TCRAP_Public/170428.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 28, 2017, Vol. 20, No. 84

                            Headlines


A U S T R A L I A

ALLJAP (AJS): First Creditors' Meeting Set for May 5
ALLPOWER ELECTRICAL: Second Creditors' Meeting Set for May 3
COMPLETE BELTING: First Creditors' Meeting Set for May 4
HMA ARCHITECTS: Second Creditors' Meeting Set for May 4
REMOTE CONTRACTING: First Creditors' Meeting Set for May 4


C H I N A

CHONGQING IRON: Warns of Bankruptcy After Creditor Goes to Court


H O N G  K O N G

OWL CREEK: To Shut Asian Hedge Funds, Deregister Hong Kong Office


I N D I A

ALTAIR POWER: CRISIL Reaffirms 'B-' Rating on INR5MM LT Loan
ANKITA AGRO: CRISIL Reaffirms B- Rating on INR6.51MM Term Loan
ASAN STEELS: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
ASIAN EARTHMOVERS: CRISIL Reaffirms 'D' Rating on INR6MM Loan
ATHENA EDUCATIONAL: CRISIL Reaffirms 'B' Rating on INR6.4MM Loan

CHAKRI FISHERIES: CRISIL Reaffirms 'B' Rating on INR1.20MM Loan
DOUBLE-DEE TECHNOLOGY: CRISIL Rates INR4.6MM Long-Term Loan at B+
EDEN CRITICAL: CRISIL Reaffirms 'D' Rating on INR19.5MM Term Loan
HARVINS CONSTRUCTIONS: CRISIL Ups Rating on INR7.5MM Loan to B+
HINDUSTHAN TECHNOLOGIES: CRISIL Reaffirms 'B' INR2.5M Loan Rating

HK INFRAVENTURES: CRISIL Assigns 'B' Rating to INR6MM Term Loan
INTIMATE JEWELS: CRISIL Cuts Rating on INR7.5MM LT Loan to 'B'
JINDAL STEEL: CRISIL Reaffirms 'D' Rating on INR13.36MM Loan
JMK MOTORS: CRISIL Reaffirms B+ Rating on INR7MM Loan
JUMBO FIREWORKS: CRISIL Assigns 'D' Rating to INR11MM Cash Loan

KAMALESH CONSTRUCTION: CRISIL Reaffirms B Rating on INR3.2MM Loan
MBR GROUP: CRISIL Lowers Rating on INR50MM LT Loan to 'B'
MSPL LIMITED: CRISIL Lowers Rating on INR465MM Term Loan to 'B'
PARAS RAM: CARE Reaffirms B+ Rating on INR7.71cr LT Loan
PK ENGINEERS: CARE Assigns B+ Rating to INR4cr LT Loan

PRATAP WAHINI: CARE Reaffirms B+ Rating on INR4.52cr LT Loan
RAGHAV INDUSTRIES: CRISIL Raises Rating on INR28.93MM Loan to BB-
RAJ BREEDERS: CRISIL Reaffirms 'D' Rating on INR18.3MM Cash Loan
RAJ CHICK: CRISIL Reaffirms 'D' Rating on INR13.38MM LT Loan
RAJ GEMS: CRISIL Lowers Rating on INR25.95MM Loan to B+

RAJKUMAR FORGE: CRISIL Lowers Rating on INR5MM Loan to 'B+'
REMI EDELSTAHL: CRISIL Withdraws B+ Rating on INR16.75MM Loan
SADARAM GINNING: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan
SAI POWER: CRISIL Cuts Rating on INR3MM Cash Loan to 'B'
SAMAY ALLOYS: CRISIL Reaffirms B- Rating on INR5MM Cash Loan

SANGHAVI JEWEL: CARE Lowers Rating on INR85cr LT Loan to B+
SHINGHAL AGRI: CARE Assigns 'B' Rating to INR11.77cr LT Loan
SHRIRAM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR9MM Loan
SHYAM CORPORATION: CRISIL Cuts Rating on INR16.1MM Loan to 'B'
SINGRAULI FINLEASE: CARE Issues B Issuer Not Cooperating Rating

SKEMA INTERNATIONAL: CRISIL Rates INR3.5MM Term Loan at B+
SONU BUILDERS: CRISIL Cuts Rating on INR3.0MM Cash Loan to 'B'
SRI VENKATESWARA: CRISIL Lowers Rating on INR13MM Loan to 'B'
SULAKSHANA AGENCIES: CRISIL Cuts Rating on INR6MM Cash Loan to B
TRANFORMEX FERROUS: CARE Issues B Issuer Not Cooperating Rating

UTTAM GALVA: Faces Insolvency Bid Over INR110.4cr Loan Default
V. N. PETHE: CRISIL Assigns 'B' Rating to INR4.55MM Cash Loan


J A P A N

KAWASAKI KISEN: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
TAKATA CORP: Mulls Selling Operations After Filing for Bankruptcy
TOKYO ELECTRIC: S&P Raises CCR to 'BB' on Earnings Prospects


N E W  Z E A L A N D

FEDERATION CLOTHING: Appeal on NZ$450K Fine Dismissed


P H I L I P P I N E S

RURAL BANK OF GOA: Deadline for Filing Claims Set for May 26


S O U T H  K O R E A

LEO MOTORS: Incurs $6.41 Million Net Loss for 2016


                            - - - - -


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


ALLJAP (AJS): First Creditors' Meeting Set for May 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Alljap
(AJS) Pty Ltd will be held at Level 4, 232 Adelaide Street, in
Brisbane, Queensland, on May 5, 2017, at 10:30 a.m.

Peter Anthony Lucas & Nicholas Francis Carter of P A Lucas & Co
were appointed as administrators of Alljap (AJS) on April 21,
2017.


ALLPOWER ELECTRICAL: Second Creditors' Meeting Set for May 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Allpower
Electrical Contracting Pty Ltd has been set for May 3, 2017, at
10:30 a.m., at 165 Camberwell Road, in Hawthorn, East Victoria.

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.

Roger Darren Grant and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of Allpower Electrical on
April 3, 2017.


COMPLETE BELTING: First Creditors' Meeting Set for May 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Complete
Belting Solutions Pty. Ltd. will be held at the offices of
Hamilton Murphy, 237 Swan Street, in Richmond, Victoria, on
May 4, 2017, at 10:30 a.m.

Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Complete Belting on April 21, 2017.


HMA ARCHITECTS: Second Creditors' Meeting Set for May 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of HMA
Architects Pty Ltd has been set for May 4, 2017, at 11:0 a.m., at
the offices of Pitcher Partners, Level 1 914 Hay 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.

Bryan Kevin Hughes, Daniel Bredenkamp and Renee O'Driscoll of
Pitcher Partners were appointed as administrators of HMA
Architects on March 20, 2017.


REMOTE CONTRACTING: First Creditors' Meeting Set for May 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Remote
Contracting Services Pty Ltd will be held at Paspalis Business
Centre, Level 1, 48 - 50 Smith Street, in Darwin, Northern
Territory, on May 4, 2017, at 2:30 p.m.

Nicholas Gyss and Stephen Duncan of DuncanPowell were appointed
as administrators of Remote Contracting on April 21, 2017.



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


CHONGQING IRON: Warns of Bankruptcy After Creditor Goes to Court
----------------------------------------------------------------
Reuters reports that China's debt-stricken Chongqing Iron and
Steel Company warned of the risk of bankruptcy on April 25, after
one of its creditors submitted an application to a local court to
reorganise its assets.

According to Reuters, Chongqing Steel said in a notice posted to
the Hong Kong Stock Exchange that the creditor, identified as
Chongqing Laiquyuan Trading, told a court on April 24 that the
southwest China-based steelmaker's assets were not sufficient to
pay off all its debts.

"If the court formally accepts the application for reorganization
. . . (Chongqing Steel) will be exposed to the risk of
declaration of bankruptcy," the company, as cited by Reuters,
said.

Reuters notes that the firm, which has blamed its predicament on
China's economic downturn, industrial overcapacity, soaring
labour costs and low steel prices, has tried to expand into more
profitable sectors and ditch its steelmaking assets, which
operate at a loss.

But it said last week that there was "great uncertainty" whether
its restructuring plans could proceed, with the firm struggling
to reach an agreement with its main creditors, Reuters relays.

Reuters relates that Chongqing Steel said the company's audited
net profits and assets were negative for both 2015 and 2016, and
if they remain the same this year, the Shanghai Stock Exchange
will suspend trading in the company's shares.

The firm's former deputy general manager, Dong Ronghua, was put
under investigation by China's graft-busting agency late last
year for unspecified "serious disciplinary violations," Reuters
adds.

Chongqing Iron & Steel Company Limited is a company principally
engaged in the manufacture and distribution of iron and steel
products. The Company's main products consist of steel panels,
steel billets, reinforcing steel bars, cold rolled sheets,
sections, wire rods, coated plates and other by-products, among
others. The Company's products are mainly applied in
shipbuilding, heat exchanger, separator, storage machinery,
bridges, mine machinery, engineering machinery, high building,
heavy automobile, motorcycle, security door and steel structure
plant, among others. In addition, it is involved in the
electrical engineering design and installation services and
freight transportation.



================
H O N G  K O N G
================


OWL CREEK: To Shut Asian Hedge Funds, Deregister Hong Kong Office
-----------------------------------------------------------------
Bei Hu at Bloomberg News reports that Jeffrey Altman's Owl Creek
Asset Management is winding down its Asian funds after the
voluntary departure of Hong Kong-based co-manager Chris Wang,
according to a regulatory filing.

The move is expected to cut New York-based Owl Creek's assets to
$2.3 billion, from about $2.6 billion at the end of February, the
firm said in a filing to the U.S. Securities and Exchange
Commission, Bloomberg relates. It plans to deregister its Hong
Kong office with the city's securities regulator, it added.

According to Bloomberg News, firms including TPG-Axon Capital
Management, Hutchin Hill Capital and Gruss Capital Management
have recently shut Asian offices amid market volatility and
mounting investor discontent. Disillusioned with years of
mediocre performance and high fees, investors pulled $70 billion
from the $3 trillion hedge-fund industry last year, the first
annual net outflow since 2009, according to Hedge Fund Research
Inc., Bloomberg relays.

Founded by Altman in 2001, Owl Creek invests in companies
affected by corporate events, such as mergers and acquisitions
and takes bullish and bearish bets on stocks and credit, the
report discloses. Its $1.1 billion Owl Creek Overseas Fund
returned almost 14 percent last year, ranking 42nd among funds
with at least $1 billion of assets, according to an annual
ranking by Bloomberg. Still, assets had fallen from almost $5
billion in February 2012, Bloomberg discloses citing a marketing
document at the time.

Owl Creek set up its Hong Kong unit in 2007, according to the
latest regulatory filing cited by Bloomberg. Wang, who joined in
February 2008, opened the Hong Kong office and headed Asian
operations, according to a 2016 marketing document. The office
obtained a license from Hong Kong's Securities and Futures
Commissions in May 2011.

Owl Creek Asia Fund Ltd. started in July 2007 and had $364
million of assets at the end of February 2016, according to the
marketing document. It was previously co-managed by Altman and
Jeffrey Lee, who has since left, Bloomberg discloses. The fund
returned an annualized 9.4 percent between inception and February
2016. It survived a near-21 percent loss in 2008 and a 2 percent
decline in 2011. It retreated 5.5 percent in the first two months
of last year.

Among the firms that have announced Asian office closures in the
past year are some of the earliest to set up a presence in the
region. TPG-Axon won a license for its Hong Kong office in 2005,
and Gruss obtained its asset management license in the city in
2008, Bloomberg adds.


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


ALTAIR POWER: CRISIL Reaffirms 'B-' Rating on INR5MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Altair Power
Private Limited (APPL) for obtaining information through letters
and emails dated January 20, 2017 and February 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit               4      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term        5      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Altair Power Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Altair Power Private Limited is
consistent with 'Scenario 3' outlined in 'Framework for Assessing
Consistency of Information with CRISIL BBB rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B-/Stable/CRISIL A4.

APPL, incorporated in 2013, manufactures electric power cables
such as XLPE cables, PVC cables and aerial bunched cables among
others used in the power transmission industry. The company's
manufacturing unit is located in New Delhi and has capacity to
manufacture 700 to 800 kilometres of cables per month.


ANKITA AGRO: CRISIL Reaffirms B- Rating on INR6.51MM Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facilities of Ankita Agro and Food Processing Private Limited
(AAFL) at 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.49       CRISIL B-/Stable (Reaffirmed)
   Term Loan             6.51       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of AAFL's
operations in the highly fragmented packaged food industry,
average financial risk profile and just sufficient cash accruals
against repayment obligations. These rating weaknesses are
partially offset by healthy demand prospects for processed oats
and robust customer base.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry:  The
commercial operations of the company started in Jan, 2015. The
company has achieved sales of INR38.21 cr till Mar, 2017 for
fiscal 2017. The business risk profile is expected to remain
moderate over the medium term owing to modest scale of operations
and limited track record in the packaged food industry.

* Average financial risk profile: Financial risk profile is
average, marked by adverse gearing due to negative net worth
owing to losses as on March 31, 2017 and moderate debt protection
metrics, with interest coverage and net cash accrual to total
debt ratios of 1.65 times and 0.10 time, respectively, in fiscal
2017.

* Just sufficient cash accruals against repayment obligations:
The company is expected to generate just sufficient cash accruals
of INR3.89 crore against term debt obligation of INR3.42 crores
for FY18.Further, CRISIL expects promoters to fund the shortfall,
if any, towards repayment of term debt over the medium term.

