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

                      A S I A   P A C I F I C

            Friday, June 2, 2017, Vol. 20, No. 109

                            Headlines


A U S T R A L I A

AUSTRALIAN SCHOOL: Training Provider Placed into Liquidation
GEOWASH PTY: ACCC Takes Action Against Car Wash Franchisor
KINGSROSE MINING: Second Creditors' Meeting Set for June 8
LOS VIDA: First Creditors' Meeting Set for June 8
ORBIS COMMODITIES: Second Creditors' Meeting Set for June 9

PACIFIC INVESTMENT: Second Creditors' Meeting Set for June 9
QUINTIS LTD: S&P Lowers CCR to CCC+ Amid Liquidity Risks
TASTE TRADERS: First Creditors' Meeting Set for June 8
TLC MARKETING: First Creditors' Meeting Set for June 8


C H I N A

HOPSON DEVELOPMENT: S&P Affirms B- Corp. Rating; Outlook Stable
FOSUN INT'L: S&P Affirms 'BB' CCR; Alters Outlook to Stable
LOGAN PROPERTY: Fitch Assigns B Rating to USD350MM Securities
TUNGHSU GROUP: Fitch Assigns B+ Long-Term IDR; Outlook Stable
TUNGHSU GROUP: S&P Assigns B+ CCR & Rates Guaranteed US$ Notes B


I N D I A

AGRAWAL SOYA: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
AMBABHAVANI FAB: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
ANANDESHWAR INDUSTRIES: CRISIL Cuts Rating on INR5.75MM Loan to D
ANGEL PAPERS: CRISIL Assigns 'B' Rating to INR6MM LT Loan
AVADH ALLOYS: CRISIL Raises Rating on INR5MM Cash Loan to B+

AVVAS INFOTECH: CRISIL Upgrades Rating on INR21.80MM Loan to B
B.N.M. HI-TECH: CRISIL Assigns 'B+' Rating to INR6MM Cash Loan
BAJPAI REFRIGERATION: CRISIL Reaffirms B+ Rating on INR3.75M Loan
BASANT BETONS: CRISIL Cuts Rating on INR14.35MM LT Loan to 'B'
BHAGWATI FATS: CRISIL Lowers Rating on INR7.0MM Term Loan to B

G. N. PET: CRISIL Reaffirms 'D' Rating on INR3.55MM Term Loan
GARIB NAWAZ: CRISIL Reaffirms 'D' Rating on INR3.5MM Cash Loan
GINGER PROPERTIES: CRISIL Assigns B+ Rating to INR9MM Term Loan
HARSHA LINERS: CRISIL Lowers Rating on INR3.96MM LT Loan to B
HY LINK: CRISIL Lowers Rating on INR12.5MM Loan to 'D'

JAISHRIRAM SUGAR: CRISIL Raises Rating on INR29.15MM Loan to B-
K. KOTESWARA: CRISIL Lowers Rating on INR4MM Loan to 'B'
KMB GRANITE: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
KUMAR INFRATRADE: CRISIL Assigns 'B' Rating to INR11MM Term Loan
LAMINEX: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan

M.D PRINTING: CRISIL Ups Rating on INR7.5MM Term Loan to 'B'
NHS INDUSTRIES: CRISIL Assigns B- Rating to INR8.4MM Term Loan
OM PARKASH: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
PARIJAT OIL: CRISIL Assigns 'B' Rating to INR8.0MM Term Loan
PARSHOTAM LAL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan

PLANET AUTOMOTIVE: CRISIL Assigns B- Rating to INR21.46MM Loan
PMA CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR19.2MM Loan
R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR10MM Loan
R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
S.J. EXPORTS: CRISIL Reaffirms B+ Rating on INR19.5MM Loan

SALEM AUTOMECH: CRISIL Reaffirms B Rating on INR5.50MM LT Loan
SANKRAIL AGRO: CRISIL Reaffirms B+ Rating on INR4.96MM Loan
SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
SRI RAJALAKSHMI: CRISIL Assigns 'B' Rating to INR1MM Cash Loan
STARCARE HOSPITAL: CRISIL Reaffirms B+ Rating on INR22MM Loan

SUMITA TEX: CRISIL Reaffirms 'D' Rating on INR102.28MM Cash Loan
SUNDARAM MULTI: CRISIL Upgrades Rating on INR15.87MM Loan to B-
VIJAYALAKSHMI AGENCIES: CRISIL Assigns B+ Rating to INR3.75M Loan


J A P A N

WESTINGHOUSE ELECTRIC: Former CEO Paid $19-Mil. Before Bankruptcy


M A L D I V E S

MALDIVES: Moody's Puts (P)B2 Rating to Sr. Unsecured US$ Notes


P H I L I P P I N E S

RURAL BANK OF ILIGAN: Deadline for Filing Claims Set for July 3


S I N G A P O R E

SINGAPORE: Shipyards Forced to Restructure Debts Amid Order Slump


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A U S T R A L I A
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AUSTRALIAN SCHOOL: Training Provider Placed into Liquidation
------------------------------------------------------------
Tony Raggatt at Townsville Bulletin reports that the traineeships
of hundreds of high school students in Queensland, including some
at Townsville, are in limbo after the training provider went
bust.

