TCRAP_Public/170512.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, May 12, 2017, Vol. 20, No. 94

                            Headlines


A U S T R A L I A

FORTESCUE METALS: Fitch Rates Proposed US$1BB Sr. Notes at BB+
FORTESCUE METALS: S&P Puts 'BB-' ICR on CreditWatch Positive
FORTESCUE METALS: S&P Puts Prelim. BB+ Rating to US$1,500MM Notes
PUSETO PTY: Second Creditors' Meeting Set for May 17
STARBOUT PTY: Second Creditors' Meeting Set for May 17

STRUCTURAL STEEL: First Creditors' Meeting Set for May 19
THREE TREE: Second Creditors' Meeting Set for May 18
WOOCOM GROUP: Second Creditors' Meeting Set for May 18


C H I N A

CHINA GRAND: 2016 Results No Impact on Moody's B1 CFR
FUTURE LAND: Fitch Affirms BB- Long-Term IDR; Outlook Positive
GREENTOWN CHINA: Prop. Assets Sale No Impact on Moody's Ba3 CFR
HOMELINK REAL ESTATE: Shuts 87 Branches in Beijing
PACTERA TECHNOLOGY: S&P Affirms 'B' CCR; Outlook Stable

REWARD SCIENCE: Moody's Revises Outlook to Neg.; Affirms B1 CFR


I N D I A

A2Z INFRASERVICES: CARE Lowers Rating on INR44cr LT Loan to D
AA FOOD: CARE Issues B+ Issuer Not Cooperating Rating
ADITYA PRINTS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
AHINSHA BUILDERS: CARE Issues B+ Issuer Not Cooperating Rating
AKSHAR SPINTEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

AKSHAT AGRO: Ind-Ra Migrates BB- Rating to Non-Cooperating
ALUMATIC CANS: CARE Assigns 'D' Rating to INR11.97cr LT Loan
AMBERTEX SEKHSARIA: CRISIL Cuts Rating on INR4.5MM Loan to 'B'
APPU HOTELS: CARE Reaffirms 'B+' Rating on INR211.64cr Loan
BATLIBOI ENVIRONMENTAL: Ind-Ra Puts B- Rating to Non-cooperating

BHANSALI ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
CANON ENGINEERING: Ind-Ra Migrates B+ Rating to Non-Cooperating
CHOUDHARY LAYER: CARE Reaffirms 'B' Rating on INR6.23cr Loan
CHUNILAL MOTIRAM: Ind-Ra Migrates B- Rating to Non-Cooperating
CONTINENTAL HOSPITALS: Ind-Ra Lowers Long-Term Issuer Rating to D

DGN FASER: CARE Issues B- Issuer Not Cooperating Rating
EVERGREEN DRUMS: CRISIL Lowers Rating on INR10MM Loan to 'D'
EXCLUSIVE OVERSEAS: CARE Cuts Rating on INR17.71cr Loan to B+
GALAXY MICA: CRISIL Reaffirms B+ Rating on INR7.44MM LT Loan
GEMINI ENTERPRISES: CRISIL Cuts Rating on INR7MM Loan to 'B'

GULZAR MOTORS: CRISIL Lowers Rating on INR7.0MM Loan to 'B'
HAVELI ENTERTAINMENTS: CRISIL Reaffirms B- INR9.75M Loan Rating
HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
IG3 INFRA: CARE Reaffirms 'D' Rating on INR461.49cr LT Loan
JAPAN METAL: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan

JAY BAJRANG: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
JAYABHERI AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR15MM Loan
JP DEVELOPERS: CRISIL Lowers Rating on INR7MM Term Loan to 'B'
KAMADGIRI OILS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
KARTHIK INDUCTION: CARE Reaffirms B Rating on INR11.37cr Loan

LOKMANGAL MAULI: CARE Lowers Rating on INR210.85cr Loan to D
M J ENGINEERING: CARE Reaffirms C Rating on INR14.35cr Loan
M.M. COTTON: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
MAN TUBINOX: Ind-Ra Lowers Long-Term Issuer Rating to D
MATRIX BIZCOM: Ind-Ra Migrates B+ Rating to Non Cooperating

MIRZAPUR NAGAR: Ind-Ra Assigns BB Long-Term Issuer Rating
MS SOLVEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
MURLI ELECTRODE: CARE Issues B+ Issuer Not Cooperating Rating
NARCINVA DAMODAR: CRISIL Reaffirms B- Rating on INR15MM Loan
NEEL KRISHNA: CARE Assigns B+ Rating to INR10.03cr LT Loan

NIRMALA POLYROPES: Ind-Ra Affirms BB+ Long-Term Issuer Rating
OASIS GREEN: CARE Issues B+ Issuer Not Cooperating Rating
P.N. TEX: Ind-Ra Migrates BB- Rating to Non-Cooperating
PANAMA SUNARCH: CARE Reaffirms B+ Rating on INR25cr LT Loan
PELICAN RUBBER: Ind-Ra Migrates D Rating to Non-Cooperating

PRIME RETAIL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
R.V.R. TECHNOLOGIES: Ind-Ra Migrates B- Rating to Non-Cooperating
RAIGANJ DALKHOLA: CARE Reaffirms 'D' Rating on INR321.63cr Loan
RATNAGIRI CHEMICALS: CRISIL Reaffirms 'D' Rating on INR4.5MM Loan
SAMAY COTTON: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan

SIDDHIVINAYAK TIMBER: CARE Cuts Rating on INR6cr LT Loan to D
SIMHAPURI EXPRESSWAY: CARE Lowers Rating on INR2040cr Loan to D
SRI BALAJI: Ind-Ra Migrates B+ Rating to Non-Cooperating
SURYA FAB: Ind-Ra Affirms BB- Long-Term Issuer Rating
SVARRNIM INFRASTRUCTURES: Ind-Ra Assigns B+ Issuer Rating

SWAMI YOGANAND: Ind-Ra Migrates D Rating to Non-Cooperating
SWASTIK OIL: CARE Lowers Rating on INR87.10cr LT Loan to 'D'
T BHIMJYANI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
TAPASYA SHIKSHA: Ind-Ra Migrates BB- Rating to Non-Cooperating
TEBMA SHIPYARDS: CARE Lowers Rating on INR480.47cr Loan to D

UNITED WIRE: CRISIL Reaffirms 'D' Rating on INR11.95MM Loan
VAIBHAV LAXMI: CARE Cuts Rating on INR17cr Bank Loan to B/A4
VAPI ECO: Ind-Ra Migrates B Rating to Non-Cooperating


I N D O N E S I A

BUMI SERPONG: Fitch's BB- LT IDR Unaffected by USD100MM Tap Issue
BUMI SERPONG: Tap Bond Offer No Impact on Moody's Ba3 CFR
SOLUSI TUNAS: Fitch Affirms BB- Long-Term IDR; Outlook Stable
TOWER BERSAMA: Fitch Affirms BB- Long-Term IDR; Outlook Stable


J A P A N

TAKATA CORP: Posts JPY79.59BB Net Loss for Year Ended March 31


M O N G O L I A

MONGOLIAN MINING: Davis Polk Acted as Adviser in Restructuring


N E W  Z E A L A N D

STRATEGIC FINANCE: NZ$1.03 Million Added to Settlement Fund


S I N G A P O R E

GLOBAL A&T: S&P Lowers CCR to 'CCC-' on Liquidity Risks


S O U T H  K O R E A

DAEWOO SHIPBUILDING: KDB Issues Refund Guarantee for Latest Deal


                            - - - - -


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


FORTESCUE METALS: Fitch Rates Proposed US$1BB Sr. Notes at BB+
--------------------------------------------------------------
Fitch Ratings has assigned Australia-based Fortescue Metals Group
Limited's (BB+/Stable) proposed US$1 billion senior unsecured
notes due in 2024 an expected rating of 'BB+(EXP)'. The proposed
notes will be issued by Fortescue's wholly owned subsidiary, FMG
Resources (August 2006) Pty Ltd, and guaranteed by Fortescue.
Fortescue expects to use the proceeds to refinance its existing
debt and lengthen its debt maturity profile. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

The proposed notes are rated in line with Fortescue's existing
senior unsecured notes of USD478 million, which are due in 2022,
even though the proposed notes are not explicitly guaranteed by
Fortescue's subsidiaries. This is because, in Fitch's view, the
investors of the proposed notes will have materially the same
access to Fortescue's consolidated cash flows as the investors of
its existing senior unsecured notes, because Fortescue and its
key subsidiaries are linked via a deed of cross guarantee. The
proposed notes also rank pari passu in right of payment with
Fortescue's existing senior unsecured notes due in 2022.

Fortescue's 'BB+' Long-Term Issuer Default Rating (IDR) reflects
its position as one of the lowest-cost iron-ore suppliers to Asia
(mainly to China), which has helped it withstand periods of weak
global iron ore prices, and its substantial mining assets.
Although Fortescue's credit metrics are strong for its rating,
the presence of significant secured debt in Fortescue's capital
structure currently limits positive rating action on its IDR. The
secured debt of USD3.7 billion at March 31, 2017, however, does
not put senior unsecured creditors at a disadvantage because
Fitch expects secured debt to remain less than 2x of Fortescue's
EBITDA (end-June 2016: 1.8x; Fitch estimate for end-June 2017:
0.7x).

KEY RATING DRIVERS

Low-Cost Producer: Fortescue's cost of mining and shipping a
tonne of iron ore to its main market in China now compares well
with other major low-cost iron ore producers, such as Rio Tinto
Ltd (A-/Stable) and BHP Billiton Plc (A+/Negative). Fortescue's
cash production costs (C1 costs, which include the cost of mining
and processing) reduced to USD13.06/wet metric tonne (wmt) in the
third quarter of the financial year ending 30 June 2017 (3QFY17).
The quarterly result is a 12% reduction from a year earlier, and
50% lower than two years ago.

The improvement in Fortescue's production costs are driven by an
enhanced blend, which uses ore from its newer Solomon mines that
have low strip ratios, and better ore processing and
beneficiation across all of its ore processing facilities. This
allows the company to mine ore with higher impurities and lower
iron content and still maintain output quality. Better operating
efficiencies through managing its plant maintenance and shut-down
periods, increasing the utilisation of its infrastructure, and,
to a lesser extent, a weak local exchange rate and lower global
crude oil prices have also helped to trim costs.

Further Cost Improvements Challenging: Fitch currently expects
the company's C1 costs to average around USD13/wmt in FY17, which
is at the upper-end of the company's guidance. This is because
Fitch recognise that factors beyond Fortescue's control, such as
crude oil prices and the Australian dollar exchange rate, can
have a significant impact.

Strong Deleveraging Momentum: Fortescue has demonstrated its
commitment to deleveraging by using most of its increasing free
cash flows to reduce its net debt. The company repaid USD2.7
billion of debt in 9MFY17, USD2.9 billion in FY16 and a total of
USD8.7 billion since FY13, which is when Fortescue started to
prioritise its operating cash flows to repay the debt used to
fund its capacity expansion. Fitch expects Fortescue's FFO-
adjusted net leverage to remain at around 1.5x to 2.0x over the
next two years (FY16: 1.7x).

This is likely to be supported by Fitch expectations that
operating cash flows should remain strong and capex would stay
modest. Fitch expects Fortescue to generate EBITDA of USD20 per
dry metric tonne (dmt) of iron ore shipped in FY18 and around
USD15/dmt in FY19. Fitch estimates for Fortescue's leverage and
EBITDA per dmt are based on Fitch expectations that the benchmark
iron-ore price, for ore with 62% iron content delivered to China,
will average USD55/dmt for the remainder of 2017 and reduce to
USD45/dmt thereafter. Fitch estimates also includes an average
benchmark iron ore price of USD65/dmt in 1HFY17.

Flat Iron-Ore Prices: Fitch has maintained Fitch long-term
expectations for the benchmark iron-ore price at USD45/dmt for
2018 and thereafter. This is based on Fitch expectations that the
global iron-ore market is likely to remain well-supplied, with
new capacity continuing to be added amid persistently weak
demand. Fitch price expectations for 2017 is higher at USD55/dmt,
following elevated iron ore prices over the last few months, but
Fitch expects prices to fall in line with market fundamentals
over the longer term.

DERIVATION SUMMARY

Fortescue's 'BB+' Long-Term IDR compares well with Anglo American
plc (BB+/Positive). Anglo American is more diversified across
commodity types and geographies than Fortescue. However, Anglo
American's rating reflects its high exposure to South Africa,
which Fitch considers to be a relatively unfavourable country for
mining companies to operate in, given the context of an active
unionised workforce and comparatively high wage and electricity
cost inflation. The Positive Outlook on Anglo American's rating
reflects its rapid deleveraging, which has reduced the need to
sell assets and the likelihood that leverage could remain low.
Fortescue's operations rely on the sale of a single commodity -
iron ore. However this risk is offset by its strong cost position
among global iron-ore miners, which supports strong cash flow
generation during periods of low iron-ore prices. Fortescue's
reliance on secured debt is a rating constraint.

KEY ASSUMPTIONS

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

- benchmark iron-ore price to average USD55/dmt for 2017 and
   USD45/dmt thereafter

- Fortescue's C1 costs to remain at around USD13/wmt in FY17 and
   FY18

- capex of around USD780 million for FY17 in line with the
   company's guidance

RATING SENSITIVITIES

Future developments that could lead to positive rating actions
include:

- absence of secured debt in Fortescue's capital structure
- maintaining FFO-adjusted net leverage at less than 2.5x
- sustaining EBITDA per dmt at USD15 or higher
- maintaining neutral FCF on average.

Future developments that could lead to negative rating actions
include:

- FFO-adjusted net leverage sustained at higher than 3.0x
- EBITDA per dmt sustained at less than USD10

LIQUIDITY

Comfortable Liquidity, Debt Structure: Fortescue had USD1.5
billion of cash on hand at end-3QFY17, with no significant debt
maturities until 2019, when the remaining USD976 million of its
secured credit facility falls due. The company's total debt of
USD4.3 billion as of March 31, 2017 does not include maintenance
covenants and can be repaid early at Fortescue's option. This
provides the company with flexibility to reshape its capital
structure, which is supported by its strengthened credit profile.


FORTESCUE METALS: S&P Puts 'BB-' ICR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings said that it had placed its 'BB-' long-term
issue credit rating on Fortescue Metals Group Ltd.'s senior
unsecured notes due 2022 on CreditWatch with positive
implications.  The CreditWatch placement follows Fortescue's
launch of a US$1 billion senior unsecured note--proceeds of which
the company will use to repay the outstanding US$976 million term
loan due 2019.  S&P will resolve the CreditWatch and assign
ratings on the new unsecured notes once Fortescue has raised the
proceeds.

The repayment of the term loan would, in S&P's opinion, improve
significantly the recovery prospects of unsecured notes under its
hypothetical default scenario.  As such, the ratings on the
outstanding 2022 unsecured notes and any new unsecured issuance
will likely be equal to the 'BB+/Stable' corporate credit rating
on Fortescue.

The corporate credit rating on Fortescue is unaffected by the
proposed new note issuance.  The rating reflects Fortescue's low-
cost position on the global iron ore cost curve, as well S&P's
view of the company's ability to sustain credit metrics in line
with the 'BB+' rating level even under a moderate stress
scenario. This scenario would include iron ore prices (62% iron
[Fe] Platts delivered to China) falling to US$40 per ton,
assuming the company maintains its long-term average realization
rate of 85% for its products.


FORTESCUE METALS: S&P Puts Prelim. BB+ Rating to US$1,500MM Notes
-----------------------------------------------------------------
S&P Global Ratings said that it had assigned its preliminary
long-term issue credit ratings of 'BB+' to Fortescue Metals Group
Ltd.'s new US$750 million senior unsecured notes due 2022 and
US$750 million senior unsecured notes due 2024 following
completion of the company's issuance offering.  FMG Resources
(August 2006) Pty Ltd., Fortescue's financing arm, is the issuer
of the new notes.  Fortescue will use the proceeds to repay its
US$976 million senior secured credit facility and US$478 million
outstanding 2022 senior unsecured notes.

Upon settlement, S&P will assign long-term issue credit ratings
of 'BB+' to the new senior unsecured notes.  At the same time,
S&P will withdraw the ratings on the repaid US$976 million senior
secured credit facility and US$478 million outstanding 2022
senior unsecured notes.

The repayment of the term loan and reduction of senior ranking
debt, in S&P's opinion, improves significantly the recovery value
of Fortescue's unsecured notes under our hypothetical default
scenario.  As such, the new 2022 and 2024 senior unsecured notes
have a recovery rating of '4', indicating 40% recovery under
S&P's hypothetical default scenario.  At the same time, upon
successful completion, S&P will revise the recovery rating to
'1', from '2', on the outstanding US$2.2 billion 2022 senior
secured notes because of the reduction in senior secured notes.
This higher recovery rating does not affect the current issue
ratings on the outstanding secured notes.

The corporate credit rating on Fortescue is unaffected by the
proposed new note issuance.  The rating reflects Fortescue's low-
cost position on the global iron ore cost curve, as well S&P's
view of the company's ability to sustain credit metrics in line
with the 'BB+' rating level even under a moderate stress
scenario. This scenario would include iron ore prices (62% iron
[Fe] Platts delivered to China) falling to US$40 per ton,
assuming the company maintains its long-term average realization
rate of 85% for its products.


PUSETO PTY: Second Creditors' Meeting Set for May 17
----------------------------------------------------
A second meeting of creditors in the proceedings of Puseto Pty
Ltd has been set for May 17, 2017, at 10:00 a.m. at BDO, Level
11, 1 Margaret Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2017, at 4:00 p.m.

James Michael White and Andrew Sallway of BDO were appointed as
administrators of Puseto Pty on March 30, 2017.


STARBOUT PTY: Second Creditors' Meeting Set for May 17
------------------------------------------------------
A second meeting of creditors in the proceedings of Starbout Pty
Limited has been set for May 17, 2017, at 12:00 p.m. at the
offices of HoganSprowles, Level 9, 60 Pitt Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2017, at 5:00 p.m.


STRUCTURAL STEEL: First Creditors' Meeting Set for May 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Structural
Steel Installations Pty Ltd will be held on May 19, 2017, at
11:00 a.m., at the Boardroom of Chifley Advisory, Suite 3.04,
Level 3, 39 Martin Place, in Sydney, NSW.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Structural Steel on May 9, 2017.


THREE TREE: Second Creditors' Meeting Set for May 18
----------------------------------------------------
A second meeting of creditors in the proceedings of Three Tree
Investments Pty Ltd has been set for May 18, 2017, at 11:00 a.m.
at 105A Bowen Street, in Spring Hill, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2017, at 4:00 p.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Three Tree on April 6, 2017.


WOOCOM GROUP: Second Creditors' Meeting Set for May 18
------------------------------------------------------
A second meeting of creditors in the proceedings of Woocom Group
Limited, Woocom Pty Ltd, Moocow Group Pty Ltd, and Derek Tree Pty
Ltd has been set for May 18, 2017, at 11:00 a.m. at the offices
of Ferrier Hodgson, Level 28, 108 St Georges Terrace, 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 May 17, 2017, at 4:00 p.m.

Dermott Joseph McVeigh of Ferrier Hodgson was appointed as
administrator of Woocom Group on Feb. 14, 2017.



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


CHINA GRAND: 2016 Results No Impact on Moody's B1 CFR
-----------------------------------------------------
Moody's Investors Service says that China Grand Automotive
Services Co., Ltd.'s 2016 results are in line with Moody's
expectations and will not immediately impact its B1 corporate
family rating.

The rating outlook remains stable.

"China Grand Auto's financial leverage rose in 2016, driven by a
higher level of debt to support the expansion of its dealership
network to further diversify its brand and geographic exposure,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst.

"The higher leverage was within Moody's expectations," adds Ho.
"Leverage should stabilize in 2017, because of the company's
lower level of investments in the expansion of its dealership
network."

The company's revenue grew 45% year-on-year to RMB135 billion in
2016, reflecting a growth in new vehicle sales and service-
related revenues, and boosted by revenue contribution from the
consolidation of its 75%-owned subsidiary, Baoxin Auto Group
Limited (unrated), which China Grand Auto acquired in June 2016.

China Grand Auto's new vehicle unit sales rose 30% year-on-year
to 824,922, representing 3.0% of China's auto sales in 2016, up
from 2.6% in 2015.

Moody's expects China Grand Auto's revenue to rise about 10%-12%
year-on-year in 2017, supported by growth in new vehicle sales
and service-related revenues, including for auto maintenance,
commissions and auto leasing.

The company's adjusted EBITDA margin was flat at about 6.0% in
2016 from 6.1% in 2015, because of weaker new vehicle sales and
auto leasing gross margins. Moody's expects that China Grand
Auto's EBITDA margin will stabilize to about 5.8% over the next
12-18 months.

Moody's points out that China Grand Auto's healthy revenue growth
in 2016 led to its adjusted EBITDA rising 41% year-on-year to
about RMB8.1 billion.

At the same time, its adjusted debt rose to about RMB51 billion
at end-2016 from RMB30 billion at end-2015, due to the higher
borrowing to fund the expansion of its dealership network and its
acquisition of Baoxin.

As a result, the company's debt leverage, as measured by adjusted
debt/EBITDA, rose to about 6.3x in 2016 from 5.2x at end-2015.

Moody's expects that China Grand Auto's adjusted debt/EBITDA will
stabilize at about 6.3x over the next 12-18 months, with
EBIT/interest registering around 2.7x. These metrics position the
company at the single-B rating level.

China Grand Auto's liquidity position is weak and its refinancing
risk is high. At end-2016, its restricted and unrestricted cash
of RMB22 billion was insufficient to cover its short-term debt of
RMB31 billion.

Nonetheless, Moody's expects that the company will be able to
roll over its debt with domestic banks, given its profitable
operations, strong market position, and inventory of branded
cars.

In addition, it has two public equity funding channels via China
Grand Auto's listing in Shanghai and its 75%-owned subsidiary,
Baoxin's listing in Hong Kong.

The principal methodology used in this rating was Retail Industry
published in October 2015.

China Grand Automotive Services Co., Ltd. was the largest auto
dealer in China in terms of revenue and unit sales in 2015,
according to the China Automobile Dealers Association. It had 733
locations in China at end-2016, including 674 4S dealership
stores.

Established in 2006, China Grand Auto is listed on the Shanghai
Stock Exchange and was 37.3%-owned by the unlisted Xinjiang
Guanghui Industry Investment (Group) Co., Ltd. (B2 stable) at
end-2016.


FUTURE LAND: Fitch Affirms BB- Long-Term IDR; Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed China-based Future Land Development
Holdings Limited's (FLDH) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB-'. The Outlook remains
Positive. Fitch has also affirmed FLDH's senior unsecured rating,
and the rating on its USD350 million senior notes due 2020 at
'BB-'.

The Positive Outlook reflects Fitch's view that FLDH's focus on
the prosperous Yangtze River Delta region continues to support
its scale, which is comparable to that of 'BB' peers. Fitch
expects FLDH's margin and leverage, which are not yet comparable
to those of 'BB' rated peers, to improve in 2017 as its sales are
likely to rise faster than its land acquisitions. The growth in
FLDH's recurring income, such that the ratio of recurring income
to interest expense reached 0.2x in 2016, also supports its
rating.