Strengths

* Healthy demand prospects for processed oats and robust customer
base: There has been an increasing interest in oatmeal in recent
years because of its health benefits. Daily consumption of a bowl
of oatmeal can lower blood cholesterol because of its soluble
fibre content. Rolled oats have been a staple of many athletes'
diets, especially weight trainers, because of its high complex
carbohydrate content and water-soluble fibre that encourage slow
digestion and stabilise blood-glucose levels. The company has a
robust customer base with Marico Ltd, Horlicks, ITC, Patanjali,
Weikfield, Lion dates like clients in its portfolio. With the
increasing capacities and additional products, the firm is
expected to increase its customer base and hence turnover levels.
Outlook: Stable

CRISIL believes AAFL will benefit over the medium term from
healthy prospects for the processed oats segment. The outlook may
be revised to 'Positive' in case of sustainable improvement in
the company's cash accruals leading to improvement in liquidity
and ramp up in scale of operations while maintaining its
profitability levels. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability.

AAFL, a private limited company, was incorporated in 2005 and is
promoted by Mr. Rajesh Kumar Jain. The company has set up a
manufacturing facility to manufacture oats in Neemrana
(Rajasthan) which are used as breakfast meals.

AAFL, reported a net loss of INR0.99 crore on net sales of
INR8.68 crore for 2015-16 (refers to financial year, April 1 to
March 31)

Any other information: The commercial operations of the company
started in Jan, 2015. The company has achieved sales of INR38.21
crore on a provisional basis for fiscal 2017.

Operations remained working capital intensive with gross current
assets (GCA) estimated at 58 days as on March 31, 2017.
Financial risk profile remains weak marked by adverse gearing and
moderate debt protection metric with interest coverage of 1.65
times and net cash accruals to total debt of 0.10 times for
fiscal 2016. Liquidity is marked by expected just sufficient cash
accruals against debt obligation, however ably supported by
promoter's fund in the form of unsecured loans.


ASAN STEELS: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Asan Steels
Private Limited (ASPL) for obtaining information through letters
and emails dated January 20, 2017 and February 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            6       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating
                                  Reaffirmed)

   Term Loan              2.5     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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Asan Steels Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Asan Steels Private Limited is
consistent with 'Scenario 1' outlined in 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL B-/ Stable.

Incorporated in 2009, ASPL has been manufacturing mild-steel
ingots since November 2012. The company has also established a
forging unit, where the commercial production commenced in June-
July 2013. It was acquired by its current promoter, Mr. Ram Dular
Gupta, in September 2012 from its founder promoters, Mr. Suresh
Agarwal and his family. ASPL is headquartered in Kolkata (West
Bengal) and its facilities are in Khasar (Chhattisgarh).


ASIAN EARTHMOVERS: CRISIL Reaffirms 'D' Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Asian Earthmovers
(AE) for obtaining information through letters and emails dated
January 20, 2017 and February 09, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Asian Earthmovers. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Asian Earthmovers is consistent with
'Scenario 1' outlined in 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
CRISIL D.

Set up in 2007 and based in Bellary (Karnataka), AE is the sole
authorised dealer for JCB's earth-moving equipment in North
Karnataka. The firm operates seven showrooms with sales, service,
and spares facilities. AE is promoted by Mr. Mukthar Ahmed K
Dasankop, his friend Mr. Syed Shahbuddin B, and brother-in-law
Mr. Mohamed Muktharuddin Khan.


ATHENA EDUCATIONAL: CRISIL Reaffirms 'B' Rating on INR6.4MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Athena Educational
Trust (AET) for obtaining information through letters and emails
dated January 20, 2017 and February 09, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                6.4      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

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

AET was founded in 2010 to set up a school at Khanna under the
DPS franchise. The school was set up in 2010 and commenced
operations in April 2011. Mrs. Indermeet Bains, Mr. Hoshiar Singh
Bains, and Mr. Pahull Bains are trustees of AET.


CHAKRI FISHERIES: CRISIL Reaffirms 'B' Rating on INR1.20MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Chakri Fisheries
Private Limited (CFPL) for obtaining information through letters
and emails dated January 20, 2017 and February 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Bill            6.00      CRISIL A4 (Issuer Not
   Discounting                       Cooperating; Rating
                                     Reaffirmed)


   Long Term Loan          1.20      CRISIL B/Stable ((Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Packing Credit          6.00      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.05      CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Established in 2014, CFPL is engaged in trading of seafood
products. CFPL is promoted by Mr.P. Shashadri Chowdary and Ms.P.
Sireesha.


DOUBLE-DEE TECHNOLOGY: CRISIL Rates INR4.6MM Long-Term Loan at B+
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Double-Dee Technology Private Limited (DD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1.2       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      4.6       CRISIL B+/Stable

   Packing Credit          1         CRISIL A4

   Bill Discounting        0.5       CRISIL B+/Stable

   Cash Credit             2.7       CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in a
highly competitive industry and weak financial profile. These
weaknesses are partially offset by the extensive experience of
the promoters in the industrial consumables industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly competitive industry:
With estimated turnover of INR11 crore for fiscal 2017, scale
remains modest in the intensely competitive industrial consumable
industry.

* Weak financial risk profile: As on March 2017, the capital
structure is estimated at over 3 times, interest coverage is
estimated around 2 times and net worth is estimated around INR2
crore during FY 2017.

Strengths

* Extensive experience of promoters: By virtue of being in the
industry for three decades, the promoters have established
healthy relationships with suppliers and customers reflected in
repeat orders.

Outlook: Stable

CRISIL believes DD 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 increase in
revenue while maintaining its profitability and improving its
capital structure. The outlook may be revised to 'Negative' if a
sharp decline in revenue or profitability, stretched working
capital cycle, or sizeable, debt-funded capital expenditure
further weakens financial risk profile.

Incorporated in 2000, DD is a private limited entity. It
manufactures cutting tools at its facility in Nerul, Maharashtra.

Profit after tax (PAT) was INR(0.06) crore on net sales of
INR7.76 crore in 2015-16 (refers to financial year, April 1 to
March 31) against INR(0.31) crore on net sales of INR7.07 crore
in 2014-15.


EDEN CRITICAL: CRISIL Reaffirms 'D' Rating on INR19.5MM Term Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Eden Critical Care
Hospital Private Limited (ECCHPL) for obtaining information
through letters and emails dated January 20, 2017 and February
10, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            19.5      CRISIL D (Issuer Not
                                  Cooperating; Rating
                                  Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Eden Critical Care Hospital
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Eden Critical Care
Hospital Private Limited is consistent with 'Scenario 1' outlined
in 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D.

Set up in 2011 by Dr. Sanjay Bansal and his family members,
ECCHPL operates a 100-bed multi-specialty hospital in Chandigarh.
The hospital began operations in July 2014.


HARVINS CONSTRUCTIONS: CRISIL Ups Rating on INR7.5MM Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facility of
Harvins Constructions Private Limited (HCPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming its rating on
the short term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           40      CRISIL A4 (Reaffirmed)

   Overdraft                 7.5    CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade in the ratings reflect CRISIL's belief that HCPL's
liquidity will improve over the medium term. Net cash accruals
are expected to be sufficient for the maturing debt obligations
over the medium term furthermore current ratio was also
comfortable at 2.87, as on March 31 2016, and is expected to
remain comfortable over the medium term. However the cash credit
limits have been fully utilized over the past 9 months, through
December 2016, on account of some stretched debtors, the same is
supported by unsecured loans from promoters. Unsecured loans from
promoters have increased from around 3.53 Cr. as on March 31 2014
to around INR6.22 Cr. as on March 31 2016.

CRISIL's ratings on the bank loan facilities of Harvins
Constructions Pvt Ltd (HCPL) continue to reflect the company's
modest scale of operations in the intensely competitive
construction industry. Ratings also factor in large working
capital requirements of the company arising from large inventory
and debtors. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters, and
above-average financial risk profile because of a moderate net
worth, low gearing and above average debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive civil
construction industry: With estimated revenue of INR80 Cr in the
Fiscal 2017 the scale of operations remains modest. Modest scale
of operations limits company's ability to take advantages
associated with economies of scale that other players with large
scale of operations are able to enjoy.

* Working capital intensive operations: HCPL's operations are
working capital intensive as reflected in GCA of 204 days as on
March 31 2016. High GCA days are on account of large inventory
requirements of the company coupled with high debtors that
includes some stretched debtors also. Working capital intensity
is expected to increase in the Fiscal 2017 on account of
estimated increase in debtors.

Strengths

* Extensive experience of promoters: Extensive experience of the
promoters in the civil construction industry has enabled them to
establish a strong relationship with suppliers and different
irrigation department in different states. The same has helped
the company in procuring raw material without any delay and
fetching big projects.

* Above Average financial risk profile: Net worth was moderate at
around INR44 Cr. as on March 31 2016 against a total debt
obligation of INR11.05Cr., consequently gearing was comfortable
at 0.25 times. Gearing is estimated to remain comfortable in
Fiscal 2017 and over the medium term on account of stable
accretion to reserves and no major debt funded capital
expenditure planned over the medium term.

Outlook: Stable

CRISIL believes HCPL 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 substantial and
sustained increase in scale of operations and profitability
margins, or sustained improvement in working capital management,
resulting in improved liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in the company's capital
structure caused most likely because of debt funded capital
expenditure or stretch in its working capital cycle.

HCPL was set up in 1978 by Mr. A Raghava Reddy and his family
members. The company undertakes irrigation projects for state
governments in central and southern India. It is based in
Hyderabad.

HCPL reported a profit after tax of INR4.08 crore on revenue of
INR114.42 crore in fiscal 2016, against INR3.27 crore and
INR65.61 crore, respectively, in fiscal 2015.


HINDUSTHAN TECHNOLOGIES: CRISIL Reaffirms 'B' INR2.5M Loan Rating
-----------------------------------------------------------------
CRISIL has been consistently following up with Hindusthan
Technologies Private Limited (HTPL) for obtaining information
through letters and emails dated January 20, 2017 and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           7       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit              2.5     CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term      4.0     CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hindusthan Technologies
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Hindusthan
Technologies Private Limited is consistent with 'Scenario 1'
outlined in 'Framework for Assessing Consistency of Information
with CRISIL B rating category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at CRISIL
B/Stable/CRISIL A4.

HTPL was set up in 2001 as proprietorship firm, Hindusthan
Enterprises; this firm was reconstituted as a private limited
company with the current name in 2013. It provides fire-
protection services to government and private companies. HTPL,
based in Cuttack (Odisha), is promoted by Mr. Mohan Ranjan Panda,
who looks after its operations.


HK INFRAVENTURES: CRISIL Assigns 'B' Rating to INR6MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of HK Infraventures Private Limited (HKIPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                6         CRISIL B/Stable

The rating reflects exposure to project-related risks, and
susceptibility to cyclicality in the Indian real estate industry
and low customer advances. These weaknesses are partially offset
by the extensive experience of promoters in the real estate
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project-related risks and low customer advances:
The project remains susceptible to project-related risks as the
implementation will depend on timely receipt of customer
advances. Demand has also been impacted by demonetisation.
Furthermore, inflow of customer advances has been low.

* Vulnerable to cyclicality in the Indian real estate industry:
The real estate sector in India is cyclical and is marked by
volatile prices, opaque transactions, and fragmentation.
Execution of real estate projects and profitability of real
estate players are vulnerable to multiple property laws, large
inventory, demonetisation, attractive prices offered by builders,
and regulatory changes.

Strength

* Experience of promoters in the real estate business: Benefits
from the promoters' experience of about three decades, and their
successful track record of completing some projects under the
Sunshine brand should continue to support the business risk
profile.

Outlook: Stable

CRISIL believes HKIPL will maintain its business risk profile
over the medium term on the back its promoters' extensive
experience. The outlook may be revised to 'Positive' if
successful completion of its ongoing project before the
stipulated time and higher-than-expected realisations lead to
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' in case of substantial debt-funded
expansions or any time or cost overruns that delay the successful
completion of projects, weakening the financial risk profile and
liquidity.

HKIPL promoted in 2011 by Mr Hemant Kumar Sindhi and his family,
undertakes residential real estate development. It is
constructing a residential real estate project, Sunshine Royal
Place, at Dandi Rewa Road, Allahabad (Uttar Pradesh). The project
has 56 units, including 44 and 12 units of two- and three
bedroom-hall-kitchen flats, respectively.

HKIPL reported a net profit of INR0.48 crore on sales of INR6.26
crore for fiscal 2016, against INR1.23 crore and INR6.41 crore,
respectively, for fiscal 2015.


INTIMATE JEWELS: CRISIL Cuts Rating on INR7.5MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Intimate Jewels
(P) Ltd. (IJPL) for obtaining information through letters and
emails dated November 24, 2016 and January 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             2.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    CRISIL BB-/Stable)

   Proposed Long Term      7.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    CRISIL BB-/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Intimate Jewels (P) Ltd. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Intimate Jewels (P) Ltd. is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to CRISIL B/Stable.

IJPL was established in 1997 by Delhi-based Sharma family. The
company retails gold, diamond, precious stone-studded gold,
polka, and Italian jewellery through its showroom in Kucha
Mahajani, Chandni Chowk (New Delhi). The company is managed by
Mr. Prem Prakash Sharma and his son, Mr. Gaurav Sharma.


