 27,000 tonnes per annum. The reclaimed
rubber finds application in truck-bus auto tyres, automobiles,
rubber goods, road construction and sports surfaces.

ER registered a total operating income of INR19.03 crore during
FY15 (refers to the period of April 1 to March 31) with PAT
of INR1.24 crore as against total operating income of INR2.05
crore with a net loss of INR2.12 crore in FY14.


ELLENABAD STEELS: CARE Lowers Rating on INR9.50cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ellenabad Steels Private Limited (ESPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.50       CARE D Revised from
                                     CARE BB-

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
ESPL, is on account of ongoing over-drawal in the cash credit
(CC) account for more than 30 days. The rating factors in
deterioration in debt coverage indicators during FY16 (refers to
the period April 1 to March 31, working capital intensive nature
of operations, modest scale, thin profit margins, susceptibility
of margins to the volatility in the raw material prices and
competition prevailing in the industry. The rating derives
strength from experienced promoters, diversified customer and
supplier base. Regularization of the servicing of the working
capital limits and establish a track record of regular debt
servicing, improvement in financial position by managing its
working capital cycle efficiently are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing overdraws in cash credit limit

There have been on-going overdrawals in the CC facility for over
30 days on account of stretched liquidity position.

Deterioration in financial risk profile

ESPL had a revenue de- growth of 33.56% y-o-y to INR71.36 crore
in FY16 (from INR107.42 crore in FY15). PBILDT margin though
improved remained low at 3.45% in FY16 against 2.42% in FY15.
Furthermore, the margins of the company are on a lower side,
owing to low value addition and low pricing power on account of
volume based business model. The total debt increased to INR17.74
crore as on March 31, 2016 from INR14.91 crore as on March 31,
2015, on account of increase in term loans. The overall gearing
deteriorated and stood at 1.99x as on March 31, 2016 against
1.69x on March 31, 2015. The total debt to GCA further
deteriorated and was high at 35.00x on March 31, 2016 vis-a-vis
18.37x on March 31, 2015. The working capital cycle for year
ended FY16 elongated to 54 days against 38 days for year ended
FY15 which was mainly on account of increase in collection days
to 42 in FY16 from 34 days in FY15.

Volatility in the raw material prices ESPL is sensitive to
adverse movement in prices of finished goods and/or raw
materials. The ability of the company to pass on the price
increase to its customers, with the competition existing in this
segment, remains a concern. Intense competition from organized &
unorganized sector: The industry is characterized by low entry
barriers and low level of product differentiation due to minimal
technological inputs and availability of standardized machinery
for production. Therefore, pricing is crucial for the company to
garner customer especially with no long-term contracts.

Key Rating Strengths

Established track record

ESPL promoted by Mr. Shravan Garg and Mr. Lalit Jalan has a track
record of two decades in the manufacturing of Thermo-Mechanical
Treatment (TMT) bars, Mild Steel angles, flats, CTD bars, round
bars and such other steel rolled products.


GAMMON INDIA: CARE Reaffirms 'D' Rating on INR9092.78cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gammon India Limited (GIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-
   Based Facilities
   Cash Credit           949.05      CARE D Reaffirmed

   Long/Short-term
   Non-fund based
   Facilities-Letter
   Of Credit            9092.78      CARE D Reaffirmed

   Non-Convertible
   Debenture             324.00      CARE D Reaffirmed

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities and Instruments of
GIL have been reaffirmed on account of the delays in servicing of
interest on non-convertible debentures, over-drawals in fund-
based limits and devolvement in non-fund-based limits. The
liquidity position of the company is constrained due to delays in
recoveries from customers and project execution delays resulting
in holding of high inventory, thereby blocking working capital
funds and causing cost-overruns. The company is currently
undergoing restructuring on invocation of strategic debt
restructuring by its lenders.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in Debt Servicing: There are delays in servicing of debt
obligations owing to delayed execution of projects, delays in
recoveries from customers and huge debt burden leading to
constrained liquidity position of the company.
Incorporated in 1922, GIL is the flagship company of the Gammon
group and offers services covering the whole gamut of the civil
and construction activities. GIL undertakes construction of
roads, bridges, flyovers, power plants, chimneys and cooling
towers, cross-country pipelines, structures for hydro-electric
power projects, buildings and factories. The company has also
been present in the infrastructure project development space
since 2001 through GIL's subsidiary Gammon Infrastructure
Projects Limited (GIPL, 74.98% stake), which executes public
private partnership based projects in the road, port and power
sectors through project-specific special purpose vehicles.

The company has provided corporate guarantee for repayment to
non-convertible debenture holders towards principal and interest
payments of Metropolitan Infra Housing Private Limited
(subsidiary of GIL), which is currently invoked but not paid.
Currently the Strategic Debt Restructuring Scheme is under
implementation in GIL.


GH REDDY: CRISIL Lowers Rating on INR4MM LT Loan to 'B'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of GH Reddy and Associates (Construction) Private Limited (GH
Reddy) to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and
reaffirmed its 'CRISIL A4' rating on the company's short-term
facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           20       CRISIL A4 (Reaffirmed)

   Cash Credit               1       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

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

The downgrade reflects the weakening in GH Reddy's business risk
profile because of a substantial decline in revenue and a
stretched working capital cycle. Revenue fell by an estimated 82%
in fiscal 2017 over the previous fiscal, to INR1.73 crore, and
will remain muted over the medium term on account of nil orders.
The working capital cycle lengthened, with gross current assets
increasing to an estimated 6640 days as on March 31, 2017, from
1073 days a year earlier. A substantial increase in revenue or a
sustained improvement in the working capital cycle remain key
rating sensitivity factors.

The ratings reflect GH Reddy's small scale of operations, large
working capital requirement, and exposure to intense competition
in the construction industry. These weaknesses are partially
offset by its promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and intense competition
The company's modest scale limits bargaining power with
suppliers. The construction and civil works sector is highly
fragmented and has large companies such as Larsen & Toubro Ltd,
IVRCL, Vishwas Infrastructure India Ltd as well as many small
players. The intense competition will constrain GH Reddy's
business risk profile and growth prospects over the medium term.

* Large working capital requirement
Gross current assets are estimated at 6640 days as on March 31,
2017.

Strengths

* Promoters' extensive industry experience
The promoters have experience of more than three decades in the
civil construction industry, and have established relationships
with key customers and suppliers.
Outlook: Stable

CRISIL believes GH Reddy will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial increase in
revenue, or a sustained improvement in working capital cycle. The
outlook may be revised to 'Negative' if revenue declines further,
or if the financial risk profile weakens because of stretched
working capital cycle.

GH Reddy was set up as a partnership firm by Mr. A Murali Krishna
Reddy, Ms Indira Priyadarshini, and their family members, in
1981, and was reconstituted as a private limited company in 2005.
The company undertakes irrigation projects, including
construction of dams and canals. It is based in Hyderabad.

Profit after tax (PAT) was INR1.3 crore on net sales of INR12
crore for fiscal 2016, against a PAT of INR2.3 crore on net sales
of INR9.8 crore for fiscal 2015.


GNT EXPORTS: CRISIL Assigns 'B' Rating to INR1MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of GNT Exports (GNT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           6        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        1       CRISIL B/Stable

The ratings reflect the firm's large working capital
requirements, modest scale of operations and weak financial risk
profile because of small net worth and high gearing. These
weaknesses are partially offset by the extensive experience of
its promoters in trading in fruits and vegetables.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Gross current assets are
estimated at 210-220 days as on March 31, 2017, because of large
receivables of about 170 to 180 days.

* Weak financial risk profile: Net worth is estimated to be small
at about INR1.50 crore and high gearing of over 4 times as on
March 31, 2017.

* Modest scale of operations: Small scale in the competitive
fruits and vegetables trading industry limits bargaining and
pricing power. It is estimated to report the revenue of about
INR19-20 crore during FY 2016-17

Strengths

* Extensive experience of promoters: Presence of more than three
decades in the trading segment has enabled the promoters to
establish strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes GNT will continue to benefit over the medium term
from the extensive experience of promoters and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of a significant and sustained
improvement in revenue and profitability, while improving its
capital structure. The outlook may be revised to 'Negative' if a
significant decline in revenue or profitability, stretched
working capital cycle, or larger-than-expected, debt-funded
capital expenditure further weakens financial risk profile.

Set up in 1992 as a partnership firm by Thosur family, GNT
exports fruits and vegetables.

Profit after tax (PAT) was INR0.10 crore on net sales of INR17.77
crore in fiscal 2016, against INR0.10 crore on net sales of
INR20.21 crore in fiscal 2015.


GOAN REAL: CARE Downgrades Rating on INR100cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goan Real Estate and Construction Pvt. Ltd. (GRECPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             100        CARE D Revised
                                     from CARE BB-

Detailed Rationale

The revision in the rating of GRECPL takes in to account the
delays in debt servicing owing to strained liquidity position.

Detailed description of the key rating drivers

The revision in the rating is on account of recent delays in
servicing debt on account of its weak liquidity position.

Principal repayment has not started yet but there were delays in
servicing interest on the term loan. The delays were for a period
of 5 to 7 days which has been regularized.

Goan Real Estate and Construction Pvt Ltd (GRECPL), incorporated
in 1989, has been promoted by The Dynamix group. The Dynamix
group was founded in the late 1970's by Mr. K M Goenka with a
foray in real estate development. The group has developed more
than 10 million square feet (sq. ft) in Mumbai comprising
residential, commercial and hospitality structures.

GRECPL is developing a projected named "Aldeia de Goa", located
at Bambolin, Goa. The project is being developed in a phase-wise
manner.

Total revenue and PAT of GRECPL was INR1.71 crore and INR1.10
crore for FY16 as compared with INR1.66 crore and INR1.02 for
FY15, respectively.


GUPTA ENERGY: Files Insolvency; Claims Deadline Set Sept. 2017
--------------------------------------------------------------
The Times of India reports that Gupta Energy Private Limited
(GEPL) a company under Gupta Group, which is counted among top
bank defaulters, has moved an insolvency resolution before
National Company Law Tribunal (NCLT).

According to the report, the move is a step towards declaring
that the company, which is headed by Padmesh Gupta a prominent
businessman, is falling short of resources to pay its debts. The
company has a bank loan overdue of INR450 crore.

Gupta was also in news for the coal washery controversy in the
state owned Mahagenco, TOI says. For GEPL now a public notice has
been issued, inviting all the creditors who can submit their
claims along with proof, the report notes. The claims have to be
submitted till September 2017.

TOI notes that an insolvency resolution is moved when the
promoters feel that the existing assets are falling short of the
liabilities and there is no other way out. The NCLT has cleared
the resolution now further steps will be taken.

However, liquidation does not happen right away as other options
will also be explored. The tribunal has appointed chartered
accountant Charudatta Marathe as an interim resolution
professional, TOI discloses.

The appointment is done on the basis of empanelment of insolvency
professionals.  According to the report, Marathe will now wait
for the creditors to report their claims. These can include
banks, suppliers and even employees of the company.

TOI says the assets at the company's disposal and the total
liabilities as per the final claim will be weighed. However, the
company will still get one more chance. A plan to revive the
company will be worked out in consultation with the creditors.
The promoters will not have any say in the process. If the
creditors arrive at a consensus the revival plan may be
implemented. The plan has to be submitted within 180 days. Or
else the assets will be listed and disposed off under the due
liquidation process to clear the liabilities, said a source part
of the development.

The insolvency resolution is filed as a last resort, the report
notes. Even the corporate debt restructuring (CDR) plan of the
company has failed, said a source. State Bank of India is the
leader of the lenders' consortium of the company, the report
discloses.

TOI adds that sources among the promoters said it now depends on
the plans submitted by the creditors to revive the company.

Among the 6-7 companies of the Gupta Group, GEPL was set up for
establishing a power plant at Chandrapur. The plant was supposed
to be run on the rejects derived from coal washeries. However,
washeries' contracts with state-owned power company Mahagenco
were cancelled due to disputes over quality of coal. It was
alleged that despite washing, the quality was below the
stipulated norms. The cancellation hit the supply of coal to run
the power plant and the project could not take off. Lenders have
faced problems in recovery from other Gupta Group firms too.


GUPTA TRADING: CRISIL Assigns B+ Rating to INR8.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Gupta Trading Company (GTC). The rating reflects
GTC's below-average financial risk profile, marked by low
networth, weak debt protection metrics and exposure to intense
competition in the agro commodities trading industry. These
weaknesses are partially offset by the extensive industry
experience of its partners.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             8.5        CRISIL B+/Stable
   Proposed Cash
   Credit Limit            5.5        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Exposure to volatility in raw material prices and foreign
exchange movements: The pulses trading business is highly
fragmented, with numerous small-scale unorganized players
catering to local demand. Further, the firm imports 80% of its
pulses requirements but does not hedge its exposure leading to
susceptibility of operating profitability to volatility in
foreign exchange (forex) rates.