KEY RATING DRIVERS

Focus on Yangtze River Delta: FLDH's strategy to focus resources
on the Yangtze River Delta, a wealthy region in eastern China,
and around Shanghai, helped to drive strong sales turnover, as
measured by contracted sales/gross debt, and its expansion in
scale. Sales turnover was 1.7x in 2016 and averaged at 1.6x
annually since 2012, demonstrating FLDH's ability to rapidly
generate sales from new land acquisitions. Its fast-churn
strategy enabled it to tap the strong demand in the Yangtze River
Delta to achieve higher contracted sales growth than its peers.

The group recorded exceptionally strong presales in 2016, driven
by better sell-through rates on projects located in Tier 3 and 4
cities, as well as a higher average selling price (ASP) in the
Yangtze River Delta, which accounted for about 81% of contracted
sales. Consolidated gross floor area sold in 2016 increased 45%
yoy to 4.7 million square metres (sq m) and the ASP increased 13%
yoy to CNY10,121/sq m. Fitch expects the group to maintain annual
consolidated contracted sales of CNY60 billion-80 billion in
2017-2018.

Rising Recurring Income: Fitch estimates FLDH's ratio of
recurring EBITDA to interest expense will improve over the next
three years to 0.3x-0.4x as it expands its shopping mall
portfolio. The group plans to open more than 10 shopping malls in
2017, mainly in Tier 2 cities. The increasing recurring income
from the malls will help to offset volatility in income from its
property development business.

Improving Land Bank Quality: The group had attributable land bank
of 20 million square metres (sq m) at end-2016, sufficient for
three to four years of development activity. The group increased
the share of sites in Tier 1 and 2 cities in its land bank to 69%
at end-2016 from 61% at end-2015. It expects to diversify its
land bank by reducing the proportion of land in the Yangtze River
Delta to around 65%-70% and expand into the Pearl River Delta
region in southern China, central and western China as well as
the Bohai Economic Rim in northern China.

Potential Margin Expansion: EBITDA margin improved slightly to
17.6% in 2016 from 16.6% in 2015. Land premium costs for its land
bank averaged at CNY2,627/sqm, which is reasonable compared with
the consolidated ASP of contracted sales of CNY10,121/sq m in
2016. Fitch expects FLDH's margin to improve gradually to around
20% in the next two years as ASP for contracted sales increase
and the company's scale expands. The group's EBITDA margin is low
relative to its 'BB' category peers, as its rapid turnover
sacrifices profitability for faster cash returns on its
investment.

Leverage May Pressure Rating: The group's leverage rose to 45% at
end-2016 from 33% at end-2015 following land acquisitions,
particularly in 2H16. Its full-year attributable land premiums
reached CNY47 billion; representing 72% of total presales of
CNY65 billion (including presales from joint ventures). The group
has been sourcing JV partners to share the costs of the more
expensive sites it bought in Shanghai, Nanjing and Suzhou.

Fitch expects the group to reduce leverage in 2017 by chalking up
higher contracted sales and keeping the land-acquisition budget
at the 2016 level. Aggressive land acquisitions with land
premiums relative to contracted sales at a level similar to that
in 2016 will mean that FLDH's leverage will stay above 40%, which
will exceed the level at which Fitch would consider positive
rating action.

Structural Subordination Mitigated: FLDH has adequately addressed
the structural subordination it faces through a claim on a
shareholder loan to its subsidiary Future Land Holdings Company
Limited (FLH), which serves as a funding channel between FLDH and
FLH. The loan ranks equally with FLH's onshore senior unsecured
debt and can be repaid upon FLDH's demand. FLDH's CNY1.45 billion
loan to the subsidiary and CNY1.2 billion in unrestricted cash
provides a source of liquidity to cover FLDH's CNY4 billion of
outstanding offshore debt as of end-2016. Furthermore, the annual
dividends that FLH pays to FLDH are also sufficient to cover the
interest expense on FLDH's offshore debt.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH, based on Fitch
Parent and Subsidiary Linkage criteria. FLH is 68.27% owned by
FLDH (before potential dilution from the restricted share scheme
of FLH). The strong strategic and operational ties between them
are reflected by FLH representing FLDH's entire exposure to China
homebuilding business while FLDH raised offshore capital to fund
the group's business expansion. The two entities share the same
management, including the same chairman.

The group's ratings are supported by its focus in the Yangtze
River Delta region and the rapid expansion in its scale to a
level comparable to 'BB' rated peers; while maintaining similar
financial profiles. FLDH's recent aggressive land acquisitions
have increased leverage, but this may be mitigated by its fast
sales churn rate that will allow FLDH to deleverage.

FLDH has the largest scale among 'BB-' peers. Its contracted
sales scale is comparable to Guangzhou R&F Properties Co. Ltd
(BB/Stable). However, FLDH's EBITDA margin is lower than most
'BB' peers, but is likely to improve gradually given rising
contracted sales ASP. Sales churn of 1.8x is highest among 'BB'
peers. Its leverage of 45% is lower than Guangzhou R&F's, but
higher than CIFI Holdings (Group) Co. Ltd.'s (BB-/Positive).

KEY ASSUMPTIONS

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

- contracted sales to grow 20%-26% in 2017-2019
- gross margins to improve to 20%-21% in 2017-2019
- total land premium represents 50%-60% of contracted sales
   in 2017-2019
- FLDH maintains a controlling shareholding in FLH and the
   operational ties between FLDH and FLH do not weaken

RATING SENSITIVITIES

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

- Contracted sales, excluding JVs, remain above CNY40 billion
- Contracted sales/total debt sustained above 1.5x
- Consolidated net debt/adjusted inventory sustained below 40%
- EBITDA margin sustained above 18%
- Annual dividends received by FLDH sufficiently cover the
   interest on offshore debt, with no significant decrease
   in FLDH's shareholding in FLH

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

- Failure to maintain the positive guidelines will lead to the
   Outlook being revised to Stable from Positive.

LIQUIDITY

Sufficient Liquidity: Fitch expects the group to maintain
sufficient liquidity. At end-2016, the group had available cash
of CNY11.9 billion and unutilised credit facilities (uncommitted)
of CNY46.6 billion, which were sufficient to cover the repayment
of its short-term borrowing of CNY10.1 billion.

FULL LIST OF RATING ACTIONS

Future Land Development Holdings Limited
-- Long-Term Foreign-Currency Issuer Default Rating affirmed at
    'BB-'; Outlook Positive

-- Long-Term Local-Currency Issuer Default Rating affirmed at
    'BB-'; Outlook Positive

-- Senior unsecured rating affirmed at 'BB-'

-- Rating on USD350 million senior notes due 2020 affirmed at
    'BB-'


GREENTOWN CHINA: Prop. Assets Sale No Impact on Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says that Greentown China Holdings
Limited's proposed sale of commercial property assets is credit
positive, but has no immediate impact on its Ba3 corporate family
rating or stable outlook.

"The transactions, if completed as planned, will boost
Greentown's liquidity and reduce its needs for debt funding to
support its business growth in the next 12-18 months," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

On May 7, Greentown announced that its two 100%-owned
subsidiaries Beijing Greentown Yinshi Real Estate Co., Ltd.
(unrated) and Litao (Hangzhou) Construction Design Company
Limited (unrated) will sell their commercial property assets for
RMB1,785 million and RMB1,691 million, respectively, to China
Investment Development Co., Ltd.

The assets to be disposed are commercial properties under
development and serviced apartments in operation, which are not
Greentown's core strengths. These properties tend to have longer
cash conversion cycles than Greentown's residential properties.
Some of these commercial properties, upon completion of
construction, could also become investment properties for long-
term holding, which would further prolong its cash conversion
cycle.

As such, the disposal of these commercial properties will improve
Greentown's cash generation capability and allow the company to
focus on its core residential development business.

In addition, the proposed transactions will immediately boost
Greentown's liquidity, with the net disposal proceeds of RMB3.5
billion representing about 14% of the company's reported cash
balance of around RMB25 billion at end-2016.

The company has not specified its intended use of the disposal
proceeds, but Moody's expects it will use the proceeds for
further potential investments such as land acquisitions.
Greentown has an increased need for land replenishment this year,
following robust 58% year-on-year sales growth in 2016.

The disposal would hence reduce its needs for debt funding to
support its business growth in the next 12-18 months. In this
regard, Moody's expects its debt leverage - as measured by
adjusted revenue/debt, including contributions from joint
ventures and associations - to stay at around 55% in the next 12-
18 months compared to around 56% at end-2016.

Moody's also expects Greentown's adjusted EBIT coverage of
interest (including contributions from joint ventures and
associations) to trend towards 1.5x-1.7x over the next 12-18
months, from around 1.4x in 2016. This improvement will be driven
by a slight increase in its adjusted gross profit margin and
higher revenue.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. At end-2016, the company had 85 projects with a total
gross floor area of 29.12 million square meters (sqm). Of the
total, 13.33 million sqm was attributable to the company.


HOMELINK REAL ESTATE: Shuts 87 Branches in Beijing
--------------------------------------------------
South China Morning Post reports that China's largest property
agency, Homelink, confirmed on May 10 that it has closed 87
branches in Beijing, underscoring the depth of the city's real
estate market woes after unprecedented government tightening.

The Post says the company, which recently attracted China Vanke
as an investor, said in a statement that it had shut the outlets
after a fourth straight week of falling business in the wake of
the harshest purchase restrictions in the capital's history.
Previous reports said Homelink would shut down 300 stores across
Beijing. The agent did not say how many more stores it plans to
close, the report relates.

"Our stores' business has dropped about 70% since the curb, as we
can't sell [commercial] apartments now," says Zhang Meng, a
Homelink agent in Beijing, referring to flats in buildings that
were originally designated for commercial use. "Now we handle
nearby ordinary homes, which other stores also do. Competition is
fierce and no single home was sold through my hands."

Homelink's own data showed that transactions it dealt with fell
to 3,145 units in April, a 77% plunge from the previous month,
the Post discloses.

According to the report, Beijing has launched a spate of curbs
targeting sales of new homes, pre-owned homes and so-called
'commercial apartments' since March 17. The intensity of the
restrictions surprised even industry insiders.

Second-time buyers of most homes in the city now have to pay a
minimum of 80% of the property's value out of their own pockets,
while buyers with any mortgage history - even having paid off
their debts - no longer enjoy the "first-time buyers" status they
were previously granted, the Post states.

Nine days later, the local government banned the sale of
apartments built on land meant for office or retail use to
individuals, and ordered agents to stop listing them, the Post
relates. The converted units had become an increasingly popular
product catering to buyers who found themselves barred by the
previous restrictions.

'School district homes', another previously red-hot product that
saw prices double in just six months because of their proximity
to prestigious schools, were dealt a heavy blow when governments
announced new rules that made automatic eligibility for school
admission through ownership uncertain, the Post says.

The Post adds that the government crackdown on commercial flats
hit Homelink hard, as it banned agents from listing them either
for sale or lease. Homelink said it had closed 44 of its outlets
for that reason alone, the report relays.

Beijing Pixel, the largest commercial apartment project in the
city, saw all 20 of its agents' outlets closed, with some
converted into convenient stores, the Post discloses.

The Post relates that the wave of agency closures was also
attributed to a campaign to shut down outlets converted from the
first floor of residential buildings. Homelink lost 34 stores
because of that crackdown.

The report adds that the confirmation of the closures comes just
three weeks after China Vanke announced it would pay CNY3 billion
(US$435.6 million) for an undisclosed stake in Homelink, betting
on the huge growth potential of China's pre-owned home market.
The Post reported earlier that the valuation for the company may
be excessively high as investors ignore inherent risks in the
sector.

Homelink Real Estate Brokerage Co., Ltd., offers real estate
brokerage services in China.


PACTERA TECHNOLOGY: S&P Affirms 'B' CCR; Outlook Stable
-------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B' long-term
corporate credit rating and 'cnBB-' long-term Greater China
regional scale rating on Pactera Technology International Ltd.
The outlook on the corporate credit rating is stable.

S&P also affirmed its 'B' long-term issue rating and 'cnBB-'
long-term Greater China regional scale rating on the US$275
million (US$106 million outstanding) senior unsecured notes due
2021 that Pactera guarantees.

S&P removed all the ratings from CreditWatch where they were
placed with developing implications on Feb. 10, 2017.  Pactera is
a China-based information technology (IT) services provider.

"We affirmed the ratings on Pactera because the company is likely
to maintain its debt leverage after completing a repurchase of
outstanding senior unsecured notes due 2021," said S&P Global
Ratings credit analyst Leo Hu.  Pactera borrowed shareholder
loans from its parent, HNA Group, for the repurchase.

The repurchase was triggered by a change of control (CoC) at
Pactera after HNA EcoTech Group Co. Ltd., a subsidiary of HNA
Group, acquired all the outstanding shares of BCP (Singapore) VI
Cayman Acquisition Co. Ltd., the parent of Pactera.  The CoC
repurchase was completed on April 4, 2017, when Pactera
repurchased US$169.4 million of the notes that were put by
investors.  As a result, US$105.6 million of the senior unsecured
notes remain outstanding.

S&P expects Pactera's debt-to-EBITDA ratio to remain above 5.0x
over the next 12 months due to the company's weak profitability.
Pactera's adjusted gross margin declined further in 2016 due to
high competition in the Chinese and international IT services
markets.  The company was therefore unable to fully pass on its
increase in employee and salary costs to customers.  Meanwhile,
Pactera's revenue in the U.S. market declined year-on-year in
2016 because clients are increasingly demanding cloud and mobile-
based IT services.

S&P expects the company to continue focusing on reducing selling,
general, and administrative (SG&A) costs to maintain
profitability, but a significant improvement is unlikely in the
next 12 months, given pricing pressures.  S&P expects Pactera's
EBITDA margin to remain at 6%-8% for the next 12-18 months,
compared with 7% in 2016.

S&P continues to view Pactera as a moderately strategically
important subsidiary of HNA Group, given Pactera's relatively
small size and limited strategic alignment with HNA Group's core
businesses of logistics, transportation, and hospitality.  HNA
Group intends to use Pactera instead of external vendors for IT
outsourcing services for the group and its affiliates.  However,
S&P believes this proposal will provide limited immediate benefit
to Pactera because the company still needs to compete with
existing third-party vendors of HNA Group on a commercial basis.

"The stable outlook reflects our expectation that Pactera will
continue to focus on maintaining its profitability and saving
costs while growing its revenue base over the next 12 months,"
said Mr. Hu.  "We see low likelihood of any significant
improvement in the company's business and financial risk profile
over the period due to competition in the IT services industry,
which affects Pactera's pricing power and ability to pass cost
increases to customers."

S&P could downgrade Pactera due to: (1) a further deterioration
in liquidity, evidenced by a substantially lower cash balance or
an expected significant deficit between operating cash inflow and
outflow; (2) a substantially weaker competitive position stemming
from a sustained decline in revenue or profitability; or (3)
materially weaker debt-to-EBITDA ratio than S&P's base case, as a
result of low profit or failure to manage cash outflow.

S&P may also downgrade Pactera if S&P believes that HNA Group
will extract financial resources from, or drive a more aggressive
financing strategy at, Pactera, leading to increased leverage at
the company.

An upgrade of Pactera over the next 12 months is unlikely, in
S&P's view.

However, S&P could raise the rating if Pactera reduces its debt,
such that it maintains its debt-to-EBITDA ratio below 5.0x.  This
could happen if the company strengthens its competitive position
to significantly enhance its revenue scale and profitability
while improving its working capital.


REWARD SCIENCE: Moody's Revises Outlook to Neg.; Affirms B1 CFR
---------------------------------------------------------------
Moody's Investors Service has changed Reward Science and
Technology Industry Group Co., Ltd.'s rating outlook to negative
from stable, and has affirmed Reward's B1 corporate family
rating.

At the same time, Moody's has assigned a definitive B1 rating to
the USD200 million, 7.25%, 3-year senior unsecured notes, due
January 25, 2020, issued by Reward International Investment
Limited and guaranteed by Reward. The provisional rating was
assigned on January 12, 2017.

The ratings outlook is negative.

RATINGS RATIONALE

"The change in ratings outlook to negative reflects the higher-
than-expected volatility in Reward's operating performance, which
raises uncertainty over the company's ability to manage down its
debt leverage to a level appropriate for its B1 corporate family
rating," says Gloria Tsuen, a Moody's Vice President and Senior
Analyst.

Reward's quarterly revenue and margins reported in its 2016 and
1Q 2017 financial results show significant variation.

Reward's revenue increased 36% year-on-year to RMB7.5 billion in
2016, driven by growth in its dairy and daily consumer products
segments. However, its reported operating margins declined 4.6
percentage points to 11.6%, due in part to the costs of
advertising and business expansion, and also more upfront booking
of selling-related expenses.

As a result, Reward's adjusted debt/EBITDA reached around 6.1x at
end-2016, which was above Moody's expectation. A continuation of
its high earnings volatility will challenge Reward's de-levering
to below 4.5x by the end of this year.

Reward's revenue in 4Q 2016 rose 61% year-on-year, following a
38% year-on-year decline in 3Q 2016. At the same time, its
reported operating margins fell to negative 4.1% in 4Q 2016, from
25.3% in 3Q 2016 and 16.5% in 1H 2016. And in 1Q 2017, its
revenue declined 8% year-on-year while its reported operating
margins improved to 17.3%.

This volatility in its quarterly performance reflects factors
such as the timing of sales, inventory levels at wholesalers and
supermarkets/hypermarkets, new product launches, advertising and
promotion campaigns, and commodity milk prices. Reward's
relatively small size and limited market shares in cleaning
products and consumer milk powder also limit its buffer against
changes in the markets and competitive behavior.

Moody's continues to note the execution risks and investment
needs from Reward's growth-driven business plan.

The company has been expanding its business into new segments
such as milk formula, while also introducing new products in both
of its dairy and daily consumer product segments.

In addition, it is acquiring US-based Panrosa Enterprises, Inc.
(unrated) to expand overseas and entering the personal care and
mid- to high-end daily consumer product markets. The transaction
will close mid-2017.

Reward's reported debt totaled RMB6.9 billion at end-2016, before
the issuance of the USD200 million notes in January 2017.

At the same time, the company's liquidity remains adequate, as
its high cash balance of RMB6.6 billion at end-March 2017 was
more than enough to cover its RMB1.9 billion in short-term debt
and bills payable.

However, the rating could come under pressure if the company is
unable to generate profitable growth or if it fails to reduce its
debt. As such, Moody's will be closely monitoring the company's
quarterly performance.

Reward's B1 CFR is supported by (1) its vertically integrated
dairy supply chain, which helps to ensure product safety; (2) the
increasing level of national penetration of its cleaning
products; and (3) its steady operating cash flow generation and
reduced reliance on short-term debt.

At the same time, the rating is constrained by the company's: (1)
small size and limited share in cleaning products in China; (2)
new entry into the highly competitive and highly regulated infant
milk formula market; (3) execution risks from a growth-driven
business plan; and (4) high ownership concentration.

The definitive rating assignment on the USD notes follows the
completion of the issuance, the final terms and conditions of
which are consistent with Moody's expectations, and the
registration of Reward's guarantee on the issued bonds with
China's State Administration of Foreign Exchange.

There is no upward ratings pressure, given the negative outlook.
However, the outlook could return to stable if Reward: (1)
reduces the volatility in its operating performance, and (2)
reduces adjusted debt/EBITDA to below 4.5x in the next 12 months.

Downward rating pressure could emerge if: (1) Reward's
operational performance or liquidity weakens; (2) the company
fails to reduce leverage; or (3) it fails to maintain sound
corporate governance.

Credit metrics indicative of downgrade pressure include an
adjusted EBIT margin below 10% or adjusted debt/EBITDA above 4.5x
on a sustained basis.

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

Headquartered in Beijing, Reward Science and Technology Industry
Group Co., Ltd. engages in the production and marketing of dairy
and other food products, as well as daily consumer products, and
other businesses, such as the leasing of commercial property and
hotels. It generated RMB7.6 billion in revenue in 2016. It is a
private company 96%-owned by its founder and chairman, Mr. Hu
Keqin, and his family.



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


A2Z INFRASERVICES: CARE Lowers Rating on INR44cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
A2Z Infraservices Ltd (AZIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          44        CARE D Revised from
   Facilities                        CARE BB

Detailed Rationale & Key Rating Drivers

The revision in the rating of the bank facilities of AZIL takes
into account the instances of delays in servicing of term debt
obligations.

Detailed description of the key rating drivers

Delays in debt servicing -There have been instances of delays by
the company w.r.t. its term debt service obligations. The same
was attributable to tight liquidity position owing to delayed
realization of receivables.

AZIL, a wholly owned subsidiary of A2Z Infra Engineering Ltd
(AZIEL), was incorporated in April 2008 as A2Z Facilities
Management Services Pvt Ltd with the objective of taking over the
Facility Management Services (FMS) business of AZIEL. The company
was renamed as A2Z Infraservices Pvt Ltd in December 2008 and it
was subsequently converted to a Public Ltd company in 2010. The
company is engaged in providing facility management, security
management and property management services such as housekeeping
services, security services, operations and maintenance (O&M),
cleaning services etc.

During FY16 (refers to the period April 1 to March 31), the
company has registered total operating income of INR301.29
crore with PBILDT and net profit of INR24.68 and INR8.29 crore
respectively as against total operating income of INR279.31
crore with PBILDT and net profit of INR20.59 crore and INR6.45
crore respectively during FY15.


AA FOOD: CARE Issues B+ Issuer Not Cooperating Rating
-----------------------------------------------------
CARE has been seeking information from AA Food Factory to monitor
the rating(s) vide e-mail communications/letters dated March 20,
2017, and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on AA Food Factory bank facilities will now be
denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING. Users of
these ratings (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         2.49       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

   Short-term Bank        4.00       CARE A4; ISSUER NOT
   Facilities                        COOPERATING

Detailed description of the key rating drivers

At the time of last review in April 20, 2016, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoter: AAFF is promoted by Mr. Pritpal Singh and
Mr. Abhishek Mehan. Mr. Pritpal Singh has a longstanding
association with the beekeepers (extractors and suppliers of raw
honey) owing to the ownership of farms in Doraha, Ludhiana, where
the process of honey extraction has been carried out for nearly
three decades. Project cost fully incurred: The total project
cost to set up the operations is INR3.20 crore, which has been
incurred fully as on date March 16, 2016. The total project cost
has been met through a term loan of INR1.99 crore and the
remaining (Rs.1.21 crore) through promoters' contribution of
INR1.21 crore (in the form of equity capital).

Key Rating Weaknesses

Post-implementation risk associated with its debt-funded
greenfield project: As on March 16, 2016, AAFF had incurred
the proposed cost completely on the project. The commercial
operations will commence from April 2016. Being a new unit, the
stabilization and streamlining of production remains to be seen.

Constitution of the entity being a partnership firm: AAFF's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Susceptibility to
fluctuation in raw material prices and seasonal dependence of
operations: Adverse climatic conditions can affect availability
of raw materials and lead to volatility in the prices.
Furthermore, as per the management, any fluctuations in the raw
material prices will be borne by the firm as the contracts with
the clients will be fixed price in nature. This will make the
profitability margins of the firm susceptible to any adverse
fluctuations in the raw material prices.