JINDAL STEEL: CRISIL Reaffirms 'D' Rating on INR13.36MM Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the proposed letter of credit
and proposed cash credit facilities of Jindal Steel and Power Ltd
(JSPL) on company's request as these facilities were not raised
by the company. CRISIL has also withdrawn its rating on the
commercial paper of JSPL on company's request as there is no
outstanding against the same.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            3,600      CRISIL D (Reaffirmed)

   Letter of Credit       3,800      CRISIL D (Reaffirmed)

   Proposed Cash
   Credit Limit            550       CRISIL D Withdrawal

   Proposed Letter
   of Credit              4,481      CRISIL D Withdrawal

   Proposed Long Term
   Bank Loan Facility     4,340      CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     2,500      CRISIL D (Reaffirmed)

   Term Loan             13,367      CRISIL D (Reaffirmed)

CRISIL has further reaffirmed its 'CRISIL D' rating on the bank
facilities and non-convertible debentures of the company.

The rating reflects delay in payment of interest and principal
obligations on term loans.

The company's operating performance has improved in fiscal 2017
driven by uptick in steel prices, higher sales volume and higher
profitability from the power business. JSPL's superior product
profile also supported its operating performance. Profitability
is expected to improve further over the medium term as a result
of expected commissioning of the 3.2 million tonnes per annum
(mtpa) blast furnace at Angul (Odisha) in April 2017 and basic
oxygen furnace of 2.5 mtpa by September 2017. This will not only
result in cost savings for the company but also result in a
significant increase in production and sale volume from the
plant.

Moreover, the company has already completed 5/25 refinancing for
its Angul plant (except one bank) significantly elongating its
repayment profile with a ballooning repayment structure. This
along with refinancing of short term loans with longer term loans
is expected to ease the repayment pressure on the standalone
entity significantly over the medium term.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSPL and its subsidiaries; this is
because of the operational and financial linkages among the
entities, collectively referred to as the JSPL group.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile characterized by large debt: JSPL
group has a weak financial risk profile, marked by sizeable debt,
consequent to capex of about INR50,000 crore undertaken from
fiscal 2011 to fiscal 2016. While most projects have been
commissioned in fiscal 2015, the returns are subdued driven by
lower steel realisations, de-allocation of coal mines and absence
of power purchase agreement for large part of the power capacity.
Returns are however expected to improve going forward with the
implementation of Angul Phase I B which will increase the
steelmaking capacity at the plant to 5 mtpa and also reduce the
cost of production.

* Susceptibility of operating performance to demand and price
risk in steel: The JSPL group manufactures long and flat steel
products, demand for which depends on the level of construction
and infrastructure activities in the country. While there is a
push by government on steel intensive sectors such as railways
and urban infrastructure, the demand growth in India remained
subdued at 3% to 4% as a result weak investment cycle. The steel
industry also remains exposed to steel prices globally, which
declined significantly in fiscal 2016 impacting realisations of
players even in the domestic market. Though, steel realisations
have increased significantly in fiscal 2017 following the
protective measures (anti-dumping duty on certain steel products
is continuing) taken by the government and a spike in global
steel prices post a steep increase in coking coal prices,
sustainability of prices at these levels will depend on the
global demand outlook for steel and closure of excess capacities
in China.

Strengths

* Healthy market position in the steel industry, supported by
value-added and better product profile: JSPL group's market
position is underpinned by healthy market share in the domestic
market and ability to manufacture high grade steel products. For
instance, the plate mill at Angul is designed to manufacture high
grade steel which finds application in boilers for power plants
and defence equipment (for which steel plates are currently
imported). Group also manufactures specialised structural steel
(medium and light structural mill and railway and universal beam
mill) which are relatively less vulnerable to demand slowdown.
While long product segment is fragmented comprising few large
integrated players and numerous secondary producers, JSPL has
ability to command premium on the back of its superior product
profile and an established brand.

* Proximity to raw material sources: JSPL's plants are located in
close vicinity to large number of iron ore and non-coking coal
mines, two of three primary raw materials (third being coking
coal) required in steel production. This helps the group to get
availability of the major raw materials in absence of captive
resources for large part of its capacities. Moreover, the group
has access to captive iron ore mines for one-third of its total
iron ore requirement. Further the group has coking coal mines at
Australia and Mozambique providing a partial hedge against rise
in global coking coal prices.

The JSPL group, part of the diversified OP Jindal group, is one
of India's major steel producers, and has a sizeable presence in
power generation and mining. The group has an installed capacity
of 6.75 million tonnes per annum (mtpa) of steel; 3.25 mtpa at
Raigarh (Chhattisgarh), 1.50 mtpa at Angul (Odisha) and 2.00 mtpa
in Oman.

Jindal Power Ltd (JPL), a subsidiary of JSPL, currently has a
total commissioned power capacity of 3400 MW. Through its fully
owned subsidiary, Jindal Steel & Power (Mauritius) Ltd (JSPML),
JSPL had acquired Shadeed Iron & Steel Company (Shadeed) in Oman,
which has a 1.5 mtpa gas-based hot-briquetted iron plant, which
is forward integrated to manufacture 2 mtpa of finished products;
JSPL group's international operations include its interest in
mining assets in resource-rich locations such as Australia,
Indonesia in Asia, South Africa and Mozambique in Africa.


JMK MOTORS: CRISIL Reaffirms B+ Rating on INR7MM Loan
-----------------------------------------------------
CRISIL's ratings on bank facilities of JMK Motors Private Limited
(JMPL) continue to reflect modest scale of operations and
exposure to intense competition and below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of promoters and established market
position.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Channel Financing       7        CRISIL B+/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility                1.4      CRISIL B+/Stable (Reaffirmed)

   Loan Against Property   4.2      CRISIL B+/Stable (Reaffirmed)

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

CRISIL earlier on February 28, 2017 had downgraded its rating on
the long term bank facility of JMPL to 'CRISIL B+/stable' from
'CRISIL BB-/Stable'. The rating downgrade reflects tightly
matched cash accrual against debt obligation due to weak
liquidity. Fluctuating revenue may led to weak cash accrual.
Also, financial risk profile is weak because of small net worth,
moderate total outside liabilities to tangible net worth (TOLTNW)
ratio, and average debt protection metrics. Liquidity will remain
weak over the medium term on account of modest cash accrual, and
funding from promoters will remain a rating sensitivity factor.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR4.36 crore (as on March 31, 2016) extended to JMK Motors
Pvt Ltd by its promoters 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
Weakness
* Modest scale of operations and exposure to intense competition
With revenue of INR35 crore for fiscal 2016, scale remains small
in the competitive automotive dealership industry that has many
small and large players. This limits the company's bargaining
power with suppliers and customers and also restricts ability to
exploit economies of scale. Despite expected improvement, scale
will remain subdued over the medium term.

* Below-average financial risk profile
The financial risk profile of the company is weak with small net
worth, total outstanding liabilities to tangible net worth
(TOL/TNW) of 2.27 times as on March 31, 2016 and moderate debt
protection metrics.

Strengths
* Extensive experience of promoters and established market
position
Presence of more than a decade has enabled the promoters to
establish healthy relationship with principal, Tata Motors Ltd
(TML) and also acquire dealership of Toyota Kirloskar Motor Pvt
Ltd and Hero Motocorp Ltd.
Outlook: Stable

CRISIL believes JMPL will benefit over the medium term from the
extensive entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if significant ramp-up in
operations and improvement operating profitability lead to large
cash accrual, and if liquidity improves with effective working
capital management. The outlook may be revised to 'Negative' if
substantial decline in scale affects cash accrual, or if
liquidity deteriorates on account of larger-than-expected working
capital requirement or debt-funded capital expenditure.

Set up in 2000 by Mr. Rakesh Singh Baghel and his wife, Ms.
Pratiba Singh, JMPL is an authorised dealer and service provider
for TML's passenger vehicles in Jhansi district, Uttar Pradesh.

For fiscal 2016, profit after tax (PAT) was INR0.17 crore on net
sales of INR35 crore, against a PAT of INR0.07 crore on net sales
of INR36.93 crore for fiscal 2015.


JUMBO FIREWORKS: CRISIL Assigns 'D' Rating to INR11MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Jumbo Fireworks India Pvt Ltd (JFIPL) and has
assigned its 'CRISIL D' rating to the facilities. CRISIL had, on
October 28, 2016, suspended the rating as the company had not
provided the information required to maintain a valid rating.
JFIPL has now shared the requisite information, enabling CRISIL
to assign a rating to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL D (Assigned;
                                     Suspension Revoked)

   Term Loan                 1       CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects delays by JFIPL in servicing its term debt
obligations; the delays have been caused by weak liquidity,
arising from inadequate cash accruals to service term debt
obligations.

The rating also reflects modest scale of operations in the
fragmented pyrotechnics industry, and has large working capital
requirement, and a weak financial risk profile. It, however,
benefits from its promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the fragmented pyrotechnics
industry:
The company's modest scale is reflected in revenue INR25.18 crore
in fiscal 2016. With low capital requirement leading to low entry
barrier, the industry is dominated by the unorganised sector,
which accounts for around 60% of market share. CRISIL expects
JFIPL's scale of operations to remain modest over the medium
term.

* Large working capital requirement:
JFIPL had gross current assets of 519 days as on March 31, 2016,
primarily on account of substantial inventory (280 days) and
receivables (209 days). Owing to seasonal demand, manufacturers
bear the risk of carrying unsold stock throughout the year.
JFIPL's business risk profile will be constrained over the medium
term by large working capital requirement.

* Weak financial risk profile:
The company had a negative networth, because of losses in the
past couple of years. Debt protection metrics were also weak, due
to operating losses and negative cash accrual.

Strengths

* Promoters' extensive industry experience and strong brand
recall:
JFIPL's promoters have been in the industry for close to 25
years, and have developed good insight into the industry and
established healthy relationships with customers and suppliers in
a short span of time. The company supplies through a wide network
of wholesalers and retailers in different states. It has
established relationships with overseas suppliers, from which it
imports chemicals such as aluminum powder, barium nitrate, and
potassium nitrate.

JFIPL, incorporated in 2011, manufactures pyrotechnics. The
company is based in Sivakasi, Tamil Nadu, and is managed by Mr
Raja Singh and Mr Subash Singh.

JFIPL's net loss was INR11.03 crore on net sales of INR25.18
crores in fiscal 2016, vis-a-vis a net loss of INR3.66 crore on
net sales of INR41.48 crore, for fiscal 2015.


KAMALESH CONSTRUCTION: CRISIL Reaffirms B Rating on INR3.2MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'CRISIL B/Stable/CRISIL A4'
on the bank facilities of Kamalesh Construction Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4         CRISIL A4 (Reaffirmed)
   Cash Credit             3.2       CRISIL B/Stable (Reaffirmed)


The ratings continue to reflect KCPL's modest scale of
operations, exposure to customer concentration risks, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to customer
concentration risks: Intense competition and the tender-driven
nature of business constrain scalability in operations: topline
was modest at INR14.78 crore in fiscal 2016. Customer
concentration risks also persist, with the top three customers
contributing 70-80% to revenue.

* Large working capital requirement: Gross current assets were
132-140 days in the three years through fiscal 2016, owing to
stretched receivables (83-109 days). Earnest money and security
deposits maintained with customers add to pressure on working
capital.

Strength

* Promoters experience, strong client relations, and healthy
order book: Benefits from the two-decade-long experience of the
promoters, Mr. Satyadev Swain, Mr. Satyabrata Swain and Mr. Gagan
Behari Behera, and their healthy relations with customers and
suppliers, should continue to support business. Orders of INR32
crore support revenue visibility for the medium term as on
March 31, 2017.

Outlook: Stable

CRISIL believes KCPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if a significant increase in scale of
operations or better working capital management strengthens
liquidity. Conversely, the outlook may be revised to 'Negative'
if a stretch in working capital cycle, debt-funded capital
expenditure, low accrual, or sizeable support extended to group
company, weakens financial risk profile, particularly liquidity.

Set up in 1997 as a partnership firm, Kamalesh Construction, KCPL
was reconstituted as a private limited company with the current
name in 2008.  Mr. Satyadev Swain, Mr. Satyabrata Swain, and
Mr. Gagan Behari Behera are the promoters. The company, based in
Angul (Odisha), undertakes civil construction contracts, mainly
relating to large manufacturing units.

Profit after tax and operating income improved to INR0.81 crore
and INR14.78 crore, respectively, in fiscal 2016, from INR0.68
crore and INR13.92 crore, respectively, the previous fiscal.


MBR GROUP: CRISIL Lowers Rating on INR50MM LT Loan to 'B'
---------------------------------------------------------
CRISIL has been consistently following up with MBR Group for
obtaining information through letters and emails dated
January 19, 2017 and February 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           50       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB-/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MBR Group. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for MBR Group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL B/Stable.

Incorporated in 2011, the MBR group is a real estate
infrastructure firm located in Bengaluru. The partnership firm is
owned by Mr. M Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath
Babu Reddy.


MSPL LIMITED: CRISIL Lowers Rating on INR465MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with MSPL Limited
(MSPL; part of the MSPL group) for obtaining information through
letters and emails dated October 18, 2016 and November 21, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             275      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from BB+/Stable)

   Rupee Term Loan         465      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from BB+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSPL Limited. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for MSPL Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable.

MSPL, the flagship company of the Karnataka-based Baldota group,
was founded by the late Mr. A H Baldota in 1962. The company is
currently managed by Mr. Narendrakumar Baldota and his two sons.