* Below-average financial risk profile: Financial risk profile is
characterized by estimated low net worth of INR1.3 crore as on
March 31, 2017, driven by modest profitability resulting in small
accretion to reserves. The firm has weak debt protection
measures-with interest coverage ratio and gearing estimated at
1.3 and 6 times, respectively, as on March 31, 2017, due to low
profitability nature of operations and high working capital debt
availed.

Strengths

* Extensive experience of partners: GTC, started in 1988 by Mr.
Raj Kumar Gupta and his family, is a wholesale trader of agro
commodities. Over the years, the partners have developed healthy
relationships with suppliers and customers, resulting in moderate
scale of operations as reflected in estimated revenue of around
INR130 crore for fiscal 2017.

Outlook: Stable

CRISIL believes GTC will continue to benefit from the industry
experience of its partners. The outlook may be revised to
'Positive', if increase in scale of operations and profitability,
or capital infusion strengthens capital structure. The outlook
may be revised to 'Negative' if low cash accrual due to lower
than expected ramp-up in operations or profitability, or stretch
in working capital cycle weakens financial risk profile.

Set up in 1988, as a partnership in Delhi, GTC is engaged
primarily in trading of pulses like Rajma, Moong, Channna, Arhar.
The firm was started by Mr. Rajkumar and the day to day
operations are currently being handled by his son, Mr. Himanshu
Gupta

GTC booked net profit of INR42 lakh on revenues of INR176 crore
in fiscal 2016 against INR23 lakh and INR99 crore in fiscal 2015.


HEARTS MALABAR: Ind-Ra Assigns 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hearts Malabar
Clinical Solution Private Limited a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR100 mil. Long-term loan assigned with 'IND B/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect Hearts Malabar's nascent stage of operations
and weak credit metrics.  The company started operations in April
2015.  In FY16, revenue was INR96 million, net financial leverage
(adjusted net debt/operating EBITDA) was negative 11.4x and
EBITDA interest coverage was negative 1.3x.  The company recorded
revenue of INR155.5 million in 10MFY17 (unaudited).

EBITDA margin was negative 16.3% in FY16 on account of high
administrative expenses while patient inflow to the newly
established hospital was low.  The company expects to report
positive margins from FY17.

The ratings are supported by the promoter's over 10 years of
experience in providing health care services.

                        RATING SENSITIVITIES

Positive: Stabilization of operations leading to substantial
growth in the top line and profitability resulting in a
sustainable improvement in the credit metrics may lead to a
positive rating action.

Negative: Inability to improve the EBITDA margins and scale of
operations as per management expectations will be negative for
the ratings.

COMPANY PROFILE

Hearts Malabar was incorporated in 2014.  It is promoted by
Dr. Byju Kachery and other directors.  The company operates a
108-bed multi-specialty hospital in Kottakkal (Kerala).  The
hospital provides treatment in cardiology, gynaecology,
paediatrics, and other segments.


HIMACHAL HYDEL: CRISIL Reaffirms 'D' Rating on INR18MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Himachal Hydel Projects Private Limited (HHPPL) at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan           18        CRISIL D (Reaffirmed)

The rating reflects instances of delay in servicing its term
loan. The delay was because of stretched liquidity. The company
has a weak financial risk profile and is exposed to risks
relating to its early stage of operations. These weaknesses are
partially offset by favorable prospects for the renewable energy
industry and low demand risk.

Key Rating Drivers & Detailed Description

Weaknesses

* Instances of delay in servicing the term loan: The delay was
due to stretched liquidity in the three months through December
2016.

* Weak financial risk profile: Gearing was high at 15 times as on
March 31, 2016, and the interest coverage ratio low at 0.88 time
in fiscal 2016.

* Exposure to risks relating to early stage of operations: The
company's Tulang project, which commenced operations in March
2014, faced teething problems in the initial months, and hence,
did not operate at optimal capacity during the peak season, March
to October. Furthermore, commissioning of the Kurhed project has
been delayed by more than a year due to factors such as floods in
River Ravi.

Strengths

* Favourable prospects for the renewable energy industry: Power
demand is expected to grow at a compound annual rate of 6.5-7.0%
between fiscals 2016 and 2020, in line with a gradual improvement
in the economic outlook.

* Low demand risk: Demand risk is low due to the 40-year power-
purchase agreement with Himachal Pradesh State Electricity Board
for both the projects.

HHPPL generates hydro power through its 3-megawatt (MW) plant on
Tulang Nala in Chamba, Himachal Pradesh, which commenced
operations in March 2014. The company is setting up a 4.5-MW
plant on Kurhed Nala in Chamba. Both streams are tributaries of
River Ravi.

In fiscal 2016, profit after tax (PAT) was INR0.98 crore on net
income of INR4.93 crore, against a net loss of INR6.03 crore and
net income of INR1.99 crore in fiscal 2015.


INDIAN YARN: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE has been seeking information from Indian Yarn Limited, to
monitor the ratings vide e-mail communications/letters dated
January 31 2017, March 1, 2017, March 2, 2017, March 3, 2017,
March 4, 2017, March 7, 2017, March 9, 2017 and numerous phone
calls. However, despite our repeated requests, the company has
not provided the requiste information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Indian Yarn Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            67.25       CARE D; ISSUER NOT
                                     COOPERATING; on the
                                     basis of best available
                                     information

   Short-term Bank
   Facilities             3.36       CARE D; ISSUER NOT
                                     COOPERATING; on the
                                     basis of best available
                                     information

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

The ratings take into account the classification of the company's
bank account as a Non Performing Asset (NPA) since September
2014.

Detailed description of the key rating drivers

At the time of last rating in April 2016, the following were the
rating weaknesses (updated for the information available from
Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: IYL's bank account has been
classified as NPA since, September 2014.

Analytical approach: Standalone

Incorporated in 1992, IYL was taken over by the Shiva Group in
FY13 (refers to the period April 01 to March 31). The company is
engaged in the manufacturing of synthetic yarn at its
manufacturing facilities in Ludhiana (Punjab). Group concerns of
the company include Yogindera Worsted Limited (CARE D), K.K.
Fibres Limited, Shiva Specialty Yarns Limited (CARE D), Himachal
Fibres Limited (CARE D), Shiva Texfabs Limited (CARE D) and Shiva
Spin N Knit Limited.

IYL registered a total operating income of INR60.79 crore during
FY16 with a net loss of INR32.06 crore as against total operating
income of INR120.97 crore with a net loss of INR13.71 crore in
FY15.


INFISSI FENESTRATION: CRISIL Reaffirms B Rating on INR3.5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Infissi Fenestration LLP (IFL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable (Reaffirmed)

   Long Term Loan          3.35      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .15      CRISIL B/Stable (Reaffirmed)

IFL commenced commercial operations just in June 2016; hence,
operating revenue booked was around INR5 crore till March 24,
2017. It is expected to achieve INR5-6 crore in fiscal 2017 and
with the addition of new customers, operating revenue should grow
at 5-10% over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations due to initial stage of operations:
IFL commercialised operations in June 2016, thus leading to
limited track record and operating revenue of around INR5 crore
in fiscal 2017. Over the medium term, it is expected to grow at
5-10% because of addition of new customers.

* Working capital-intensive operations: The initial stages of
operations led to high working capital requirement, reflected in
high gross current assets (GCAs) of as on March 31, 2016; GCAs
are projected at 150-200 days over the medium term owing to high
inventory and debtor levels.

* Weak financial risk profile: Due to the start-up phase, small
scale of operations and low initial paid-up capital, IFL has
highly leveraged capital structure with total outside liabilities
to tangible networth ratio at around 4 times as on March 31,
2017. Further, it has weak debt protection metrics because of the
losses incurred.

Strengths

* Experience of partners: The partners gained significant
experience through their engagement with various entities in
similar business. Benefits from their expertise should continue
to support the business.

Outlook: Stable

CRISIL believes IFL will continue to benefit over the medium term
from the experience of partners. The outlook may be revised to
'Positive' if significant increase in revenue and profitability
leads to higher-than-expected net cash accrual and if working
capital management is prudent. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens because of decline in revenue and
profitability, larger-than-expected, debt-funded capital
expenditure, or increase in working capital requirement.

IFL is a limited liability partnership established on August 31,
2015 by Mr. Abhiman Kansal, Mr. Nakul Kansal, Mr. Rajender Bansal
and Ms Aanchal Bansal. The firm, manufactures galvanised steel
reinforcements and trades in unplasticised polyvinyl chloride
window's hardware.

IFL commenced commercial operations just in June 2016 and has
incurred net loss. Net loss was INR0.07 crore on net sales of
INR0.12 crore in fiscal 2016.


J.M. INTERNATIONAL: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed J.M.
International's (JMI) Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating action is:

   -- INR200 mil. Fund-based limit affirmed with
      'IND B+/Stable/IND A4' rating

                         KEY RATING DRIVERS

The affirmation reflects JMI's continued small scale of
operations, and moderate profitability.  According to FY17
provisional financials revenue was INR376.94 million (FY16:
INR324.33 million) and EBITDA margins were 1.76% (FY16: 2.01%).
Credit metrics continued to remain weak with low interest
coverage (operating EBITDA/gross interest expense) of 1.46x in
FY17 (FY16: 1.43x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of 25.06x (28.77x).  The ratings factor
in JMI's presence in a highly fragmented and intensely
competitive spice industry.

The ratings, however, derive strength from JMI's comfortable
liquidity with average 43.77% use of the fund-based limits during
the 12 months ended March 2017.  The ratings are supported by
promoter's over three decades of experience in the spice industry
and the company's strong relationship with its customers and
suppliers.

                       RATING SENSITIVITIES

Negative: Further decline in the operating margins leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A substantial increase in the revenue along with
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Based in New Delhi, JMI is a proprietary concern, engaged in the
trading of Indian as well as imported spices, especially cloves
in the domestic market.


JAYPEEM GRANITES: CRISIL Assigns 'B' Rating to INR5.2MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
bank facilities Jaypeem Granites Private Limited (JGPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                .3        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5.2        CRISIL B/Stable
   Packing Credit in
   Foreign Currency        2.0        CRISIL A4
   Foreign Letter of
   Credit                  0.5        CRISIL B/Stable
   Bank Guarantee          0.5        CRISIL A4
   Cash Credit             1.5        CRISIL B/Stable

The rating reflects JGPL's modest scale of operations, a weak
financial risk profile because of a small net worth and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the industry and an established customer relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With revenue of INR9 crore and
operating margin of 8.3% in fiscal 2016, the scale remains
modest.

* Weak financial risk profile: The net worth was modest at INR2.8
crore as on March 31, 2016, and debt protection metrics were
below average because of a small scale of operations and hence
modest cash accrual. The financial risk profile is expected to
remain below average over the medium term.

Strength

* Extensive industry experience of the promoters has resulted in
a strong relationship with customers and suppliers, which will
continue to benefit the company over the medium term.
Outlook: Stable

CRISIL believes JGPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a sizeable increase in scale of
operations and improved operating margin, or a better capital
structure most likely because of a significant increase in cash
accrual or infusion of funds. The rating may be revised to
'Negative' in case of a lower-than-expected scale of operations
or operating margin, or large, debt-funded capital expenditure,
resulting in deterioration in the financial risk profile.

Jaypeem Granites Pvt Ltd (JGPL), is a Hyderabad based company, is
exporter and manufacturer of granites, marbles, blocks tiles,
slabs, crosses and vases.

JGPL incurred loss of  was INR0.12 crore on net sales of INR9.04
crore in fiscal 2016, against PAT of INR0.05 crore on net sales
of INR7.68 crore in the previous fiscal.


K SESHAGIRI: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K Seshagiri Rao
& Co.'s (KSRC) 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:

   -- INR40 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

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

   -- INR90 mil. Proposed fund-based working capital limit
      assigned with provisional IND BB+(ISSUER NOT
      COOPERATING)/Provisional IND A4+(ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 12, 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 1982, KSRC is into material and hot slag handling,
scrap, skull recovery in steel industries, hiring of heavy
machinery and excavation contracts.


K. M. MOHAMMED: CRISIL Ups Rating on INR6.5MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
K. M. Mohammed Rasheed (KMR) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its 'CRISIL A4' rating on the firm's
short-term facility.