AA Food Factory (AAFF) was established in January 2015. The firm
is engaged in the processing of raw honey and packaging of
pasteurized honey for export purposes, and is yet to start its
operations in April-2016. The operations of the firm will be
managed by the partners, Mr. Pritpal Singh and Mr. Abhishek
Mehan.

Currently, the firm will be engaged in the processing and
packaging of Mustard Honey which is obtained from the bees
breeding on mustard seeds. 80% of this raw honey is procured
through dealers in Kota, Rajasthan, and 20% is through
beekeepers. Going forward, the firm will process and package
various flora of honey like eucalyptus, lychee, etc, depending
upon the seasonality. The firm will also sell wax, a by-product
of honey, to various dealers in Delhi, which will further be used
in the manufacturing of cosmetics, candles, etc.


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

   -- INR162.5 mil. Fund-based working capital limits (long term)
      migrated to Non-Cooperating Category;

   -- INR6.4 mil. Non-fund-based working capital limits (short
      term) migrated to Non-Cooperating Category; and

   -- INR273.4 mil. Term loan (long term) migrated to Non-
      Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in March 2007, APPL provides value addition services such
as embroidery, stitching, designing, painting and dyeing on a job
work basis.


AHINSHA BUILDERS: CARE Issues B+ Issuer Not Cooperating Rating
--------------------------------------------------------------
CARE has been seeking information from Ahinsha Builders Private
Limited (ABPL), to monitor the rating(s) vide e-mail
communications/ letters dated December 14, 2016 and January 10,
2017 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 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, ABPL has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. The ratings of ABPL will now be denoted as CARE
B+; ISSUER NOT COOPERATING*. Users of these ratings (including
investors, lenders and the public at large) are hence requested
to exercise caution while using the above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              37        CARE B+; ISSUER NOT
                                     COOPERATING

The rating takes into account, company's exposure to project
execution and marketability risk and cyclical & seasonality
nature of the real estate industry. The rating further
constrained by low collection status of the project and leveraged
capital structure of the company. The rating however, continue to
draw comfort from experiences promoters in the real estate
industry.

Detailed description of the key rating drivers

At the time of last rating in March 29, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Low collection status of the project

ABPL's low collection status is evidenced from unsold area of
around 90 per cent as on January 31, 2016, thus the company
remains susceptible to risk related to marketing of project.
Marketing of the project within envisaged timelines yet to be
seen and shall remain a key rating sensitivity.

Project execution risk and marketability risk

The company has incurred around 21.23 per cent of the total
project cost as on March 2015, significant cost is yet to be
incurred. The company remains susceptible to risk related to
completion of the project in envisaged timelines. However,
management has successfully completed one residential project in
past but the ABPL's, ability to complete comparatively big
project is yet to be seen.

Cyclical and seasonality associated with real estate industry and
exposure to local demand-supply dynamics: The Company is exposed
to the cyclicality associated with real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals.
In case of real estate companies, the profitability is highly
dependent on property markets. This exposes these companies to
the vagaries of real estate markets.

Leveraged capital structure:

The capital structure of the firm remained leveraged as on
March 31, 2015. The total debt of the company mainly
comprises of term debt to fund project funding.

Key Rating Strengths

Experienced promoters and professional consultancy for the
ongoing project: ABP is promoted by Mr. Ghasitumal Jain and Mr.
Vipin Jain. Both the promoters have nearly 2 decades of
experience in the real estate industry through association with
other group companies and they have other business interests as
well like (manufacturing of wheels of tractors and jeep).
Promoters have successfully executed one residential project
(Ahinsha Vatika) in this company.

Ahinsha Builders Private Limited (ABP) was incorporated in April
2004. The company is promoted by Mr. Ghasitumal Jain and Mr.
Vipin Jain. The company is engaged in the business of real estate
development which involves development of residential projects.
The company is operating mainly in Delhi NCR. ABP has executed
residential project 'AhinshaVatika' at Shahdara, Ghaziabad. The
residential block was constructed with two residential towers
with 216 (including 56 flats for economically weaker section;
EWS) residential flats in total. The project was commissioned in
August 2011 and possession was given from August 2014, onwards.
ABP is setting up a residential project under the name
'AhinshaNaturez Park' at Faridabad, Haryana (near Surajkund). The
residential block will be constructed with three residential
towers.

AKSHAR SPINTEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akshar Spintex
Private Limited (ASPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  The instrument-wise rating actions are:

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

   -- INR296 mil. Term loan assigned with 'IND BB/Stable' rating;
      and

   -- INR13.5 mil. Non-fund-based limit assigned with 'IND A4+'
      rating

                        KEY RATING DRIVERS

The ratings reflect ASPL's short operational track record and
moderate credit profile.  ASPL commenced commercial operations in
October 2014.  According to provisional financials for FY17,
revenue was INR868 million (FY16: INR639.43 million), operating
margin was 11.6% (18.7%), net interest coverage (operating
EBITDA/gross interest expense) was 2.1x (1.9x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 4.1x
(3.7x).  The increase in revenue was driven by an increase in
sales.  Meanwhile, EBITDA margin declined owing to an increase in
raw material costs and overhead expenses.

The ratings factors in by ASPL's moderate liquidity position,
indicated by an average maximum working capital utilization of
98.26% during the 12 months ended March 2017.

                       RATING SENSITIVITIES

Negative: A decline in operating margin leading to deterioration
in credit metrics would be negative for the ratings.

Positive: An increase in revenue, with credit metrics staying at
existing levels, would be positive for the ratings.

COMPANY PROFILE

Incorporated in September 2013, ASPL is engaged in the business
of cotton yarns.  ASPL manufactures carded cotton yarn, semi-
combed cotton yarn and combed cotton yarn of finer quality with
16-44 count.  ASPL has 24,480 spindles and an annual installed
capacity of 5,084 metric tons.

The company sells its product under the ASPL brand.  It is
promoted by Mr. Ashok Bhalala.


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

   -- INR99 mil. Term loans migrated to Non-Cooperating Category;
      and

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

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

COMPANY PROFILE

AAMCPL was incorporated in February 2013 and has been running a
120,000tpa flour mill since June 2014.


ALUMATIC CANS: CARE Assigns 'D' Rating to INR11.97cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Alumatic Cans Private Limited (ACPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.97       CARE D Assigned

   Short-term Bank
   Facilities             0.43       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ACPL take into
account the ongoing delays in the debt servicing of the long term
facilities.

The ratings take into account qualified and resourceful promoters
having rich experience in perfumes business, weak financial risk
profile marked net losses and weak debt protection metrics, small
scale of operations and customer segmentation risk.

Going forward, the ability of ACPL to honor its debt obligation
on time, improve its profitability, thereby improving its debt
protection metrics and effectively manage working capital cycle
are the key rating sensitivities.

Detailed description of the key rating drivers

Ongoing delays in the interest and debt servicing.  There have
been ongoing delays in debt servicing on account of stressed
liquidity position of the company.

ACPL, incorporated in April 2011 is an Indian-based private
limited company, engaged into manufacturing of aluminum aerosol
cans used as a packaging material for perfumes and deodorants and
it commenced commercial operations in December 2012. ACPL has its
manufacturing facilities based out of Pargao in Khandala,
District Satara in Maharashtra with an installed capacity of
manufacturing of 30 lakh cans per month (as on March 31, 2016).
The company is promoted by Mr. Danesh Sayani (Managing Director)
who held 20% stake in the company as on March 31, 2016, along
with Mr. Yasin Sayani (brother of Mr. Danesh Sayani) who held 40%
stake as on March 31, 2016, and Mrs Meenaz Sayani (wife of Mr.
Yasin Sayani) holding 40% stake as on March 31, 2016. The same
promoters are also engaged in manufacturing of perfumes via
Floressence Perfumes Private Limited (FPPL) (rated 'CARE B+;
Outlook: Stable/ CARE A4') (100% export-oriented unit) and a
Dubai-based company, Natural Fragrances LLC (NF).


AMBERTEX SEKHSARIA: CRISIL Cuts Rating on INR4.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ambertex
Sekhsaria Exports (ASE) 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
   ----------          ---------     -------
   Bank Guarantee          .02       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit            3.70       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Foreign Bill           4.50       CRISIL B/Stable (Issuer
   Discounting                       Not Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit       1.00       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Long Term Loan         0.50       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Overdraft              0.25       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Packing Credit         2.00       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term     0.88       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 Ambertex Sekhsaria Exports.
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 Ambertex Sekhsaria Exports 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/CRISIL A4.

Set up in 1996 as a proprietorship firm by Mr. Sunil Sekhsaria,
ASE manufactures and exports readymade garments, primarily shirts
and ladies tops. The firm has a manufacturing facility located in
Valsad (Gujrat).


APPU HOTELS: CARE Reaffirms 'B+' Rating on INR211.64cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Appu Hotels Limited (AHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            211.64      CARE B+; Stable Reaffirmed

   Long-term/Short-
   Term Bank
   Facilities              9.00      CARE B+; Stable/CARE A4
                                     Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AHL continue to
remain constrained by continued moderation in the financial
performance marked by after tax-losses during the period FY16
(refers to the period April 1 to March 31) and 9MFY17 (refers to
the period April 1 to December 31) due to low occupancy levels
and decline in average room rental as a result of prolonged
downturn in the domestic hotel industry & high competition. The
ratings, however, continue to factor in the experience of the
promoter in the hospitality industry, demonstrated financial
support from the promoter group and the operational and marketing
support provided by the Starwood group in managing the company's
properties.

The ability of AHL to improve the RevPAR (Revenue per available
room) at their properties thereby leading to improvement in cash
accruals from the present levels, in the backdrop of challenging
business environment will be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Intensifying competition and general slowdown hampering the
Chennai property and less than satisfactory response at the
Coimbatore property: AHL's principal property in Chennai,
situated in close proximity to the airport, has been in
operations for more than 15 years. Since FY12, Chennai city has
been witnessing the launch of numerous luxury hotels resulting in
intensified competition. Among them, a few 5-star and 4-star
hotels are located within 5-km radius from AHL's property,
leading to moderation in the operational performance of the
Chennai property. The average room rental (ARR) declined from
INR5,639 in FY14 to INR4,936 in FY16. However, the Occupancy Rate
improved from 45% in FY15 to 53% in FY16.  The Coimbatore
property was officially inaugurated in November 2011 and is
strategically positioned close to the airport and major business
centres, having the potential to attract business travellers
(mainly from the textile industry) as well as leisure travellers.
However, the slowdown seen in the textiles industry and global
slowdown did not augur well for the company with Occupancy Rate
of 24% in FY14, which only improved to 40% during FY16.

The small resort type hotel named 'Hotel Riverside Resort & Spa'
located at Kumbakonam, taken on lease, continues with lower
occupancy rate and remained at 29% in FY16. Continued moderation
in operational performance leading to losses: The occupancy
levels in Chennai and Coimbatore continued to remain muted
resulted in the sharp deterioration of profit margins due to high
fixed overheads. With high interest expense and depreciation, the
company reported a net loss of INR28 crore in FY16 (PY: net loss
of INR32 crore). On account of continuing losses, the bank
facilities were restructured under the Joint lenders forum (JLF)
mechanism in July 2014, with cut-off date (COD) effective from
February, 2014. The overall gearing increased to 11.03x as on
March 31, 2016, from 5.61x as on March 31, 2015 on account of
continuing losses and erosion in net worth. Losses and repayment
obligations in the recent past have been funded out of unsecured
loans from promoters and promoter group companies. As part of the
restructuring package, AHL plans to monetize its 26 acres of
vacant land through development of plots in the next two years to
boost the cash flow position. Further as part of the package, the
company is expected to bring in Unsecured Loan of INR75 crore
over a period of 5 years from the Group concern. Timeliness of
such measures remains to be seen until such time, the operational
performance of the hotel properties improves and starts
generating cash flows to cover the debt-repayment obligations in
a timely manner.

Key Rating Strengths

Experienced promoter and demonstrated financial support from the
group: The promoters and the group companies have demonstrated
financial support to AHL in the past, by infusion of funds
through unsecured loans. AHL is part of the PGP Group of
Companies, based in Chennai, founded and promoted by Dr Palani G
Periasamy, a prominent industrialist in Tamil Nadu. The other
companies of the PGP group include Dharani Sugar and Chemicals
Limited (DSCL; rated CARE B-; Stable/CARE A4), Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited
(DDPL), Dharani Credit and Finance Limited (DCFL), etc. Three
group companies, namely, DSCL, DCFL and DDPL together hold 17.81%
stake in AHL. The promoter and the group companies have
demonstrated financial support to AHL in the past, by infusion of
funds through unsecured loans.

Operational tie-up with the Starwood group and established brand
image: AHL has entered into a franchisee agreement with Starwood
group for operating both the Coimbatore and Chennai hotel
properties. Starwood Hotels and Resorts operate hotels around the
world under different brand names. The established brand image
associated with Starwood group properties and the technical
support in terms of reservation systems provides a global
platform for AHL and help in attracting customers.

Appu Hotels Limited (AHL) is a Chennai-based public limited
company engaged in the hospitality business in the state of Tamil
Nadu. AHL is part of the PGP Group of Companies which has
diversified business interests in sugar, chemicals, finance,
hospitality, and real estate etc. AHL is founded and promoted by
Dr Palani G Periasamy, Chairman of the group. The group companies
include Dharani Sugar and Chemicals Limited, Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited,
Dharani Credit and Finance Limited among others.

AHL owns two 5-star deluxe category hotels in the name of 'Le
Royal MÇridien' (LRM), situated in Chennai (240-rooms property)
and 'Le Meridien' Coimbatore (254-rooms property) respectively.
Both these properties are operated under the license issued by
Starwood (M) International Inc., one of the leading and well
recognised names in the hospitality industry with presence across
the world.

During FY16, AHL registered net loss of INR28 crore on a total
income of INR88 crore. During 9MFY17 as per provisional
financials, the company posted net loss of INR24 crore on a total
income of INR66 crore.


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

   -- INR6.5 mil. Cash credit migrated to Non-Cooperating
      Category; and

   -- INR2.5 mil. Non-fund based working capital limit migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 6, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1959, Batliboi Environmental Engineering is
involved in the design, selection, engineering, fabrication,
supply, installation, and commissioning of air and water
pollution control equipment, and a variety of systems with
industrial and municipal applications.


BHANSALI ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhansali
Engineering Polymers Limited's (BEPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The rating action reflects
the company's financial performance during FY16 and FY17.

The ratings have also been migrated to the non-cooperating
category.  The issuer did not participate in the surveillance
exercise despite continuous requests and follow ups by the
agency. Thus, the rating is on the basis of best available
information. The rating will now appear as 'IND BB+(ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating action is:

   -- INR600 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR1.500 mil. Non-fund-based limits affirmed and migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
best available information

                         KEY RATING DRIVERS

The affirmation reflects an improvement in BEPL's credit metrics.
As per provisional financials for FY17, EBITDA/interest cover
improved to 6.4x (FY16: 3.3x), driven by an increase in EBITDA
margins to 8.9% (7%).  The improved EBITDA/interest cover is
above Ind-Ra's earlier positive rating guideline of 2.5x.
However,
Ind-Ra is unable to determine the sustainability of the same in
absence of any discussion with management regarding the company's
capex and other future plans.

BEPL did not participate in the surveillance exercise and provide
information on working capital utilization, sanction letters,
future projections and management representation certifying
timely debt service.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA margins leading
to the interest coverage being sustained above 2.5x will result
in a positive rating action.

Negative: Deterioration in the EBITDA margins leading to the
interest coverage below 1.75x on a sustained basis will result in
a negative rating action.

COMPANY PROFILE

Incorporated in 1986 in Mumbai, BEPL manufactures acrylonitrile
butadiene styrene used for manufacturing plastic products such as
drain-waste-vent pipe systems, musical instruments (recorders,
plastic clarinets and piano movements), automotive trim
components, automotive bumper bar, among others.  The company's
overall operations are managed by Mr. B.M. Bhansali and Mr. Jay
Bhansali.


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

   -- INR20 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

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

   -- INR10 mil. Proposed fund-based working capital limits
      migrated to Non-Cooperating Category; and

   -- INR50 mil. Proposed non-fund-based working capital limits
      migrated to Non-Cooperating Category

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

COMPANY PROFILE

Established in 1985, Canon Engineering is a Maharashtra-based
engineering, procurement and construction company mainly engaged
in civil construction and foundation engineering, among others.
The company began operations as a labor contractor for civil
works and later ventured into the civil construction sector.  It
mainly executes government work orders and procures contracts
through e-tendering.


CHOUDHARY LAYER: CARE Reaffirms 'B' Rating on INR6.23cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Choudhary Layer Farms (CLF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.23       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CLF continue to
remain constrained by small scale of operations, leveraged
capital structure and elongated operating cycle. The rating is
further constrained by inherent risk associated with poultry
industry, increased competition and its constitution as a
proprietorship firm. The rating constraints are partially offset
by experienced proprietor in poultry business, moderate
profitability margins and positive outlook of industry.

Going forward, the ability of the firm to profitably increase its
scale of operations while improving its capital structure coupled
with efficient working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations: The scale of operations stood small
levels which limits the company's financial flexibility in
times of stress and deprives it from scale benefits.

Moderate profitability margins and leveraged capital structure:

The profitability margins of the firm continues to remain
moderate for FY16 (refers to the period April 1 to March 31);
PBILDT margin of the firm improved owing to decline in cost of
sales mainly general repairs and maintenance cost and cost of
procurement of birds. However, PAT margin continues to remain low
owing to high interest and depreciation cost. The capital
structure of the firm remained leveraged marked by overall
gearing of 4.42x as on March 31, 2016, on account of higher
working capital utilization.

Working capital intensive nature of operations: The operating
cycle of the firm elongated significantly to 221 days in FY16 due
to elongation of average inventory period owing to bulk
procurement during last month of FY16. Operations of the firm are
working capital intensive in nature and the same is funded
through cash credit which remained fully utilized during the past
12 months ending February 28, 2017.

Inherent risk associated with poultry industry coupled with high
competition from local players: Poultry industry is driven by
regional demand and supply because of transportation constraints
and perishable nature of the products. Poultry industry is also
vulnerable to outbreaks of diseases, like bird flu, extreme
weather conditions and contamination by pathogens. The poultry
industry is highly fragmented and competitive marked by the
presence of numerous players in India.

Key rating Strength

Experienced proprietor in poultry: The proprietor of the firm has
experience of more than half a decade in poultry business through
his association with CFL. He looks after the overall operations
of the firm.

Moderate profitability margins: Margins of the firm have
witnessed an increasing trend during last three years FY14-FY16.
The profitability margins of the firm stood moderate as reflected
from PBILDT. However, PAT margin continues to remain low owing to
high interest and depreciation cost. Also, owing to moderate
profitability, coverage indictors stood moderate.

Jind-based (Haryana) Choudhary Layer Fram (CLF) was established
in 2010 as a proprietorship firm by Mr. Jitender Kundu. CLF is
engaged in poultry farming business which involves growing of 1-
day chick into egg-laying birds and selling eggs. The poultry
farm is located at Jind, Haryana, with a breeding capacity of
300,000 chicks per annum as on January 31, 2017. The firm
procures chicks from Venco Research and Breeding Farm, Pune and
poultry feeds (jowar, wheat and maize cereals) from local traders
and whole sellers. CLF sells the eggs mainly in Delhi, Uttar
Pradesh and Bihar through agents and brokers.

In FY16 (refers to the period April 1 to March 31), CLF has
achieved a total operating income (TOI) of INR8.13 crore and
profits after tax (PAT) of INR0.06 crore, respectively. The firm
has achieved TOI of INR10.50 crore in 11MFY17 (refer to the
period April 1 to February 28, based on provisional results).


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

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 27, 2013.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

TCMGF is a proprietorship concern engaged in cotton ginning and
pressing.  The entity's manufacturing facility is located in
Jalgaon (Maharashtra) with an installed capacity of 150-200 bales
per day.  The end products are cotton bales, cotton seed, cotton
cake and oil.


CONTINENTAL HOSPITALS: Ind-Ra Lowers Long-Term Issuer Rating to D
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Continental
Hospitals Private Limited's (Continental) Long-Term Issuer Rating
to 'IND D' from 'IND A+'.  The Outlook was Stable.  The
instrument-wise rating actions are:

   -- INR170.7 mil. Fund-based working capital limits lowered to
      'Long-term/ Short-term IND D/IND' rating; and

   -- INR2.189 mil. Term loans downgraded to Long-term IND D
      rating

                        KEY RATING DRIVERS

The downgrade reflects the delays in servicing of interest
payments by Continental during FY17.  The delays were due to the
delays in the infusion of funds through a rights issue, due to
the minority shareholder's (Dr. Guru Reddy) refusal to cooperate.
This prevented the majority shareholder, Gleneagles Development
Pte Ltd (Gleneagles), from bringing in equity in a timely manner
to support Continental's debt service.

While assigning ratings to Continental, Ind-Ra had relied
significantly on the confirmation given by Gleneagles that it
would monitor Continental's cash flows (actual and projected) on
a continuous basis and extend cash flow support through equity
infusion for timely debt service at Continental.  Gleneagles had
also confirmed that it is allowed to infuse equity into
Continental and dilute the stake of minority shareholders under
certain circumstances/covenants.  However, the unexpected
resistance by the minority shareholder has caused the mechanism
to not work as expected.

Continental's interest cover was weak at 0.23x in 9MFY17, in line
with Ind-Ra's earlier expectations that interest cover would
remain below 1x in FY17 and support would be required from the
parent for interest servicing and funding of capex.

                        RATING SENSITIVITIES

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

COMPANY PROFILE

Continental owns and operates a multi-super specialty hospital in
Gadchibowli, Hyderabad.  The hospital has a land area of 2.95
acres and built-up area of 1.3 million sf.  The hospital is
licensed and constructed for 750 beds, of which 250 beds have
been operational since April 2013.  The hospital is branded
Continental Hospitals - A Gleneagles Facility.

Gleneagles, a 100%step-down subsidiary of IHH Healthcare Berhad,
bought a 51% stake in Continental in March 2015 by infusing
equity of INR1.883 billion.  The remaining stake is held by Dr.
Guru Reddy and family, who are the company's original promoters.

In FY16, Continental had revenue of INR1.041 billion (FY15:
INR674.4 million), operating EBITDA loss of INR43.3 million (loss
of INR23.3 million) and net loss of INR405.1 million (loss of
INR579.6 million).  According to the provisional financials for
9MFY17, revenue was INR1.206 billion, operating EBITDA was
INR51.8 million and net loss was INR351.7 million.


DGN FASER: CARE Issues B- Issuer Not Cooperating Rating
-------------------------------------------------------
CARE has been seeking information from DGN Faser Private Limited
(DFPL) to monitor the rating(s) vide e-mail communications/
letters dated August 17, 2016, October 4, 2016, November 7, 2016,
November 15, 2016, February 10, 2017, February 17, 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 the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on DFPL's bank
facilities will now be denoted as CARE B-/CARE A4; ISSUER NOT
COOPERATING.
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.56       CARE B-; Issuer not
                                     cooperating; Based on best
                                     available information

   Long-term/Short-       0.70       CARE B-/CARE A4; Issuer not
   Term Bank Facilities              cooperating; Based on best
                                     Available information

   Short-term Bank
   Facilities             0.20       CARE A4; Issuer Not
                                     Cooperating

The ratings take into account its small scale of operations and
its weak financial risk profile marked by leveraged capital
structure, weak debt coverage indicators and weak liquidity
position. The ratings further remains constrained on account
of its presence in a fragmented and competitive refractory
industry and susceptibility of operating margins to volatility in
power and fuel as well as raw material costs. The ratings,
however, derives comfort from the well-qualified and
experienced promoters in the same line of business.