The Baldota group began operations with iron ore mining and
subsequently entered the wind-energy and industrial-gases
businesses. In 2005-06, MSPL divested its industrial gas business
to MSPL Gases Ltd and acquired an export-oriented unit, MSPL
Exports Ltd. MSPL has wind-power generation


PARAS RAM: CARE Reaffirms B+ Rating on INR7.71cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Paras Ram Textiles Private Limited (PRT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.71       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             0.01       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PRT continue to be
constrained by its small scale of operations, low PAT margin,
leveraged capital structure and elongated operating cycle. The
ratings are further constrained by PRT's presence in a highly
fragmented industry characterized by intense competition. The
ratings, however, derive strength from experienced promoters
along with established track record of the entity and favorable
location of operations.

Going forward, the ability of the company to efficiently manage
the working capital requirements, increase the scale of
operations while improving its profitability margins would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters and established track record of operations:
The company is currently being managed by Mr. Ved Prakash Batra,
Mr. Ramesh Batra, Mr. Narender Batra and Mr. Vijay Batra. All the
promoters of the company have an experience of around three
decades in the textile industry through their association with
"Paras Ram Textiles Mills" and PRT.

Favorable location of operations: Ludhiana is a well-established
hub of manufacturing of textile products. The company benefits
from the location advantage in terms of easy accessibility to
large customer base located in Ludhiana.

Additionally, various raw materials required in the manufacturing
of textiles are readily available owing to established supplier
base in the same location as well.

Key Rating Weaknesses

Small scale of operations with low PAT margin: The total
operating income of PRT declined to INR37.84 crore in FY16
(refers to the period April 1 to March 31) from INR41.35 crore in
FY15 due to lower demand received from existing customers.
Furthermore, PRT has reported total operating income of INR36.00
crore in 11MFY17 (Provisional). Additionally, PAT margin stood
low at 0.62% in FY16.

Leveraged capital structure: The capital structure continued to
remain leveraged reflected by overall gearing ratio of 3.41x as
on March 31, 2016 which, however, improved marginally from 3.80x
as on March 31, 2015 Elongated operating cycle: The company's
operations are working capital intensive in nature as reflected
by average operating cycle of 109 days for FY16. The working
capital requirements were met largely through bank borrowings
which resulted in full utilization of its sanctioned cash credit
limits for the last 12 months period ended February, 2017. Highly
competitive and fragmented nature of the industry: The textiles
industry is one of the most fragmented industries primarily due
to lower amount of investment required in setting up the units.
Also, there is huge competition from various organized and
unorganized players.

Paras Ram Textiles Private Limited (PRT), incorporated in
February 1995, is currently being managed by Mr. Ved Prakash
Batra, Mr. Ramesh Batra, Mr. Narender Batra and Mr. Vijay Batra.
The business operations were previously being managed through a
proprietorship firm under the name of "Paras Ram Textiles Mills"
since 1974 and the business was subsequently taken over by PRT in
1995. The company is engaged in the manufacturing of fabrics
which mainly includes knitted fabric and acrylic fabric as well
as other textile products like blankets, ladies suits, T-shirts
and shawls at its manufacturing facility situated in Ludhiana,
Punjab with varying installed capacity of each product. The main
raw materials like acrylic yarn, polyester yarn, cotton yarn and
wool yarn are procured directly from manufacturers located in
different states. The company sells its products in the domestic
market mainly to wholesalers and traders.

In FY16, PRT has achieved a total operating income of INR37.84
crore with PAT of INR0.23 crore, as against the total operating
income of INR41.35 crore with PAT of INR0.35 crore in FY15.
Furthermore, PRT has achieved a total operating income of INR36
crore in 11MFY17 (Provisional).


PK ENGINEERS: CARE Assigns B+ Rating to INR4cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of PK
Engineers and Contractors (PKEC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               4        CARE B+; Stable Assigned

   Short-term Bank
   Facilities               3        CARE A4 Assigned

Detailed Rationale

The ratings assigned to the bank facilities of PKEC are primarily
constrained by small scale of operations coupled with low net
worth base and client and geographical concentration risk. The
ratings are further constrained by PKEC's presence in highly
competitive industry and business risks associated with tender-
based orders. The ratings constraints are partially offset by
experienced proprietor, moderate profitability margins, moderate
capital structure and comfortable operating cycle.

Going forward, the ability of the firm to profitably increase its
scale up its operations while maintaining its capital structure
shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness
Small scale of operations: Despite the growth registered on y-o-y
basis in last 3 financial years (FY14-FY16 [refers to the period
April 1 to March 31]) the scale of operations stood small which
limits the bidding capability, pricing power and benefits of
economies of scale.

Customer concentration risk: The order book of the firm remained
concentrated to customer i.e. PWD, due to which, the firm is
exposed to unfavorable changes in the government policy in that
region and the firm is also exposed to regional disturbances.

Highly competitive industry with presence of several organized
and unorganized players: PKEC faces direct competition from
various organized and unorganized players in the market. There
are number of small and regional players and catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Business risk associated with tender-based/private bid orders:
The growth of the business depends on its ability to successfully
bid for the tenders/quotations and emerge as the lowest bidder.

Key rating Strengths

Experienced proprietor and long track record of operations: Mr.
Pradeep Kumar Dahiya, proprietor of PKEC, has almost two and half
decades of experience in civil contracting business through his
association with PKEC and for five years in individual capacity.

Moderate profitability margins, moderate capital structure and
coverage indicators: The firm majorly undertakes projects which
are awarded through the tender-based system. Therefore, the
margins largely depend on nature of contract executed. The
capital structure stood moderate at around 1.20x for the past two
financial years i.e. FY15 and FY16. Furthermore, the coverage
indicators also stood moderate owing to moderate profitability.

Comfortable operating cycle: Operations of the firm are
comfortable marked by an average operating cycle of 16 days in
FY16 owing to low collection period. The firm maintains
sufficient inventory at project site for execution of project for
around 51 days.

Haryana-based PK Engineers and Contractors was established as a
proprietorship firm in 1992 by Mr. Pradeep Kumar Dahiya. PKEC is
engaged in execution of civil construction projects viz.
construction of commercial building, office complex, underground
drainage system, hard scalping stone work, etc. The contracts are
primarily obtained from PWD (Public Welfare Department) Haryana.
Haveli Bahadurgarh Hotels Private Limited is group associate
which is engaged in hospitality services.

In FY16 (refers to the period April 1 to March 31), PKEC has
achieved a total operating income (TOI) of INR15.06 crore and
profits after tax (PAT) of INR0.68 crore, respectively, as
against TOI of INR12.64 crore and PAT of INR0.58 crore,
respectively, in FY15. The firm has achieved TOI of INR10.45
crore in 9MFY17 (refer to the period April 1 to December 31,
based on the provisional results).


PRATAP WAHINI: CARE Reaffirms B+ Rating on INR4.52cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pratap Wahini Samaj Kalyan Sansthan (PWSKS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.52       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             1.80       CARE A4 Reaffirmed

Detailed Rationale

The ratings assigned to the bank facilities of PWSKS continue to
remain constrained on account of its moderate scale of operations
and profit margins, moderate enrollment ratio, weak debt coverage
indicators and weak liquidity position in FY16 (refers to the
period April 1 to March 31). The ratings further continue to
remain constrained on account of high competition from numerous
educational institutes and highly regulated education industry.

The ratings continue to derive strength from comfortable capital
structure, long track record of operations, sound infrastructure,
diverse revenue streams and experienced faculties.

Ability of PWSKS to increase its scale of operations along with
improvement in profitability and capital structure in light of
the competitive nature of the industry are the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Strengths
Long track record of operations and good infrastructure setup
PWSKS has an operational track record of more than a decade and
hence, it has been able to build a strong brand name in the state
of Madhya Pradesh over the years. The campus has a built up area
of nearly 20,000 sq ft, which is well equipped with classrooms,
laboratories & workshop, hospital for dental college and
hospital, conference hall, computer centres, round the clock
internet facility, well stocked library and a playground.

Diversified revenue streams and experienced faculties
PWSKS offers Bachelor of Engineering (BE) degree in various
streams such as Mechanical, Electronics & Communication etc.
PWSKS also offers Bachelor of Dental Surgery (BDS) and various
post graduate courses like Master of Dental Surgery (MDS), Master
of Computer Application (MCA), Master of Business Administration
(MBA) and Master of Engineering (ME).

The faculty of PWSKS has significant experience in the field of
education with some faculty members having experience of more
than 35 years.

Comfortable capital structure
The capital structure of the company remained comfortable marked
by an overall gearing of 0.35 times as on March 31, 2016 as
compared to 0.26 times as on March 31, 2015.

Key Rating Weaknesses

Decrease in scale of operations and profitability along with
moderate enrollment

The total operating income (TOI) of PWSKS decreased by around 20%
during FY16 over FY15 and remained moderate at INR9.76 crore on
account of regulatory and admission issues surfaced during VYAPAM
scam in medical and dental courses in M.P. which led to reduced
demand for medical seats in M.P. During FY16, PWSKS reported
deficit before Interest and depreciation (DBID) during FY16 of
INR0.33 crore from SBID of INR1.98 crore during FY15 due to
decline in turnover which could not cover costs. Consequently,
PWSKS reported deficit of INR1.98 crore during FY16 from surplus
of INR0.12 during FY15 due to operating loss. The enrollment
ratio during FY16 was 58% in BDS.

Weak debt coverage indicators

The debt coverage indicators remained weak marked by total debt
to GCA of -6.76 years [FY15: 2.90 years] and interest coverage of
0.81 times [FY15: 3.74 times] in FY16 on account of cash losses
in FY16.

Weak liquidity position

The liquidity position of the firm remained weak marked by
operating cycle of -4 days in FY16 as compared to -4 days in
FY15. The current ratio of the firm stood at 3.78 times as on
March 31, 2016 as against 3.87 times as on March 31, 2015. The
cash flow from operations reduced from INR0.20 crore to negative
INR(3.33) crore due to losses reported during FY16. High
competition from numerous educational institutes CAPL faces
aggressive competition on account of established presence of
authorized dealers of other passenger vehicle manufacturers which
have their presence in Indore, Madhya Pradesh. Considering the
existing competition, CAPL would be required to offer better
terms like providing discounts on purchases to attract new
customers. Such discounts offered to customers create pressure on
margin and negatively impact the revenue earning capacity of the
company.

Highly regulated education industry

The regulatory restrictions are constraints pertaining to the
education sector. In order to introduce any new courses and
to increase the intake of new students, the society is required
to take the approval from University Grants Commission (UGC),
AICTE and other individual regulatory bodies as applicable.
Furthermore, each Institution offering Post Graduate or Under
Graduate Technical Program are required to submit an application
to the AICTE council, every year for extension of approval of
courses offered by the Institution.

Gwalior-based (Madhya Pradesh) Pratap Wahini Samaj Kalyan
Sansthan (PWSKS) was formed as an education society on November
27, 1995 with an objective to impart technical education. PWSKS
set up two colleges namely Maharana Pratap College of Technology
(MPCOT) in 1996 and Maharana Pratap College of Dentistry &
Research Centre (MPCOD) in 2003 at Gwalior (Madhya Pradesh).

MPCOT is affiliated to Rajiv Gandhi Technical University (RGTU),
Bhopal, and runs All India Council for Technical Education
(AICTE)-approved graduation courses in engineering and post-
graduation courses in engineering, management & information
technology streams. MPCOD is affiliated to Jiwaji University,
Gwalior, and runs Dental Council of India (DCI) approved
graduation and post-graduation courses in dentistry. Currently,
Mrs Shantidevi Dhakre and Mr. Lokendra Dhakre are Chairman and
Vice Chairman of the society, respectively, and manage the
overall operations of PWSKS.

As per the audited results for FY16 (refers to the period April 1
to March 31), PWSKS reported a deficit of INR1.98 crore on a
total operating income (TOI) of INR9.61 crore as against a
surplus of INR0.12 crore on a TOI of INR11.83 crore during FY15
(Audited). Till March 14, 2017 the firm has clocked a turnover of
INR13.00 crore.


RAGHAV INDUSTRIES: CRISIL Raises Rating on INR28.93MM Loan to BB-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Raghav Industries Limited (RIL) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            28.93      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long Term Loan          2.57      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term     16.87      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade reflects an improvement in the financial risk
profile, particularly liquidity. In fiscal 2017, the company
prepaid its term loan to the extent of INR3.4 crore, through
unsecured loans extended by the promoters, (Rs 5.9 crore as on
December 2016). This has helped the interest coverage ratio
improve to 1.9 times, expected in fiscal 2017, as against 1.5
times in fiscal 2016. Gearing remains moderate, and is likely to
be 1.18 times as on March 31, 2017. Despite plans to undertake
capex towards addition of wind mills, the financial risk profile
will remain above average in the medium term, backed by steady
accretion to reserves, and equity infusion by the promoters.

The rating also reflects the above average financial risk profile
and extensive experience of the promoter in the textile industry.
These rating strengths are offset by exposure to intense
competition and working capital-intensive operations.
Key Rating Drivers & Detailed Description
Strengths

* Above-average financial risk profile
Financial risk profile is marked by moderate networth of INR24.7
crore as on March 31, 2016. Steady term debt repayment and
accretion to reserves, have led to an above-average capital
structure (1.18 times expected in fiscal 2017). Debt protection
metrics, though likely to be average, (with interest cover and
net cash accrual to total debt ratios, seen at 1.9 times and 10%
respectively, in fiscal 2017) should improve in the medium term,
with improved profitability.

* Extensive experience of the promoter
The two decade-long experience of the promoter in the textile
industry, and the diversified product mix, with competence in
manufacturing yarn in polyester, viscose and various blends, will
continue to support the business risk profile.

Weaknesses

* Exposure to intense competition
Intense competition in the textile industry keeps the scale of
operations modest, as reflected in turnover of around INR146
crore in fiscal 2016.