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

   Cash Credit             6.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the sustained improvement in the firm's
business risk profile driven by steady order flow and timely
execution of orders, and healthy operating profitability. Revenue
is estimated at INR14 crore in fiscal 2017, and has risen over
the past 2 fiscals. The upgrade also reflects improvement in the
firm's financial risk profile because of capital infusion in
fiscal 2017 and steady accretion to reserves. Networth and
gearing improved to an estimated INR5.85 crore and 1.5 time,
respectively, as on March 31, 2017, from INR1.3 crore and 5.1
times, respectively, as on March 31, 2015.

The ratings reflect KMR's modest scale of operations, large
working capital requirement, and exposure to intense competition
in the civil construction industry. The ratings also factor
below-average financial risk profile because of small networth
and modest debt protection metrics. These weaknesses are
partially offset by proprietor's extensive industry experience,
and healthy operating profitability.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: KMR had gross current
assets of 330 days of sales as on March 31, 2017, primarily on
account of receivables of 300 days. The firm generally receives
its receivables with-in 90-120 days from the date of billing from
its principals. Sometimes, there are further delays in receipt of
funds.

* Modest scale and susceptibility of opera rations to risks
related to intense competition in the civil construction
industry:
KMR has small scale of operations indicated by revenues of INR14
crore in fiscal 2017 in highly fragmented and intensely
competitive civil construction industry.

Strengths

* Extensive industry experience of the promoters
KMR's business risk profile benefits from the extensive
experience of its promoters in the civil construction industry.
KMR is promoted by Mr. K.M. Mohammed Rasheed, a post graduate in
Economics, has been associated with the civil construction
industry for over decades. He has started as a small contractor
undertaking orders of low value. Over the years he has developed
strong relationships with its principals and raw materials
suppliers.

* Moderate operating profitability margins
KMR has moderate operating profitability in the range of 10 to 18
percent over the past two years ended March 31, 2017.

Outlook: Stable

CRISIL believes that KMR will continue to benefit from the
extensive experience of the promoters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the firm diversifies and sustainably improves its
scale of operations and profitability, thereby enhancing its
financial risk profile Conversely, the outlook may be revised to
'Negative' if KMR's cash accruals decline considerably, or its
working capital management deteriorates, or if the promoters
withdraw substantial capital, leading to deterioration in its
financial risk profile.

KMR was set up in 1988 up by Mr. K.M. Mohammed Rasheed as a
proprietorship firm in Kerala. The firm undertakes civil
construction works.

KMR's profit after tax (PAT) was INR0.52 crore on revenue of
INR13.52 crores in fiscal 2016, vis-a-vis a PAT of INR0.2 crore
on revenue of INR5.87 crore, for fiscal 2015.


K.N. SRINIVASA: CRISIL Reaffirms 'B' Rating on INR5.0MM Overdraft
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of K.N. Srinivasa (KNS).

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

   Overdraft              5.0        CRISIL B/Stable (Reaffirmed)

   Proposed Overdraft
   Facility               4.0        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average
financial risk profile because of small networth and weak
liquidity, caused by stretched receivables from government
authorities. The ratings also factor its small scale of
operations in the highly fragmented civil construction industry,
and its susceptibility to risks inherent in tender-based
business. These weaknesses are partially offset by its
proprietor's extensive industry experience and his funding
support.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR2 crore (as on March 31, 2016) extended to KN Srinivasa by
its proprietor as neither debt nor equity as the loans are
expected to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a fragmented industry, and
exposure to risks related to its tender driven business
KNS's scale of operations, reflected in estimated revenue of
INR10 crore for fiscal 2017, is small due to exposure to intense
competition, geographical concentration, and limited
participation in the road construction segment. The industry has
a large number of players executing small projects as low capital
requirement attracts many domestic contractors, leading to
intense competition

* Below-average financial risk profile
The financial risk profile is constrained by small networth and
subdued debt protection metrics. Large working capital debt and
low profitability will keep the financial risk profile weak over
the medium term.

Strength

* Proprietor's industry experience
Mr Srinivasa's experience of around three decades in the civil
construction business has helped the firm get regular orders from
government authorities, establish healthy relationships with
suppliers and customers, and enter into the sub-contracting
segment.

Outlook: Stable

CRISIL believes KNS will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if the financial risk profile, especially
liquidity, improves because of timely receipt of payments from
customers, or sizeable fund infusion by the proprietor. The
outlook may be revised to 'Negative' if liquidity deteriorates
because of further delays in payments by customers.

KNS was established in 1987 as a proprietorship firm by Mr. KN
Srinivasa. Since its inception, the firm has undertaken contracts
in the civil construction field, primarily construction of roads
and water drainage systems for state government agencies.

For fiscal 2016, its profit after tax (PAT) was INR16.81 lakh on
net sales of INR11.34 crore, against a PAT of INR19.14 lakh on
net sales of INR6.5 crore for fiscal 2015.


KESHAV COTTON: CRISIL Reaffirms B Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Keshav Cotton Industries (KCI). The
rating continues to reflect the firm's weak financial risk
profile, because of subdued debt protection metrics and high
gearing, its constrained liquidity, and susceptibility of its
profitability to volatility in raw material prices. These
weaknesses are partially offset by the favourable location of its
manufacturing unit in terms of cotton availability, and its
promoters' extensive experience in the textile industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.55      CRISIL B/Stable (Reaffirmed)

   Term Loan               2.45      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial profile: The financial risk profile is
constrained by small networth of INR1.03 crore as on March 31,
2016, due to capital withdrawal, leading to high gearing. Debt
protection metrics remained weak because of low profitability.

* Vulnerability to changes in cotton prices: Cotton being an
agricultural commodity, its availability depends on the monsoon.
Furthermore, government interventions and fluctuations in global
cotton output affect cotton prices, and consequently,
profitability of ginners. KCI's ability to manage volatility in
cotton prices will remain a key sensitivity factor.

* Weak liquidity: Though accrual is expected to be adequate to
meet term debt obligation, accrual remains small and will be
insufficient to meet incremental working capital requirement.

Strengths

* Promoters' extensive experience in the cotton industry: KCI
will benefit from its promoters' experience of a decade in the
cotton ginning industry, their understanding of the dynamics of
the local market, and established relationships with customers
and suppliers.

* Proximity to cotton-growing belts: KCI's production facility is
in Vijapur, Gujarat, and is in the vicinity of the cotton growing
belt, which will enable the firm to procure raw cotton directly
from local farmers, thus making its operations cost-effective.
Gujarat accounts for nearly 33% of India's total cotton
production.

Outlook: Stable

CRISIL believes KCI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if substantial accrual leads to a better financial
risk profile. The outlook may be revised to 'Negative' if
liquidity deteriorates because of lower-than-expected accrual, or
a stretch in working capital cycle, or sizeable, debt-funded
capital expenditure.

KCI, based in Vijapur and promoted by 14 partners gins cotton and
produces cotton oil.

The firm had a loss of INR0.36 crore on net sales of INR19.53
crore for fiscal 2016, against a loss of INR0.19 crore on net
sales of INR28.41 crore for fiscal 2015.


KND ENGINEERING: CRISIL Cuts Rating on INR20MM Bank Loan to B+
--------------------------------------------------------------
CRISIL has been consistently following up with KND Engineering
Technologies Limited (KND) for obtaining information through
letters and emails dated February 9, 2017 and March 02, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           35      CRISIL A4 (Issuer Not
                                    Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Downgraded from 'CRISIL A4+')

   Cash Credit              15      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Downgraded from 'CRISIL BB+')

   Proposed Bank            20      CRISIL B+ (Issuer Not
   Guarantee                        Cooperating; Removed from
                                    'Notice of withdrawal';
                                    Downgraded from 'CRISIL BB+')

'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

CRISIL has downgraded its ratings on the bank facilities of KND
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL
A4+'.

As on July 27, 2016 CRISIL had placed the ratings on Notice of
withdrawal for 180 days which has now been removed.

The downgrade reflects CRISIL's inability in maintaining the
ratings of KND at 'CRISIL BB+/Stable/CRISIL A4+' due to
inadequate information and lack of management cooperation,
thereby restricting CRISIL from taking a forward looking view on
the credit quality of the entity. KND scores high ('H') on
availability of past information on account of availability of
financial statements of the company. It scores high ('H') on
future information due to availability of financials as it's a
listed entity. It scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. On the basis of the aforementioned, CRISIL
believes the available information is consistent with a CRISIL B
category rating, leading CRISIL to downgrade the rating to
'CRISIL B+/Stable/CRISIL A4'

KND, based in Kolkata, was incorporated in 1982, by Late Mr. K N
Dadina; it became a public limited company in 1991. The company
provides services such as soil investigation, geotechnical
studies and also undertakes foundation/piling works. It recently
forayed into civil construction segment. The Dadina family
manages the daily operations.


KOTHARI PRIMA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kothari Prima
Private Limited (KPPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR160 mil. Long term loan assigned with 'IND B+/Stable'
      rating;

   -- INR40 mil. Fund-based facilities assigned with
      'IND B+/Stable/IND A4' rating

                        KEY RATING DRIVERS

The ratings reflect KPPL's small scale of operations and weak
credit metrics.  Revenue was INR379 million in FY16 (FY15:
INR29 million).  EBITDA interest coverage (operating EBITDA/gross
interest expense) was 0.2x in FY16 (FY15: negative 0.4x) and net
financial leverage (total adjusted net debt/operating EBITDA) was
27.3x (FY15: negative 39.5x). EBITDA margin increased to 2.4% in
FY16 (FY15:  negative 22.8%); KPPL's profitability is susceptible
to volatility in raw material prices caused by the volatility in
the crude oil prices.

Ind-Ra expects KPPL's credit metrics to have improved in FY17.
The interest coverage (operating EBITDA/gross interest expense)
is likely to have been above 1x and net leverage (total
debt/operating EBTIDA) below 6.5x during FY17 on account of an
improvement in the operating EBITDA margin.

FY16 was KPPL's first full operational year; the company has
reported revenue of INR232 million in 11MFY17.  The management
attributes the decline in revenue to demonetisation which dried
up the pipeline.

The ratings, however, are supported by the firm's comfortable
liquidity position with fund-based facility being utilized at an
average of 75.1% during the 10 months ended March 2017.

The ratings further derive support from the decade-long
experience of the promoter in the PVC pipes manufacturing
business.

                       RATING SENSITIVITIES

Positive: Significant increase in the scale and profitability
leading to sustained improvement in the credit metrics could be
positive for the ratings.

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics
could be negative for the ratings.

COMPANY PROFILE

Solapur-based (Maharashtra) KPPL was incorporated in 2012, and is
engaged in the manufacturing of PVC pipes and irrigation systems.
KPPL is part of the Kothari group of companies, which was founded
in 1996.  The parent company of the group is Kothari Agritech
Private Limited (IND BBB-/Stable), Kothari Agritech Private
Limited holds 99% share of KPPL.  Promoted by the Kothari family,
KPPL has recently completed the setting up of its manufacturing
unit for column pipes (PVC pipes used for tube and bore-well
systems).  The company has been manufacturing wide range of pipes
and peripherals providing flawless solutions for a wide range of
domains such as irrigation, agriculture and industry.


MAGADH INDUSTRIES: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Magadh
Industries Private Limited's (MIND) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'.  The Outlook is Stable.  The instrument-
wise rating actions are:

   -- INR1.110 bil. Fund-based limits raised to 'IND BB/Stable'
      rating;

   -- INR200 (reduced from INR230.48) mil. Long-term loan raised
      to 'IND BB/Stable' rating;

   -- INR410 mil. Proposed fund-based working capital limits*
      assigned with 'Provisional IND BB/Stable' rating

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

                          KEY RATING DRIVERS

The upgrade reflects the improvement in MIND's credit profile in
9MFY17 with EBITDA interest coverage at 2.3x (FY16: 1.4x) and
annualized net adjusted leverage at 3.75x (5.1x), due to an
improvement in the EBITDA margin to 7.1% (5.1%).  The improvement
in EBITDA margins was due to the better realization on account of
a growing demand and the launch of a higher quality product range
of thermo mechanically treated bars.

The ratings, however, are constrained by the company's continued
tight liquidity as indicated by 100% average maximum utilization
of the fund-based limits during the 12 months ended March 2017
and an elongated working capital cycle of 77 days in FY16 (FY15:
79 days).  However, the company plans to enhance its fund-based
limits by INR410 million which is likely to ease the liquidity
pressure.  The ratings also remain constrained by MIND's
susceptibility to volatility in prices of raw materials as well
as finished product.

The ratings are supported by the founders' decade-long experience
in the iron and steel industry.