Detailed description of key rating drivers

At the time of last rating in December 4, 2015 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations with net losses along with leveraged
capital structure, weak debt coverage indicators and weak
liquidity position: The Total Operating Income (TOI) stood low at
INR4.81 crore in FY16 as against INR2.20 crore in FY15 (refers to
the period April 1 to March 31), while it continued to report net
losses in FY16. The capital structure as marked by an overall
gearing ratio though improved marginally continued to remain
leveraged at 5.97 times as on March 31, 2016. The debt coverage
indicators also continued to remain weak as on March 31, 2016.
The operations of DFPL remained working capital intensive in
nature as marked by an elongated operating cycle of 215 days in
FY16.

Presence in fragmented and competitive industry with
susceptibility of operating margins to volatility in power and
fuel as well as raw material costs: The refractory industry is
characterized by large number of organized and unorganized
players leading to intense competition. Also, the operating
margins are susceptible to volatility in raw material prices i.e.
alumina, zirconia and silica as well as power and fuel i.e.
Liquefied Natural Gas (LNG) costs.

Well qualified and experienced promoters: The key promoter Mr.
Bharat Chauhan, has an experience of more than 3 decades in the
industry of manufacturing refractory ceramic fibers, while the
key promoters are well-qualified from reputed institutes.

Surendranagar-based(Gujarat) DFPL was incorporated in 2011 for
manufacturing and supplying ceramic fiber and its allied products
which is primarily composed of alumina, silica and zirconia
characterized by high refractory fibers. DFPL commenced its
manufacturing operations from January 2014 onwards with an
installed capacity of 2,500 metric tons per annum (MTPA). The
products of DFPL are used as heat insulation products for energy
conservation and also used for fire proofing applications which
finds a wide application in various industries like ceramic,
refineries, fertilizers, glass, thermal power, petrochemicals,
cement and other heavy industries where heat insulation is
required. DFPL caters to the domestic market under the brand
'DMat' for ceramic fiber blankets, 'DMass' for fiber bulk,
'DSlat' for ceramic fiber board and 'DPap' for its fiber paper.

During FY16 (refers to the period April 1 to March 31), the
company reported net loss of INR0.47 crore on a TOI of INR4.81
crore as against a net loss of INR0.71 crore on a TOI of INR2.20
crore during FY15.


EVERGREEN DRUMS: CRISIL Lowers Rating on INR10MM Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Evergreen Drums and Cans Private Limited (EDCPL) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Corporate Loan          6.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit       10.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      .35       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan              6.15       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in servicing of debt, resulting in
the company being classified as a non-performing asset by its
bank.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing of debt:  Repayment of loans to the bank
has been delayed and the company's account with the bank has been
classified as NPA.

Strength

* Extensive experience of the promoter: The promoter, Mr. Kamal
Jhunjhunwala, has been operating in the packaging industry for
over two decades. He is personally involved in the management of
all aspects of the business, thus fully leveraging his
experience.

EDCPL was originally set up as a partnership firm in 1974; the
firm was reconstituted as a private limited company in 1992-93
(refers to financial year, April 1 to March 31). It manufactures
metal containers, cans, roll-on-pilfer-proof caps, barrels, and
drums. Its day-to-day operations are being managed by Mr. Kamal
Jhunjhunwala.

Net losses was INR1.02 crores on revenue of INR26.62 crore in
fiscal 2015.


EXCLUSIVE OVERSEAS: CARE Cuts Rating on INR17.71cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Exclusive Overseas Private Limited (EOPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         17.71      CARE B+; ISSUER NOT
   Facilities                        COOPERATING; Revised from
                                     CARE BB- on the basis of
                                     Best available information

   Long/Short-term
   Bank Facilities         8.00      CARE B+/CARE A4; ISSUER
                                     NOT COOPERATING; Revised
                                     from CARE BB- on the basis
                                     of best available
information

CARE has been seeking information from EOPL to monitor the
rating(s) vide e-mail communications/ letters dated November 18,
2016 and February 13, 2017 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 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, EOPL has
not paid the surveillance fees for the rating exercise as agreed
to in its rating agreement. The ratings of EOPL will now be
denoted as CARE BB-/A4; ISSUER NOT COOPERATING. Users of these
ratings (including investors, lenders and the public at large)
are hence requested to exercise caution while using the above
rating(s).

The rating takes into account small scale of operations, low
profitability margins and leveraged capital structure. The rating
further continues to be constrained by elongated by working
capital intensive nature of operations. The ratings however,
continue to draw comfort from experiences promoters with
moderately long track record of operation and established
relation with customers.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Small scale of operations: The total operating income of the
company continues to remain small which inherently limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.

Weak financial risk profile: The profitability margins continued
to remain on lower side due to its presence in highly competitive
and fragmented nature of the industry couples with low value
addition. The capital structure of the company continues to
remain moderately leveraged on account of high debt levels and
low net worth base.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature, with the
working capital needs being largely met through bank borrowings.

Key Rating Strengths

Experienced promoters with moderately long track record of
operation: EOPL has been in operation since 1996 and accordingly
has a track record of around two decades. The company was
promoted by Mr. Rajeev Aggarwal (managing director, aged 47
years, graduate), possess around three decades of experience in
the similar line of business and looks after the day-to-day
operation of the company with the help of other co-directors Mrs
Meenu Aggarwal (director, aged 40 years, graduate) having around
a decade experience in the same line of business.

Established relationship with customers: EOPL has a list of
dedicated customers which includes companies like Texport
Overseas Pvt. Ltd., Subhnen Textile & Bullion Pvt. Ltd.,
Nuvocraft Appareals Inda Pvt. Ltd., Jay Gee Overseas Pvt. Ltd. M
R Roy Yarns Pvt. Ltd. etc. with established relationships for
more than 15 years. While long standing relationship with its
clientele strengthens the business profile resulting assured
revenue stream to the company Exclusive Overseas Private Limited.
(EOPL) incorporated in January 1996 and is promoted by Mr. Rajeev
Aggarwal and his family members, based out of New Delhi. The
company is engaged in the manufacturing of quilted fabrics with
an installed capacity of 6.3 million meters per annum. The
company has two manufacturing facilities, located at New Delhi
and Bengaluru, Karnataka. The manufacturing products are used in
making of curtains, bed sheets, pillow covers, etc. The company
mainly operates in the domestic market with its presence all over
India.

EOPL reported a PAT of INR0.00 and PBILDT of INR1.99 crore on a
total operating income of INR34.09 crore in FY16 (refers to the
period April 1 to March 31) as against PAT of INR0.15 crore and
PBILDT of INR2.20 crore on a total operating income of INR36.16
crore in FY15.


GALAXY MICA: CRISIL Reaffirms B+ Rating on INR7.44MM LT Loan
------------------------------------------------------------
CRISIL Ratings ratings on the bank facilities of Galaxy Mica
Private Limited (GMPL) continue to reflect its working capital-
intensive operations, aggressive capital structure, and modest
scale of operations in the intensely competitive laminates
industry. These weaknesses are partially offset by the experience
of its promoters and their funding support.

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

   Foreign Exchange
   Forward                  .05     CRISIL A4 (Reaffirmed)

   Long Term Loan          7.44     CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded its rating on the long-term bank facilities
of GMPL to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
reaffirmed the short-term rating at 'CRISIL A4' vide its release
dated
March 1, 2017.

The upgrade reflects ramp-up in, and stabilisation of, operations
which, along with addition of new customers, is likely to result
in a 50% year-on-year growth in turnover in fiscal 2017 from
INR14.7 crore. Furthermore, ongoing capacity expansion will lead
to a healthy 20% revenue growth over the medium term, with cash
accrual increasing to INR1.5-2 crore annually. However, financial
risk profile remains constrained by modest networth and large
working capital requirement.

Analytical Approach

Unsecured loans from promoters have been treated as neither debt
nor equity as these are expected to remain in business and are
subordinated to bank loans.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: With turnover of INR14.7 crore in
fiscal 2016, scale remains small in the competitive laminates
segment. Despite healthy revenue growth in fiscal 2017, scale
will remain subdued.

* Working capital-intensive operations: Gross current assets were
in excess of 300 days as on March 31, 2016.

* Aggressive capital structure: Networth was small at INR2.4
crore and gearing high at 3.0 times as on March 31, 2016.

Strengths
* Extensive experience of promoters: The promoters have industry
experience of more than a decade.

* Funding from promoters: Unsecured loans from promoters
increased to INR3.5 crore in fiscal 2017 from INR1.5 crore as on
March 31, 2015.

Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium
term from the extensive experience and funding support of its
promoters. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accrual and a better working capital
cycle. The outlook may be revised to 'Negative' if substantially
low sales or profitability, stretch in working capital cycle, or
large, debt-funded capital expenditure further weakens financial
risk profile.

Incorporated in 2012 and promoted by Ahmedabad-based Mr. Ashwin
Patel, Mr. Gautam Patel, and Mr. Suresh Patel, GMPL manufactures
laminates used for furnishing. Operations began from September
2014.

Profit after tax was INR0.11 crore on an operating income of
INR14.7 crore in fiscal 2016, against a loss of INR0.69 crore on
an operating income of INR4.8 crore in the previous year.


GEMINI ENTERPRISES: CRISIL Cuts Rating on INR7MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gemini
Enterprises-Hyderabad (GE) 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              7        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 Gemini Enterprises-Hyderabad.
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 Gemini Enterprises-Hyderabad 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.
Established as a proprietorship firm in 1999 by Mr. V Ramesh, GE
is a primary distributor for HUL's products in Hyderabad.


GULZAR MOTORS: CRISIL Lowers Rating on INR7.0MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Gulzar
Motors Private Limited (GMPL) 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          2.5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB/Stable)

   Cash Credit             6.5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from CRISIL BB/Stable)

   Channel Financing       7.0       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 Gulzar Motors 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 Gulzar Motors 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/CRISIL A4.

GMPL was originally promoted by Mr. Gurcharan Singh in 1997 as a
public limited company, which was reconstituted as a private
limited company in 2010. It is an authorised dealer of Maruti
Suzuki India Ltd (MSIL) vehicles in Ludhiana (Punjab). The
company also has a Maruti True Value showroom for purchase and
sale of used cars. In addition, it has an authorised service
station for MSIL with a capacity to provide servicing facility
for around 70 cars per day. The company's operations are managed
by Mr. Harkirat Singh, son of Mr. Gurcharan Singh.


HAVELI ENTERTAINMENTS: CRISIL Reaffirms B- INR9.75M Loan Rating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Haveli
Entertainments Pvt Ltd (HEPL) 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               9.75      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 Haveli Entertainments Pvt 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 Haveli Entertainments Pvt Ltd is
consistent with 'Scenario 3' outlined in the '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.

Haveli Entertainment Pvt. Ltd (HEPL) has been incorporated as
closely held Private Limited Company since December 1995. The
main promoters of the company are Mr. Fatehsinh Chauhan and Mr.
Abhishek Chauhan. The company is setting up an entertainment mall
in Silvassa in Dadra & Nagar Haveli.


HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hule Constructions Private Limited (HCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             3.00       CARE A4 Reaffirmed

The ratings assigned to the bank facilities of HCPL continues to
be constrained on account of modest scale of operations with high
working capital intensity and stretched liquidity position. The
ratings are further constrained by exposure of company to
geographical and sector concentration risk, presence in the
competitive construction industry and tender based nature of
business. However, the ratings continue to factor in long track
record of operations of the company of a decade, experience of
the promoters in construction industry, comfort from the presence
of price escalation in the contracts, healthy order book,
comfortable capital structure and profitability. The ability of
the company to increase its scale of operations with timely
execution of orders in hand and further strengthening of order
book, improve its solvency position and profitability margins
along with efficient management of working capital requirements
remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoter in construction business and long track
record of operations of the company: Incorporated in year 2007,
Hule Constructions Private Limited (HCPL) is promoted by Mr.
Vishwanath Hule and Mrs Anita Hule, having almost 25 years of
experience in the infrastructure space in the capacity of
contractor. Being in the industry for more than two and half
decades has helped the directors to gain adequate acumen about
the business which will aid in smooth operations of HCPL and
garnering regular orders from clients. Moderate profitability and
solvency position: Profitability of the entity remained at a
moderate level with PBILDT margin in the range of 17%-20% during
last three years ending FY16. Furthermore, owing to lower
dependence of company on external borrowings capital structure
remained at comfortable level.

Healthy order book position: the entity has outstanding order
book of INR240.65 crore to be executed in the time span of around
1-2 years imparting medium term revenue visibility. Furthermore,
the order book is from reputed clients with whom the client has
been dealing with since long.

Key Rating Weaknesses

Modest scale of operations with stretched liquidity position:

Although the total operating income of company has been
increasing at a CAGR of about 42% during FY14-FY16 (refers to the
period April 1 to March 31), scale of operations remained modest
with low networth base. Further the liquidity position of the
entity remained stretched with elongated collection period. The
entity has to resort to external borrowings to support along with
extends creditor period to support the working capital
requirement.

Presence in competitive industry and tender driven nature of
business: Being into government contracts, the company is exposed
to tender driven process and hence faces an intense competition
from increasing number of bidders. With, the escalated amount
being pegged to the price of construction material, the delay in
projects often lead to an increase in cost and ultimately affects
the bottom line of the company, hence providing limited comfort
to the company.

Incorporated in year 2007, Hule Constructions Private Limited
(HCPL) is promoted by Mr. Vishwanath Hule having almost 25 years
of experience in the infrastructure space in the capacity of the
contractor. HCPL is engaged in infrastructure contract work with
operations focused in Beed (Marathwada region) in Maharashtra.
Within the infrastructure sector HCPL majorly operates in two
segments- irrigation and construction of buildings. The company
participates in the tender floated by the public works department
(PWD); if awarded with the contract, company has to get design of
the work certified from Central Design Organisation (Nasik).The
company owns most of the machinery and equipment which are
required for execution of projects.

The company got registered under the class- I (A) contractor in
the year 2011 with the PWD, Maharashtra state, by virtue of which
it is eligible to undertake all types of civil work, irrespective
of size within the state of Maharashtra. HCPL reported TOI of
INR22.89 crore with PAT of INR1.11 crore in FY16 against TOI of
INR22.82 crore with PAT of INR0.80 crore in FY15.


IG3 INFRA: CARE Reaffirms 'D' Rating on INR461.49cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
IG3 Infra Limited (IG3), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            461.49      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of IG3 continues to
factor in delays in debt servicing by the company on account of
its stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in debt servicing: IG3 has delayed servicing its debt
obligations mainly due to the stretched liquidity position of the
company.

Weak financial profile: The Company reported a total income of
INR99.21 cr and net loss of INR 42 cr in FY16. The debt
protection metrics also witnessed deterioration as reflected in
interest coverage ratio at 0.86x in FY16 as against 4.63x in
FY15. Furthermore, IG3 had overdue interest obligation on term
loan amounting to INR31.79 crore which was not provided for as on
March 31, 2016.

Exposure to Group Companies: As on March 31, 2016, the company
had exposure to group entities amounting to INR405.29 crore
(Rs.407.20 crore as on March 31, 2015) in the form of investments
and loans & advances. The advances are mainly in form of project
advances and are invested in land and construction projects. The
company also had provided a corporate guarantee and the
outstanding under the guarantee was about INR45 crore as on March
31, 2016.

Key Rating Strengths

Experienced promoters: The promoters have over two decades of
experience in the real estate/construction business. Ms Unnamalai
Thiagarajan, founder promoter, is the Managing Director of IG3
and is also the MD of Elnet Technologies Ltd., a joint venture by
Ms Thiagarajan and Electronic Corporation of Tamil Nadu Limited
(a Tamil Nadu government undertaking) which set up the first IT
park in India in 1993. IG3 is managed and controlled by its Board
of Directors, under the Chairmanship of Mr. C Ramachandran IAS
(Retired).   IG3 (formerly known as Indian Green Grid Group
Limited) is a Chennai-based company engaged in the business of
developing and maintaining comprehensive infrastructure
facilities like IT Parks / IT SEZ. IG3 is currently operating an
IT SEZ (C1) in Chennai. IG3 was promoted by Ms Unnamalai
Thiagarajan & her Associates along with Elnet Technologies
Limited (ETL) in the year 2004. Ms Unnamalai Thiagarajan, is the
Managing Director of IG3 and she is also the Managing   Director
of Elnet Technologies Ltd. Elnet is a joint venture by Ms
Thiagarajan and Electronic Corporation of Tamil Nadu Limited (a
Tamil Nadu government undertaking) which set up the first IT park
in India in 1993. C1 has a constructed area of 1.2 million sq ft
(msf) and has been operational since November 2006 with full
occupancy.

The company reported a net loss of INR42.22 crore on a total
operating income of INR99.21 crore in FY16 as compared with a PAT
of INR36.39 crore on a total operating income of INR97.01 crore
in FY15.


JAPAN METAL: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Japan
Metal Building System Private Limited (JMBS) 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 Guarantee      5.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         4.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      12.0      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 Japan Metal Building System
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 Japan Metal Building
System 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 long term rating to CRISIL
B/Stable and reaffirmed short term rating at CRISIL A4.

Incorporated in 1996 and based in Bengaluru, JMBS is an Indo-
Japanese joint venture that manufactures metal roofing, cladding,
decking sheets, and pre-fabricated metal building systems.


JAY BAJRANG: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jay
Bajrang Cotton Industries (JBCI) 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             4         CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.5       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 Jay Bajrang Cotton 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 Jay Bajrang Cotton Industries 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 reaffirmed the rating at CRISIL B/Stable.

Promoted in June 2013, JBCI has set up a ginning and pressing
unit having a capacity to produce 20,000 to 25,000 bales per
annum at Morbi in Rajkot (Gujarat). The unit commenced operations
from April 2014.


JAYABHERI AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR15MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jayabheri
Automotives Private Limited (JAPL) 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              15      CRISIL B-/Stable (Issuer
                                    Not Cooperating; Rating
                                    Reaffirmed)

   Term Loan                11.5    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 Jayabheri Automotives 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 Jayabheri Automotives 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 reaffirmed the rating at CRISIL B-
/Stable.

Incorporated by the Duggirala and the Maganti families in 2011,
JAPL is an authorised dealer for Maruti Suzuki India Ltd's
passenger cars and multi-utility vehicles. The company operates
three car showrooms and four workshops in Visakhapatnam,
Vizianagaram, and Narsipatnam (all in Andhra Pradesh).


JP DEVELOPERS: CRISIL Lowers Rating on INR7MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with JP
Developers (JPD) 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                7        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 JP Developers. 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 JP Developers 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.

JPD was set up in 2009 by Mrs. Jayalaxmi P. Shah. The firm is
engaged in real estate development. It is currently undertaking a
residential project in Mumbai (Maharashtra).


KAMADGIRI OILS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kamadgiri Oils
Private Limited's (KOPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating actions are:

   -- INR103 mil. (reduced from INR110) Fund-based limits
      affirmed with 'IND BB+/Stable' rating;

   -- INR3 mil. Term loan withdrawn rating

                         KEY RATING DRIVERS

The affirmation reflects continued KOPL's moderate scale of
operations and credit profile.  According to provisional
financials for FY17, revenue was INR1.001 billion (FY16: INR795
million; FY15: INR962 million), gross interest coverage
(EBITDA/gross interest) was 2.2x (1.7x; 1.5), net financial
leverage (net debt/EBITDA) was 3.7x (4.4x; 4.3x) and operating
EBITDA margin was 3.0% (2.6%; 2.3%).  The increase in revenue was
due to a rise in capacity utilization, driven by availability of
sufficient raw materials.  Meanwhile, the marginal improvement in
EBITDA margin was due to a decline in costs of raw materials
consumed during the year.

The ratings factor in KOPL's moderate liquidity profile,
indicated by an average maximum working capital limit utilization
of 89.89% during the 12 months ended March 2017.

The rating, however, continue to be supported by the promoter's
experience of more than a decade in the edible oil refinery and
extraction business.

                         RATING SENSITIVITIES

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

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

COMPANY PROFILE

KOPL was incorporated in 2003 in the Morena district of Madhya
Pradesh by Mr. Ramesh Chandra Bansal and Mr. Sachin Goyal.  The
company refines edible oils such as soya oil, mustard oil and
sunflower oil.  The company has a total refining capacity of
36,000 metric tons per annum.  Moreover, it is engaged in the
extraction of mustard oil and the trading of soya seeds, grains
and oil cake.


KARTHIK INDUCTION: CARE Reaffirms B Rating on INR11.37cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Karthik Induction Limited (KIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.37       CARE B Reaffirmed

   Short-term Bank
   Facilities             7.75       CARE A4 Reaffirmed



The ratings assigned to the bank facilities of KIL continue to
remain constrained on account of weak financial risk profile
marked by leveraged capital structure, weak debt coverage
indicators and thin profitability margins. The ratings are
further constrained by its presence in competitive and cyclical
steel industry and exposure of profit margins to fluctuation in
raw material price. However, the ratings continue to factor in
experience of promoters in steel industry, operational synergies
with group entities, comfortable operating cycle of entity and
increasing scale of operations.

The ability of the company to increase its scale of operations
while improving its solvency position and profitability along
with efficient management of working capital requirements remains
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters in steel industry: KIL, incorporated in
1994, is promoted by Mr. B. Raghavendra and Mr. B. Gopala. The
directors have an average experience of two decades in
manufacturing of MS Ingots, runners and risers under KIL. Being
in the industry for more than two decades has helped the
promoters to gain adequate acumen about the business and helped
them to maintain relations with clients. Synergistic advantage
from group entities: KIL, is the backward integration of Karthik
group in the steel manufacturing value chain and supplies
majority of its production to its group companies engaged in
manufacturing of TMT bars, structured steel and steel rolled
bars.

Comfortable operating cycle: The working capital cycle of KIL
remained comfortable during last 3 years FY16 (refers to the
period April 1 to March 31). KIL maintains an inventory period of
around one month, so as to meet the immediate need of customers.
Furthermore, the entity offers collection period of one month to
its customers and receives credit period of one month and
receives credit period of around three weeks from suppliers.

Key Rating Weaknesses

Financial risk profile marked by low profitability and weak
solvency position: Although the scale of operations of the
company have been improving during last three years ending FY16,
its profit margins remained low and registered losses
at net level in FY16 resulting in low networth base, thus
depriving it of scale benefits and limiting its financial
flexibility.

Furthermore, high dependence of entity on external borrowings
resulted in leveraged capital structure.

Susceptibility of margins to fluctuation in input prices: The
main raw material for the company is steel, the prices of steel
are driven by the international prices which had been volatile in
past and also through government policies. Thus, any adverse
change in the prices of the raw material may affect the
profitability margins of the company.