* Working capital intensive operations
Operations are moderately working capital intensive, as reflected
in gross current assets of 154 days as on March 31, 3016, mainly
led by large receivables.

Outlook: Stable

CRISIL believes RIL will continue to benefit from the extensive
experience of its promoter, and the diversified product mix. The
outlook may be revised to 'Positive' if a significant improvement
in revenue and profitability, or sizeable equity infusion,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if a large working capital requirement or
debt-funded capital expenditure, weakens liquidity.

RIL was set up in 1987 in Coimbatore, by the promoter, Mr
Rajendra Kumar Kanodia. The company manufactures textile yarn in
polyester, viscose, cotton, and various blends, and trades in
polyester staple fibre (PSF) and viscose staple fibre.

In fiscal 2016, profit after tax (PAT) was INR0.4 crore on net
revenue of INR146.1 crore, against INR0.1 crore and INR143.9
crore, respectively, in fiscal 2015.


RAJ BREEDERS: CRISIL Reaffirms 'D' Rating on INR18.3MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirm its rating at 'CRISIL D' on the bank facility
of Raj Breeders and Hatcheries Private Limited (RBHPL; part of
the Raj group)

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            18.3       CRISIL D (Reaffirmed)

   Long Term Loan          9.2       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.9       CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by Raj group
in servicing its debt obligations, driven by weak liquidity due
to the stretched working capital cycle and subdued operating
performance. The rating also reflects Raj group weak financial
risk profile, modest scale of operations, and exposure to intense
competition and risks inherent in the poultry industry. These
rating weaknesses are partially offset by the extensive
experience of the group's promoters in the poultry industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RBHPL and Raj Chick Farms Pvt Ltd
(RCFPL). This is because both these companies, together referred
to as the Raj group, are under the same management, and have
considerable operational and financial linkages with each other.

Key Rating Drivers & Detailed Description

Weakness

* Instances of delays in servicing maturing debt obligation:
There have been instances of delay by Raj group in meeting its
maturing debt obligations over the last twelve months ended
March 31, 2017. The delays have been caused by weak liquidity due
to the stretched working capital cycle and subdued operating
performance

* Working capital-intensive operations: Working capital
requirement has been large as reflected in gross current assets
at 427 days as on March 31, 2016, driven by inventory of 422 days
and debtors of 65 days.

* Below-average financial risk profile: Financial risk profile
has remained below-average, with networth and gearing likely at
INR6.16 crore and 8.19 times, respectively, as on March 31, 2016.
Debt protection metrics also remained weak, with net cash accrual
to adjusted debt ratio of 0.04 time and interest coverage ratio
of 1.36 times for fiscal 2016.

* Susceptibility to volatility in raw material prices: Operating
margins of Raj group are susceptible to changes in poultry feed
price as the players are unable to fully pass price increases to
customers.

Strengths

* Promoters' extensive experience:
The raj group promoters have been in the poultry industry for
more than three decade and have established strong relationships
with customers and suppliers.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.

The Raj group incurred net profit of INR0.12 crores on net sales
INR48.88 crores for 2015-16 (refers to financial year, April 1 to
March 31); it had net loss of INR5.40 crores on net sales of
INR84.69 crores for 2014-15.


RAJ CHICK: CRISIL Reaffirms 'D' Rating on INR13.38MM LT Loan
------------------------------------------------------------
CRISIL has reaffirm its rating at 'CRISILD' on the bank facility
of Raj Chick Farms Private Limited (RCFPL; part of the Raj group)

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             9          CRISIL D (Reaffirmed)

   Long Term Loan         13.38       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.62       CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by Raj group
in servicing its debt obligations, driven by weak liquidity due
to the stretched working capital cycle and subdued operating
performance. The rating also reflects Raj group weak financial
risk profile, modest scale of operations, and exposure to intense
competition and risks inherent in the poultry industry. These
rating weaknesses are partially offset by the extensive
experience of the group's promoters in the poultry industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RCFPL and Raj Breeders and Hatcheries
Private Limited (RBHPL). This is because both these companies,
together referred to as the Raj group, are under the same
management, and have considerable operational and financial
linkages with each other.

Key Rating Drivers & Detailed Description

Weakness
* Instances of delays in servicing maturing debt obligation:
There have been instances of delay by Raj group in meeting its
maturing debt obligations over the last twelve months ended March
31 2017. The delays have been caused by weak liquidity due to the
stretched working capital cycle and subdued operating performance

* Working capital-intensive operations: Working capital
requirement has been large as reflected in gross current assets
at 427 days as on March 31, 2016, driven by inventory of 422 days
and debtors of 65 days.

* Below-average financial risk profile: Financial risk profile
has remained below-average, with networth and gearing likely at
INR6.16 crore and 8.19 times, respectively, as on March 31, 2016.
Debt protection metrics also remained weak, with net cash accrual
to adjusted debt ratio of 0.04 time and interest coverage ratio
of 1.36 times for fiscal 2016.

* Susceptibility to volatility in raw material prices: Operating
margins of Raj group are susceptible to changes in poultry feed
price as the players are unable to fully pass price increases to
customers.

Strengths

* Promoters' extensive experience:
The raj group promoters have been in the poultry industry for
more than three decade and have established strong relationships
with customers and suppliers.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.

The Raj group incurred net profit of INR0.12 crores on net sales
INR48.88 crores for 2015-16 (refers to financial year, April 1 to
March 31); it had net loss of INR5.40 crores on net sales of
INR84.69 crores for 2014-15.


RAJ GEMS: CRISIL Lowers Rating on INR25.95MM Loan to B+
-------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Raj Gems (RG) to 'CRISIL B+/Stable' from 'CRISIL BB-/Negative'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Export Packing         14.05     CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Negative')

   Post Shipment          25.95     CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Negative')

The downgrade reflects stretch in working capital cycle on
account of elongation in debtor days. Gross current assets
increased to 480 days as on March 31, 2016 (from 371 days as on
March 31, 2015) on account of debtor days increasing to 374 (from
266 days as on March 31, 2015). Debtor days is estimated to
remain at similar levels as on March 31, 2017, leading to stretch
in liquidity. The large incremental working capital requirement
has expanded the firm's indebtedness; total outside liabilities
to adjusted networth (TOLANW) ratio went up to 3.7 times as on
March 31, 2016, from 3.1 times as on March 31, 2015 and is
expected to remain high.

Analytical Approach

Unsecured loans of INR4.8 crore has been treated as neither debt
nor equity since the same is from partners and expected to remain
in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile
Networth was moderate at INR40.7 crore while TOLANW ratio was
high at 3.7 times as on March 31, 2016. Interest coverage ratio
was low at 1.8 times for fiscal 2016. For fiscal 2017, TOLANW
ratio is estimated to remain high while interest coverage should
be below 2 times.

* Large working capital requirements
Operations are working capital intensive on account of high
debtor and inventory days.

Strength
* Established presence in diamond industry supported by partners'
extensive experience and healthy relations with customers
The partners' three-decade long experience in the industry has
helped the firm register healthy growth in revenues. Established
relationship with major suppliers and customers further
strengthens the market position.
Outlook: Stable

CRISIL believes RG will continue to benefit from the extensive
industry experience of its partners and established relationship
with customers and suppliers. The outlook may be revised to
'Positive' if improvement in working capital cycle strengthens
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if profitability declines or if large,
debt-funded capital expenditure or stretch in the working capital
cycle weakens capital structure.

Set up in 1978 as a partnership firm by Mr Jayantilal B Shah, Ms
Prabhaben J Shah, and Mr Himanshu J Shah, RG cuts and polishes
diamonds, and also trades in polished diamonds. The firm is
headquartered in Mumbai, and the processing facility is in Surat
(Gujarat).

Net profit was INR3.87 crore on net sales of INR152.6 crore in
fiscal 2016 against INR3.85 crore and INR151.3 crore,
respectively, in fiscal 2015.


RAJKUMAR FORGE: CRISIL Lowers Rating on INR5MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has been consistently following up with Rajkumar Forge Ltd
(RFL) for obtaining information through letters and emails dated
March 30, 2017, among others, apart from telephonic
communication. However, the issuer has continued to be non-
cooperative.

'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.'

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Downgraded from
                                  'CRISIL BB-' and removed from
                                  'Rating Watch with Developing
                                  Implications')

   Post Shipment          5       CRISIL A4 (Issuer Not
   Credit                         Cooperating; Downgraded from
                                  'CRISIL A4+' and removed from
                                  'Rating Watch with Developing
                                  Implications')

Detailed Rationale

CRISIL has downgraded its ratings on the bank facilities of RFL
to 'CRISIL B+/CRISIL A4' from 'CRISIL BB-/CRISIL A4+'. Also,
CRISIL has removed the ratings from 'Watch with Developing
Implications'; outlook is 'Stable'.

CRISIL had placed the ratings on watch following announcement of
acquisition of RFL by Western India Forgings Pvt Ltd (WIFPL).
WIFPL, along with its managing director, Mr. Arun Jindal, and
chairman, Mr. Krishankumar Jindal, had entered into a share
purchase agreement to acquire 66.71% stake in RFL at an offer
price of INR32 per share, with consideration of INR23.35 crore

CRISIL has removed the ratings from watch as the acquisition has
concluded and new board of directors appointed by WIFPL.

The downgrade reflects RFL's weakened business risk profile
reflected in revenues of INR3.89 crore over the last nine months
through December 31, 2016. Sharp decline in revenue has also led
to operating losses over the past nine months.

The ratings reflect the company's small scale of operations, end-
user industry concentration in revenue, and large working capital
requirement. These weaknesses are partially offset by extensive
experience of promoters in the forging industry and their funding
support.

Key Rating Drivers & Detailed Description

Weaknesses
* Small scale of operations: Turnover declined to INR10.2 crore
during fiscal 2016 from INR25.4 crore in the previous fiscal.
Till December 31, 2016, sales were INR3.89 crore, reflecting the
company's modest scale.

* End-user industry concentration in revenue: As majority of
income is derived from the oil and gas industry (affected by
slowdown in economic activity), any decline in demand from this
segment can negatively affect scale of operations.

* Large working capital requirement: Gross current assets were
high at 327 days due to stretched receivables and sizeable
inventory of 106 days and 133 days, respectively, as on March 31,
2016.

Strengths

* Extensive experience of promoters and their funding support:
The promoters of WIFPL have been engage in the forging industry
from over the past more than 2 decades which will help RFL to
improve its scale of operation over the medium term. Furthermore,
WIFPL is also expected to provide funding support to meet debt
obligation and working capital requirement.
Outlook: Stable

CRISIL believes RFL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if a significant and sustained improvement in scale
of operations and profitability leads to sizeable cash accrual.
The outlook may be revised to 'Negative' if low accrual,
stretched working capital cycle, or any major, debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

Incorporated in 1990, RFL manufactures open die forgings.
Registered office is in Pune.

For fiscal 2016, net loss was INR1.12 crore on sales of INR10.2
crore, against a net profit of INR0.97 crore on sales of INR25.4
crore for fiscal 2015.

In the nine months ended December 31, 2016, net loss was INR4.27
crore on sales of INR3.89 crore, against a net loss of INR1.68
crore on sales of INR10.53 crore in the corresponding period of
the previous fiscal.


REMI EDELSTAHL: CRISIL Withdraws B+ Rating on INR16.75MM Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on INR19 crore long-term bank
facilities and INR16.75 Cr short term bank facility of Remi
Edelstahl Tubulars Limited (RETL) as the limits from the bank are
reduced. The rating on INR15 Cr long-term bank facility and
INR33.25 Cr short term bank facilities has reaffirmed at 'CRISIL
B+/Negative/CRISIL A4+'.

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

   Cash Credit           15       CRISIL B+/Negative (Withdrawal)

   Letter of Credit      30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4       CRISIL B+/Negative (Withdrawal)

   Letter of Credit      16.75    CRISIL B+/Negative (Withdrawal)

CRISIL has previously downgraded its ratings on the bank
facilities of RETL to 'CRISIL B+/Negative/CRISIL A4' from 'CRISIL
BB+/Negative/CRISIL A4+' on 21 March, 2017

The ratings reflect exposure to cyclicality in end-user
industries, working capital-intensive operations, and low return
on capital employed (RoCE). These rating weaknesses are partially
offset by a moderate financial risk profile because of continued
fund support from promoters and group entities, though the debt
protection metrics are below-average. The ratings also factor in
the extensive experience of the promoters in the seamless pipes
industry and their long association with reputed clients.

Analytical Approach

CRISIL has treated unsecured loans from promoters as neither debt
nor equity (NDNE).

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margin: The operating margin declined by 620
basis points to 0.3% in fiscal 2016, resulting in a cash loss of
INR1.25 crore. The decline in the margin was on account of lower
capital expenditure by end-user industries driven by the stressed
economic environment. This resulted in low capacity utilisation
and reduced absorption of overhead costs. Over the medium term,
operating efficiency is likely to be under pressure due to low
capacity utilisation.

* Working capital-intensive operations: Gross current assets were
high at 210 days as on March 31, 2016, driven by large inventory.
Operations are likely to remain working capital intensive over
the medium term.

* Low RoCE: The RoCE was low at around 3% in fiscal 2016 on
account of the highly working capital-intensive operations. It
had declined to 5.5% in fiscal 2015 from 8% in fiscal 2013. The
RoCE will remain low over the medium term on account of a low
operating margin and working capital-intensive operations.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of 45 years in the seamless pipes
manufacturing industry. This has helped them understand the
industry and the local market and enabled the company to add
large clients such as Indian Oil Corporation Ltd, Larsen & Toubro
Ltd, Bharat Heavy Electricals Ltd, Bharat Petroleum Corp Ltd, and
Hindustan Petroleum Corporation Ltd. Regular orders has helped
sales growth.