                        RATING SENSITIVITIES

Positive:  EBITDA interest coverage sustaining above 1.8x would
lead to a positive rating action.

Negative: EBITDA interest coverage reducing below 1.5x on a
sustained basis would lead to a negative rating action.

COMPANY PROFILE

MIND is a Patna-based rolling mill manufacturing company.  It
started manufacturing thermo mechanically treated bars and wire
rod coils in 2008, prior to which it was solely trading iron and
steel products.  MIND is owned and managed by Mr. Sanju Kumar.
The company reported revenue of INR5.195 billion in FY16 (FY15:
INR3.914 billion).


MANSHA BUILDERS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mansha Builders
& Contractors Pvt Ltd's (MBAC) 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:

   -- INR40 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR60 mil. Non-fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 28, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established 2009, MBAC is into engineering, procurement and
construction work, mainly related to road construction.  It
mainly executed orders for Haryana Public Works Department.


MCO HOSPITAL: CRISIL Lowers Rating on INR6.8MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of MCo
Hospital Aids Private Limited (MCO) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.8       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        0.7       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Term Loan               0.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in financial risk profile,
particularly liquidity, due to stretch in working capital cycle.
High receivables cycle led to increased reliance on short-term
bank limit. Additionally, cash accrual is expected to remain
below INR1 crore over the medium term, thereby further
constraining overall liquidity. Timely enhancement in bank limit
or long-term fund infusion by promoter will be key drivers of
liquidity over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive industry
With an operating income of INR18 crore for fiscal 2016, scale
remains small in the competitive surgical sutures segment.
Business risk profile will remain constrained over the medium
term due to the company's subdued scale.

* Working capital-intensive operations
Gross current assets were 268 days as on March 31, 2016, because
of sizeable inventory and stretched receivables. This has led to
limited cushion in overdraft facility, thereby constraining
liquidity.

* Below-average financial risk profile
Networth was small at INR5.8 crore as on March 31, 2016, but was
partially offset by a moderate gearing of 1.28 times. Debt
protection metrics were muted due to low profitability. Financial
risk profile is expected to remain weak over the medium term.

Strength

* Extensive experience of promoter
Presence of more than three decades in the healthcare supplies
segment has enabled the promoters to build a wide product base
comprising synthetic and natural absorbable and non-absorbable
sutures under the Relyonpga, Relyonmono, Relyongut, and
Relyonsilk brands. The company specialises in manufacturing
absorbable sutures primarily used in gynecological surgery.

Outlook: Stable

CRISIL believes MCO will continue to benefit over the medium term
from the extensive experience of its promoter. The outlook may be
revised to 'Positive' if increase in revenue and stable operating
profitability, or improved working capital management leads to a
better financial risk profile. The outlook may be revised to
'Negative' if financial risk profile weakens further because of
decline in cash accrual, deterioration in working capital
management, or sizeable, debt-funded capital expenditure.

Incorporated in Bengaluru in 1983 and promoted by Mr. C Mahalinga
Shetty, MCO manufactures absorbable and non-absorbable surgical
sutures.

Profit after tax (PAT) was INR0.1 crore on net sales of INR18.3
crore for fiscal 2016, against a PAT of INR0.5 crore on net sales
of INR25.1 crore for fiscal 2015.


MUKESH AND ASSOCIATES: CRISIL Assigns B+ Rating to INR8.35MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Mukesh and Associates (Mukesh).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit/
   Overdraft facility     8.35        CRISIL B+/Stable

   Proposed Cash
   Credit Limit           1.25        CRISIL B+/Stable

The ratings reflect Mukesh' s modest  financial risk profile due
to subdued debt protection metrics and its modest scale of
operations with exposure to intense completion in the engineering
and construction consulting sector. These weaknesses are
partially offset by the extensive industry experience of the
promoters and the firm's established relationship with its
customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations with exposure to intense competition
~ Mukesh's scale of operations is modest with operating income of
around INR29 crore for fiscal 2017. The firm operates in the
highly competitive engineering and construction consulting sector
where the entry barriers are low due to the low investment
involved.

* Modest Financial Risk Profile~ Mukesh's financial risk profile
is modest marked by a moderate capital structure and subdued debt
protection metrics. The net cash accruals to total debt ratio is
weak due to cash losses on account of withdrawals. However this
is partially offset by a moderate capital structure due to low
reliance on debt to fund working capital requirements.

Strengths

* Extensive Industry Experience of the promoters and established
relationship with customers and suppliers: Mukesh has been
promoted by Mr. Mukesh Dhirajlal and his brother Mr.Manoj
Dhirjlal. Mr. Mukesh is an architect and Mr.Manoj is a civil
engineer by profession. The promoters have a combined experience
of over 50 years in civil construction. The extensive experience
of the promoters has aided the firm to establish healthy
relationship with its suppliers and customers.

Outlook: Stable

CRISIL believes that Mukesh shall continue to benefit over the
medium term from the extensive industry experience of its
promoters in the construction business and its diversified and
reputed clientele. The outlook may be revised to "Positive" in
case of significant improvement in operating income or
profitability leading to better than expected cash accruals.
Conversely the outlook may be revised to "Negative" in case of
lower than expected operating income/profitability or in case of
higher than expected withdrawals by partners, resulting in
weakening of its financial risk profile, particularly liquidity.

Established in 1986, Mukesh offers consultancy services in
architecture and civil engineering. The firm has been promoted by
Mr. Mukesh Dhirajlal and his brother Mr.Manoj Dhirjlal.

Mukesh reported a profit after tax (PAT) of around INR1.69 crore
on an operating income of INR24.15 crore for fiscal 2016 against
PAT of INR0.18 crore on operating income of INR12.66 crore for
fiscal 2015.


NIRAV METALS: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Nirav
Metals Private Limited (NMPL) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        1.5      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's small scale of
operations in the highly fragmented steel industry, and large
working capital requirement. The ratings also factor in an
average financial risk profile because of a small net worth, low
total outside liabilities to tangible net worth ratio, and
moderate debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of NMPL's promoters
in the steel industry, and the company's established relationship
with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in the highly fragmented steel
industry: With net sales of INR19 cr in 2015-16 (refers to
financial year, April 1 to March 31), scale of operations remains
modest in the competitive steel industry. This limits the company
from taking advantage of economies of scale and exposes it to
even a marginal change in economy. Also, modest net worth of
INR6.4 cr as on March 31, 2016, limits financial cushion against
any potential adverse condition or business downturn.

* Large working capital requirement: Operations are working
capital-intensive, with gross current assets of 239 days as on
March 31, 2016, mainly due to large receivables (85 days);
inventory is moderate at 53 days. NMPL offers credit of 60-90
days to customers, against which purchases are on advance basis;
export purchase is backed by letter of credit (LC). The ensuing
working capital gap is funded with cash credit limit (Rs.7.5 cr)
and net worth.

* Average financial risk profile
Networth was INR6.4 cr as on March 31, 2016, due to low accretion
to reserves following modest scale of operations. Net worth will
remain at a similar level over medium term. The TOLTNW ratio was
1.1 times due to absence of any major long-term loan; most of the
debt is to fund working capital requirement. The ratio will
remain steady over the medium term. Low operating profitability
led to weak debt protection metrics, with interest coverage ratio
of 1.5 times for 2015-16. The metrics are expected to remain
muted over the medium term.

Strengths

* Extensive experience of NMPL's promoters
More than two decades' experience has enabled NMPL's promoters to
gain strong industry insight and establish healthy relationship
with suppliers and customers. On account of the long standing
experience, the company had well established relationships with
major customers, for which the company acts as a regular
supplier. This has helped the company in getting repeat orders
from its customers on a regular basis. CRISIL believes that NMPL
benefits from the extensive experience of its promoters over the
medium term.

Outlook: Stable

CRISIL believes NMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sharp growth in
revenue and profitability, or significant equity infusion,
thereby improving the financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of a stretched working capital cycle, or any
unanticipated debt-funded capital expenditure.

NMPL was incorporated 1991 in Mumbai. The company trades in steel
scrap. Its operations are managed by Mr. Vijay Jha.

NMPL reported Profit after tax (PAT) of INR16 lakhs on net sales
of INR19.2 cr as against PAT of INR24 lakhs on net sales of
INR32.7 cr for 2014-15.


NIRUPAMA COLD: CRISIL Reaffirms 'B' Rating on INR6.5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Nirupama Cold Storage Private Limited (NCSPL) at 'CRISIL
B/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       .71      CRISIL B/Stable (Reaffirmed)

   Term Loan                .84      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility                1.00      CRISIL B/Stable (Reaffirmed)

CRISIL's rating on the long-term bank facilities of NCSPL
continues to reflect NCSPL's weak financial risk profile because
of small networth, moderate gearing, and average debt protection
metrics. The rating also factors in exposure to risks related to
the highly regulated and fragmented nature of the cold storage
industry in West Bengal. These weaknesses are mitigated by the
promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to regulatory changes and to intense
competition: The potato cold storage industry in West Bengal is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing, which limits players' ability to earn profit based on
their strengths and geographical advantages. Furthermore, intense
competition restricts bargaining power with clients (farmers),
forcing the firms to offer discount to ensure healthy utilisation
of storage capacity.

* Weak financial risk profile
The networth is small and the gearing high. The Networth was
INR2.0 crore as on March 31, 2016, making the company highly
susceptible to external business shocks such as a slowdown in the
industry or delay in repayment by farmers. The networth is
expected to remain small over the medium term because of low
accretion to reserves. The gearing is high, and will remain so
over the medium term, due to the company's business model.
However, a healthy operating profitability margin has resulted in
comfortable debt protection metrics, which are expected to remain
comfortable over the medium term.

Strengths
* Extensive experience of the promoters
The promoters, Mr. Sunil Kumar Mal and his family members, have
developed a healthy relationship with traders and farmers,
resulting in optimum utilisation of storage capacity.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if a substantial increase in scale of operations
results in higher cash generation and hence better liquidity. The
outlook may be revised to 'Negative' if considerably low cash
accrual or significant debt-funded capital expenditure puts
pressure on liquidity.

NCSPL was incorporated in 1997, promoted by Mr. Mal and his
family. The company has a cold storage facility for potatoes,
with a capacity of 215,000 tonne, in Bankura, West Bengal.

The company has earned profit after tax (PAT) of INR0.13 crore on
net sales of INR4.57 crore in 2015-16 as against PAT of INR0.18
crore on net sales of INR4.90 crore in 2014-15.


ORBIT ELECTRO: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Orbit Electro
Equipments Private Limited's (OEEPL) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR127.5 mil. Fund based limits affirmed with
      'IND BB/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects OEEPL's continued weak credit metrics
and tight liquidity position.  The lower EBITDA margins of 3.8%
in FY16 (FY15:4.7%) weakened the net leverage to 7.6x in FY16
(FY15: 5.8x) while the interest coverage sustained at 1.5x
(1.4x).  The company's fund-based facilities remained almost
fully utilized at an average of 99% over the 12 months ended
February 2017.

The ratings factor in the company's moderate scale of operations.
Sales grew 3.2% yoy to INR908 million in FY16 due to higher
orders received from clients.  The company has achieved sales of
around INR920 million during 11MFY17 (unaudited).  Ind-Ra expects
the company to sustain its scale of operations backed by
outstanding order book of IND480 million to be executed over the
next six months.

The ratings, however, are supported by more than a decade of
experience of OEEPL's promoters in panels manufacturing industry.

                        RATING SENSITIVITIES

Negative: A substantial decline the profitability resulting in
sustained deterioration in the credit profile will lead to a
negative rating action

Positive: Substantial growth in the top-line and profitability
leading to a sustained improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

Started in 2008, OEEPL manufactures electrical panels
(contributes 36% to revenue) and fire panels (34%).  It is also
engaged in fabrication (contributes 28% to the revenue), powder
coating and wire harnessing.  OEEPL's manufacturing unit is
located in Maharashtra.


ORCHID PHARMA: CARE Lowers Rating on INR2687.49cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Orchid Pharma Limited (Orchid), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           2687.49      CARE D Revised from
                                     CARE B-

   Short-term Bank
   Facilities            498.50      CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of Orchid
takes into account instances of delays in debt servicing.

Instances of delays in debt servicing and financial performance
in FY16

Presently, Orchid is under the framework of CDR. The
implementation of the debt restructuring, infusion of funds by
the promoters (Rs.92 crore, as per CDR terms approved in March
2014) and the realisation of the sales proceeds (Rs.1,134 crore
in July 2014) from Hospira aided the company. However, Orchid
continued to incur losses during FY16 and 9MFY17 on account of
higher interest expense resulting from high leverage levels.
During FY16, operations of the one of the facilities of Orchid
was affected for about 3 months due to floods in December, 2015.
Orchid reported after tax loss of INR274 crore on a total
operating income of INR895 crore in FY16. Continuous losses over
the last few years coupled with high debt commitments have
resulted in tight liquidity position of the company.