Karthik Induction Limited (KIL) was incorporated in the year 1994
by Mr. B. Raghvendra. The company was established in order to
support group operations by way of backward integration through
manufacturing of MS ingots and by products viz. runners and
risers. The company procures (sponge iron, pig iron and MS scarp)
required raw material from domestic market and has a
manufacturing plant (leased) in Kundaim, Goa. The company has an
installed capacity of 37,200 MTPA with capacity utilization of
around 75% in FY16 as against 64% in FY15.

Group companies of KIL are Karthik Alloys Limited, Rukminirama
Steel Rolling Private Limited and Rukminirama Ferro Alloys &
Power Limited (RFAPL). Furthermore, Rukminirama Steel Rolling
Private Limited is engaged into manufacturing of MS Ingots and
rolled products such as TMT bars, squares, angels and channels.
KIL, is the backward integration of the group in the steel
manufacturing value chain and supplies majority of its production
to group companies engaged in manufacturing of TMT bars,
structured steel and steel rolled bars.

KIL reported TOI of INR146.64 crore with net loss of INR0.02
crore in FY16 against TOI of INR80.68 crore with PAT of INR0.02
crore in FY15.


LOKMANGAL MAULI: CARE Lowers Rating on INR210.85cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lokmangal Mauli Industries Limited (LMIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        210.85      CARE D Revised from
   Facilities                        CARE BB

The revision in the ratings assigned to the bank facilities of
LMIL factor in instances of delay in debt servicing by LMIL due
to its stressed liquidity position.

The rating factors in experienced and resourceful promoters of
Solapur-based (Maharashtra) Lokmangal group (LG) with established
track record in the sugar industry, qualified and experienced
second-tier management and partially integrated business
model.Going forward, the ability of the company to honor its debt
obligation on time, and establish a track record of regular debt
servicing, improvement in financial position are the key rating
sensitivities.

Lokmangal Mauli Industries Ltd (LMIL), was incorporated in August
2007 to undertake sugar and sugar related production by Mr.
Subhash Deshmukh (Founder chairman) and Mr. Ravikant Patil
(Managing Director) with an installed capacity of 6,000 Tonnes of
Cane Crushed Per Day (TCD). To mitigate the seasonal and cyclical
nature of sugar industry, LMIL has also installed Co-generation
unit of 30 Mega-watt (MW). The partially integrated sugar factory
of LMIL is located at Post Khed, Taluka Lohara.

During FY16 (refers to April 1, 2015 to March 31,2016), LMIL
reported Profit After Tax (PAT) of Rs (21.93) on total income
of INR261.28crore as compared to PAT of INR(3.58) crore on total
income of INR113.51 crore during FY15.


M J ENGINEERING: CARE Reaffirms C Rating on INR14.35cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
M J Engineering Works Private Limited (MJL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.35      CARE C; Stable Reaffirmed

   Long-term/Short-        2.70      CARE C; Stable/CARE A4
   Term Bank Facilities              Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of MJL continue to remain constrained by small scale
of operations coupled with leveraged capital structure and
stressed coverage indicators. The ratings are further constrained
by the elongated operating cycle, susceptibility of profits to
volatility in raw material prices and its presence in the highly
competitive industry. The ratings, however, draw strength from
the experienced promoters.

Going forward, MJL's ability to increase its scale of operations,
profitability margins and efficient management of working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small and fluctuating scale of operations: The scale of
operations of the company continues to remain small which
continues to limits the company's financial flexibility in times
of stress and deprives it from scale benefits.

Weak financial risk profile: The company's profitability margins
continue to remain thin. The capital structure continued to
remain highly leveraged as on March 31, 2016, on account of
earlier net losses which resulted in erosion of net worth base
coupled with low equity share capital. Furthermore, the debt
coverage indicators marked by total debt to GCA stood weak owing
to low cash accruals during the year.
Working capital intensive nature of operations: The operating
cycle of the company continued to remain elongated and stood at
493 days for FY16 (refer to the period April 01 to March 31)
owing to high inventory level and collection period in FY16. The
company has to offer high credit period to its customers due to
high competition prevailing in the market. The average working
capital utilization of its sanctioned limit remained around 90%
for the last 12-month period ended February 2017.

Susceptibility of margins to volatility in raw material prices:
Steel and zinc prices being highly volatile in nature. Therefore,
the profit margins of the company are exposed to any sudden spurt
in the raw material prices. Presence in a fragmented and
competitive industry: MJL operates in a highly fragmented
industry marked by the presence of a large number of players in
the unorganized sector. Furthermore, with presence of various
players, the same limits bargaining power which exerts pressure
on its margins.

Key rating Strength

Experienced promoters: MJL is currently being managed by Mr.
Pradeep Kumar Jain and Mr. Nischal Jain. Mr. Pradeep Kumar Jain
has nearly three and a half decades of experience in designing
and manufacturing of transmission line towers, power substations
& switchyard structures, etc. Prior to MJL, he was associated
with his proprietorship firm M J Engineering engaged in similar
line of business. Mr. Nischal Jain has nearly one and a half
decades of experience through his association with MJL.

MJL was incorporated in 1991 and is currently being managed by
Mr. Pradeep Kumar Jain. The company is engaged in designing and
manufacturing of transmission line towers, microwave towers, sub-
station structures, and cable trays up to 400 Kilovolts along
with hot-dip galvanizing at its manufacturing facility located at
Alwar, Rajasthan with installed capacity of 8,000 metric tonne
per annum (MTPA). MJL has completed various projects for State
Electricity Boards and Telecom operators. The main raw materials
of the company are steel and zinc which are procured from various
mills across the country.

The total operating income and PAT of the company stood at
INR12.58 crore and INR0.11 crore in FY16 as against INR14.35
crore and net loss of INR1.55 crore in FY15. Furthermore, in
11MFY17 (refers to the period April 1, 2016 to February 28,
2017), the company has achieved sales of INR12.25 crore (as per
provisional results).


M.M. COTTON: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with M.M.
Cotton Factory (MMCF) 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              3        CRISIL B/Stable (Issuer
                                     Not Co-operating; Rating
                                     Reaffirmed)

   Rupee Term Loan          .37      CRISIL B/Stable (Issuer
                                     Not Co-operating; Rating
                                     Reaffirmed)

   Warehouse Financing     5.00      CRISIL B/Stable (Issuer
                                     Not Co-operating; 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 M.M.Cotton Factory. 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 M.M.Cotton Factory 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 reaffirmed the rating
at CRISIL B/Stable.

MMCF was set up by Mr. Surinder Pal as a proprietorship firm in
2006, and was reconstituted as a partnership concern in 2012. The
firm gins and presses cotton at its unit in Malhout district
(Punjab).


MAN TUBINOX: Ind-Ra Lowers Long-Term Issuer Rating to D
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Man Tubinox
Limited's (MTL) Long-Term Issuer Rating to 'IND D' from 'IND
BB+'. The instrument-wise rating actions are:

  -- INR1.25 bil. Term loan* downgraded to 'IND C';

  -- INR95.0 mil. Fund-based working capital facility (long-term)
     downgraded to 'IND D' rating;

  -- INR230.0 (reduced from INR480.0) mil. non-fund-based working
     capital facility (short term) downgraded to 'IND D' rating;
     and

  -- INR100.0 mil. Proposed long-term fund-based limits#
     withdraw rating

* Not disbursed

The rating on the proposed fund-based limits has been withdrawn
as the company has not gone ahead with the proposed borrowings
for over the 12 months ended March 2016.

                         KEY RATING DRIVERS

The downgrade reflects continuous delays in servicing of working
capital facilities during the 12 months ended April 2017 owing to
a stressed liquidity position due to weak operating
profitability.

The construction of the planned 20,000mtpa greenfield stainless
steel tubes and pipes plant in Dhar (Madhya Pradesh) continues to
be delayed due to the non-disbursement of sanctioned funds by the
bank.  The financial tie-up for the total debt requirement of
INR1.250 billion was completed in June 2015.  The total project
cost is envisaged at about INR2.096 billion in a debt/equity
ratio of 3:2.

                       RATING SENSITIVITIES

Positive: Timely servicing of working capital facilities for
three consecutive months could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2006, MTL is a part of J.C. Man Group and trades
steel products.  Promoter and Group Chairman Mr. JC Mansukhani is
also co-promoter of Man Industries (India) Limited, a leading
manufacturer and exporter of submerged arc welding pipes in
India. He has over 40 years of experience in the SAW pipe
business.

MTL registered INR2.170 billion in revenue for 9MFY17 (FY16:
INR2.953 billion), with EBITDA loss standing at INR14.5 million
(FY16: EBITDA of INR4 million).


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

   -- INR250 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 30, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 2015, Matrix is engaged in the business
of television and digital content, including digibeta tapes,
video tapes and cassettes.  It purchases content from producers
and sells it to distributors.  Currently, Matrix has rights to
670 episodes across various genres such as drama, comedy,
thriller and action in regional Indian languages.


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

                         KEY RATING DRIVERS

MNPP's rating is constrained by its inadequate civic
infrastructure which affects the municipality's growth.
Inadequate water supply along with the lack of a proper
underground sewerage system, drainage network, proper solid waste
management and collection facilities hinders the growth potential
of the city.  The absence of these adequate basic civic services
as reflected by municipality's Service Level Benchmark report
calls for an immediate attention.  However, Ind-Ra expects the
city's civic infrastructure to improve due to its selection under
Atal Mission for Rejuvenation and Urban Transformation (AMRUT)
scheme.

Urban civic services delivery is also hampered by the
multiplicity of authorities providing these services, as
sometimes lack of coordination between different agencies leads
to unnecessary delays.  Besides MNPP, other state agencies such
as Uttar Pradesh Jal Nigam and Public Works Department are
involved in the provision of civic services.  The transfer of
some of the services from these agencies to the municipality can
help speed up improvement in service delivery.

Mirzapur jurisdiction is only 38.85sq km with a population of
2,34,871.  Economic activities in the town are not buoyant and
taxes on average contributed 6.96% to the total revenue over
FY13-FY17.  Along with tax revenues, JNPP's revenue sources
comprise non-tax revenue, grants & contribution and other income.
The municipality's non-tax revenue mainly emanates from various
fees & charges and rental income from municipal properties and
contributed 1.65% on an average to total revenue income over
FY13-FY17.

MNPP reported a moderate financial performance in FY17.  Its
revenue receipts increase to INR469.63 million in FY17 from
INR289.31 million in FY13, at a CAGR of 17.53%.  Also, its
revenue balance improved to INR267.14 million in FY17 from
INR128.82 million in FY13.

MNPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants
for development purposes.  Revenue compensation and revenue
grants cumulatively contributed 90.26% to the total revenue
income during FY13-FY17.

                        RATING SENSITIVITIES

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

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

COMPANY PROFILE

Mirzapur city lies in the centre of north India, nearly 650km
from both Delhi and Kolkata, almost 89km. from Allahabad and 57km
from Varanasi.  Located in the state of Uttar Pradesh, Mirzapur
is renowned for its famous carpets and brassware industries.
Mirzapur is well connected with most of the major Indian cities
through railways.  The city is surrounded by several hills and is
the headquarters of Mirzapur District.  About 32km from Mirzapur
is the famous fortress of Chunar.

Vindhyachal temple, Kaali Kooh and Ashtbhuja Devi temple are
major pilgrimage sites.  For quite some years, Mirzapur has been
a destination for tourists, particularly for people from
adjoining states owing mainly to the ghats and temples.  As of
the 2011 census, Mirzapur had a literacy rate of 76.47%.


MS SOLVEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MS Solvex
Private Limited (MSSPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  Instrument-wise rating actions are:

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

   -- INR140 mil. Term loan assigned with 'IND BB+/Stable' rating

                         KEY RATING DRIVERS

The ratings reflect MSSPL's short operational track record and
volatile EBITDA margins due to fluctuation in prices of raw
material (soya seeds), which is seasonal in nature.  During
10MFY17, the EBITDA margins deteriorated to 6.43% from 7.50% in
FY16 (FY15: 6%).

However, the ratings are supported by a sustained increase in
MSSPL's revenue due to higher order from existing customers and
improvement in credit metrics resulting from debt repayment in
FY17.  In 10MFY17, revenue improved to INR945.36 million (FY16:
INR851 million), EBITDA interest coverage to 2.54x (2.0x) and net
financial leverage to 3.28x (3.4x).

The ratings also benefit from the promoters' experience of more
than four decades in the solvent extraction and edible oil
industry leading to a long standing relationship with customers
and suppliers.

The company's locational advantage due to its proximity to
Neemuch mandi (among the largest mandis for soya seeds in Madhya
Pradesh) also provides support to the ratings.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit metrics will be
positive for the ratings.

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

COMPANY PROFILE

Incorporated in December 2012, MSSPL is promoted by Mr. Sanjay
Kumar Chopra, Mr. Manish Chopra, Mr. Ankit Agrawal and Mr. Naveen
Agrawal.  The company is engaged in the manufacturing of de-oiled
soya cakes and refined soyabean oil.  It has a solvent extraction
plant with 400 tonnes per day (TPD) capacity, a refining unit
(100 TPD capacity) and a lecithin powder plant (4 TPD capacity)
in Village Jamunia Khurd, Neemuch (Madhya Pradesh).  MSSPL sells
its products under the MS Gold and Neh Lite brands.


MURLI ELECTRODE: CARE Issues B+ Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE has been seeking information from Murli Electrode Private
Limited (MEPL), to monitor the rating through email dated
February 2, 2017, January 12, 2017, November 21, 2016, October
20, 2016 and numerous phone calls. E-mail communications/ letters
seeking information are attached as Annexure I. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. 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 Murli Electrode Private Limited,
long-term and short term bank facilities will now be denoted as
CARE B+/A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         4.00       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

   Short-term Bank        1.00       CARE A4; ISSUER NOT
   Facilities                        COOPERATING

The rating takes into account presence of company in highly
fragmented industry leading to intense competition,
susceptibility of operating profitability margins to price
fluctuation risk and cyclical nature of industry along with its
susceptibility to slow down in end user industry. The ratings
however, draw support from the extensive experience of the
promoters in industry along with established dealership and
distribution network.

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 rating on April 11, 2016, following were the
rating strengths and weaknesses:

Key Rating Strengths

Extensive experience of promoters in the industry

MEPL is owned by Maloo family based out of Nagpur. Key promoter
of
MEPL, Mr. Murli Maloo, Director, has almost two decades of
experience in the welding electrodes industry and looks after the
finance division of the company. He is assisted by Mr. Mahesh
Maloo, Director, who also looks after the finance division, Mr.
Dinesh Maloo, Director, who looks after the sales division and
Mr. Harish Maloo, Director, who looks after the overall
administration of the company. The company's senior management
team comprises of well-qualified and experienced professionals.

Established dealership and distribution network

MEPL has a wide distribution network across India with more than
32-40 authorised distributors which are spread across India.
Moreover, the company has spread its operations covering 10-12
states of India. Over the years, it has developed market for its
products and established good relationship with various
customers.

Key rating weaknesses

Susceptibility of operating profitability margins to fluctuation
in raw material prices

The major raw materials used by MEPL are steel-wire and silicate
which forms around 85% of the cost of sale. The prices
of steel-wire and silicate are highly volatile in nature hence it
is exposed to price fluctuation risk. MEPL usually maintains
inventory for around 90-100 days for smooth flow of operations.
1Complete definitions of the ratings assigned are available at
The fortunes of MEPL is closely linked to the fortunes of the
primary steel industry and heavily dependent on the
automotive, engineering and infrastructure industries as the main
customers.

Nagpur based, Murli Electrode Private Limited (MEPL) was
incorporated on June 23, 1998, by Mr. Murli Maloo, Mr. Mahesh
Maloo, Mr. Dinesh Maloo and Mr. Harish Maloo. MEPL is engaged in
the manufacturing of various types of welding electrodes, welding
consumables and wires. The product portfolio of the company
includes High Frequency (HF) Electrode, High Tensile Steel and
Low Hydrogen Electrode, Mild Steel Electrode, Stainless Steel
Electrode and Metal Inert Gas (MIG) wires. The company sells its
products under the brand names of Wonder Weld, Fast Weld, Super
Weld and Murli 6013 in Maharashtra, Madhya Pradesh, Goa, Gujarat
and diversifying the sales in other 10 more states. The
manufacturing facility is well equipped with modern amenities and
also enjoys ISO 9001:2008 certification. Furthermore, MEPL
belongs to the Murli Group and is a sister concern of Murli
Industries Limited Nagpur, which has earned a prestigious
position in the field of production of cement, paper, solvent
extractions and power generation.


NARCINVA DAMODAR: CRISIL Reaffirms B- Rating on INR15MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Narcinva Damodar Naik (NDN) at 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft
   Facility                15       CRISIL B-/Stable (Reaffirmed)

The rating reflects NDN's modest scale of operations with
operating losses, weak financial risk profile, and susceptibility
to mining-related norms in Goa. These weaknesses are partially
offset by the extensive experience of partners.

Analytical Approach

For arriving at its rating, CRISIL has treated the unsecured
loans of INR32.8 crore, as on March 31, 2016, from partners, as
neither debt nor equity as these are expected to be retained in
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with operating losses: Scale of
operations is modest with estimated net sales of INR30 crore for
fiscal 2017. This has also resulted in operating losses over the
four fiscals through 2017.

* Weak financial risk profile: The financial risk profile is weak
because of negative networth and subdued debt protection metrics.

* Susceptibility to mining related norms in Goa: The demand for
commercial vehicles in Goa is highly dependent on the mining
activity and the performance shall remain highly susceptible to
mining norms in Goa.

Strengths

* Partners' extensive experience: Partners have been in the
automobile dealership business for over 30 years and the firm has
an established relationship with the principal, Tata Motors Ltd
(TML; rated CRISIL AA/Positive/CRISIL A1+') for over 50 years.
Outlook: Stable

CRISIL believes NDN's operating performance will remain
susceptible to mining-related regulations in Goa. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and profitability, along with improvement in
the financial risk profile. The outlook may be revised to
'Negative' in case of deterioration in liquidity because of
continued losses, stretch in the working capital cycle, or low
funding support from partners and affiliates.

NDN was set up as a proprietorship concern in Goa by the late Mr.
Vasudev B Naik in 1896. The firm initially traded in various
commodities; it undertook the dealership of Mercedes Benz
passenger cars in 1952. NDN was reconstituted as a partnership
firm in 1967; in the same year, the firm exited its dealership
for Mercedes Benz vehicles and commenced operations as an
authorised dealer of TML's commercial vehicles for Goa. The firm
is currently managed by Mr. Narcinva D Naik and his wife Ms Laxmi
Narcinva Naik.

In fiscal 2016, NDN reported net loss of INR2.2 crore on net
sales of INR31.8 crore against a net loss of INR3.27 crore on net
sales of INR26.3 crore for fiscal 2015.


NEEL KRISHNA: CARE Assigns B+ Rating to INR10.03cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Neel
Krishna Brothers (NKB), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.03       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NKB is primarily
constrained on account of its moderate profitability margins,
weak solvency position and stressed liquidity position. The
rating is, further, constrained due to seasonality associated
with agro commodities and its presence in the highly fragmented
and government regulated industry.

The rating, however, derives strength from experienced management
with strong group presence.

The ability of the firm to increase its scale of operations while
improving profitability along with improvement in the
solvency position and efficient management of working capital
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Moderate profitability margins, weak solvency position and
stressed liquidity position

Total Operating Income (TOI) of NKB has shown continuous growth
in the last three financial years ended FY16 (refers to the
period April 1 to March 31). During FY16, TOI of the company has
increased significantly by 56.90% over FY15, mainly on account of
increase in sales volume.

The profitability margins of the firm stood moderate in FY16.
During FY16, PBILDT margin of the firm has increased over FY15,
mainly on account of higher increase in sales in compare of cost
of material. With increase in PBILDT margin, PAT margin has also
increased in FY16 over FY15.

The capital structure of NKB stood leveraged as on March 31,
2016, although improved mainly on account of scheduled repayment
of debt and accretion of profit to reserves. Furthermore, debt
service coverage indicators of the firm stood moderate as
reflected by total debt to GCA of 11.57 times as on March 31,
2016, improved mainly due to increase in GCA level and lower debt
level. Interest coverage ratio stood moderate at 1.70 times in
FY16.

The operations of NKB are working capital intensive in nature and
NKB has utilized around 94% of working capital bank borrowings in
last twelve month ended February 2017. The liquidity ratios of
the firm stood weak and below unity with current ratio and quick
ratio at 0.75 times and 0.47 times respectively as on March 31,
2016.

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

The prices of agriculture commodities remained fluctuating and
depend on production yield, demand of the commodities and
vagaries of weather. Hence, profitability of the firm is exposed
to vulnerability in prices of agriculture commodities.
Furthermore, the business of the firm is characterized by no
addition, highly fragmented and competitive in nature as evident
by the presence of numerous unorganized and few organized
players.

Key Rating Strengths

Experienced and qualified management with strong group presence
Mr Kishore Kumar Jaiswal, proprietor, is graduate by
qualification and has around 15 years of experience in the food
and food product industry. He looks after overall affairs of the
firm. Furthermore, he is assisted by a team of qualified
management. The proprietor also promoted M/s Jay Mahakal Modern
Farm House and M/s Neel Krishna Ware House which are engaged in
same line of business. Being present in the industry since long
period of time, the management has established customer and
supplier base of its products.

NKB was formed as a proprietorship concern in April 2000 by Mr.
Kishore Kumar Jaiswal. NKB is engaged in the business of trading,
sorting and processing of grains and pulses as well as
manufacturing of wheat flour. Major products of NKB are
wheat, chana, soya, urad, mustard seeds, wheat flour and ajwain.
NKB also has franchise of "Patanjali" products. It has
three stores of "Patanjali" in Ujjain. It procures raw material
from the local farmers of Madhya Pradesh. It has an installed
capacity of 10 Metric Tonne Per Day (MTPD) of processing of
grains and pulses and 6 Metric Tonne Per Day (MTPD) of flour mill
as on March 31, 2016.

NKB sells its product under brand name "Kitchen Partners" to
Madhya Pradesh, Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh,
Karnataka and Maharashtra. NKB also sells its products to Madhya
Pradesh Government.

As per the audited results of FY16 (refers to the period April 1
to March 31), NKB has reported a total operating income of
INR32.18 crore [FY15 (A): INR20.51 crore] with a PAT of INR0.18
crore [FY15 (A): INR0.01 crore].


NIRMALA POLYROPES: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nirmala
Polyropes India Private Limited's (NPPL) Long-Term Issuer Rating
at 'IND BB+'.  The Outlook is Stable.  Instrument-wise rating
actions are:

   -- INR38 (reduced from INR75) mil. Term loan affirmed with
      'IND BB+/Stable' rating;

   -- INR35 mil. Fund-based facilities affirmed with
      'IND BB+/Stable' rating; and

   -- INR34 (increased from INR30.2) mil. Non-fund-based
      facilities affirmed with 'IND A4+' rating

                        KEY RATING DRIVERS

The affirmation reflects NPPL's continued small scale of
operations and moderate credit metrics.  As per provisional
financials for FY17, revenue was INR395 million (FY16: INR390
million, FY15: INR350 million), net leverage (adjusted debt net
of cash/EBITDA) was 0.7x (0.6x, 1.5x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) was 5.9x
(4.8x, 3.3x). The improvement in the credit metrics was on
account of increased revenue from existing and new customers, and
timely repayment of term loan.  EBITDA margin remained volatile
at 18.6-21.3% over FY14-FY16 as the company's profitability is
based on the crude oil price in the commodity market.