* Moderate financial risk profile: The capital structure is
healthy, helped by continued fund support from promoters and
group entities. The networth is estimated INR50 crore, gearing at
less than 0.2 time, and the total outside liabilities to tangible
networth ratio at below 0.5 time, as on March 31, 2017. However,
debt protection metrics are below average, providing limited
financial cushion to raise funds in case of exigencies. The
financial risk profile is expected to remain stressed over the
medium term because of a low RocE and below-average debt
protection metrics, though the capital structure is likely to
remain comfortable.

Outlook: Negative

CRISIL believes RETL's business risk profile will be constrained
over the medium term due to subdued demand from some of the key
end-user industries; however, it will continue to benefit from
the extensive industry experience of its promoters. The ratings
may be downgraded if substantial debt-funded capital expenditure,
lower-than-anticipated cash accrual, or a stretch in the working
capital cycle weakens the financial risk profile. The outlook may
be revised to 'Stable' in case of a significant increase in the
scale of operations while the operating margin improves, leading
to higher-than-expected cash accrual.

RETL was incorporated in 1970, promoted by  Mr. Vishwambharlal
Chiranjilal Saraf. The company manufactures seamless and welded
constructed tubes and pipes used in the power, petrochemicals,
and heavy engineering sectors, refineries, and oil and gas
processing plants. It has manufacturing capacity of 12,000 tonne
per annum in Tarapur, Maharashtra.

In fiscal 2016, net sales were INR95.68 crore and net loss
INR6.09 crore, against INR164.59 crore and INR2.12 crore,
respectively, in fiscal 2015.


SADARAM GINNING: CRISIL Reaffirms 'B' Rating on INR6MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Sadaram Ginning
and Pressing Industries (SGPI) for obtaining information through
letters and emails dated January 20, 2017 and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

   Long Term Loan         3        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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sadaram Ginning And Pressing
Industries. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sadaram Ginning And Pressing
Industries is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B/Stable.

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit
is based in Patan (Gujarat).


SAI POWER: CRISIL Cuts Rating on INR3MM Cash Loan to 'B'
--------------------------------------------------------
CRISIL has been consistently following up with Sai Power
Constructions (SPC) for obtaining information through letters and
emails dated November 21, 2017 and December 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           3       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit              3       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    From CRISIL B+/Stable)

   Proposed Cash
   Credit Limit             .25     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    From CRISIL B+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sai Power Constructions. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Sai Power Constructions is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded long term rating to CRISIL B/Stable and reaffirming
short term rating at CRISIL A4.

Established in 1995 as a partnership entity, SPC undertakes
construction of buildings on contract basis for government and
non-government agencies. The firm is promoted by Mr. P. Raja
Sekhar and his wife Ms.P. Neeraja.


SAMAY ALLOYS: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Samay Alloys India
Private Limited (SAIPL) for obtaining information through letters
and emails dated January 20, 2017 and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                1.73    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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Samay Alloys India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Samay Alloys India Private
Limited is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B-/Stable/CRISIL A4.

Incorporated in 2004, SAIPL manufactures mild steel ingots. The
company is promoted by Mr. Dinesh Patel and Mr. Mukesh Patel who
manage the operations. Its facilities are in Rajkot (Gujarat).


SANGHAVI JEWEL: CARE Lowers Rating on INR85cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanghavi Jewel Pvt. Ltd. (SJPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities-Fund-
   Based                    85       CARE B+; Stable Revised
                                     from CARE BB+; Stable

   Short-term Bank
   Facilities Non-
   fund-based                1       CARE A4 Revised from
                                     CARE A4+

Detailed description of the key rating drivers

The revision in the ratings of bank facilities of SJPL takes into
account deterioration in financial performance, weakening in
capital structure and geographical concentration risk. The
ratings also factor liquidity stress in the holding company
Sanghavi Exports International Pvt Ltd., However, the ratings
also factors in experience of the promoter in the industry.

The ability of the company to improve its profit margins and
ability to improve the capital structure along with improvement
in working capital cycle efficiency are key rating sensitivities.

Key Rating Weaknesses

Deterioration in financial performance in FY16

Despite increase in the total operating income by 11.44%, the
operating profit declined by 27.28% to INR12.05 crore in FY16
(refers to the period April 1 to March 31) from INR16.56 crore in
FY15 due to lower per unit realisations in jewellery sold.
Furthermore, net profit of the company fell sharply to INR0.28
crore in FY16 from INR2.29 crore in FY15.

Deterioration in capital structure

Overall gearing of the company deteriorated to 1.28x as on
March 31, 2016 (PY: 1.09x). Furthermore, increase in working
capital borrowings coupled with decline in gross cash accruals
led to sharp decline in total debt to GCA to 26.99 times at the
end of FY16 as compared with 14.28 times at the end of FY15.

Concentration risk (geographical and customer)

SJPL's revenues are geographically concentrated with United
States of America (USA) and Hong Kong contributing over 86% to
net sales in FY16. Furthermore, SJPL is also exposed to some
customer concentration risk as the top ten clients contribute
approximately more than 56% to the net sales.

Significant stress in liquidity of the holding company

SJPL is a part of the Sanghavi Group and is a subsidiary of
Sanghavi Exports International Pvt. Ltd. (SEIPL), which is
engaged in the business of cutting and polishing of diamonds.
SEIPL holds 91.02% in SJPL as on March 31, 2016. Presently,
SEIPL is facing significant liquidity stress and the account has
turned into NPA.

Key Rating Strengths

Experienced promoters
Mr. Chandrakant Sanghavi, chairman of the Sanghavi group, has
experience of more than 27 years in the diamond industry.

Sanghavi Jewels Pvt Ltd. is a part of the Sanghavi Group, wherein
Mr. Jayesh Sanghavi is the current Managing Director. Sanghavi
Exports International Pvt Ltd (SEIPL), the flagship company of
the group, holds 91.02% shares in SJPL. SEIPL is engaged in the
processing of rough diamonds and export of cut and polished
diamonds. SJPL is engaged in the manufacturing and export of
studded gold, silver and platinum jewellery using polished
diamonds, precious and other semi-precious stones. In FY16, top
two destinations (United States of America and Hong Kong)
contributed more than 86% to net sales. Gold is purchased mainly
from the Bank of India under the gold loan scheme. SJPL has its
factory at SEEPZ, Mumbai.

In FY16, SJPL's total operating income increased by 11.44% y-o-y
to INR224.59 crore from INR201.52 crore. However, the company's
net profit declined to INR0.28 crore in FY16 from INR2.29 crore
in FY15.


SHINGHAL AGRI: CARE Assigns 'B' Rating to INR11.77cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shinghal Agri Industries Private Limited (SAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.77       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SAPL are
constrained by its small scale of business along with short track
record of operations, leveraged capital structure with moderate
debt coverage indicators, highly competitive, fragmented and
regulated nature of the industry, high working capital intensity
and exposure to vagaries of nature. The aforesaid constraints are
partially offset by its experienced management, proximity to raw
materials sources and favourable industry scenario. Ability of
the company to grow its scale of operations, improve
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced management: The promoter of SAPL is Mr. Mukesh Kumar
Dhandhania, Director, aged about 45 years, having more than two
decades of experience in the rice milling industry. He is being
duly supported by the other promoter director Mr. Sachin Kumar
Agarwal, Mr. Amit Kumar Goenka and Mr. Nisitt Karan, having
experience of around two decades respectively in similar line of
business. The promoters are actively involved in the strategic
planning and running the day to day operations of the company
along with a team of experienced personnel.

Proximity to raw material sources: SAPL's milling facility is
located in Mayurbhanj district, Odisha which is one of the major
paddy growing areas of the state. The entire raw material
requirement is met locally from the farmers (or local agents)
helping the company to save simultaneously on transportation cost
and paddy procurement cost.

Favourable industry scenario: Rice being a staple food grain with
India's position as one of the largest producer and consumer,
demand prospects for the industry are expected to remain good in
medium to long term.

Key Rating Weaknesses

Small scale of business along with short track record of
operations: SAPL is a relatively small player in the rice milling
industry having total operating income and net loss of INR5.38
crore and INR1.02 crore respectively in FY16. Further, the net
worth base and total capital employed was low at INR2.73 crore
and INR16.23 crore respectively as on Mar.31, 2016.

The small scale of operation restricts the financial risk profile
of the company limiting its ability to absorb losses or financial
exigencies in adverse economic scenario. Further, SAPL commenced
operation since December, 2014 and accordingly has a limited
operational track record of more than two years.

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the company remained leveraged
as on March 31, 2016 owing to cash losses and high working
capital intensity of the business. The debt protection metrics
was weak, marked by high overall gearing and debt equity ratio of
4.94x and 3.64x respectively, on account of increased in total
debt during March 31, 2016.

Highly competitive and fragmented industry: The company operates
in an industry characterized by high competition with presence of
few established players and a large number of unorganized players
in view of low investment and technological requirements. Intense
competition has a negative impact on the margins of the rice
mills.

Regulated nature of the industry: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2016-17 to INR1470/quintal from
INR1410/quintal in crop year 2015-16. Given the market
determined prices for finished product vis-a-vis fixed
acquisition cost for paddy, the profitability margins are highly
volatile. Such a situation does not augur well for the company,
especially in times of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business as
the rice millers have to stock rice by the end of each season
till the next season as the price and quality of paddy is better
during the harvesting season. Further, the millers are required
to extend a credit period of around 30-45 days to its customers.
Also, paddy cultivation is highly dependent on monsoons, thus
exposing the fate of the company's operation to vagaries of
nature.

Accordingly, the working capital intensity remains high leading
to higher stress on the financial risk profile of the rice
milling units. Average monthly working capital utilization
remained high at 95% during last twelve months ending on Feb.28,
2017.

Incorporated in March 2013, Shinghal Agri Industries Private
Limited (SAPL) is engaged in the business of rice milling and
processing with its facility located at Mayurbhanj district,
Odisha with an aggregate installed capacity of 50,160 Metric
Tonne Per Annum. The company started its commercial operation
from December 2014.

During FY16 (refers to the period April 1 to March 31), the
Company reported a total operating income of INR5.38 crore
and net loss of INR1.02 crore in FY16 as against a total
operating income of INR2.45 crore and PAT of INR0.02 crore in
FY15. The Company has achieved a turnover of INR8.0 crore during
11MFY17.


SHRIRAM INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR9MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Shriram Industries
and Exports Private Limited (SIEPL) for obtaining information
through letters and emails dated January 31, 2017 and February
28, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                9        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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shriram Industries and Exports
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Shriram Industries
and Exports Private Limited is consistent with 'Scenario 3'
outlined in 'Framework for Assessing Consistency of Information
with CRISIL BBB rating category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at CRISIL
B/Stable.

Originally incorporated in 1972 as a limited company, SIEPL was
reconstituted as a private limited company in September 2013. The
company provides warehousing services in Kolkata and also owns
two jetties to facilitate export of fly-ash to Bangladesh. It is
promoted by Mr. Anand Kumar Agarwal.


SHYAM CORPORATION: CRISIL Cuts Rating on INR16.1MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Shyam Corporation
Private Limited (SCPL) for obtaining information through letters
and emails dated November 21, 2016 and December 22, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

   Proposed Long Term      2.4       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

   Term Loan              16.1       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shyam Corporation Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Shyam Corporation Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to CRISIL B/Stable.

SCPL is an Ahmedabad-based textile processing house, engaged in
the business of dyeing and printing of different types of fabrics
(primary cotton). The company's revenues are equally distributed
between job work and own account sales. SCPL was earlier a
partnership firm- Shyam Textile Mills and was reconstituted as a
private limited company effective July 2010.


SINGRAULI FINLEASE: CARE Issues B Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Singrauli Finlease Private
Limited (SFPL), to monitor the rating(s) vide e-mail
communications/letters dated March 8, 2017, March 16, 2017,
March 20, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In-line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of
publicly available information which however, in CARE's opinion
is not sufficient to arrive at fair rating. Furthermore, SFPL has
not paid the surveillance fees for the rating exercise as agreed
to in its rating agreement. The ratings of SFPL, will now be
denoted as CARE B /CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          7         CARE B; Issuer Not
   Facilities                        Cooperating; on the
                                     basis of best available
                                     information

   Short-term Bank         5         CARE A4; Issuer Not
   Facilities                        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 rating(s).

Detailed description of the key rating drivers

At the time of last ratings on January 14, 2016; the following
were the rating strengths and weaknesses (Updated for the
information available from the registrar of companies).

Key Rating Weaknesses

Small and fluctuating scale of operations: SFPL business risk
profile is constrained by fluctuating and small scale of
operations evident from TOI of INR39 crore and gross cash
accruals (GCA) level of INR-0.44 crore, in FY16 (refers to the
period April 1 to March 31) against INR47.61 crore and INR0.12
crore respectively during the previous year. The small scale of
operations restricts company's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability and moderate capital structure: Profitability
has been low on account of its trading nature of business with
low value addition to the product. Margins have also been
volatile on account of fluctuating nature of domestic coal prices
and prevailing competition, with limited ability to pass on the
increased prices to customers. In FY16, the PBILDT margin was
improved to 6.29% from 2.14% in FY15, however PAT margin has
dipped to -1.45% in FY16 from 0.26% in FY15 due to increase in
interest and finance cost. Capital structure of SFPL, though
deteriorate but continues to remain moderate evident from overall
gearing of 0.98 times in FY16 against 0.62x as on March 31, 2015.