During 9MFY'17, Orchid reported after tax loss of INR296 crore on
a total operating income of INR568 crore.

Orchid Pharma Limited (Orchid), established in 1992, is an
integrated pharmaceutical company with presence in bulk drug
manufacturing, formulations and drug discovery. Orchid commenced
its operations as a cephalosporin Active Pharmaceutical
Ingredient (API) manufacturer and largely remained so till 2004
before moving to formulations. During FY10, Orchid sold its
sterile injectable formulations business to Hospira Inc. The
business transfer was completed in March, 2010. Orchid also sold
its API business of penicillin and penem, the API facility
located in Aurangabad (Maharashtra) together with an associated
R&D Infrastructure located in Chennai to Hospira Inc in July,
2014. Orchid presently operates in API business (of Cephalosporin
based antibiotics) and formulation business (Oral Cephalosporin
and Non Penicillin Non Cephalosporin).


OSL HEALTHCARE: CRISIL Reaffirms B+ Rating on INR161MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with OSL Healthcare
Private Limited (OSL) for information through letters and emails,
apart from telephonic communication. CRISIL had, through its
letter dated December 1, 2016 and January 25, 2017, informed the
company of the extant guidelines and requested for cooperation.
However, the issuer has continued to be non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               161       CRISIL B+/Stable (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

CRISIL has reaffirmed its rating on the bank facilities of OSL
Healthcare Private Limited (OSL) at 'CRISIL B+/Stable'.

CRISIL's ratings on the bank facilities of OSL continue to
reflect the company's high exposure to risks associated with
implementation and demand for its ongoing project, and
geographical concentration in revenue profile. These weaknesses
are partially offset by the extensive experience of the
management and funding support from promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks associated with implementation and demand for
ongoing project
OSL is setting up a 417-bed super speciality hospital in Gurgaon
at a cost of INR393 crore, which is to be funded through a term
debt of INR256 crore and the remaining through promoters'
contribution. The project was initially expected to be of 300
beds at a total cost of INR243 crore and was scheduled to be
implemented by April 2014. However, the scope of the project was
increased in 2014 to add oncology and nuclear medical science
departments as well. Around 45% of the project's first phase was
completed as of March 2016. Project implementation is behind
schedule due to the increase in its scope. The project remains
exposed to implementation risk. Demand for its services is
expected to pick up only gradually, as the hospital builds trust
in the region.

Thus, OSL will remain exposed to significant project-related
risks on account of these factors.

* Geographic concentration in revenue profile
OSL's presence is limited to Gurgaon and nearby districts.
Geographical concentration restricts OSL's target customer base
and renders it vulnerable to the dynamics of a single market. The
image-sensitive nature of the healthcare industry aggravates the
geographical risk. The hospital remains vulnerable to the
likelihood of increasing competition with the entry of other big
players in its region of operations. Geographical concentration
and competition should restrict business risk profile over the
medium term.

Strength

* Extensive experience of management in healthcare industry and
promoters funding support
OSLHP is promoted by Dr Rajeev K Sharma, Mr. Chandan Mishra, and
Mr. Charchit Mishra. Dr. Rajeev Sharma has been associated with
Indraprastha Apollo Hospital, New Delhi as senior consultant in
orthopedics and joint replacement surgeon since 1998. He has
performed over 2000 joint replacements, is a senior faculty of
All India Institute of Medical Sciences, New Delhi, and started
the first Bone Bank at Indraprastha Hospital in 2004. The
promoters had also infused around 60% of their contribution till
fiscal 2016 to support the timely implementation of the project.
Outlook: Stable

CRISIL believes OSL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if completion of the
project without time or cost overruns lead to better than-
expected cash accrual during the initial phase of operations. The
outlook may be revised to 'Negative' if delay in the commencement
of operations, or lower-than-expected cash accrual during the
initial phase, adversely impacts debt-servicing ability.

Incorporated in 2007, OSL is implementing a multi-speciality 417-
bed hospital at Gurgaon (Haryana). The company is owned and
managed by OSL group and Dr Rajiv K Sharma. The group's flagship
company is Orissa Stevedores Ltd (rated 'CRISIL BB/Stable/CRISIL
A4+'). The phase-I of the project partially commenced operation
from 2015-16.

The company recorded net loss was INR0.16 crore on revenue of
INR18.4 crore in fiscal 2016.


PARTH NATURAL: CARE Assigns B+ Rating to INR7.83cr Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Parth
Natural Stones Private Limited (PNSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.83       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PNSPL is primarily
constrained on account of its financial risk profile marked by
fluctuating profitability margin, weak solvency position and
moderate liquidity position. The rating is, further, constrained
on account of vulnerability of margins to fluctuation in the raw
material prices and foreign exchange rate with its presence in
the highly fragmented and government regulated industry. The
rating, however, derives strength from the experienced promoters
with long track record of operations in the marble industry and
significant improvement in Total Operating Income (TOI).

Ability of PNSPL to increase its scale of operations with
improvement in profitability and solvency position with efficient
management of working capital would remain the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Weak solvency position, fluctuating profitability margin and
moderate liquidity position

During FY14, TOI of the company declined significantly over FY13
(refers to the period April 1 to March 31) owing to issue in
Middle East countries that led to high net loss and erosion of
entire net-worth base and due to it, capital structure stood
negative. Furthermore, debt service coverage indicators of the
company also stood weak. The profitability of the company has
witnessed volatility owing to raw material cost and foreign
exchange rate. The liquidity position of the company stood
moderate with operating cycle of 84 days in FY16. Moreover, PNSPL
has fully utilized its working capital bank borrowings for the
last twelve months ended February, 2017.

Vulnerability of margins to fluctuation in raw material prices
and foreign exchange rates

The profitability of the company is vulnerable to any adverse
movement in raw material prices as the company will not be
immediately able to pass on the increased price to its customers.
Furthermore, the firm does not have any active hedging policy
however, get partially hedge naturally due to 98% import.

Presence in a highly competitive stone industry with linkage to
the cyclical real estate sector

It is considered to be highly fragmented with the presence of
large number of organized and unorganized players and the
industry is primarily dependent upon demand from real estate and
construction sector across the globe.

Key Rating Strengths

Experienced promoters with long track record of operations in the
marble industry

Overall operations of PNSPL are managed by Mr. Naresh Bolya who
has more than two decades of experience in the marble industry
and looks after overall activities of the company.

Significant improvement in TOI

Total Operating Income (TOI) of the company has witnessed
continuous growth at a Compounded Annual Growth Rate (CAGR) of
39.54% from last three financial years ended FY16.

Udaipur-based (Rajasthan) Parth Natural Stones Private Limited
(PNSPL) was incorporated in 2011 by its key promoter Mr. Naresh
Bolya and Ms Sonal Bolya. PNSPL is a 100% export oriented unit,
engaged in the business of processing of marble blocks and sale
of marble slabs and tiles which finds its application in the
construction as well as various allied activities.

During FY16 (refers to the period of April 1 to March 31), PNSPL
has reported a total operating income of INR45.58 crore with a
net profit of INR0.42 crore.


PATIALA COTSPIN: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Patiala Cotspin
Limited's Long-Term Issuer Rating to 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:

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

   -- INR14.2 mil. Non-fund-based limits migrated to Non-
      Cooperating Category;

   -- INR45 mil. Proposed term loan migrated to Non-Cooperating
      Category; and

   -- INR10 mil. Proposed fund-based limits migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 21, 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 2010, PCL is engaged in the manufacturing of
yarn. The company is based in Samana, Punjab.


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

   -- INR102 mil. Fund-based facilities assigned with
      'IND BB+/Stable/' rating

                        KEY RATING DRIVERS

The ratings reflect PSEPL's moderate credit profile and declining
profitability.  Revenue grew at CAGR of 5.09% over FY13-FY16 on
account of an increase in orders from existing customers.
However, in FY16, revenue declined to INR1.244 billion
(FY15: INR1.722 billion) owing to reduced order for cultured
shrimps, which contribute 30% to the total revenue.  Net
financial leverage (total adjusted net debt/operating EBITDAR)
improved to 0.6x in FY16 (FY15: 1.2x) on account of reduction in
debt. Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.9x in FY16 (FY15: 2.3x), driven by a decline in
operating EBITDA.

PSEPL's EBITDA margin declined over FY14-FY16 to 1.9% (FY15:
3.3%, FY14: 3.5%) on account of raw material price fluctuation.
Ind-Ra expects the volatility to continue as the availability of
raw material depends upon the climatic condition and is an
inherent risk to the business.

As of February 2017, the company had an order book of
INR200 million, which be executed by end-April 2017.  The company
reported revenue of INR1.100 billion revenue in 11MFY17
(unaudited).

The ratings, however, are supported by more than four-decade-long
experience of the company's promoters in the seafood export
business.  The company's liquidity position remained comfortable
with the fund-based facilities being utilized at an average of
64.8% over the 12 months ended February 2017.

                        RATING SENSITIVITIES

Positive: A substantial growth in the top line along with an
improvement in the operating profitability leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

Negative: A decline in the revenue and operating profitability
resulting in a significant deterioration in the credit metrics
will be negative for the ratings.

COMPANY PROFILE

Established in 2000, PSEPL is a processor of marine food and has
processing facilities in Cochin (Kerala), Chennai (Tamil Nadu)
and Paradip (Odisha).  The company primarily caters to customers
in Japan, Europe and other Asian countries.


R V ENTERPRISE: CARE Issues B Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE has been seeking information from R V Enterprise (RV), to
monitor the rating(s) vide e-mail communications/letters dated
March 11, 2017, March 2, 2017 and February 28, 2017, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.58       CARE B; ISSUER NOT
   Facilities                        COOPERATING

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 R V Enterprise's
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on May 24, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced Partners

RV's operations are managed jointly by three partners named Mr.
Satish Shah, Mrs Rekha Myatra and Mrs Neha Shah, Mr. Rekha Myatra
is wife of Mr. Ravindra Myatra. She is also a partner in group
companies of RV (Annexure I). She looks after general
administrative work. Mrs Neha Shah is wife of Mr. Keyur Shah who
is a partner in M/s Ratnakar Chemicals and M/s Vallabh Chemicals.
She is an investment partner. Mr. Satish Shah aged 52 years has
overall 37years of experience in the same line of business
working through different entities. From 1978 to 1981, he was
working with Indian Dye stuff Industries and M/s Mafatlal
Industries. Since 1981, he is associated with his own group
companies like M/s Shri Vallabh Industries, M/s Ratnakar
Chemicals, M/s Rainbow Chemicals and M/s Bansari.

Key Rating Weaknesses

Partnership nature of constitution

Being a partnership firm, R.V Enterprise is exposed to inherent
risk of partners' capital being withdrawn at the time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners.

Stabilization risk pertaining to recently completed debt funded
capex

RV had purchased industrial plot for a sales consideration of
INR9 crore and additional machinery worth INR0.50 crore in April,
2015. The total cost of the project was INR9.50 crore which was
funded through the term loan of INR6.30 crore and INR3.20 crore
through promoter's contribution. The commercial production
commenced from August, 2015. During the initial two years, RV has
estimated revenue of INR3.60 crore solely based on job work
income. RV is expected to work at 75% of the installed capacity
in FY16 (refers to the period April 1 to March 31).

Vapi-based (Gujarat) RV Enterprise (RV) was formed in 2015, as a
partnership firm by Mrs Rekha Myatra, Mrs Neha Shah, Mr. Satish
Shah with the purpose to manufacture decorative, automotive and
marine paints. RV has entered into agreement with Asian Paints
PPG Private Limited (APPPL), a subsidiary of M/s Asian Paints
Limited (CRISIL AAA/A1+) for job work of its products for a
period of 3 years. Under the agreement, RV cannot manufacture own
product and sell the same under his own name. RV commenced
commercial operations (Job Work Activity) from August, 2015. The
total cost of the project was INR9.50 crore which was funded
through the term loan of INR6.30 crore and INR3.20 crore through
promoters' contribution. RV proposes to start its own productions
(Manufacturing) from the year 2017-18.


R V PLASTIC: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R V Plastic
Limited's Long-Term Issuer Rating to 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:

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

   -- INR70 mil. Non-fund-based bank guarantee migrated to Non-
      Cooperating Category

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

COMPANY PROFILE

RVPL was incorporated on Jan. 25, 1995, and is a supplier of
plastic granules.  The company has its registered office in New
Delhi and head office in Faridabad (Haryana).