Ind-Ra believes the top line to remain at similar level in FY18
on account of around 95% (114 tonnes per month) utilization of
its current installed capacity in FY16, resulting from strong
market demand.  However, management plans to increase the monthly
production capacity to 144 tonnes from the current 120 tonnes by
FY19.  This would lead to a capex of INR75 million, which will be
funded through bank debt (75%) and internal accruals (25%).

The ratings, however, continue to be supported by the promoters'
two decades of experience in the same line of business.  The
company's liquidity position was comfortable with 46% of average
utilization of fund-based facilities over the 12 months ended
March 2017.

                        RATING SENSITIVITIES

Positive: A substantial growth in the top line along with an
improvement in the operating profitability, leading to a
sustained improvement in the credit metrics will lead to a
positive rating action.

Negative: Any further decline in operating profitability
resulting in a sustained deterioration in the credit metrics will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2008, NPPL is engaged in the manufacturing of
fishing nets, fishing lines and High-density polyethylene (HDPE)
ropes.


OASIS GREEN: CARE Issues B+ Issuer Not Cooperating Rating
---------------------------------------------------------
CARE has been seeking information from Oasis Green Energy Private
Limited (OGEPL) to monitor the rating(s) vide e-mail
communications/ letters dated March 08, 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 an opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Oasis Green Energy Private Limited's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          18       CARE B+; ISSUER NOT
   Facilities                       COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in January 11, 2016 the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters: Mr. Mukesh Goyal and Mr. Pawan Goyal have
more than three and two decades of industry experience,
respectively. The promoters of the company are also the promoters
of Oasis Contractors and Consultants Pvt. Ltd.(OCCPL) which was
incorporated in 1996 and is in the business of civil
construction.

Assured offtake of solar power: OGEPL has entered into an
agreement with Punjab State Power Corporation Limited (PSPCL) on
March 31, 2015 to setup a solar power plant of 3.15 MW capacity
in Distt. Mansa, Punjab under the 'New and Renewable Sources of
Energy Policy 2012' issued by the Government of Punjab. OGEPL has
entered into Power Purchase Agreement (PPA) with PSPCL for a
tariff of INR7.72/unit which ensures assured offtake for a period
of 25 years from the scheduled date of commercial operation
(April, 2016). Favorable industry scenario: There have been
instances of problems in hydroelectric power generation due to
fall in water levels in the rivers of Punjab thus dependence on
thermal power has increased. There is a growing unmet demand of
energy which offers an opportunity for investment in renewable
power generation. Moreover, the Government of India has also
taken aggressive steps for power generation through solar power
plants. Recently, the targets of solar power generation under
Jawaharlal Nehru National Solar Mission have been revised to 1
lakh MW by 2022.

Key Rating Weaknesses
Pending financial closure and clearances with EPC contract yet to
be executed: As on August 21, 2015, the financial closure of the
same is still pending and the proposal is with the bank. Though
the company has entered into power purchase agreement (PPA) with
Punjab State Power Corporation Limited(PSPCL) on March 31,2015,
however, certain clearances from concerned departments viz.
Punjab Revenue Department, Punjab Pollution Control Board, PSPCL
and
Oasis Green Energy Private Limited (OGEPL), incorporated in March
2015, is setting up a 3.15 MW solar Photovoltaic (PV) Power Plant
in Village Bahadarpur, District Mansa, Punjab. The company is
promoted by Mr. Mukesh Goyal and Mr. Pawan.


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

  -- INR181.81 mil. Term loan migrated to Non-Cooperating
     Category;

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

  -- INR30 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, PNTPL manufactures viscose yarn in the
count range of 30s.


PANAMA SUNARCH: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Panama Sunarch Developers (PSD), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              25        CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to PSD continues to be constrained on the
account of project execution and marketing risk, low booking
status and advances received from booked units, competition from
other real estate players in the region along with cyclical
nature of the industry and constitution of the firm as a
partnership concern.

However, the aforementioned constraints continue to outweigh the
strengths derived from considerable experience of the partners in
the real estate industry, strategic location of the project,
receipt of approvals and proposals along with financial closure
achieved for the project.

Going forward, the ability of the firm to timely execute the
project without any cost overrun along with timely receipt of
funds and sell balance units at envisaged prices are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Wide experience of partners in real estate business: Panama
Sunarch Developers is a part of the Panama group which is engaged
in diversified area of business including real estate development
for a decade in partnership with other builders as an investor.
The group has developed around 10.09 lakh square feet (lsf) of
area and currently has 3 on-going projects in Pune, with total
saleable area of 3.71 lsf.

Strategic location of the project with proximity to basic civic
amenities: The project 'Silver Stone' is located at Handewadi,
Pune which is around 25 kilometers from center of Pune. The
project is a residential cum commercial project with modern
amenities targeting customers from the middle class and business
class. In addition, the project is situated in area with easy
access to basic civic amenities such as schools, hospitals,
colleges, malls, situated close by and has close proximity to
Magarpatta city.

Receipt of approvals and clearances for the project: The entity
has already got requisite approvals from various authorities for
execution of project. Further the funding requirement in the form
of external debt has also been tied up.

Key Rating Weaknesses

Project execution risk emanating from low booking status and
advances received: The entity has incurred only 43.24% of the
total project cost. Furthermore, the firm has sold 18% of the
total saleable area and received of total sales value of the
booked units. Hence, the ability of the entity to complete the
project as per schedule within the envisaged cost and achieve the
project sales at the assumed price will be critical from a credit
perspective.

Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which
has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability
is highly dependent on property markets. A high interest rate
scenario could discourage the consumers from borrowing to finance
the real estate purchases and may depress the real estate market.

Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. PSD also faces
competition from other real-estate developers who exist with
residential projects in Handewadi, Pune. However, the project
belongs to the existing Panama Group which has done many other
real estate projects in the past.

Established in the August 2011, Panama Sunarch Developers (PSD)
is the special purpose vehicle (SPV) of the Pune-based Panama
Group. PSD belongs to the Panama Group of Pune which has its
diversified presence in sectors like wind energy (through Panama
Wind Energy Private Limited), realty & infrastructure development
(through Panama Infrastructure Developers Private Limited), water
resource management (through Panama Water Management Private
Limited), agri services (Panama Agritech Private Ltd), financial
services (through Panama Holdings Private Limited), petrol pump
(through Poonam Automobile & New Auto Centre) and letting
immovable property on rent & wind mill power generation (through
Panama Business Centre). PSD was established with a view to
execute the real estate project, namely, 'Silver Stone' in
Handewadi, near Hadapsar, Pune. The project comprises of two
phases, out of which Phase - I (Saleable area of 1.45 lakh square
feet (lsf)) has been completed. Currently, the firm is developing
Phase II of the project with a total saleable area of 3.37 lsf
named Silver Stone. "Silver Stone" is a Joint Venture (JV)
Project with 36% revenue share to the land owner.

The total cost of Phase-II is INR120.41 crore to be funded by
promoter's contribution of INR52.75 crore, *43.81% of total
project cost (TPC)] term loan from bank of INR25.00 crore (20.76%
of TPC) and customer advances of INR42.66 crore (35.43% of TPC).
As on February 28, 2017, the firm has incurred 61% cost out of
the total cost of Phase II as against 18% as on December 31,
2015. The project is expected to complete by the end of December
2020. The Phase II of the project comprises of 277 residential
flats (2.58 lsf), 10 row houses (0.33 lsf) and 19 Shops (0.10
lsf) and 72 commercial offices (0.36 lsf).


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

   -- INR230 mil. Fund-based limits (long term) migrated to Non-
      Cooperating Category;

   -- INR30 mil. Term loan limits (long term) migrated to Non-
      Cooperating Category; and

   -- INR255 mil. Non-fund-based limits (long/ short term)
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 19, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PRL was incorporated in 1994 and manufactures automobile tubes.


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

   -- INR310 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR80 mil. Proposed fund-based working capital limit
      migrated to Non-Cooperating category;

   -- INR7.50 mil. Non-fund-based working capital limit migrated
      to Non-Cooperating category; and

   -- INR12.50 mil. Proposed non-fund-based working capital limit
      migrated to Non-Cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, Prime Retail (India) is engaged in the
retail sale of luxury watches, mobiles, pens and other lifestyle
items.  The company has showrooms in Kolkata, Jaipur, Raipur and
Mumbai.


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

   -- INR45 mil. Fund-based limits migrated to Non-Cooperating
      Category; and

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

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

COMPANY PROFILE

Based in Bhopal, R.V.R. Technologies was incorporated in 1984.
It manufactures all kinds of bicycle tubes and tyres for domestic
and international markets.  It has an installed capacity of 11
million tubes per annum.


RAIGANJ DALKHOLA: CARE Reaffirms 'D' Rating on INR321.63cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Raiganj Dalkhola Highways Limited (RDHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           321.63       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Raiganj Dalkhola
Highways Limited (RDHL) continues to be constrained by continuous
delays in servicing of debt obligations on account of delays in
project implementation due to pending receipt of right of way
(RoW) for balance stretch of the land and pending financial
closure for funding additional cost overrun. Timely servicing of
debt obligations, obtaining RoW for balance stretch of the road
and obtaining financial closure for additional cost overrun
remain the key rating monitorables.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters with long track record in construction

RDHL is promoted by HCC and HCL, a step-down subsidiary of HCC.
HCC has a long experience of more than eight decades in
infrastructure construction industry. HCC has contributed
immensely to the country's infrastructure by executing large
number of projects in the hydro power and nuclear power
generation, roads and expressways and complex tunnelling in
addition to the hundreds of bridges, dams and barrages. However,
on account of weakened credit profile of HCC group, timely
infusion of funds by HCL for cost overruns remains crucial from
the credit perspective.

Favourable location of the stretch

The project is on the existing Kolkata-Dalkhola section of NH-34
which is already a busy corridor. NH-34 that runs through
Baharampore, Farakka, Malda and Raiganj acts as the primary
conduit for the transport of passenger as well as freight traffic
among the states of Uttar Pradesh, Jharkhand, Bihar and West
Bengal. The project highway is an important corridor for the
movement of agricultural commodities, automobiles, oil and
mineral water. Presently, the existing highway is facing
congestion and is saturated in terms of the carrying capacity.
The project stretch is favourably located and the traffic
composition includes mainly freight traffic (63%) followed by
others (passenger cars, Light Commercial Vehicles, buses) (37%)
thus providing substantial revenue visibility, as per the last
traffic study report conducted in 2014.

Postponement of principal repayment obligations

Owing to delays in the project, the principal repayment
obligations are postponed to March 31, 2018, from June 30,
2016. The interest obligations are to be serviced monthly by the
company. The company has submitted revised project cost to the
lead banker for appraisal and is in the process of finalisation
of the same based on the revised traffic study.

Key Rating Weaknesses

On-going delay in servicing of debt obligations

There are on-going delays in servicing of interest for the months
of January 2017 to February 2017 to the extent of INR1.65 crore.
The interest for every month is serviced in the existing debt to
equity ratio (0.89 times) by the bankers and HCC group. On
account of delays in infusion of funds by HCC group and delay in
disbursals of interest during construction (IDCs) by the bankers
owing to pending receipt of RoW, interest servicing in the
company is delayed. Timely servicing of debt obligations along
with timely recommencement of project is crucial from credit
perspective.

Further delay in completion of the project

As per the initial schedule, the company had envisaged completion
of the entire project by August 1, 2013. However, the project
work is stalled since November 2011 owing to delays in receipt of
right of way (RoW). The delay in achieved progress against
planned is mainly due to delay in acquisition of land. More than
50% of the project length comes under green field bypasses and
delay in acquisition of this land has resulted in substantially
less work being done in this passage. The cumulative physical
progress achieved in the project as on March 27, 2017, is 9%
(8.73% in May 30, 2015). However, there is development in receipt
of RoW in the past few months and currently, out of the total 50
km, the company has received RoW for 48 km (46km in FY16 [refers
to the period April 1 to March 31]) of the land. The company
expects to receive ROW for the balance land by mid of FY18 and
expects project work to re-commence.

Increase in project cost and postponement of principal repayment
schedule

Owing to delays in the project, the principal repayment
obligations are postponed to March 31, 2018 from June 30, 2016.
The interest obligations are to be serviced monthly by the
company. The company has submitted revised project cost to the
lead banker for appraisal and is in the process of finalisation
of the same based on the revised traffic study. The total project
cost is expected to increase by INR520 crore to INR1,204 crore
from the current INR684 crore. The entire cost overrun is
expected to be funded by debt. The company has approached bankers
for a fresh loan of INR841 crore. The new loan will be used to
repay the existing outstanding loan of INR92 crore and the
balance utilised for construction of road. Timely receipt of
pending RoW, determination and funding of cost overrun remain to
be crucial from credit perspective once project work is resumed.

On-going Arbitration Proceedings

The company has also put a claim on National Highways Authority
of India for losses incurred by the company owing to delays in
receipt of RoW which is in midst of arbitration proceedings.

Incorporated on March 11, 2010, RDHL is a special purpose vehicle
(SPV) promoted by Hindustan Construction Company Limited (HCC;
rated 'CARE D' for its bank facilities and instruments) and HCC
Concessions Limited (HCL)-step-down subsidiary of HCC - to
undertake the augmentation of the existing stretch of 50 km from
398 km to 452 km on the Raiganj- Dalkhola section of NH-34 under
the National Highway Development program (NHDP) Phase III in the
state of the West Bengal by 4-Laning on Design, Build, Finance,
Operate and Transfer (DBFOT) - Toll basis. The concession
agreement (CA) was executed between RDHL and National Highways
Authority of India (NHAI) on June 28, 2010 and for a concession
period of 30 years from the appointed date i.e. February 3, 2011.
As per the initial schedule, the company had envisaged completion
of the entire project by August 1, 2013. However, the project
work is stalled since November 2011 owing to delays in receipt of
right of way (RoW). The cumulative physical progress achieved in
the project as on March 27, 2017 is 9%.

However, there is development in receipt of RoW in the past few
months and currently, out of the total 50 km; the company has
received RoW for 48 km of the stretch. Owing to delays in the
project, the principal repayment obligations are postponed to
March 31, 2018 from existing June 30, 2016. The interest
obligations are to be serviced monthly by the company.


RATNAGIRI CHEMICALS: CRISIL Reaffirms 'D' Rating on INR4.5MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ratnagiri
Chemicals Private Limited (RCPL) for obtaining information
through letters and emails dated November 09, 2016 and December
13, 2016 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit          4.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Post Shipment Credit    2.0       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 Ratnagiri Chemicals 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 Ratnagiri Chemicals 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 reaffirmed the rating at CRISIL D/CRISIL
D.

Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in
the manufacturing of specialty chemicals and antioxidant
additives, which find application in food processing,
petrochemical, and pharmaceutical industries. The company has its
manufacturing facilities at Parshuram (Ratnagiri) with a total
installed capacity of around 2500 MT per annum.


SAMAY COTTON: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Samay Cotton (SC). The rating
continues to reflect the firm's modest scale of operations, and
susceptibility of its operating margin to volatility in raw
material prices. These weaknesses are partially offset by its
partners' significant experience in the cotton industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            5         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          .87      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has treated as neither debt
nor equity, unsecured loans that SC has received from its
partners, as the loans are at lower-than-market interest rate and
should remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry: The
entry barriers to the cotton industry are low on account of low
capital requirement, simple technology, and limited
differentiation in the end product. High fragmentation limits
players' pricing power, leading to low profitability. SC's
operating margin is expected at 1.8-2.2% over the medium term.

* Vulnerability to changes in cotton prices: Since cotton is an
agricultural commodity, its availability depends on monsoon.
Furthermore, government interventions and fluctuations in global
cotton output have resulted in sharp fluctuations in cotton
prices.

Strengths

* Partners' significant experience in the cotton industry: Key
partner Mr. Ravi and his family have a farming background and
have large plots of land in Gujarat. The firm benefits from the
promoters' understanding of the dynamics of the local market, and
leverages their established relationships with customers and
suppliers. The firm has a group concern, Narmada Spinning Pvt Ltd
('CRISIL B+/Stable/CRISIL A4'), which manufactures combed and
carded yarn.

Outlook: Stable

CRISIL believes SC will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if revenue increases substantially, and profitability
and capital structure improve. The outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens due to considerable decline in revenue and profitability,
deterioration in working capital management, or large debt-funded
capital expenditure.

Established in March 2014, SC manufactures cotton oil from cotton
seeds at its unit in Wankaner, Gujarat, which has installed
capacity to manufacture 15 tonne per day. It caters to the
domestic market and its operations are managed by Mr. Ravi.

In fiscal 2016, net profit was INR0.08 crore on operating income
of INR39.77 crore, against a net profit of INR0.05 crore on
operating income of INR37.76 crore in fiscal 2015.


SIDDHIVINAYAK TIMBER: CARE Cuts Rating on INR6cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddhivinayak Timber Trading (STT), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          6        CARE D; ISSUER NOT
   Facilities                       COOPERATING; Revised from
                                    CARE B on the basis of
                                    best available information

CARE has been seeking information from STT to monitor the rating
vide e-mail communications/letters dated September 13, 2016,
October 14, 2016, October 20, 2016, November 21, 2016, and
February 18, 2017, and numerous telephone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines CARE's has reviewed the rating on the basis of
the publicly available information which; however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Siddhivinayak Timber Trading's facilities will now be denoted
as CARE D; 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.

The rating has been revised on account of delay in debt servicing
and overdrawals in the cash credit facility for more than 30
days.

Detailed description of the key rating drivers

Key rating weaknesses:

As per banker interaction, there are ongoing overdrawals for more
than 30 days in the cash credit facility and account has been
classified as SMA 1.

Siddhivinayak Timber Trading (STT) is based out of Nagpur and was
established as proprietorship concern in the year 2012 by Mr.
Ashwin Patel. STT is engaged in the business of processing and
trading of timber logs. The trading segment contributes more than
95% of the total revenue whereas the remaining share of revenue
comes from job work activities.

The entity imports the raw materials and the import of raw
material (primarily wood) from South Africa and Latin American
companies and is received at Kalmana (processing plant) and
Wardhamannagar (administrative office) whereas indigenous
procurement is done solely at the Wardhamannagar (Nagpur) office.
About 75% of STT's raw material is procured from overseas
suppliers and 25% of the raw materials are procured from local
players. The main variety of wood which the firm imports is Teak
Wood, termed as commercial wood which is primarily used for
interior decoration and furniture.

The firm has a saw mill in Kalmana, Nagpur, and spread over an
area of 10,000 sq.ft. The saw mill comprises four machines with
total installed capacity of 4,000 cubic feet per annum. The
imported timber is then cut into different sizes in the saw mills
and supplied to wholesalers of timber in the states of Haryana,
Gujarat, Delhi, Maharashtra and Uttar Pradesh.


SIMHAPURI EXPRESSWAY: CARE Lowers Rating on INR2040cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Simhapuri Expressway Limited (SEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank        2,040       CARE D Revised from
   Facilities                        CARE BBB-

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SEL
takes into consideration weakening of the liquidity profile due
to suspension of toll collection for 23 days upon demonetization
in Q3FY17 resulting in delay in servicing of debt obligation. The
rating also factors in continued delay in the commercial
operation
date of the project due to non-receipt of pending RoWs & other
clearances resulting in significant variation in the actual
and planned physical progress of the project. It further takes
into account increase in the project cost due to higher
interest during construction. The rating however derives comfort
from the experience of the promoters in road construction.

Detailed description of the key rating drivers

Key Rating Weakness

Delay in servicing of interest

SEL's toll collection was impacted during November 2016 owing to
suspension of toll. Further, prolonged delay in completion of
project has led to significant cost overrun. Consequently, the
liquidity position of the company stretched and led to delay in
servicing of interest for the months of December 2016 and January
2017.

Delay in project execution

As against the COD of May 2014, and the revised estimated date of
completion of December 31, 2016, the project is now slated to be
completed by June 30, 2017. The delay in the completion of the
project is on account of the 1) delay in land acquisition; 2)
delay in structural and bridge works on the available land. The
IC has recommended for the extension without levying penalty
since the delay is not entirely due to the concessionaire.
However, the approval for the same from NHAI is pending. SEL has
acquired 90.7% of total land required including the Ongole Bypass
as per lender engineer report of January 2017.

Key Rating Strengths

Extensive experience of the promoters though weak credit profile
of the sponsors

SEL is promoted by BSCPL Infrastructure Limited and KMC Infratech
Road Holdings Limited as a Special Purpose Vehicle (SPV) to
undertake road projects on Design, Build, Finance, Operate and
Transfer (DBFOT) pattern Financial profile of BSCPL and KMC has
weakened over the past years with both facing liquidity issues
arising due to delays in execution of several projects.

SEL, incorporated in June 2010, was promoted by KMC Infratech
Road Holdings Limited (holding 51% stake) and BSCPL
Infrastructure Limited (holding 49% stake) as a Special Purpose
Vehicle (SPV) to undertake road projects on design, built,
finance, operate and transfer (DBFOT) pattern to undertake 6
laning of Chilakaluripeta (from existing 4 lane) - Nellore
Section of NH-5 (for a 183.62 km stretch from Km 1182.802 to Km
1366.547) in the State of Andhra Pradesh.  The Concession
Agreement (CA) was executed between SEL (the 'Concessionaire')
and National Highways Authority of India (NHAI) on July 15, 2010
for a concession period of 30 years (ending on Nov.20, 2041)
including construction period of 912 days from the date of
financial closure/ appointed date (Nov. 21, 2011). The project
road has three toll plazas each at Bollapalli Village TP01 (km
1200), Tangaturu village TP02 (km 1264), and Sunambatti TP03 (km
1345).


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

   -- INR60 mil. Fund-based facilities migrated to Non-
Cooperating
      Category; and

   -- INR30 mil. Non-fund-based facilities migrated to Non-
      Cooperating Category

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

COMPANY PROFILE

Sri Balaji Traders was established in 1988 by Mr. Sanjeevi and
has been in the paper trading business for more than two decades.
The firm trades all types of paper.


SURYA FAB: Ind-Ra Affirms BB- Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Surya Fab's
Long-Term Issuer Rating at 'IND BB-'.  The Outlook is Stable.
The instrument-wise rating actions are:

  -- INR100 (increased from INR70) mil. Fund-based limit affirmed
     with 'IND BB-/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects Surya's small scale of operations,
moderate EBITDA margin and weak credit metrics.  Revenue
increased to INR389 million in FY16 from INR371 million in FY15,
driven by strong client relationships and large orders.  In FY16,
EBITDA margin was 3.95% (FY15: 3.90%), gross interest coverage
(operating EBITDA/gross interest expense) was 1.08x (FY15: 1.06%)
and net financial leverage (total adjusted debt/operating
EBITDAR) was 4.67x (4.49).

The ratings continue to be constrained by Surya's presence in a
highly fragmented and competitive industry, as well as stressed
liquidity position.  Its average utilization of working capital
limits was 99.2% during the 12 months ended March 2017.