Working capital intensive nature of operations: Working capital
requirement for SFPL is high during the peak period, which ranges
from October to May. Differential credit period for suppliers and
customers creates a cash flow time lag, which increases the
working capital needs of the company. CC utilization during the
12 months ended March 2017 remained high at 98%.

Highly competitive industry: The coal trading industry is highly
unorganized & fragmented in nature, with low entry barriers and
intense competition, wherein players operate on thin margins. The
coal traders contend for the orders from the customers in a
highly competitive market where demand is already in excess to
supply. Furthermore, players like SFPL have lower bargaining
power with suppliers like Coal India limited and its
subsidiaries, which create a further stress on margins.

Key Rating Strengths

Experience promoter: SFPL has an established track record of
about one decade in the coal trading business. The Director of
SFPL, Mr. Ratan Singh has three decades of experience in the
steel and coal business through his association with other group
companies. The other Director, Ms Aarti Singh, is a Post Graduate
and has about one decade of experience in the industry.

Varanasi-based SFPL was incorporated in August 1996. SFPL is
promoted by Mr. Ratan Singh and Ms Aarti Singh in the capacity of
Directors. SFPL is engaged in the trading of coal, wherein the
company deals primarily in industrial grade of coal. SFPL has
three depots located near Banaras in Uttar Pradesh to store the
procured coal. SFPL procures coal from suppliers like Bharat
Coking Coal Limited (BCCL), Northern Coalfields Limited (NCL),
Central Coalfields Limited and others, through the e-auction
system. The coal supplied by SFPL is used by brick manufacturing
units and as fuel in boilers in industries.

Group companies of SFPL include Trimula Sponge Iron Pvt Ltd,
Eastern Flames Pvt Ltd, Drolia Coke Industries Pvt Ltd, Jai
Durga Industries and Sri Ratan Transport and Coal Suppliers
Private limited.

SFPL reported a net loss of INR0.56 crore and PBILDT of INR2.45
crore on a total income of INR39 crore in FY16 (refers to the
period April 1 to March 31) as against a PAT of INR0.12 crore and
PBILDT of INR1.01 on a total income of INR47.61 crore in FY15..


SKEMA INTERNATIONAL: CRISIL Rates INR3.5MM Term Loan at B+
----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Skema International Private Limited (SIPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Packing Credit          6.0        CRISIL A4
   Term Loan               3.5        CRISIL B+/Stable

The ratings reflect SIPL's small scale and working capital
intensive operations; and geographical concentration in revenue.
These weaknesses are partially offset by the extensive experience
of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Due to high fragmentation in the
furniture industry, scale of operations was small at INR22.46
crore as on March 31, 2016, restricted by the low capital
intensity and high labour intensity of the industry.

* Working capital intensive operations: High gross current assets
of 224 days are driven by inventory days of 210 as on March 31,
2016, due to high holding period of timber for raw material.

* Geographical and customer concentration in revenue: SIPL
derives 50% of its revenue from a single overseas market ' UK and
a single customer J.B. Global, UK. The company exports 100% of
its sales. Any slowdown in demand in key overseas markets will
have a significant bearing on the business of SIPL.

Strengths

* Extensive experience of promoters:  Mr. K S Rathore and  Mr.
Vimlesh Kanwar, the promoters of SIPL, have over three decades of
experience in the industry. The promoters have established
relations with key customers, leading to regular demand, as
reflected in the steady growth in operating revenue.
Outlook: Stable

CRISIL believes SIPL will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if revenue increases, equity infusion improves
financial risk profile and working capital requirement reduces.
The outlook may be revised to 'Negative' if increase in working
capital requirement or large debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.

SIPL is a Jaipur based company formed in 2003 and engaged in the
manufacture and export of wooden furniture.

Net profit was INR47.53 lakh on net receipts of INR21.05 crore in
fiscal 2016, against INR37.78 lakh and INR16.29 crore in fiscal
2015.


SONU BUILDERS: CRISIL Cuts Rating on INR3.0MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Sonu Builders (SB)
for obtaining information through letters and emails dated
November 24, 2016 and January 17, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          6.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             3.00      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL B+/Stable)

   Proposed Long Term      1.0       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from CRISIL B+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sonu Builders. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Sonu Builders is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded long term
rating to CRISIL B/Stable and reaffirming short term rating at
CRISIL A4.

SB was set up in 1992 as a proprietorship concern by Mr. R K
Chaudhary. The firm is a civil contractor undertaking the
construction of residential and commercial buildings. It is based
in New Delhi.


SRI VENKATESWARA: CRISIL Lowers Rating on INR13MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Venkateswara
Rice Mill (SVRM) for obtaining information through letters and
emails dated January 20, 2017 and February 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital         13        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     B+/Stable)

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

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

SVRM is engaged in milling and processing of paddy into rice,
rice bran, broken rice and husk. The firm is promoted by
Mr.T.Sura Reddy and his family members. The firm is based in
Komaripalem, Andhra Pradesh.


SULAKSHANA AGENCIES: CRISIL Cuts Rating on INR6MM Cash Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with Sulakshana
Agencies (Sulakshana) for obtaining information through letters
and emails dated November 11, 2016 and December 14, 2016 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           6        CRISIL B/Stable (Issuer Not
                                  Cooperating; Downgraded from
                                  CRISIL B+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sulakshana Agencies. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Sulakshana Agencies is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable.

Sulakshana was originally established as a proprietorship firm in
1994 by Mr. Sridhar Kamath; it was reconstituted as a partnership
firm in 2010. Sulakshana, based in Mangaluru (Karnataka), is
currently engaged in distribution of the Samsung brand of
consumer durables over three districts of Karnataka' Dakshina
Kannada, Udupi, and North Kanara.


TRANFORMEX FERROUS: CARE Issues B Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Tranformex Ferrous Private
Limited (TFPL), to monitor the rating(s) vide e-mail
communications/letters dated March 22, 2017, March 21, 2017,
March 20, 2017, and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Tranformex Ferrous Private Limited's
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.64       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 5, 2016, the following were the
rating strengths and weaknesses:

Key Rating Strengths

Experienced management

The overall operations of TFPL are looked after by Mr. Hardik
Patel and Mr. Krunal Patel who have more than 5 years of
experience in the steel industry. Mr. Hardik Patel looks after
procurement and sales department, while Mr. Krunal Patel looks
after production department of TFPL.

Key Rating Weaknesses

Operating losses during FY15
The installed capacity of TFPL was 12,000 MTPA for MS Steel Scrap
as on March 31, 2015. However, during FY15 (refers to the period
April 1 to March 31) which was the first full year of operations,
TFPL operated at only 40% of its installed capacity. During FY15,
TFPL achieved a turnover of INR0.93 crore. Low production levels
led to lower sales which resulted into operating losses of
INR0.19 crore. Even though, there were operating losses, tangible
net worth was positive at INR1.07 crore as on March 31, 2015. As
a result, of liquidity crunch, the term loan repayment was funded
through promoters' contribution. The total debt outstanding as on
March 31, 2015, remained high at INR6.20 crore which comprised
working capital borrowing of INR0.82 crore, term loan of INR4.45
crore, unsecured loan of INR0.93 crore. Fragmented nature of
industry with high degree of competition Manufacturing of mild
steel segment of steel industry is a highly fragmented and
unorganized market for steel products with presence of large
number of small-sized players. The industry is characterized by
low entry barriers due to minimal capital required and easy
access to clients and suppliers. Also, the presence of big-sized
players with established marketing & distribution network results
into intense competition in the industry.

Volatility associated with raw material prices

The steel industry is cyclical with prices driven by demand and
supply conditions in the market. The prices are driven primarily
by the existing demand and supply conditions with strong linkage
to the global market. This results into risk of price
fluctuations on the inventory of raw materials as well as
finished goods. Non-integrated players such as TFPL are more
susceptible to adverse industry scenario.

Foreign exchange fluctuation risk

TFPL imports LMS (Light Metal Scrap) from Dubai and Istanbul and
sells the MS scrap only in the domestic market. Absence of a
natural hedge and an active hedging policy exposes the profit
margins of TFPL to foreign exchange fluctuation risk.

Vadodara-based (Gujarat) TFPL incorporated in 2013 is engaged
into the business of recycling of Steel Scrap. TFPL imports light
metal scrap (LMS) from Istanbul and Dubai. LMS comprises rubber
and steel. TFPL removes the rubber and processes the remaining
steel in it in order to convert it into Mild Steel (MS) Scrap
which is sold in the domestic market. TFPL is operating from its
sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12,000 metric tonnes per
annum (MTPA) for MS Scrap as on March 31, 2015.


UTTAM GALVA: Faces Insolvency Bid Over INR110.4cr Loan Default
--------------------------------------------------------------
India Infoline reports that under the new Insolvency & Bankruptcy
Code, DF Deutsche Forfait has filed a petition with the Mumbai
bench of National Company Law Tribunal (NCLT) against Uttam Galva
Steel Ltd for a loan default of INR110.4 crore.

According to the report, Uttam Galva had entered into an
agreement with a German company AIC Handels, to buy 20,000 tonnes
of prime steel billets. Two bills of exchange were the mode of
payment in this trade financing.

India Infoline relates that AIC Handels hedged its receivables by
entering into a discount forfeiting agreement with DF Deutsche
Forfait as mentioned in a national news portal.

NCLT may extend the deadline by 90 days, but if there is no
agreement among the lenders within the stipulated time, then the
defaulting company may go into liquidation, a market analyst
said, India Infoline relays.

The hearing of the petition was scheduled April 17, for the
appointment of insolvency professional, who will constitute the
committee of creditors within 30 days of his appointment.

Uttam Galva Steels Limited is engaged in manufacturing downstream
value added steel products, such as Cold Rolled (CR) coils and
sheets, and galvanized products consisting of Galvanized Plain
(GP) and Galvanized Corrugated (GC) coils and sheets, and Color
Coated products. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP
and Prepainted Galvanized Iron (PPGI). The CR not used for
galvanizing is converted to value added grades in Cold Rolled
Closed Annealed (CRCA) coils and Cut to Length (CTL) Sheets, and
sold as Full Hard CR in Domestic and Overseas markets. The
Company offers various brands, which include Uttam Suraksha GC
(Galvanized Corrugated Roofing Sheets) brand in the Construction
segment, and Uttam Tarang, which includes a range of products
under Color Coated Roofing products. It caters to various
markets, such as appliance, general engineering, automotive,
construction, packaging, sandwich panels and others.


V. N. PETHE: CRISIL Assigns 'B' Rating to INR4.55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of V. N. Pethe Bros (VN). The ratings reflect the
firm's large working capital requirements, modest scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of its partners in
the agro commodities trading industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            4.55      CRISIL B/Stable (Assigned)
   Term Loan              1.45      CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness
* Large working capital requirement: Gross current assets were
estimated at 275-285 days as on March 31, 2017, because of large
receivables of about 200-225 days.

* Weak financial risk profile: Networth was modest and gearing
high at an estimated INR1.18 crore and over 6 times as on
March 31, 2017.

* Modest scale of operations: Small scale in the competitive agro
commodity trading industry limits pricing power. Revenue was
estimated at INR16-17 crore in fiscal 2017.

Strengths
* Extensive experience of promoters: Presence of more than five
decades in the trading segment has enabled the promoters to
establish strong relationships with customers and suppliers.
Outlook: Stable

CRISIL believes VN will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' in case of a substantial improvement in the
firm's scale of operations and financial risk profile, driven
most likely by higher than-expected cash accrual or capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than anticipated cash accrual, large working capital
requirement, or debt-funded capital expenditure, adding to
pressure on liquidity.

Incorporated in 1957, V N Pethe Bros (VN) is a partnership
concern. The firm trades in grocery items such as wheat, sugar,
pulses and maida, in addition to pesticides and fertilisers..
The firm also grows mango, coconut and cashew in its farms.

Profit after tax and net sales increased to INR0.15 crore and
INR15.49 crore in fiscal 2016, from INR0.13 crore and INR13 crore
in fiscal 2015.



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


KAWASAKI KISEN: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
----------------------------------------------------------
Egan-Jones Ratings, on March 13, 2017, downgraded the local
currency and foreign currency senior unsecured ratings on debt
issued by Kawasaki Kisen Kaisha Ltd to CCC+ from B-.  EJR also
lowered the commercial paper rating of the Company to C from B.

Kawasaki Kisen Kaisha, Ltd., also referred to as "K" Line, is one
of the largest Japanese transportation companies.


TAKATA CORP: Mulls Selling Operations After Filing for Bankruptcy
-----------------------------------------------------------------
Nikkei Asian Review reports that Takata Corp. is considering
selling all operations to a newly created company after filing
for bankruptcy protection, leaving the stripped-down autoparts
maker to repay creditors such as car manufacturers for expenses
linked to a massive recall of defective air bags, and then shut
down.

An external committee charged with formulating a plan for
Takata's rescue in February recommended Key Safety Systems of the
U.S., a subsidiary of China's Ningbo Joyson Electronic, as a
turnaround sponsor, according the Nikkei.  According to the
report, leading Takata creditors including Honda Motor and Toyota
Motor have since discussed with Key Safety ways in which recall
expenses borne by the automakers might be repaid, largely
agreeing on a plan that would transfer core operations to a new
company.

First, Takata would seek bankruptcy protection, the report says.
Key Safety would then expend nearly JPY200 billion ($1.79
billion) to create a company that would purchase Takata
operations including air bags, seat belts and child safety seats.
U.S. investment firm Bain Capital would help the turnaround
sponsor procure the necessary funds, the Nikkei says.