REWINDER TECHNO: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rewinder Techno
Electricals' (RWE) 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:

   -- INR35 mil. Fund-based working capital limits migrated to
      Non-Cooperating; and

   -- INR20 mil. Non-fund-based limits migrated to Non-
Cooperating
      Category

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

COMPANY PROFILE

RTE was established in 1974 and is engaged in providing
navigational aids to aircraft during landing under the Runway
Lighting Project to facilitate safe landing during night or in
bad weather.  The company is also constructing a technical
building and radar towers for Indian Air Force.


RITU CARGO: CARE Reaffirms B+ Rating on INR12.59r LT Bank Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ritu Cargo Private Limited (RCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           12.59        CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RCPL continues to
remain constrained on account of its financial risk profile
marked by low PAT margin, leveraged capital structure and
moderate liquidity position. The rating is, further, continued to
remain constrained on account of competitive nature of the
transportation and logistics business with customer concentration
risk. The rating, however, continued to derive strength from the
experienced promoters with established presence of Ritu Group in
the transportation business and its reputed clientele base.

The ability of the company to increase its scale of operations
with stable profitability margins and improvement in solvency
position are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Financial risk profile marked by low PAT margin, leveraged
capital structure and moderate liquidity position During FY16,
PBILDT margin of the firm has declined FY16 over FY15 due to
significant increase in employee cost which offset to an extent
with decline in fuel cost. However, the PAT margin of the company
stood low due to capital intensive nature of the industry and
higher depreciation as well as interest cost in initial stage of
operations.

Capital structure of the company stood highly leveraged marked by
the overall gearing improved from in FY16 as against FY15 due to
scheduled debt repayment and accretion of profit to reserves.
Liquidity position of the company stood moderate. RCPL receives
advances for fuel expenses from customers and balance amount is
received within 60-90 days. The current ratio also stood
comfortable.

Competitive nature of the transportation and logistics business
with customer concentration risk and the entity's partnership
constitution

Transportation and logistics business is a highly competitive
business on account of high degree of fragmentation in the
industry with presence of a large number of small players having
limited fleet size, both in organized and unorganized sectors.
The prospects for RCPL would be largely governed by demand of
commercial vehicle in the market which in turn is directly linked
to overall economic growth of the country.

Key Rating Strengths

Experienced partners with established presence of Ritu Group in
the transportation business and its reputed clientele base

RLT is promoted and managed by Goyal family. Mr. Vishnu Goyal and
Mr. Hitendra Goyal look after the overall affairs of the firm
whereas Mr. Naresh Goyal, MBBS by qualification, looks after the
finance function of the firm. Being present in the transportation
industry since 1991, the promoters have acquired significant
experience of more than two decades and established a wide
network as well as clientele base in the transportation and
logistics industry.

RCPL has signed an agreement with two years validity effective
from August 1, 2012, with ALL for transportation of vehicles
manufactured by ALL from its manufacturing unit to various depots
located in all over India. The agreement has been renewed in
December 2014 and continues to renew after every two years. The
firm receives payment from ALL within 60-90 days of delivery of
goods. Furthermore, during FY16, the firm also transported goods
for NLB Transport Company.

Jodhpur-based (Rajasthan) RCPL was incorporated as a private
limited company by Ritu Group in July, 2013. Ritu group is
engaged in the transportation services since 1991 and has about
447 carriers/tankers as on March 31, 2016, running in the
transportation of oil, lubricants, bitumen, emulsion and
commercial vehicles. RCPL was promoted with an objective to
transport goods from port to various plants and vice versa and
have fleet size of 118 vehicles as on March 31, 2016. RCPL
has an arrangement with Bharat Petroleum Corporation Limited
(BPCL) and Indian Oil Corporation Limited (IOCL) in 2014
for transportation of its petroleum products in state of
Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh and Goa,
further both the contracts are valid till October, 2017.

During FY16, RCPL has reported a total operating income of
INR48.46 crore against INR32.52 crore during FY15 and PAT of
INR0.04 crore during FY16 against INR0.06 crore during FY15.


RPG INDUSTRIAL: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RPG Industrial
Product Pvt Ltd.'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:

   -- INR150 mil. Fund-based limit migrated to Non-Cooperating
      Category;

   -- INR240 mil. Term loan migrated to Non-Cooperating Category;
      and

   -- INR15 mil. Non-fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RPG was established in 2011 with a 19,800mtpa manufacturing plant
located at Meerut.  The entity recycles waste plastic bottles and
other industrial polyester waste to create fabric which it
supplies to textile industries across India.  The company is
managed by Mr. Sanjeev Gupta and Mr. Rajeev Gupta.


S.S. CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR3MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
S.S. Constructions (SSC) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)
   Cash Credit             3        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
along with high geographical and customer concentration in the
revenue profile. The ratings also factor in the modest net worth.
These rating weaknesses are partially offset by the extensive
experience of partners in the civil construction industry and
comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* High geographical and customer concentration in revenue
profile:

SSC derives its entire revenue from contracts to be executed in
Uttar Pradesh and floated by public works departments. This
results in high geographical and customer concentration in
revenue.

* Modest networth:
SSC had modest networth of INR4.46 crore as on March 31, 2016.

Strengths

* Partners' experience
SSC's partners, Mr. Manoj Kumar and his family, have experience
of over a decade in the civil construction segment. Their
experience helped to regularly and successfully bid for tenders
and execute orders efficiently.

* Comfortable debt protection metrics
Interest coverage was 3.8 times and net cash accruals to adjusted
debt (NCAAD) 0.15 times in fiscal 2016. Debt protection metrics
are expected to remain comfortable over the medium term.
Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from the partners' experience. The outlook may be revised to
'Positive' in case of significant and sustained improvement in
scale of operations and/or profitability or substantial capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if liquidity
is constrained by low cash accrual, large working capital
requirement or debt-funded capital expenditure.

Established in Ghaziabad (Uttar Pradesh) in 2010, SSC is a
partnership firm engaged in civil construction. The firm
constructs roads, bridges, and sewers for state government
departments in Uttar Pradesh; and is owned and managed by Mr.
Manoj Pradhan and his family.

SSC reported Profit after tax was INR0.72 crore on net sales of
INR22.64 crore in fiscal 2016, against net profit INR0.48 crore
on net sales of INR13.75 crore in fiscal 2015.


SAICON TILES: CRISIL Reaffirms B Rating on INR5.25MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saicon Tiles Private
Limited (STPL) continue to reflect a modest scale of operations
in the highly competitive ceramics industry. These weaknesses are
partially offset by promoters' extensive experience and proximity
of manufacturing facilities to raw material and labour sources.

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

   Cash Credit            2.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.25      CRISIL B/Stable (Reaffirmed)

   Term Loan              5.25      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly competitive ceramics
industry: The ceramic tiles industry is intensely competitive
with the presence of several small and large players. Thus
intense competition has kept the scale modest.

* Weak financial risk profile: The financial risk profile remains
weak, with stretched liquidity as indicated by its tightly
matched net cash accrual vis-a-vis debt obligations.

Strengths

* Extensive experience of promoters: Promoters have been active
in the ceramics industry for over a decade. Their understanding
of local market dynamics and established relationships with
suppliers and customers should continue to support the business
risk profile.

* Proximity to raw material sources: STPL has manufacturing
facilities in Morbi, the hub of the ceramic industry in India.
This results in significant benefits such as easy access to clay,
the key raw material, and to contractors and skilled labourers.

Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher-than-expected sales,
leading to substantial cash accrual, or improved working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected accrual due to reduced order flow or
profitability, or weakening of the financial risk profile because
of stretched working capital cycle or larger-than-expected, debt-
funded capital expenditure.

STPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Kamlesh Patel, Mr. Prakashkumar Dalsaniya, Mr. Jagdish
Dadhaniya, Mr. Pravinbhai Dalsaniya, and Mr. Hareshbhai Sershiya.
The company manufactures wall tiles at its facilities in Morbi.
It commenced commercial operations in July 2014.

Profit after tax (PAT) was INR0.48 crore on net sales of INR15
crore in fiscal 2016, against a net loss of INR0.87 crore on net
sales of INR5.17 crore in fiscal 2015.


SANGAM FORGINGS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sangam Forgings
Private Limited (SFPL) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR60 mil. Fund-based limit assigned with 'IND B/Stable'
      rating;

   -- INR45 mil. Non-fund-based limit assigned with 'IND A4'
      rating

                        KEY RATING DRIVERS

The ratings are constrained by SFPL's small scale of operations
as reflected by revenue of INR99.9 million in FY16 (FY15:INR126
million).  The ratings reflect the company's pending small order
book of around INR30 million as on Jan.31, 2017, indicating low
revenue visibility.  The ratings further reflect SFPL's weak
credit metrics due to EBITDA margin of negative 16.2% in FY16
(FY15: 14.6%).  Interest coverage (operating EBITDAR/gross
interest expense) stood at negative 1.1x in FY16 (FY15: 1.2x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) was negative 5.4x (4.0x).

According to interim financials of 9MFY17 revenue was
INR39 million indicating a decline in the scale of operations
during FY17.  During 9MFY17 operating margin was 16%; the agency,
therefore, believes the operating margins to have improved during
FY17 leading to improvement in the overall credit metrics.

The ratings are further constrained by SFPL's tight liquidity
profile as reflected in 99% utilization of the fund-based limits
during the 12 months ended February 2017.

The ratings, however, benefit from promoter's experience of more
than a decade in the forging business.

                         RATING SENSITIVITIES

Positive: Improvement in the profitability leading to improvement
in the overall credit metrics will be positive for the ratings.
Negative:  Any deterioration in liquidity profile will be
negative for the ratings.

COMPANY PROFILE

SFPL was incorporated in 1976, and is engaged in the
manufacturing of forging products.


SANGOTRA FASHIONS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sangotra
Fashions Private Limited's (SFPL) 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:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 5, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mumbai-based SFPL manufactures and exports readymade garments; it
was incorporated in 2010.


SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Shakti Mines and Minerals (SMM; a unit of
Shakti Agencies Private Limited [SAPL]).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              8       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's modest scale of operations in the
intensely competitive iron ore trading business, stretched
receivables, and vulnerability of business to cyclicality in the
end-user steel industry. These weaknesses are partially offset by
the extensive experience of its promoters and moderate financial
risk profile because of healthy total outside liabilities to
tangible networth ratio and adequate debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets have
been in the high 170-200 days range in the three years ended
March 2016 due to stretched receivables of 160-190 days.

* Vulnerability to cyclicality in end-user industry: Though the
firm's operating profit margins have been moderate in the past
three years due to favourable pricing policy and back-to-back
purchase arrangements, they remain susceptible to volatility in
iron ore prices that are largely driven by cyclicality in the
steel industry.

Strengths

* Extensive experience of promoters: Presence of over a decade
through other entities has enabled the promoters to develop
strong relationship with suppliers and customers.

Outlook: Stable

CRISIL believes SMM will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of a significant ramp-up in
operations, while maintaining profitability and capital
structure. The outlook may be revised to 'Negative' if financial
risk profile weakens because of sizeable working capital debt or
low revenue and profitability.

SMM, a unit of SAPL, trades in iron ore and was set up in 2005 as
a partnership firm by Mr. Manish Mandal and his brother, Mr.
Sriprakash Mandal. In April 2006, it was acquired by SAPL, which
was set up by the Mandal brothers in 1989. SAPL currently has
only one unit, SMM, and no other business operations.

The firm has recorded profit after tax (PAT) of INR0.69 crore on
net sales of INR35.24 crore in 2015-16 as against PAT of INR0.88
crore on net sales of INR35.67 crore in 2014-15.


SHREE RADHA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Radha
Krishna Vinimay Private Limited (SRKVPL) a Long-Term Issuer
Rating of 'IND BB-'.  The Outlook is Stable.  The instrument-wise
rating action is:

   -- INR25 mil. Fund-based limits assigned with 'IND BB-/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect SRKVPL's small scale of trading operations
with weak credit profile.  In FY16 revenue was INR416 million
(FY15: INR363 million), EBITDA interest coverage (operating
EBITDA/gross interest expenses) was negative 1.5x (1.2x) and net
financial leverage was negative 3.7x (5.1x).  Operating EBDITDA
margin was low at negative 1.7% during FY16 (FY15: 1.3%) on
account of an increase in the operating cost.  However, according
to 9MFY17 provisional numbers operating margin improved to 4.0%
and interest coverage to 1.6x.  Operating margin mainly improved
with the improvement in the operating cost.