The ratings, however, continue to be supported by over four
decades of Surya's founders experience in cotton fabric trading
and the company's strong relationship with customers and
suppliers.

                        RATING SENSITIVITIES

Negative: Any deterioration in EBITDA margin, along with a
deterioration in the liquidity profile, will be negative for the
ratings.

Positive: Significant revenue growth, along with an improvement
in credit metrics, will be positive for the ratings.

COMPANY PROFILE

Incorporated on 1999, Surya is engaged in the trading of cotton
fabrics.  The firm is managed by Mr. Rajeev Nagpal and his father
Mr. Baldev Raj Nagpal.  The company's head office is in Delhi.

According to provisional results for FY17, revenue was
INR430 million, EBITDA margin was 4.63%, gross interest coverage
was 1.75x and net financial leverage was 5.11x.


SVARRNIM INFRASTRUCTURES: Ind-Ra Assigns B+ Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Svarrnim
Infrastructures Private Limited (SIPL) a Long-Term Issuer Rating
of 'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR50.0 mil. Fund-based limit assigned with
      'IND B+/Stable/IND A4' rating; and

   -- INR147.5 mil. Non-fund-based limit assigned with 'IND A4'
      rating

                        KEY RATING DRIVERS

The ratings reflect SIPL's small scale of operations and tight
liquidity position. Revenue stood at INR374.58 million in FY16
(FY15: INR137.62 million).  Its utilization of working capital
facilities was about 104.76% over the 12 months ended March 2017,
with instance of over utilization.  The increase in revenue was
driven by a high number of orders, along with timely order
execution.

The ratings, however, derive strength from the three-decade
experience of SIPL's founders in the construction business,
strong credit metrics and moderate EBITDA margin.  In FY16, net
leverage was 2.69x (FY15: 3.95x), gross interest coverage was
2.22x (1.69x) and EBITDA margin was 10.01% (17.20%).  The decline
in EBITDA margin was due to raw material price fluctuations.

The ratings are further supported by SIPL's strong current order
book of about INR1.1 billion that will be executed by FY18,
providing short-term revenue visibility.

                      RATING SENSITIVITIES

Negative: Any deceleration in revenue growth, along with
deterioration in liquidity position, will be negative for the
ratings.

Positive:  An improvement in EBITDA margin, along with an
improvement in the liquidity position, will be positive for the
ratings.

COMPANY PROFILE

Established in February 2010, SIPL undertakes civil construction
(only building construction), primarily for organizations such as
New Okhla Industrial Development Authority and Greater Noida
Industrial Development Authority.  Its registered office is in
Delhi.

According to provisional financials for FY17, revenue was
INR805 million, operating EBITDA was INR76.78 million, gross
interest coverage was 5.87x and net leverage was 1.33x.


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

  -- INR49.5 mil. Term loan migrated to Non-Cooperating Category;
     and

  -- INR30 mil. Working capital facility migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
May 24, 2016.  Ind-Ra is unable to provide an update as it does
not have adequate information to review the rating.

COMPANY PROFILE

Swami Yoganand Charitable Trust was established in 2002.  It runs
two boarding schools under the name Vatsalya International School
in Anand, Gujarat.


SWASTIK OIL: CARE Lowers Rating on INR87.10cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swastik Oil Refinery Pvt Ltd (SORPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            87.10       CARE D Revised from CARE B

   Short-term Bank
   Facilities            17.90       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SORPL is on account of the ongoing delays in debt serving by the
company. Continuing cash loss in FY16 (refers to the period
April 1 to March 31) due to low capacity utilisation, volatile
raw material price as well as forex fluctuation amidst inherently
low profit margin has led to stretched liquidity position and
consequent inability of the company to meet its debt obligations
on time.

Detailed Description of key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
debt servicing by the company due to stretched liquidity
position arising out of cash loss.

Low capacity utilization: Capacity utilisation (CU) for Refined
Palm Oil continued to be low and deteriorated from 39% in
FY15 to 32% in FY16. CU for Vanaspati oil remained at similar
level 38% in FY16 in comparison with FY15.

Significant losses in the last three years leading to tight
liquidity position: Raw material cost accounted for the major
component in the total cost of sales of SORPL during the last
three years. SORPL has been importing palm oil (from Indonesia)
in the past and was adversely affected by the sharp decline in
oil prices and adverse movements in INR against USD during FY13-
FY16. This resulted in significant operational loss as well as
forex fluctuation loss, leading to stretched liquidity position.
SORPL approached its lender in October 2014 for restructuring of
its bank facilities w.e.f Oct. 1, 2014 (cut-off date), which was
sanctioned by the bank on March 31, 2015. The moratorium period
was till September 30, 2016.

Low profitability margins being inherent in the nature of
business: The profitability margin in the industry is quite low
mainly on account of low value addition involved in business,
fragmented nature of industry with the presence of large
number of small-sized players and a few large players in the
branded segment and increased competition stemming from
sharp increase in imports of refined palm oil.

SORPL incorporated in April 1997, is engaged in manufacturing of
various edible oils (refined palm and rice bran) and Vanaspati
ghee. The company is promoted by Kolkata-based Mr. O.P. Agarwal,
his son Mr. Manoj Agarwal and his nephew Mr. Ashok Agarwal. The
company has a total installed capacity of 20,000 tonnes per annum
(TPA) for vanaspati and 70,000 TPA for refined oil at its
manufacturing facilities located in Howrah (West Bengal).

During FY16, SORPL reported loss of Rs 12.85 crore (Rs 14.07
crore in FY15) on total operating income of Rs 156.64 crore (Rs
206.96 crore in FY15).


T BHIMJYANI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn T Bhimjyani
Realty Private Limited's (TBRPL) 'IND BB+' Long-Term Issuer
Rating.  The Outlook was Stable.  The instrument-wise rating
action is:

   -- INR225 mil. Long-term loan rating withdrawn

                        KEY RATING DRIVERS

The rating has been withdrawn as TBRPL has repaid the rated limit
and a no dues certificate for the same was provided by the
banker. Ind-Ra will no longer provide ratings and analytical
coverage for the company.

COMPANY PROFILE

TBRPL was incorporated in 2011as Ravechi Infrastructure Projects
Pvt Ltd.  It was renamed T Bhimjyani Realty Private Limited in
2013.

TBRPL is developing a project on 43 acres of land located at the
foot of Yeoor Hills with access from Ghodbunder Road.  The
project includes 12 residential towers.  The company is planning
to develop the projects in phases 1 and 2, comprising six towers
with a total saleable area of 12,52,130 square feet.

Tulsi Bhimjyani is the chairman of the company, and Anshul T
Bhimjyani and Devang T Bhimjyani are the other directors of the
company.


TAPASYA SHIKSHA: Ind-Ra Migrates BB- Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tapasya Shiksha
Samiti's (TSS) instrument rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency.  Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.  The rating will now appear as
'Provisional IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.  The rating action is:

   -- INR60 mil. Proposed term loan migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
June 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

TSS, registered under the Madhya Pradesh Registration Act 1973 in
2000, runs five institutes under the name Radharaman Group of
Institutes on a campus spread over 100 acres of land at Ratibad
in Bhopal, Madhya Pradesh.


TEBMA SHIPYARDS: CARE Lowers Rating on INR480.47cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tebma Shipyards Limited (TSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        164.68      CARE D Revised from
   Facilities                        CARE B

   Short-term Bank       480.47      CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TSL takes into
account instance of delays in debt servicing.

Detailed description of the key rating drivers

Moderate financial performance during FY16 and 9MFY17 and
instance of delays in debt servicing

During FY16, the company reported total operating income of INR93
crore as against INR155 crore in FY15. Decline in income was
primarily on account of poor order flow. After receiving orders
for 2 off shore support vessels in March 2013 valued at around
INR275 crore, there were no new orders in FY14 & FY15. Later, in
FY16 the company received orders for two tug vessels of INR58
crore and one Ro Ro vessel of INR13 crore. Total outstanding
order value aggregated to INR183 crore as on December 31, 2016.
With slow progress on execution of existing orders and no fresh
orders coupled with higher fixed overheads, the company continued
to incur losses in FY16 and 9MFY17. Continuous losses in the past
few
years, elongated collection period has resulted in tight
liquidity position of the company with instances of delay in debt
servicing.

TSL, incorporated on July 9, 1984, as Tebma Engineering Private
Limited, was converted into a public limited company in 1998. TSL
is into ship building and over the years, TSL has upgraded itself
to build tugs, dredgers and sophisticated off shore support
vessels. In FY11, Bharati Shipyard Limited (BSL) through its
wholly-owned subsidiary acquired 53.78% equity stake in TSL. BSL
has been in the shipbuilding industry for nearly 35 years and
over the years, has upgraded itself to build tugs and
sophisticated support vessels, jack-up rigs etc., catering to the
offshore industry. However, owing to high financial leverage and
deterioration in the liquidity profile, BSL was been referred to
the CDR cell in FY12.

During FY08-FY10, TSL incurred significant losses due to global
slowdown in the shipping industry and approached the CDR cell for
re-structuring of debt. The CDR package was implemented in March
2011.

TSL reported after tax loss of INR58 crore on a total operating
income of INR93 crore in FY16 and after tax loss of INR50
crore on a total operating income of INR53 crore in 9MFY17.


UNITED WIRE: CRISIL Reaffirms 'D' Rating on INR11.95MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with United
Wire Products (UWP) 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
   ----------          ---------      -------
   Cash Credit            11.95       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term      2.88       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan               0.17       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 United Wire Products. 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 United Wire Products 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 reaffirmed the rating
at CRISIL D.

UWP, set up in 1994, manufactures several types of mild steel
wires such as galvanised wires, earth wires, barbed wires,
binding wires, chain-link fencing, stitch wires, and black
annealed wires. These products are used by the automobile,
construction, and agricultural-based industries, and electricity
boards, among others.


VAIBHAV LAXMI: CARE Cuts Rating on INR17cr Bank Loan to B/A4
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vaibhav Laxmi Exports Private Limited (VLEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short         17        CARE B/CARE A4; Issuer not
   Term Bank                         cooperating; Revised from
   Facilities                        CARE B+/CARE A4 on the
                                     basis of best available
                                     information

   Short-term Bank          3.50     CARE A4; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

CARE has been seeking information from VLEPL to monitor the
rating(s) vide email communications/ letters dated May 2, 2016,
October 4, 2016, November 7, 2016, February 1, 2017, February 10,
2017,  February 17, 2017, March 1, 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 the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
ratings. In line with the extant SEBI guidelines, CARE's rating
on VLEPL's bank facilities will now be denoted as CARE B/CARE A4;
ISSUER NOT COOPERATING.

The revision in the long-term rating is on account of decline in
profit margins along with deterioration in its capital structure
and debt coverage indicators during FY16 (refers to the period
April 1 to March 31). The ratings continue to remain constrained
on account of its thin profitability which is susceptible to
volatile cotton prices, working capital intensive nature of
operations and impact of regulatory changes by the government on
the prices of cotton.

The ratings, however, derive strength from the vast experience of
the promoters in the cotton ginning industry along with its
operational linkages with its group concerns.

The ability of VLEPL to increase its scale of operations and
profitability and improve its solvency position with efficient
working capital management will be the key rating sensitivities.
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.

Detailed description of key rating drivers

Key Rating Weaknesses

Decline in margins which are susceptible to volatile cotton
prices and government regulations: Although the total operating
income (TOI) of VLEPL increased to INR119.52 crore in FY16 from
INR78.84 crore in FY15, PBILDT and PAT margins stood thin and
decreased to 2.09% and 0.06% in FY16 from 2.92% and 0.17% in
FY15, leading to a decline in the level of gross cash accruals
(GCA). Also, the margins are susceptible to prices of key raw
material; i.e. raw cotton and government interventions in the
form of Minimum Support Price (MSP) as the same is an agro-
commodity.

Deterioration in capital structure and debt coverage indicators
along with working capital intensive nature of operations: An
increase in the level of total debt led to a deterioration in the
capital structure as marked by an overall gearing ratio at 6.91
times as on March 31, 2016 as against 4.76 times as on March 31,
2015, while it also led to a deterioration in debt coverage
indicators as marked by total debt to GCA. The interest coverage
ratio however stood in line during FY16as compared to last year.
The operations are also working capital intensive in nature as
marked by moderate current ratio and moderately elongated
operating cycle.

Key Rating Strengths

Experienced promoters with operational linkages to group
concerns: The key promoter Mr. Niranjan Patel has more than 15
years of experience in the cotton industry, while VLEPL derives
benefit from established marketing network of its other group
concerns which are in the same line of business.

Incorporated in July 2010, Vaibhav Laxmi Exports Private Limited
(VLEPL) is a private limited company promoted by the Patel family
based out of Kadi (Gujarat). VLEPL is engaged in exports of
cotton bales and other agricultural products like Tur dal, Rice,
etc primarily to countries like China, Bangladesh, Pakistan and
other Asian countries. VLEPL is an ISO 9001:2008 certified
company and government recognized Star Export House. Mr. Niranjan
R Patel, key promoter and Director, is actively involved in the
strategic and routine operations of the company.

VLEPL belongs to the Vaibhav Laxmi Group (VLG), which has
presence across cotton processing value chain. VLG is primarily
present in cotton ginning , manufacturing, trading and exports of
cotton bales, cotton seeds, cotton seeds cakes through R.I.
Cotton Pvt. Ltd. and Vaibhav Laxmi Industries. VLG is also
setting up a spinning unit to produce cotton yarn through its
group concern Vaibhav Laxmi Spinning Mills Ltd.

During FY16, the company reported PAT of INR0.07 crore on a TOI
of INR119.52 crore as against PAT of INR0.14 crore on a TOI of
INR78.84 crore during FY15.


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

   -- INR15 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR90.6 mil. Term loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in March 2015, VEEL is setting up steam boilers with
an installed capacity of 60 tons per hour for the production and
supply of steam to a large number of small and medium industrial
units in Gujarat Industrial Development Corporation - Vapi
through overhead insulated pipe lines.



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


BUMI SERPONG: Fitch's BB- LT IDR Unaffected by USD100MM Tap Issue
-----------------------------------------------------------------
Indonesia-based property developer PT Bumi Serpong Damai Tbk's
(BSD, BB-/Stable) proposed tap issuance off 5.5% senior unsecured
US dollar denominated notes due in 2023 will be largely deployed
to fund expansionary capex, says Fitch Ratings. The agency also
says the tap issue of up to USD100 million will not affect BSD's
'BB-' Long-Term Issuer Default Rating (IDR) or the 'BB-' rating
on its outstanding senior unsecured US dollar denominated bonds.

The proposed tap to the company's 5.5% 2023 bonds are rated at
the same level as BSD's Long-Term IDR as they represent its
direct, unconditional, unsecured and unsubordinated obligations.
BSD's US dollar bonds are issued by its subsidiary, Global Prime
Capital Pte. Ltd and are guaranteed by BSD.

BSD's ratings reflect its robust property sales in 2016, which
outperformed that of most peers despite weak domestic property
demand. BSD's performance was supported by access to the largest
landbank among domestic developers of more than 48 million square
metres, which provided significant product and price-point
diversity and allowed BSD to tailor its offerings to suit demand
patterns. The company was able to sell ample residential
inventory in the IDR1 billion-1.5 billion price range to meet
robust demand from first-time home buyers. Demand from buyers of
second and third properties for investment purposes and for
larger properties was weak amid the government's clampdown on
income tax evasion.

BSD's ratings also reflect solid recurring cash flow from its
portfolio of 17 operational investment properties and two hotels,
which generated EBITDA of more than IDR1 trillion in 2016
(including dividend income from associates) and provided robust
coverage of net interest expense of 2.6x at end-2016.

BSD expects to spend around IDR2 trillion annually over the next
three years to expand its portfolio of investment properties and
hotels. The recurring cash flow generated by these properties
provides BSD's creditors with more protection during cyclical
downturns than property sales. More than 88% of BSD's 2016
recurring revenue stemmed from its investment properties, with
the balance coming from its hotels. Overall occupancy was strong
at 95%, although investment-property EBITDA growth lagged Fitch's
expectations due to slower ramp-up of some of BSD's newer assets.
Asset concentration is modest, with the five largest assets
accounting for 60% of recurring revenue.

BSD has a record of maintaining a strong balance sheet, with
leverage - as measured by net debt/adjusted inventory - estimated
at around 20% as of end-2016. However, leverage rose from 11% in
2015 due to acquisitions and investment property development as
well as greater participation in joint ventures with domestic and
international developers. Fitch estimates that BSD's leverage
would have increased to 27% at end-2016 if the joint ventures'
debt and assets were proportionately consolidated. However, BSD's
leverage is still considerably lower than the 40% threshold above
which Fitch may consider negative rating action.

Most of BSD's investment property portfolio is held through its
88.56%-owned listed subsidiary, PT Duta Pertiwi Tbk (DUTI). A
significant dilution in BSD's ownership of DUTI, although not
likely to occur in the medium term, may lower BSD's access to
DUTI's recurring cash flow and increase risk to BSD's creditors.
Fitch deducts the post-tax profits attributable to minority
interest within the group from recurring EBITDA when computing
the recurring EBTIDA net interest coverage ratio to account for
the risk of cash leakage to minorities.


BUMI SERPONG: Tap Bond Offer No Impact on Moody's Ba3 CFR
---------------------------------------------------------
Moody's Investors Service says that Bumi Serpong Damai TBK
(P.T.)'s (BSD) Ba3 corporate family rating and the Ba3 senior
unsecured rating on the notes issued by BSD's wholly owned
subsidiary - Global Prime Capital Pte. Ltd. -- and guaranteed by
BSD and some of its subsidiaries, are unaffected by BSD's
announcement of a tap bond offering on its existing USD200
million 5.50% senior notes due 18 October 2023.

The ratings outlook is stable.

The tap bond offering of up to USD100 million has the same terms
and conditions as the existing notes, and proceeds will be used
to fund the development of investment properties and for general
corporate purposes.

"BSD's additional debt will weaken its financial metrics over the
next 12-18 months, but Moody's expects that the company will
remain adequately positioned within its Ba3 rating parameters,
supported by modest revenue growth," says Jacintha Poh, a Moody's
Vice President and Senior Analyst.

Moody's estimates that BSD's debt leverage - as measured by
adjusted debt/homebuilding EBITDA - will rise to about 2.8x-3.0x
over the next 12-18 months compared with 2.8x in 2016. Such a
result would represent a narrowing in its headroom versus its
ratings trigger of 3.0x, but remain within the Ba3 rating
parameters.

Moody's also estimates that the company's interest coverage - as
measured by homebuilding EBIT/interest expense - will fall to
about 4.3x-4.6x over the next 12-18 months compared with 5.4x in
2016.

"BSD expects to manage its exposure to foreign exchange rate risk
by hedging the principal portion of its outstanding US dollar
notes, including the additional amount from its tap issuance, but
the company has yet to put in place any financial hedges," adds
Poh, who is also Moody's Lead Analyst for BSD.

At December 31, 2016, BSD had approximately USD278 million of
outstanding bond payable, but did not have any option facilities
to protect its exposure to the US dollar. However, the company
had USD100 million of USD term deposits as at December 31, 2016
which acts as a natural hedge. Furthermore, the company's foreign
exchange rate risk is partially mitigated by the long-dated
maturities of its US dollar debt, with the earliest maturity in
2020.

BSD's Ba3 ratings reflect its established position as one of the
largest property developers in Indonesia, with diversification
across multiple projects and property segments -- residential,
office, retail, industrial and hospitality. The company's focus
on the sale of land lots and low-rise commercial and residential
properties entails lower development risks and provides it with
the flexibility to scale operations in line with demand.

Nonetheless, BSD's ratings are constrained by its small scale
relative to global peers, complex corporate structure, and
concentration in the Greater Jakarta region. The company is also
exposed to the volatile property sector in Indonesia, and the
evolving regulatory environment in the country.

The stable ratings outlook reflects Moody's expectation that BSD
will achieve its sales target and maintain financial discipline
as it pursues growth.

BSD's ratings are unlikely to be upgraded over the near to medium
term - given BSD's weakened financial metrics - but an upward
rating trend could emerge, if the company can execute its
business plans and grow revenue to above IDR10 trillion, and
maintain its healthy financial and liquidity profile.

Credit metrics that will support an upgrade include an adjusted
debt/homebuilding EBITDA below 2.5x, and adjusted homebuilding
EBIT/interest coverage above 6.0x on a sustained basis.

On the other hand, BSD's ratings could face downward pressure if:
(1) the company fails to implement its business plans; (2) there
is a deterioration in the property market, leading to protracted
weakness in its operations and credit profile; and/or (3)
evidence emerges of cash leaking from BSD to fund affiliated
companies, for example, through inter-company loans, aggressive
cash dividends, or investments in affiliates.

Moody's considers an adjusted debt/homebuilding EBITDA over 3.0x
and adjusted homebuilding EBIT/interest coverage below 4.0x on a
sustained basis as indications of a possible downgrade.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Established in 1984, Bumi Serpong Damai (BSD) is the largest
listed developer on the Indonesia Stock Exchange by market
capitalization. The company and its subsidiaries are engaged in
the development, management and operation of residential
townships, condominium towers, office buildings, retail malls and
hotel properties. It is sponsored by Sinarmas Land Limited
(unrated), which held an approximately 63% share in BSD at 31
March 2017.


SOLUSI TUNAS: Fitch Affirms BB- Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based tower operator PT
Solusi Tunas Pratama Tbk's (STP) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) and senior unsecured rating
of 'BB-'. Fitch Ratings Indonesia has simultaneously affirmed the
National Long-Term Rating at 'A+(idn)'. The Outlook on the issuer
ratings is Stable.

Fitch has also affirmed Pratama Agung Pte. Ltd.'s USD300m 6.25%
guaranteed senior unsecured notes due 2020 at 'BB-'. The notes
are unconditionally and irrevocably guaranteed by STP and are
therefore rated at the same level as STP's Long-Term IDR.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Size, Leverage Drive Ratings: STP's ratings continue to be driven
by its smaller size of under 7,000 towers and slower tower growth
relative to Indonesia's top-two tower companies, PT Profesional
Telekomunikasi Indonesia (Protelindo, BBB-/AAA(idn)/Stable) and
PT Tower Bersama Infrastructure Tbk (TBI, BB-/AA-(idn)/Stable).
STP's net leverage on a hedged basis of around 5.0x is much
higher than Protelindo's 2.0x, but lower than TBI's 6.0x.

Stable Credit Profile: STP's ratings reflect its long-term cash-
flow visibility, supported by its tower leasing contracts and
robust EBITDA margins. Counterparty risk is moderate as
investment-grade telcos accounted for 64% of its revenue in 2016.
Fitch expects STP's credit profile to remain stable, although a
possible discontinuation of lease payments by long-term evolution
(LTE) mobile broadband operator PT Internux could remove around
5% of its annual revenue. Receivables from Internux rose to
IDR321 billion (18% of revenue) at end-2016; both parties are
still in the midst of finalising a payment schedule to recover
long-outstanding receivables.