Takata itself would be left with heavy liabilities linked to the
recall, which proceeds from the sale would help pay down, the
Nikkei relates. The Tokyo-based company is expected to be
liquidated eventually. Japanese automakers will effectively
shoulder all liability for future recall expenses, having reached
a broad agreement not to go after Key Safety or its future
subsidiary for the costs, according to the Nikkei.

As of last October, exploding Takata air bags had been linked to
11 deaths in the U.S. alone, the Nikkei discloses. Transport
authorities there and in Japan ordered all potentially affected
products to be recalled, saddling more than 10 automakers around
the world with an estimated JPY1.3 trillion or so in total costs.

According to the report, Takata's founding family, including CEO
Shigehisa Takada, sought to negotiate these liabilities in
private, fearing a court-supervised settlement could disrupt
parts shipments. But automakers and the likely sponsor prefer a
more official approach, the report states. "We cannot accept a
process without high transparency -- we have a responsibility to
explain [any settlement] to our shareholders," an executive at a
Japanese automaker said, staking out a position in favor of
court-mediated bankruptcy, the Nikkei relays.

Even if Takata were to reach a private settlement to reduce its
debts to some major creditors, further costs, such as claims for
damages from car-crash victims, could sound the death knell for
the parts maker, the report says. It remains to be seen how the
family, which holds around 60% of the company's shares, will fare
under the sell-off plan. Negotiations between Key Safety and
Takata's management are set to take center stage as the
turnaround drama continues, the report notes.

The company is still "an indispensable player in the auto
industry," an auto executive said. Takata holds around 20% of the
global seat belt and air bag markets.

Japanese automakers have largely finished writing down recall-
related charges. Honda, Takata's largest customer, booked
JPY556 billion in those costs across fiscal 2014 and fiscal 2015,
the report discloses. Bankruptcy proceedings for Takata are not
expected to saddle carmakers with further heavy costs, adds the
Nikkei.

                         About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.  The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted.

Large recalls of vehicles due to faulty Takata-made airbags began
in 2013.

Takata is presently facing massive costs of recalling 100 million
defective airbag inflators worldwide and lawsuits tied to at
least 16 deaths and numerous injuries.

As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.

In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators.  The fine is the largest civil penalty in NHTSA
history.


TOKYO ELECTRIC: S&P Raises CCR to 'BB' on Earnings Prospects
------------------------------------------------------------
S&P Global Ratings said it has raised its long-term corporate
credit ratings on Japan-based regulated electric utility company
Tokyo Electric Power Company Holdings Inc. (TEPCO Holdings) one
notch to 'BB' from 'BB-'.  S&P also affirmed its 'BB+' long-term
senior secured debt ratings and S&P's ' B' short-term ratings on
the company.  The outlook on the long-term corporate credit
ratings is stable.

The upgrade reflects S&P's view that TEPCO Holdings has
meaningfully reduced downside risk in its profit and is likely to
maintain solid profitability over the next year.  This is because
S&P thinks a likelihood crude oil prices will hover at relatively
low levels makes a surge in fuel costs unlikely and because
ongoing cost reductions will underpin its earnings performance.
TEPCO's profits have stabilized thanks to a hike in electricity
rates in 2012, sizable cost reductions, and significantly lower
fuel costs.  S&P estimates the company is likely to have made
about JPY290 billion in ordinary profit excluding special
contributions to the government in fiscal 2016 (ended March 31,
2017), in line with its guidance, with about a 15% EBITDA margin,
following a JPY325.9 billion profit a year earlier.  S&P believes
the company is likely to achieve about JPY200 billion in ordinary
profit in fiscal 2017, even if it does not swiftly resume
operation of its Kashiwazaki-Kariwa nuclear power plant.

The upgrade also reflects S&P's opinion that a TEPCO reform
committee proposal made public in December 2016 clarifies the
framework under which the government can expand ongoing support
to help TEPCO Holdings deal with nuclear damage compensation and
cleanup and decommissioning costs related to the Fukushima
nuclear disaster.  The support framework nearly doubled the
previous amount to JPY21.5 trillion.  In particular, the support
framework for decommission work would significantly alleviate
TEPCO Holdings' profit deterioration by allowing the company to
allocate profit generated through improving operational
efficiency at its regulated power transmission and distribution
operations to paying for an estimated JPY8 trillion in
decommissioning costs, in S&P's view.  S&P considers the enhanced
framework positive for TEPCO Holdings' creditworthiness because
ongoing government support should help further stabilize the
company's operations and financial performance.  Therefore, S&P
revised the company's business risk profile to satisfactory from
fair.

Along with stabilized profitability and operating cash flow,
TEPCO's cash flow and leverage ratios have improved in recent
years thanks to a hike in electricity rates in 2012, sizable cost
reductions, and significantly lower fuel costs.  In the next year
or two, S&P forecasts the company is likely to sustain funds from
operations to debt of 11%-12%, not materially lower than 14% in
fiscal 2015.  However, S&P continues to assess the company's
financial risk profile as highly leveraged, taking into account
it remains exposed to risk of fluctuating liquefied natural gas
(LNG) prices without the support of a restart of the Kashiwazaki-
Kariwa nuclear reactors to mitigate it, the company will continue
to pay a special contribution to the government for an extended
period to repay damage compensation associated with the Fukushima
disaster, and it remains exposed to large contingent and off-
balance obligations such as litigation risk and ever-increasing
damage compensation.

The combination of a satisfactory business risk profile and
highly leveraged financial risk profile produces a 'b+' anchor.

S&P views TEPCO Holdings core subsidiary TEPCO Power Grid Inc.'s
recent public bond offerings as somewhat positive for TEPCO
Holdings because the public offerings represent TEPCO group's
first step toward gradually reducing its dependence on banks for
funds and restoring its direct funding capability.  Nevertheless,
any conclusion on S&P's part that TEPCO group will fully regain
its ability to regularly issue sizable public bond offerings will
take some time, in S&P's view.  Accordingly, S&P continues to
negatively adjust the ' b+' anchor to arrive at a 'b' standalone
credit profile.

S&P continues to assess TEPCO Holdings' liquidity as less than
adequate and expect its sources of liquidity to be less than 1.1x
its uses over the next 12 months.  In S&P's opinion, the
company's liquidity remains constrained, given that it relies
heavily on lender banks to refinance debt and that compensation
and cleanup costs for the nuclear disaster will continue to
accrue over an extended period.  Nevertheless, S&P believes the
group's main lender banks are likely to continue sufficient
support for its liquidity.  S&P anticipates no particular
problems with the group's funding, in accordance with the gist of
TEPCO's New Comprehensive Special Business Plan to be revised
this spring, which includes a request that private-sector
financial institutions continue financial support in the form of
maintaining outstanding debt balances and execution of new loans.
In S&P's view, additional support for its liquidity results from
positive free cash flow thanks to stabilized profitability and
capital expenditures and roughly JPY1 trillion in cash on hand as
of Dec. 31, 2016.

S&P affirmed its senior secured debt ratings on TEPCO Holdings'
existing bonds at 'BB+', a notch higher than the long-term
corporate credit ratings, in accordance with S&P's view of a
lower likelihood of default on its senior secured general
mortgage bonds than on its unsecured bank borrowings.  S&P
believes repayment of principal and interest on the senior
secured general mortgage bonds takes priority over payment of
damage compensation under Article 37 of Japan's Electric Utility
Industry Law.  In addition, because financial institutions have
extended TEPCO group massive funding through unsecured loans, S&P
believes the financial institutions are more likely to allow
financial support such as loan waivers or debt-to-equity swaps
than to insist TEPCO group file under general bankruptcy
procedures.  Still, in S&P's opinion, financial institutions'
support has softened somewhat because TEPCO group is likely to
increase direct financing through public bond offerings.
Moreover, having raised S&P's corporate credit ratings, it views
the possibility of bank loan waivers as less meaningful to
consider.  Therefore, S&P reduced to one from two its upward
notching of the corporate credit ratings.

The stable outlook reflects S&P's opinion that TEPCO Holdings has
meaningfully reduced downside risk to its earnings performance.
It also reflects S&P's view that the company's profitability is
not likely to improve and stabilize significantly in the next
year or two under full liberalization of Japan's electricity
market and that prospects for a resumption of operations at the
company's Kashiwazaki-Kariwa nuclear reactors are weak.  S&P will
focus on prospects for improvement in the company's earnings
performance and financial standing in accordance with its New
Comprehensive Special Business Plan, which S&P expects it to
update this spring, and whether the group can continue large-
scale offerings in public debt markets in a stable manner in the
medium to long term.

S&P may raise the ratings if it believes TEPCO Holdings is more
likely to significantly improve the level and stability of its
profitability.  This could happen if S&P sees strong prospects of
the company restarting its Kashiwazaki-Kariwa nuclear reactors.
S&P may also consider a upgrade if the likelihood of
extraordinary government support rises.  However, S&P thinks an
upgrade is unlikely at least in the next year.

S&P could lower the ratings if the company's profitability
deteriorates significantly.  Example scenarios include a surge in
oil prices or intensifying competition following full
liberalization.



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


FEDERATION CLOTHING: Appeal on NZ$450K Fine Dismissed
-----------------------------------------------------
Stuff.co.nz reports that Federation Clothing's appeal against a
fine of $450,000 for understating the value of goods imported and
evading hundreds of thousands in GST, has been dismissed.

The appeal was made by Federation, Public Gallery and Only You,
all companies in liquidation and with the same directors, Jenny
Joblin and Nicholas Clegg, Stuff discloses. Public Gallery was
fined NZ$45,000 and Only Found You, NZ$20,000.

Stuff says the charges were laid last year after New Zealand
Custom Service found the three companies had undervalued imported
goods from China between 2010 and 2014 by about NZ$2.8 million.
As a result, they avoided paying about NZ$680,000 in custom
duties and GST.

According to Stuff, the appeal was made on two grounds: that the
imposed fines were excessive and that the judge erred in
principle by failing to order restoration of the funds held by
Customs to Federation and Public Gallery to obtain the release of
the container.

Ms. Joblin was also sole director of Minti Design, another
company that imported clothes from China, the report discloses.

When it became aware of the offending, Customs seized a container
of goods worth NZ$430,000 that had been imported by all four
companies.

Stuff relates that the appellants said the Court should consider
their financial capacity as they are insolvent.  But the court
dismissed the claim on the basis that the offending was serious
as it occurred over four years and involved 112 erroneous import
entries and the companies evaded more than NZ$600,000 in customs
duties and GST.

Stuff says the second ground of appeal, was argued on the basis
that third party creditors such as ASB Bank were innocent and
would suffer loss if funds borrowed from the bank to pay for the
release of the container seized by Customs were not returned.

This appeal was also dismissed because the Court said ASB's
potential losses did not amount to a compelling argument that
outweighed the legislative policy of forfeiting goods involved in
the offence, the report notes.

According to the judgment released on March 28, the sum of about
NZ$190,000 remains outstanding to Customs in respect of unpaid
duties, Stuff adds.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF GOA: Deadline for Filing Claims Set for May 26
------------------------------------------------------------
Creditors of the closed Rural Bank of Goa (Camarines Sur), Inc.
have until May 26, 2017 only to file their claims against the
bank's assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Goa and include
depositors with uninsured deposits that exceed the maximum
deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed Rural Bank of Goa, announced that
creditors of the closed bank may file their claims personally at
the PDIC Public Assistance Center located at the 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Creditors
also have the option to file their claims through mail addressed
to the PDIC Public Assistance Department, 6th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample
Claim Form against the assets of the closed bank may be
downloaded from the PDIC website, www.pdic.gov.ph. The
Corporation also reiterated that creditors should transact only
with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim. PDIC also clarified
that depositors who filed their deposit insurance claims on or at
any time prior to May 26, 2017 are deemed to have filed their
claims against the closed bank's assets.

Rural Bank of Goa was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on March 16, 2017 and as the
designated Receiver, PDIC was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The
bank's Head Office is located in San Jose (Poblacion), Goa,
Camarines Sur. Its lone branch is located in San Vicente, Pili
(Capital), Camarines Sur.

All requests and inquiries relating to the closed Rural Bank of
Goa should be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, or through telephone numbers
(02) 841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM,
except holidays.



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


LEO MOTORS: Incurs $6.41 Million Net Loss for 2016
--------------------------------------------------
Leo Motors, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-k disclosing a net loss
of $6.410 million on $2.957 million of revenue for the year ended
Dec. 31, 2016, compared with a net loss of $4.490 million on
$4.299 million of revenues in 2015, and a net loss of US$4.48
million on US$693,000 of revenue in 2014.

As of Dec. 31, 2016, Leo Motors had $5.709 million in total
assets, $7.090 million in total liabilities, and a $1.380 million
total deficit.

The Company's liquidity and capital resources are limited.
Accordingly, its ability to initiate its plan of operations and
continue as a going concern is currently dependent on its ability
to either generate significant new revenues or raise external
capital through additional borrowing or the sale of additional
equity.

DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.  The Company has suffered recurring losses from operations
and negative cash flows from operations the past two years.
These factors raise substantial doubt about its ability to
continue as a going concern.

A full-text copy of Form 10-K is available for free at
https://is.gd/CjjCAH

                      About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of AUD4.5
million. During the 2012 year the Company had a net non operating
income largely from the result of the forgiveness of debt for
AUD1.3 million.


                             *********

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

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

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


                            *********


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

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

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

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

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



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