The ratings factor in SRKVPL's tight liquidity position as
reflected in 99.85% average utilization of the working capital
facility for 12 months ended February 2017.

The ratings, however, derive benefit from close to a decade of
experience of SRKVPL's proprietor in the construction material
trading business.

                      RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and operating
profitability along with improvement in the credit metrics will
be positive for ratings.

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

COMPANY PROFILE

Incorporated in 2012 by Ranchi-based Sarwagi family, SRKVPL is
involved in the trading of construction materials such as steel,
cement, electric items and sanitary ware.  The company is managed
by Mr. Amit Sarawgi and Mrs. Swati Sarawgi.

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


SHYAM ENTERPRISES: CRISIL Cuts Rating on INR37.07MM Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shyam Enterprises (SE) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            37.07      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      1.23      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that the company's
liquidity will remain constrained in the near term because of low
cash accrual of INR0.02-0.03 crore in fiscal 2017, insufficient
to meet incremental working capital requirement, leading to
continued high reliance on bank debt. Revenue declined by 13% in
fiscal 2017 due to a fall in skimmed milk powder (SMP) prices.
Furthermore, gross current assets were high at 100-150 days in
the three fiscals ended March 31, 2017, primarily because of
large finished goods inventory of three to four months to cater
to demand for milk products; this has been predominantly funded
by bank borrowing. The fund-based limit was utilised at around
97% over the 14 months through February 2017.

The rating continues to reflect a modest scale of operations in
the fragmented dairy industry and exposure to fluctuation in raw
material prices, leading to a low operating margin. The margin
was around 0.31% in fiscal 2016 due to a fall in prices, but is
expected to improve over medium term with a rise in prices.
Liquidity will be adequate because of no capital expenditure
(capex) plan over medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
Revenue was INR95 crore in fiscal 2016. The modest scale is
because of the fragmented nature of the industry and intense
competition. Revenue is expected to grow at 5-10% per fiscal over
medium term.

* Below average financial risk profile:
The total outside liabilities to tangible networth ratio was 1.67
times as on March 31, 2016. In the absence of debt-funded capex,
the ratio is expected at 1.4-1.5 times over the medium term.
However, the operating margin is low because of the trading
nature of business; this, along with a leveraged capital
structure, resulted in weak debt protection metrics, with
interest coverage ratio at 0.14 time for fiscal 2016. The ratio
is expected to remain weak at 1.0-1.3 times over medium term.
Continued losses have also eroded the networth and led to higher
dependency on bank borrowing, weakening the capital structure.

Strengths

* Established procurement network and market position in the
dairy products industry: The firm procures milk directly from
farmers and milkmen. It has five bulk milk coolers and chilling
centresand 100 milk collection points with chillers covering over
50,000 farmers, 12,000 milk suppliers, and more than 100,000
retailers and wholesalers. Its chilling centres have a capacity
to store 0.25 million litre of milk per day and are in eastern
Uttar Pradesh (Osha, Saini, Faizabad, Chitrakoot, and Damai).
Furthermore, it has a longstanding and established network of
distributors and a reach in multiple areas outside Uttar Pradesh.

Outlook: Stable

CRISIL believes SE will continue to benefit from its established
procurement network and market position in the dairy industry.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in scale of operations and cash accrual, and
better working capital management, leading to improvement in the
capital structure and debt protection metrics. The outlook may be
revised to 'Negative' in case of large, debt-funded capital
expenditure or significant pressure on profitability, resulting
in weakening of the capital structure.

SE was set up as a partnership firm in 1992 by Mr. Shyama Charan
and his family members. The firm manufactures dairy products,
such as SMP, ghee, milk, and butter, which it markets under the
Shyam brand.

Net loss was INR5.97 crore on net sales of INR109.63 crore in
fiscal 2016, against a net loss of INR6.93 crore on net sales of
INR88.53 crore in fiscal 2015.


SURANA META: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Surana Meta Cast
(India) Private Limited (SMCPL) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR103.6 mil. Term loan assigned with 'IND B/Stable'
      rating;

   -- INR25 mil. Fund-based limits assigned with 'IND B/Stable'
      rating;

   -- INR25.5 mil. Non-fund-based limits assigned with 'IND A4'
      rating

The ratings reflect SMCPL's small scale of operations and weak
credit profile.  In FY16, SMCPL's revenue was INR319 million
(FY15: INR328 million), net financial leverage (adjusted net
debt/operating EBITDA) was 6.1x (7.1x), interest coverage
(operating EBITDA/gross interest expense) was 1.1x (1.2x) and
EBITDA margin was 11.0% (9.7%).  The improvement in EBITDA margin
was due to a decline in overhead expenses and an increase in
other operating income, thereby leading to an improvement in net
financial leverage.

The ratings also reflect SMCPL's tight liquidity position,
indicated by an almost full use of the fund-based working capital
limits during the three months ended March 2017.

The ratings, however, are supported by over SMCPL's promoters'
three-decade experience in the iron and steel industry.

                         KEY RATING DRIVERS

Negative: Deterioration in overall credit metrics could be
negative for the ratings.

Positive: An improvement in the scale of operations and overall
credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, SMCPL manufactures stainless steel ingots,
flat bars and round bars.  It has a manufacturing facility in
Mehsana, Ahmedabad.  The site has an installed capacity of 4,000
metric tons per annum.

SMCPL outsources the manufacturing of flat and round bars to
local rolling mill players.  The company supplies stainless steel
ingots to such local players for flat and round bar
manufacturing.


TP BUILDTECH: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated TP Buildtech
Private Limited's (TPBPL) 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:

   -- INR40 mil. Fund-based limits migrated to Non-Cooperating
      Category; and

   -- INR50 mil. Non-fund-based limits migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 15, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

TPBPL was incorporated on Nov. 6, 2012, and manufactures
polycaroxylate ether.  It is a joint venture between Tinna Group,
headed by Bhupinder Kumar, and PI Industries, headed by Mayank
Singhal.  The company's registered office is located in Mehrauli
(Delhi).


V.R. FOUNDRIES: CRISIL Reaffirms 'D' Rating on INR42MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
V.R. Foundries (VRF) at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        4        CRISIL D (Reaffirmed)
   Cash Credit            15        CRISIL D (Reaffirmed)
   Term Loan              42        CRISIL D (Reaffirmed)

The rating reflects instances of delay in servicing the term
debt; the delays have been caused by a weak operating performance
in fiscal 2016 and large capital expenditure.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: A cash loss in fiscal 2016 has led
to weak capital structure and debt protection metrics.

* Exposure to intense competition in the highly fragmented
castings and forgings industry: The industry comprises numerous
players because of low entry barriers resulting from limited
capital intensity; this limits pricing flexibility for mid-sized
players like VRF.

Strengths

* Extensive experience of the promoter and an established
relationship with customers: The promoter, Mr. V Rajendran, has
domain experience of over 30 years and has established a
longstanding relationship with customers across sectors.

VRF was set up as a partnership firm by Mr. V Rajendran and his
family members in 1974. The firm, based in Coimbatore, Tamil
Nadu, produces grey iron castings used in the engineering,
automobile, textile, and agricultural sectors.

Net loss was at INR19.77 crore on net sales of INR52.53 crore in
fiscal 2016, vis-a-vis a net loss of INR1.13 crore on net sales
of INR55.78 crore in fiscal 2015.


VANTAGE MOTORS: CRISIL Assigns 'B' Rating to INR4.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vantage Motors LLP (VML).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Term Loan          2.4        CRISIL B/Stable
   Inventory Funding
   Facility                4.5        CRISIL B/Stable

The rating reflects the exposure to implementation,
stabilisation, and offtake risks associated with its ongoing
project and modest scale with geographic concentration in
revenue. These weaknesses are partially offset by the experience
of promoters and strong market position of the principal, Hyundai
Motors India Ltd (HMIL; rated 'CRISIL A1+').

Key Rating Drivers & Detailed Description

Weakness

* Exposure to implementation, stabilisation and offtake risks
associated with its ongoing project: VML is yet to start its
operations and is currently setting up its showroom-cum-workshop
at Hajipur, Bihar, at a total cost of about INR4.8 crore, and
thus, is exposed to implementation, stabilisation and offtake
risks.

* Modest scale with geographic concentration in revenue: Revenue
is expected to be low, over the medium term, post stabilisation
of operations. Furthermore, it is exposed to geographic
concentration, and any demand sluggishness in the region could
affect revenue.

Strengths

* Extensive experience of the promoters and strong brand presence
of its principal: The business risk profile is supported by the
experience of its promoters, and established brand and strong
market presence of its principal, HMIL.

Outlook: Stable

CRISIL believes VML will continue to benefit in the medium term
from its promoters' extensive experience and funding support. The
outlook may be revised to 'Positive' in case of increase in scale
and profitability, while improving the financial risk profile due
to increase in cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the financial
risk profile, particularly liquidity, due to lower-than-expected
cash accrual, higher-than-expected working capital requirement,
or any significant, debt-funded capital expenditure.

Established in 2016 as a partnership between Mr. Abhijeet Kumar
and Mr. Kumar Aadya Nandan, VML, an authorised dealer for HMIL
for sale and service of Hyundai cars, is expected to commence
operations by June 2017, from its showroom cum workshop in
Hajipur.


VETRIVEL EXPLOSIVES: CRISIL B Rating Remains on Watch Negative
--------------------------------------------------------------
CRISIL rating on the bank facilities of Vetrivel Explosives
Private Limited (VEPL) remains on 'Rating Watch with Negative
Implications'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Continues on
                                     'Rating Watch with Negative
                                     Implications')

   Cash Credit             15        CRISIL B (Continues on
                                     'Rating Watch with Negative
                                     Implications')

   Letter of Credit         4        CRISIL A4 (Continues on
                                     'Rating Watch with Negative
                                     Implications')

   Term Loan               31.45     CRISIL B (Continues on
                                     'Rating Watch with Negative
                                     Implications')

On Dec. 20, 2016, CRISIL had downgraded its ratings on the bank
facilities of VEPL to 'CRISIL B/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+' and placed its rating on 'Watch with Negative
Implications'. The rating action followed a temporary suspension
of the company's license by the chief controller of Explosives
(CCE) from the Petroleum and Explosives Safety Organisation
(PESO) following an accident in the factory premises of the
company on December 1, 2016.  The rating downgrade reflected
CRISIL's belief that VEPL's financial risk profile, especially
liquidity, would weaken significantly,  on account of temporary
shut-down in operations and seizure of inventory leading to
decline in the revenues and operating profitability leading to
lower cash accruals.

The rating has been placed on 'Watch with Negative Implications'
because of expected further deterioration in the company's
liquidity position given its scheduled debt repayment obligations
and  the lack of clarity in the timeline for restarting of
operations and stabilization of operating performance. CRISIL is
in discussion with the management team of the company to
ascertain the impact, on the credit risk profile of the company.
CRISIL shall remove the ratings from 'Watch' and take a final
rating action once there is clarity on these aspects.

The ratings also reflect the subdued financial risk profile
because of high gearing and weak debt protection metrics, and
modest scale of operations in the intensely competitive civil
explosives and hotel segments. These rating weaknesses are
partially offset by the extensive experience of VEPL's promoters
and the company's established regional position in the explosives
industry.

Key Rating Drivers & Detailed Description

Strengths

* Established regional presence and extensive experience of
promoters: VEPL has an established presence of around 17 years in
the civil explosives business. It has its own manufacturing
facilities to produce variety of explosives and blasting
accessories, and has about 20 registered brands. It also
manufactures pentaerithritol tetranitrate (PETN) for captive
consumption, which is used in pentolite business. Furthermore,
the operating capabilities are enhanced by its own fleet of more
than 60 licensed tankers that are used for transportation of bulk
explosives.

Weakness

* Modest scale of operations in intensely competitive civil
explosives segment: VEPL faces stiff competition in the domestic
civil explosives business that is marked by large number of
players in a fragmented industry who have dominant market
position. Though the company has moderate scale of operations, it
derives major portion of its revenue from domestic market with
around 150 dealers present across Southern India. As these
explosives are mostly used for mining and quarrying purpose,
orders from government entities like Coal India Ltd (rated
'CRISIL AAA/Stable/CRISIL A1+') and Neyveli Lignite Corporation
Ltd (rated 'CRISIL AAA/Stable') are tender-based leading to
intense price based competition that affect the margins of the
company. Furthermore, the demand for civil explosives is based on
derived demand for materials used for infrastructure and real
estate projects making it susceptible to downtrends in such
industries. CRISIL believes that VEPL's revenue visibility will
remain moderate on account of stiff competition.