Net Leverage around 5.0x: The Stable Outlook reflects Fitch
expectations that STP's FFO-adjusted net leverage will be around
5.0x in 2017-2018 (2016: 4.9x), below the 5.5x threshold at which
Fitch is likely to take negative rating action. Fitch expects STP
to generate limited free cash flow in 2017, although the IDR300
billion compensation received from PT Telekomunikasi Indonesia
Tbk (Telkom, BBB-/Positive) for the termination of its CDMA lease
should help with working capital requirements.

Organic-Driven Growth: Fitch projections assume steady tower
additions of 300-350 and around 600-700 tenancies yearly,
underpinned by the rollout of LTE technology to meet increasing
data consumption, and the ensuing demand for bandwidth. In
addition, STP's strategy to monetise its fibre-optic backbone
(2,712km at end-2016) through long-term lease contracts could
provide revenue growth and diversification. The tower business
accounted for 90% of revenue, and the non-tower and fibre-related
business 10% in 2016.

Low Acquisition Risk: Fitch does not expect STP to undertake
large debt-funded acquisitions given the low headroom on its
incurrence covenant (net debt/last quarter annualised EBITDA of
5.5x) in its unsecured bond documents. As such, any acquisitions
are likely to be small, equity-funded or transacted through share
swaps.

Hedging In Place: Approximately 87% of STP's debt was US-dollar
denominated at end-2016. STP fully hedged the principal through
currency swaps, mitigating its exposure to rupiah depreciation.
Only 57% of the interest payment was hedged against forex risk,
but this is partly offset by STP's USD3 million of annual tower
revenue from PT Hutchison Indonesia Tbk, which provides a natural
hedge.

DERIVATION SUMMARY

STP's ratings reflect the stability and visibility of the tower
company's cash flows, and moderate counterparty risk, with
investment-grade telcos accounting for 64% of its 2016 revenue.
Tower revenues are supported by long-term lease contracts with
Indonesian mobile operators, which Fitch believes justify the
higher leverage metrics than for most corporate credits. STP
operates on a smaller scale, and organically grows at a slower
pace compared with its closest peer TBI. TBI also has a better
tenancy mix as investment-grade telcos accounted for 83% of its
revenue. However, this is offset by STP's lower net leverage of
5.0x, against TBI's 6.0x.

KEY ASSUMPTIONS

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

- Revenue to grow in the low to mid-single digits in 2017
   and 2018.

- Yearly addition of 300-350 towers and around 600-700
tenancies.

- Discontinuation of lease payments and no recovery of
   receivables from Internux.

- Stable operating EBITDA margins of 83%-84% in 2017-2018.

- IDR300 billion of compensation paid by Telkom in January 2017
   due to lease termination post-closure of CDMA services.

- Capex/revenue ratio of 35%-45%.

- Average interest cost of around 11.5%.

- No dividend payments or acquisitions.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

- FFO-adjusted net leverage lower than 4.0x on a sustained basis
   along with revenue contribution from investment-grade telcos
   remaining above 60%.

Developments that may, individually or collectively, lead to
negative rating action include:

- A debt-funded acquisition of another tower portfolio or lease
   defaults by weaker telcos leading to FFO-adjusted net leverage
   above 5.5x on a sustained basis. An increase in leverage could
   also result from larger-than-expected capex guidance that will
   reduce positive FCF.

- A fall in revenue contribution from investment-grade telcos to
   below 50%.

LIQUIDITY

Reliant of Refinancing: At end-2016, STP had IDR185 billion in
unrestricted cash, and IDR100 billion in short-term maturities
relating to its revolving credit. The company's liquidity is
strengthened by its long-dated debt profile and IDR480 billion of
unutilised banking lines. The majority of STP's debt will fall
due after 2018, consisting of the USD225 million senior secured
term loan due in December 2019 and USD300 million 6.25% unsecured
notes due on February 24, 2020. Fitch expects the company to
refinance its borrowings with rupiah-denominated debt over the
next few years. The USD300 million bond has an optional
redemption after February 2018 at 103% - an option STP may
consider if cheaper rupiah refinancing is available.

FULL LIST OF RATING ACTIONS

PT Solusi Tunas Pratama Tbk
- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
Stable
- Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
- National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable
- Senior unsecured rating affirmed at 'BB-'

Pratama Agung Pte Ltd
- USD300m 6.25% guaranteed senior unsecured notes due 2020
  affirmed at 'BB-'.


TOWER BERSAMA: Fitch Affirms BB- Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) of Indonesian
telecommunications tower company PT Tower Bersama Infrastructure
Tbk (TBI) at 'BB-'. Simultaneously, Fitch Ratings Indonesia has
affirmed the National Long-Term Rating and national senior
unsecured rating at 'AA-(idn)'. The Outlook on the IDRs is
Stable.

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country. The default risk inherent differs only slightly from
that of the country's highest rated issuers or obligations.

KEY RATING DRIVERS

High Leverage: Fitch expects TBI's FFO-adjusted net leverage to
remain elevated at around 6.0x through the next three years
(2016: 6.3x) due to continued weakness in free cash flow (FCF)
generation from an aggressive shareholder return policy as well
as high finance costs and capex needs. The company plans to
operate at leverage below 5.5x, measured by gross debt/last
quarter annualised EBITDA (end-2016: 5.1x); this is within the
parameters of its bond covenants of 6.25x. Fitch forecasts
assumes 2017 EBITDA of around IDR3.5 trillion (2016: IDR3.2
trillion); which is insufficient to fund yearly dividends, share
buybacks, annual interest payments of IDR1.7 trillion and capex
of IDR1.7 trillion- IDR1.9 trillion.

High-Single Digit Growth: Fitch forecasts TBI's revenue to
increase by high-single digits in 2017 and 2018 (2016: 8.5%),
driven by its long-term evolution network rollout amid the
proliferation of data services in Indonesia. The company is
likely to benefit from any accelerated capex expansion by its
largest tower tenant, PT Telekomunikasi Selular (Telkomsel,
AAA(idn)/Stable). TBI has a larger exposure to Telkomsel, at 41%
of revenue, compared with PT Profesional Telekomunikasi
Indonesia's (Protelindo, BBB-/AAA(idn)/Stable) 19% and PT Solusi
Tunas Pratama Tbk's (STP, BB-/A+(idn)/Stable) 14%.

Stable Margin, Tower Rentals: Fitch expects stable operating
EBITDA margins in 2017 (2016: 86.8%), as tower rentals are
locked-in under existing lease contracts. The company's average
remaining contract period is around six years, with no major
contracts due for renewal in the next two years. Nevertheless,
average monthly tower leases may come under pressure as tenancy
contracts expire, the bulk of which will take place after 2020.
TBI's locked-in revenue was IDR23 trillion as at end-2016.

Counterparty and Forex Risk: TBI's rating also reflects low
counterparty risk. Revenue contribution from Indonesian telco
operators with investment-grade international ratings was 83% in
2016; higher than Protelindo's 48% and STP's 64%. In addition,
TBI mitigates currency risk by fully hedging its US dollar
exposure. It also has US dollar-denominated annual revenue of
USD40 million from PT Indosat Tbk (BBB+/AAA(idn)/Stable).
Receivables from PT Internux increased to IDR125 billion (3% of
revenue) at end-2016, although Fitch expects any possible
discontinuation of lease payments by the tenant is limited to 2%
of TBI's revenue.

Limited Structural Subordination: TBI's bonds are rated at the
same level as its Long-Term IDR, despite their structural
subordination to debt held at the operating subsidiaries, which
generate all of the group's revenue. Fitch expects the ratio of
prior-ranking debt/EBITDA to fall to around 2.5x by 2019 from
2.9x at December 2016. Furthermore, Fitch believes there will be
strong creditor recovery in a distress scenario; a high
proportion of the group's operating cash flows are contractually
locked in, underpinning Fitch decisions not to notch the bonds
down from the IDR.

DERIVATION SUMMARY

TBI's ratings reflect the favourable business profile of tower
companies that justifies higher leverage metrics than for most
corporate credits. Its cash flow stability and predictability are
backed by long-term lease contracts with Indonesian mobile
operators. The ratings also benefit from TBI's lower customer
concentration risk and stronger organic growth against its
closest peers - Indonesia's largest independent tower operator,
Protelindo, and third-largest independent tower company, STP.
However, the ratings are constrained by TBI's weaker balance
sheet due to its high leverage and aggressive shareholder return
policy. TBI's FFO-adjusted net leverage of above 6.0x is high
compared to Protelindo's 2.0x and STP's 5.5x. Its National Long-
Term Rating is one notch above STP's 'A+(idn)' due to TBI's
larger scale, stronger organic growth and better tenancy mix,
which Fitch believes more than offsets the higher net leverage to
justify one notch higher on the National scale.

KEY ASSUMPTIONS

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

- Revenue to grow at around high-single-digit rates in 2017
   and 2018.

- Yearly additions of 1,200-1,300 towers and 1,900-2,300 tenants
   in 2017-2019.

- Discontinuation of lease payments and no recovery of
   receivables from Internux to remove around 2% of TBI's annual
   revenue.

- Operating EBITDA margin in the mid-80% range in 2017-2019.

- Capex/revenue ratio of 35%-50% in 2017-2019 (2016: 36.8%).

- Dividend payments and share buybacks of IDR1.0 trillion to
   IDR1.5 trillion per annum.

- Gross debt/operating EBITDA of below 6.0x.

- No acquisitions or divestments.

- Average interest cost at around 9.7%.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

- Fitch does not anticipate developments that would lead to a
   rating upgrade. However, Fitch may take positive rating action
   if TBI appears to be on a solid path to return to FFO-adjusted
   net leverage (based on the hedged debt amount) of below 5.5x
   on a sustained basis.

Developments that may, individually or collectively, lead to
negative rating action include:

- a debt-funded acquisition, lease defaults by weaker telcos,
   or significant dividend payment and share buyback activity
   leading to FFO-adjusted net leverage (based on the hedged
   debt amount) remaining above 6.5x on a sustained basis.

LIQUIDITY

Reliant on Refinancing: Fitch expects TBI to refinance its debt
when it falls due; a majority of which will mature after 2017,
comprising USD300 million 4.625% senior unsecured notes due in
April 2018 and USD350 million 5.25% senior unsecured notes
maturing in February 2022 issued by its 100%-owned operating
company, TBG Global Pte Ltd. TBI called its USD300 million bonds
for settlement on 25 May 2017, which will be refinanced using
existing committed bank facilities. In addition, management is
seeking shareholder approval to issue up to USD500 million in
bonds; a yearly approval it had also obtained in May 2016. TBI
had an unrestricted cash balance of IDR365 billion at end-2016.
Following the extension of its USD300 million revolving credit
facility to June 2022, TBI had no short-term debt maturities due
in 2017. The company had a total of USD420 million in undrawn
revolving loan facilities as of end-March 2017.

FULL LIST OF RATING ACTIONS

PT Tower Bersama Infrastructure Tbk
- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
Stable
- Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
- National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
Stable
- National senior unsecured rating affirmed at 'AA-(idn)'
- Foreign-currency senior unsecured rating affirmed at 'BB-'
- IDR5 trillion bond programme and issues under the programme
  affirmed at 'AA-(idn)'

TBG Global Pte Ltd (subsidiary)
- USD300 million guaranteed senior unsecured notes due 2018
  affirmed at 'BB-'
- USD350 million guaranteed senior unsecured notes due 2022
  affirmed at 'BB-'


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


TAKATA CORP: Posts JPY79.59BB Net Loss for Year Ended March 31
--------------------------------------------------------------
The Japan Times reports that Takata Corp. reported May 11 a group
net loss of JPY79.59 billion ($698.88 million) for the business
year that ended March 31 - its third straight year in the red -
against a backdrop of recall-related costs.

According to the report, the auto parts maker booked a special
loss of JPY132.98 billion due mainly to extra costs related to a
global recall following a spate of fatal air bag inflator
ruptures, making its net loss much bigger than the previous
year's loss of JPY13.08 billion. In fiscal 2016, the Tokyo-based
company's operating profit fell 7.5 percent to JPY38.96 billion,
on sales of JPY662.53 billion, down 7.7 percent, the report
discloses.

The Japan Times says the air bag manufacturer is projecting a
group net profit of JPY9 billion for the fiscal year ending March
2018.

Takata pleaded guilty earlier this year to criminal wrongdoing
and agreed to a $1 billion settlement, of which $850 million has
yet to be paid, the report notes.

"We want to solve problems as soon as possible to prevent
corporate value from deteriorating further and to stop staff from
leaving," the report quotes Yoichiro Nomura, Takata's chief
financial officer, as saying at a news conference.

The earnings figures were released as Takata is making final
arrangements to hammer out a restructuring plan, the report
states.

Creditor banks and automakers are considering plans for Takata to
spin off its profitable operations, such as its seat belt and
child-seat businesses, into a separate company, a source close to
the matter said, The Japan Times relays.

Chinese-owned auto parts manufacturer Key Safety Systems Inc. is
eager to invest in the newly created firm, the source, as cited
by The Japan Times, added.

Nomura declined to comment on when Takata will finalize its
rehabilitation plan, saying only that the company is "in
negotiations" with other entities such as sponsors, adds The
Japan Times.

                         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.



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


MONGOLIAN MINING: Davis Polk Acted as Adviser in Restructuring
--------------------------------------------------------------
Davis Polk advised Mongolian Mining Corporation (In Provisional
Liquidation), acting through its joint provisional liquidators,
in connection with the restructuring of certain of its debt
obligations pursuant to schemes of arrangement implemented under
the laws of the Cayman Islands and Hong Kong and other debt
obligations pursuant to out-of-court, bilateral arrangements.
The restructuring, proposed in November 2016 by a group of
holders of Mongolian Mining's senior secured notes and certain
other creditors of Mongolian Mining, included a debt-for-debt
exchange, the issuance of new debt and equity and the consensual
restructuring of a senior secured loan facility and promissory
notes.  Following approval by the relevant scheme creditors and
other creditors of Mongolian Mining, the schemes and entry into
consensual restructuring arrangements were sanctioned by the
Grand Court of the Cayman Islands and the High Court of Hong Kong
and the schemes became effective on April 27, 2017.  The U.S.
Bankruptcy Court for the Southern District of New York granted
recognition of the provisional liquidation proceeding of
Mongolian Mining in the Cayman Islands under Chapter 15 of the
U.S. Bankruptcy Code and enforcement of the Cayman scheme within
the United States.  On May 4, 2017, Mongolian Mining effected the
restructuring of its senior secured notes in aggregate principal
amount of $600 million, amounts outstanding under promissory
notes in aggregate principal amount of $105 million, amounts
outstanding under a $150 million senior secured loan facility,
which were exchanged for senior secured notes issued by Mongolian
Mining's wholly owned subsidiary Energy Resources LLC in an
aggregate principal amount of approximately $412 million,
perpetual notes issued by Mongolian Mining in an aggregate
principal amount of approximately $195 million, 1,029,176,615
common shares of Mongolian Mining and a $30 million senior
secured loan facility assumed by Energy Resources.

Mongolian Mining is a high-quality coking coal producer and
exporter engaged in the open-pit mining of coking coal at
deposits in the South Gobi province of Mongolia.  Mongolian
Mining is considered the largest producer and exporter of washed
coal in Mongolia.  It is listed on The Stock Exchange of Hong
Kong Limited and was the first Mongolian company to offer its
shares internationally.

The Davis Polk corporate team included partner William F. Barron
and counsel Faisal Baloch and Gerhard Radtke.  Partner Paul Chow
provided Hong Kong law advice.  Partner Nick Benham and associate
Anne Catherine Ingerslev provided English law advice.  The
insolvency and restructuring team included partners Timothy
Graulich and Darren S. Klein.  Partner Martin Rogers provided
litigation advice.  Partner John D. Paton provided tax advice.
Members of the Davis Polk team are based in the Hong Kong, London
and New York offices.

Davis Polk refers to Davis Polk & Wardwell LLP, a New York
limited liability partnership, and its associated entities.



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


STRATEGIC FINANCE: NZ$1.03 Million Added to Settlement Fund
-----------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Strategic Finance's
near-three-year-old $22 million settlement got a small cash
injection after action against an insurer, receivers said.

According to BusinessDesk, receivers John Fisk and David Bridgman
of PwC said an additional NZ$1.03 million has been added to the
settlement sum, under the terms of the deal between the Financial
Markets Authority and the failed lender, they said in their
latest report. The receivers noted no public or receivership
monies were used to fund the claim, BusinessDesk says.

BusinessDesk says distributions to secured debenture investors to
date total 20 cents in the dollar, or NZ$73.5 million, in total
interim distributions, including a payment of 1.2 cents between
September last year and March 2017. Some 10,000 secured debenture
investors had invested NZ$367.8 million in 12,900 investments
when Strategic was sent to the receivers in March 2010 by trustee
Perpetual Trust, ending a moratorium arrangement that had been in
place since December 2008.

Regarding Strategic Finances' property loan portfolio, the
receivers said there are two material loans left where the
underlying properties are not under contract or subject to any
arrangement for sale, and two others where Strategic holds a
second mortgage and with substantial amounts owing to the first
mortgagee, BusinessDesk relays.

One property has had receivers appointed and "we still expect
there will be no funds available to Strategic," Fisk and Bridgman
said. On the second, a settlement was reached with the developer
and a payment of NZ$5.5 million was received during the six
months covered by the report, according to BusinessDesk.

Between Sept. 13, 2016, and March 12, 2017, Strategic received
net realisations of about NZ$6.2 million from the recovery of the
property loan book, including recoveries under guarantees. "We do
not anticipate any further realisations in relation to the loan
book," the report, as cited by BusinessDesk, said.

BusinessDesk relates that the receivers expect to make one final
distribution to secured debenture investors later this year,
assuming a final guarantor recovery is paid on time. "We will
then be in a position to retire from the receivership," they
said. As of March 12 the receipts and payment summary showed a
balance of NZ$3.79 million.

Because of the estimated return to secured debenture investors
"we regret to advise that there are unlikely to be any amounts
available for payment to unsecured creditors," the receivers
said, BusinessDesk relays.

BusinessDesk notes that the Securities Commission, the Financial
Markets Authority's predecessor, began investigating Strategic in
2009 when former Act Party MP John Boscawen told Parliament the
finance company misrepresented about NZ$68 million worth of debt
which it classified as second mortgages when they were
effectively a third-ranking security. Former Commerce Minister
Simon Power subsequently referred the matter to the regulator,
BusinessDesk says.

                      About Strategic Finance

Between August 1999 and August 2008 Strategic Finance Limited
carried on the business of providing finance and other financial
services, primarily to the property sector.  Strategic's
principal business involved lending money to property
developers and investors in commercial, industrial and
residential property in New Zealand, Australia and the Pacific
Islands. Loans were made through term loans, bridging loans and
development and construction loans, in a mixture of first, second
and third-ranking facilities.

On Aug. 7, 2008, Strategic placed a trading halt on all its
securities. Trading of Strategic's securities did not resume
after the trading halt.

In December 2008 Strategic went into Moratorium. In March 2010
Strategic went into receivership. Strategic's failure affected
approximately 11,000 investors with a loss of NZ$383 million. The
receivers have distributed to secured debenture investors
10 cents in the dollar during the receivership to date.

From April 2010 FMA (and before May 1, 2011), the Securities
Commission has investigated the conduct of the directors of
Strategic and its subsidiary Strategic Nominees Limited with
respect to Strategic's compliance with disclosure obligations
under the Securities Act.



=================
S I N G A P O R E
=================


GLOBAL A&T: S&P Lowers CCR to 'CCC-' on Liquidity Risks
-------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Global A&T Electronics Ltd. (GATE) to
'CCC-' from 'CCC+'.  The outlook is negative.  At the same time,
S&P lowered its long-term ASEAN regional scale rating on the
company to 'axCCC-' from 'axCCC+'.  S&P also lowered its long-
term issue rating on GATE's senior secured notes to 'CCC-' from
'CCC+'. Singapore-based GATE is an outsourced semiconductor
assembly and test services (OSAT) company.

"The downgrade reflects our view that GATE may miss an upcoming
interest payment," said S&P Global Ratings credit analyst Eric
Nietsch.  "The downgrade also reflects the company's rising
liquidity risk due to negative cash flows and uncertainty about
the long-term sustainability of its capital structure."

GATE may miss its interest payment of about US$55 million due on
Aug. 1, 2017.  The company's cash balance at the end of the first
quarter of the year was US$77 million.  Management has said that
a cash balance of more than US$100 million is optimal.  It also
expects the cash balance at the end of the second quarter to be
US$67 million-US$72 million, and capital expenditure to be more
than US$70 million in the rest of 2017.  While S&P expects GATE's
operations to generate some cash, S&P believes it may be
difficult for the company to operate with less than US$50 million
of cash.

"We assess GATE's liquidity as weak.  We expect the company's
cash sources will not meet its cash uses in the next 12 months,
absent support from an outside entity," said Mr. Nietsch.

GATE's poor standing in the capital markets also weighs on S&P's
assessment of the company's liquidity.  GATE does not have any
core banking relationships, and, in S&P's view, the ongoing
dispute with existing bondholders has weakened the company's
standing in credit markets.  This is also reflected in GATE's
aggressive financial policy and possibility of further earnings
pressure.

The negative outlook reflects GATE's rising liquidity risks and
continued pressure on the company's cash flows from its
significant debt burden.  S&P believes these factors could lead
to a missed interest payment.

S&P may downgrade GATE if the company announces that it does not
intend to make an interest payment.

S&P may upgrade the company if it is able to resolve the legal
disputes and refinance its 2019 debt maturity.



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


DAEWOO SHIPBUILDING: KDB Issues Refund Guarantee for Latest Deal
----------------------------------------------------------------
Yonhap News Agency reports that the state-run Korean Development
Bank, the largest creditor of Daewoo Shipbuilding & Marine
Engineering Co., a troubled shipbuilder, has issued a refund
guarantee (RG) for the shipyard's latest deal, ending a one-month
tussle over how to help it complete the contract, industry
sources said May 4.

On April 4, Daewoo Shipbuilding clinched a US$250 million deal to
build three very large crude carriers (VLCCs), Yonhap says. Under
the deal with Maran Tankers Management, a unit of Greece's
largest shipper Angelicoussis Shipping Group, Daewoo Shipbuilding
will deliver the 318,000-ton VLCCs by 2018.

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

According to Yonhap, the RG had been a sticky issue among
creditors of Daewoo Shipbuilding in their efforts to resuscitate
the company teetering on insolvency with a KRW6.7 trillion
(US$5.94 billion) rescue deal. They have been hesitant to
volunteer for guarantees, fearing the colossal financial burden
should the company become unable to fulfill new orders.

An RG is a form of security for the ship purchaser, which usually
makes advance payments on an order. In case the ordered vessel
cannot be delivered, the bank that has taken on the RG of the
shipbuilder would make the refund, the report notes. Without such
a guarantee, it's virtually impossible for a shipyard to get
orders.

In March, the creditors led by the KDB announced a fresh rescue
package for the ailing shipbuilder, the second round of bailouts
for the shipbuilder that has been suffering from severe liquidity
problems over heavy losses in its offshore projects, according to
Yonhap.

After weeks of negotiation, Daewoo Shipbuilding's bondholders,
including the National Pension Service (NPS) agreed to the rescue
package, paving the way for the shipyard to receive a fresh cash
injection of KRW2.9 trillion, Yonhap says.

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


                             *********

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 Joseph Cardillo at 856-381-8268.



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