VEPL was set up as a partnership firm in Salem, Tamil Nadu, in
1999, and was reconstituted as a closely held private limited
company in 2000. Till 2012-13, VEPL only manufactured civil
explosives. Since 2013-14, post-merger with Sivasakthi Hotels, it
has been operating a 4-star hotel in Salem.

VEPL provisionally reported a profit after tax (PAT) of INR4.3
Crores on operating income of INR139.8 Crores for fiscal 2016 as
against a PAT of INR1.8 Crores on operating income of INR113.6
Crores for fiscal 2015.


VITTHALRAO SHINDE: CRISIL Reaffirms B+ Rating on INR325MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Vitthalrao Shinde Sahakari Sakhar
Karkhana Limited (VSSSKL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      35       CRISIL B+/Stable (Reaffirmed)

   Sugar Pledge Cash
   Credit                 325       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the society's below-average
financial risk profile marked by high gearing and below-average
debt protection metrics despite of a healthy networth, and
stretched liquidity as a result of large working capital
requirement and debt obligation. The rating also factors in
susceptibility to cyclicality in, and regulatory framework of,
the sugar industry. These weaknesses are partially offset by the
extensive experience of VSSSKL's key promoter and moderate
operating efficiency backed by integrated operations.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Large bank debt availed
to fund working capital requirement and term loans contracted for
capex will keep the gearing high at 5 times as on March 31, 2017.
Further debt protection metrics will also remain below-average
reflected in interest coverage at 1.5 times for fiscal 2017
because of high interest costs. .

* Stretched liquidity as a result of large working capital
requirement and high debt obligation: VSSSKL's large working
capital requirement constrains its liquidity; its gross current
assets will be over 400 days as on March 31, 2017, almost in line
with 421 days as on March 31, 2016because of large inventory
holding; these requirements are funded through high reliance on
short term bank debt. Further its accruals over the medium term
are expected to be tightly matched with high debt obligation.

* Susceptibility to cyclicality in, and regulatory framework of,
the sugar industry: The sugar manufacturing industry is highly
regulated and is also exposed to risks related to seasonality in
sugarcane production. These factors have impact on the scale of
operations and profitability.

Strengths

* Experience of promoter: The key promoter, Mr. Babanrao Shinde,
has been in the sugar industry for over 15 years and has
developed healthy relation with local farmers. Benefits from his
experience should continue to support the business.

* Moderate operating efficiency backed by integrated operations:
The society has integrated operation with capacities of 8,500
tonne sugar crushed per day, 38 megawatt for power, and 60
kilolitre per day for alcohol. This helps to face downturns in
the industry as revenue is more stable, unlike for other non-
integrated players.

* Healthy networth: Networth was healthy at INR125 crore as on
March 31, 2017 because of adequate accretion to reserves in the
past.

Outlook: Stable

CRISIL believes VSSSKL will continue to benefit over the medium
term from the promoter's experience and integrated nature of
operations. The outlook may be revised to 'Positive' if
significant and sustainable increase in cash accrual and
improvement in working capital cycle through liquidation of stock
strengthens liquidity and capital structure. Conversely, the
outlook may be revised to 'Negative' if low cash accrual, larger-
than-expected debt-funded capital expenditure or stretched
working capital cycle weakens financial risk profile, especially
liquidity.

Set up as a co-operative society in 2001 by Mr. Babanrao Shinde,
VSSSKL has a sugar plant with crushing capacity of 8,500 tonne
per day, a 38-megawatt power cogeneration plant, and a distillery
with 60 kilolitre per day capacity.

Profit after tax was INR3 crore on net sales of INR45 crore in
fiscal 2016, against INR11 crore and INR71 crore, respectively,
in fiscal 2015.


YADAV TRACTOR: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yadav Tractor
Company's (YTC) 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:

   -- INR24.3 mil. Cash credit migrated to Non-Cooperating
      Category; and

   -- INR30 mil. Letter of guarantee migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 10, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

YTC was established as a partnership firm in 1990 and is engaged
in the sales, services and spares of Mahindra Tractors.  It also
holds a 3S authorised dealership of Mahindra tractors.  The
company is located in Lucknow, Uttar Pradesh.



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


TOSHIBA CORP: Ups on Reports Amazon, Dell Could Join Hon Hai Bid
----------------------------------------------------------------
Peter Wells at The Financial Times reports that Toshiba Corp. is
among the top performers in the Japanese stock market on April 20
following reports one of the leading bidders for the
conglomerate's prized memory chip unit is considering a plan that
may help alleviate concerns about foreign ownership.

The FT, citing Mainichi, relates that Taiwan's Hon Hai Precision
Industry is said to be considering a plan where it would acquire
a 20 per cent slice of Toshiba's Nand flash memory spin-off, with
the remainder to be split among Japanese and US companies that
could include Amazon and Dell.

Under the plan, Sharp would take a 10 per cent stake, with
another Japanese company picking up an equivalent slice, the FT
says.

Hon Hai, also known as Foxconn, had approached Apple about a
potential joint bid for Toshiba's chip business, the report
relates.  According to the FT, Mainichi reported that the
Taiwanese company may ask its main client to take a circa 20 per
cent stake in Toshiba's memory business, and for Amazon and Dell
to each take a 10 per cent holding.

Toshiba shares were up 5.1 per cent, making them the seventh-best
performer on Japan's Topix on April 20, which was up 0.4
per cent, the FT discloses. Shares had been up as much as 7.2 per
cent on April 20, and have put on nearly 11 per cent over the
past three consecutive sessions.

On April 18 the Innovation Network Corporation of Japan (INCJ), a
government-backed fund, officially expressed its interest in
Toshiba's chip division that is being put on the block for more
than $18bn in an effort to repair Toshiba's severely damaged
balance sheet, according to the FT.

Japanese government officials and business leaders have
previously expressed concerns about the Toshiba's flash memory
technology falling into Chinese hands, but efforts to find a
consortium of Japanese buyers has so far made little progress,
the FT adds.

                          About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, 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.



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



TE MANIA: Avoids Liquidation; Wilding Given Chance to Buy Shares
----------------------------------------------------------------
The long contest over the future of New Zealand's prestigious Te
Mania Aberdeen Angus Stud in North Canterbury has been determined
by the High Court in Christchurch.

Te Mania Livestock Ltd ("TML") was formed in 1996, to include
descendants of the stud's 1926 founder, Edwin Wilding, together
with overseas and New Zealand interests.

Over time severely fractured personal and corporate relationships
developed, leading to a range of court actions culminating in a
2016 civil trial, which ran into 2017.

The principal issue for the Court was whether TML should be put
into liquidation or whether a minority shareholder and the
plaintiff in the case, Mr. Timothy Wilding, should have the
opportunity to purchase the shares of other shareholders who wish
to exit their investment, and if so at what price.

Under section 174 of the Companies Act the Court has wide
discretionary powers to act in circumstances where a shareholder
or the affairs of a company have been, are being, or are likely
to be "conducted in a manner that is oppressive, unfairly
discriminatory, or unfairly prejudicial."

In an interim judgment released on 5 April 2017, Nicholas
Davidson J held that S 174 was engaged. Voluminous evidence
adduced over 32 days of hearing demonstrated the conduct of the
parties, had at times been prejudicial and discriminatory to the
company, in various ways and there was no good will left between
them. The likelihood of further prejudice to TML was elevated to
certainty,

The Court noted that while the parties were all able and well
intentioned, their different aspirations, and a breakdown in
their personal relationships, meant they should have separated
their interests several years ago. Instead they remained involved
while a series of severely disruptive events heightened the
division between them.

The Court held that the company must be fundamentally
restructured or liquidated.

As liquidation is an option of last resort and there is a
promising future for the Te Mania Aberdeen Angus Stud, the Court
concluded it was in the interest of all parties, including
creditors, that Timothy Wilding be given the opportunity to
purchase the shares of those shareholders who wish to exit their
investment, at a fair value fixed by the Court. Only if Mr.
Wilding cannot or will not do so should the Company pass into
liquidation.

The reasons for the Court's judgment, including a detailed fair
value of the shares, are set outset out the separate Reasons for
interim Judgment released on April 5.

Among the wide range of claims and counterclaims the court had to
determine before coming to its final decision were: the conduct
of the parties since TML's formation; the handling of various
lease arrangements relating to land, including Department of
Conservation land; allegations of stock mistreatment, malicious
prosecution and abuse of process. Multiple valuation issues have
been determined.

A condition of the Interim Judgment is that Mr. Wilding not
pursue any further action in relation to any of the issues
addressed in the Interim Judgment, as without this there would be
no clean break between the parties. Some residual issues are
still to be determined if Mr. Wilding elects to purchase the
shares.



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


DAEWOO SHIPBUILDING: Seeks Court OK for KRW2.9-Tril. Bailout Plan
-----------------------------------------------------------------
The Korea Herald reports that Daewoo Shipbuilding & Marine
Engineering filed a petition with the Changwon District Court on
April 20, seeking approval for its KRW2.9 trillion ($2.5 billion)
bailout plan.

If DSME's mass debt-restructuring proposal is approved, the cash-
strapped shipbuilding firm will receive KRW2.9 trillion in
liquidity from its major creditors, including the Korea
Development Bank and the Export-Import Bank of Korea. Upon the
court's approval, there will be a weeklong window for bondholders
to make an appeal, the report says.

If the approval is finalized, roughly half of the outstanding
balance of fresh corporate bonds worth KRW1.35 trillion will be
invested into the company, while the balance will be deferred for
three years, according to The Korea Herald.

The Korea Herald relates that DSME officials said the company is
aiming to reduce labor costs by 25 percent -- from KRW840 billion
last year to KRW640 billion this year -- by cutting employee
wages and unpaid leave periods by the end of this year.

The report notes that DSME's self-rescue mission comes amid a
worldwide shipping industry slump, largely attributed to falling
freight rates triggered by vessel and an oversupply of
shipbuilding equipment.

                     About Daewoo Shipbuilding

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

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

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

The shipbuilder suffered an operating loss of KRW1.61 trillion
(USAUD1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015.  Its net loss narrowed to KRW2.71
trillion last year from a loss of KRW3.3 trillion a year earlier
with sales also dipping 15.1% on-year to reach KRW12.74
trillion.


* SOUTH KOREA: Smaller Shipbuilders on the Brink
------------------------------------------------
Jung Min-hee at Business Korea reports that smaller South Korean
shipbuilders are going through harsh times. Business Korea
relates that most of them have already gone under or are about to
go bankrupt. "It is not desirable at all to stop supporting
smaller shipbuilders suffering from the lack of work based on
uniform criteria," the report quotes an industry expert as
saying. "The South Korean government needs to restructure the
companies in view of their expertise so that they can benefit
from the revitalization of the industry in the future."

Business Korea says Sungdong Shipbuilding & Marine Engineering,
which has three shipyards in Tongyoung, South Gyeongsang
Province, has no more work to do once it delivers 16 tankers with
a combined capacity of 113,000 tons to Europe in October this
year. This company has signed no new shipbuilding contract at all
since the beginning of last year although it used to rank 10th in
the world in terms of order backlog, the report relates.

Only one of its shipyards is in operation now, Business Korea
discloses. One of the other two is scheduled to be sold to
Hyundai Development Company for KRW110.7 billion (US$99.6
million) and the other one has been shut down, according to
Business Korea. 530 of its employees left the company late last
year, dropping the number of its employees to 1,460, the report
discloses.

Business Korea relates that STX Offshore & Shipbuilding, which is
currently in receivership, is suffering from the lack of work,
too. Its ship delivery is slated to be completed in January next
year.  The report adds that SPP Shipbuilding, which is located in
Sacheon, South Gyeongsang Province, closed its business after
delivering its last ship in February this year. Only 10 or so
managers are left in the company as of now, Business Korea
discloses.

According to Business Korea, the South Korean government is not
planning on any additional assistance for the smaller
shipbuilders. "These shipbuilders' major business items are
medium-sized tankers, container carriers and bulk carriers and
Chinese companies almost caught up with them when it comes to the
technology required for these items," it explained, adding,
"Besides, these types of ships built by the Chinese companies are
more competitive in terms of price," Business Korea says.

In the absence of assistance from the government, the
shipbuilders have no choice but to restructure themselves by
means of private capital, the report states. Business Korea adds
that the government is considering that financing by state-run
banks has already reached its limit and is planning to make use
of private equity funds down the road. To this end, it is to
raise a fund of KRW2 trillion by the end of this year, in which
the private sector is to shoulder half of the burden, reports
Business Korea.



                             *********

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 ***