Sunshine Coast-based training group Australian School Based
Traineeships Pty Ltd, headed by Edison Miraziz, was placed in
liquidation and receivership last week, the Bulletin discloses.

Students have been told ASBT has ceased trading and that their
employment under the traineeships has been terminated.

According to the report, the ASBT website said it offers school-
based traineeships to year 11 and 12 students with a disability
Australia-wide.

Townsville Bulletin relates that a spokesman for the Queensland
Department of Education and Training said they did not provide
any funding or incentives to Australian School Based Traineeships
as an employer of school-based trainees who are paid a minimum
wage for their work experience.

"(The department) is aware of ASBT's financial situation and has
been working with impacted schools, trainees and their parents to
facilitate transfer of their training contracts to interested
employers and to secure continued access to ongoing training
through a departmentally approved pre-qualified training
provider," the spokesman, as cited by the Bulletin, said in a
statement.

It is understood negotiations are under way for another group to
continue the traineeships.

Liquidator Worrells has advised students to lodge claims with the
Federal Government's Fair Entitlements Guarantee Scheme for any
wages and entitlements they are owed, adds the Bulletin.


GEOWASH PTY: ACCC Takes Action Against Car Wash Franchisor
----------------------------------------------------------
The Australian Competition and Consumer Commission has applied to
the Federal Court for leave to commence proceedings against
Geowash Pty Ltd (subject to deed of company arrangement), a
national car wash franchisor that has been marketing and selling
hand car wash franchises since 2013.

The ACCC proceedings will allege that Geowash made false or
misleading representations and engaged in unconscionable conduct
in breach of the Australian Consumer Law, and also failed to
comply with the good faith obligation which is contained in the
Franchising Code of Conduct.

If leave is granted, these proceedings will be the second court
action recently taken by the ACCC alleging a breach of the good
faith obligation by a franchisor.

The ACCC will also allege that Geowash's director, Sanam Ali, and
National Franchising Manager, Charles Cameron, engaged in and
were knowingly concerned in the conduct.

In particular, the ACCC will allege that from at least November
2015 to May 2016, Geowash made false or misleading
representations on its website that:

   * prospective franchisees could make revenues of AUD70,216
     and estimated profits of AUD30,439 in an average 28-day
     period, when Geowash did not have reasonable grounds
     for making those representations; and

   * Geowash had a commercial relationship or affiliation with
     each of Nissan, Kia, Renault, Audi, Emirates, Shell, Hertz,
     Holden, Ikea, and Thrifty, when it did not.

The ACCC will also allege that Geowash directed a substantial
portion of franchisee funds for purposes not permitted under the
franchise agreement and not disclosed to franchisees, including
payment of commissions to Ms Ali and Mr. Cameron.

"The ACCC investigated Geowash's conduct following complaints
from franchisees alleging that they had been misled about their
establishment costs, and ultimately had not been provided with an
operating car wash franchise," ACCC Deputy Chair Dr Michael
Schaper said.

"The ACCC was particularly concerned that, allegedly, franchisee
funds were used for purposes other than those permitted by the
franchise agreements, including as commissions paid to the
director and franchise manager," Dr Schaper said.

If granted leave to commence proceedings against Geowash, the
ACCC will seek declarations, injunctions, an order for the
payment of pecuniary penalties, orders for non-party consumer
redress, corrective notice orders, and costs.

The ACCC will also seek orders disqualifying Ms Ali and Mr.
Cameron from managing corporations for a period of five years.

Geowash is currently operating subject to a Deed of Company
Arrangement. Because of the nature of the relief sought by the
ACCC in this case, the ACCC has applied to the Court for leave to
commence proceedings against Geowash.

From February 2013 to October 2016, Geowash entered into 30
Franchise Agreements with franchisees across Australia. Most of
these franchisees were located in WA.

If leave to commence proceedings is granted, this will be the
second court action the ACCC has taken alleging breaches of the
new "good faith" provisions in the Franchising Code by a
franchisor.  The first was an action commenced against Ultra Tune
on May 19, 2017.


KINGSROSE MINING: Second Creditors' Meeting Set for June 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Kingsrose
Mining Limited, Natarang Offshore Pty Limited and MM Gold Pty
Limited has been set for June 8, 2017, at 11:00 a.m. at the
offices of FTI Consulting, Level 6,30 The Esplanade, 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 June 7, 2017, at 4:00 p.m.

Michael Joseph Patrick Ryan and Ian Charles Francis of FTI
Consulting were appointed as administrators of Kingsrose Mining
on Dec. 14, 2016.


LOS VIDA: First Creditors' Meeting Set for June 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of Los Vida
St Collins Lane Pty Ltd will be held at the Australian Institute
of Company Directors, Level 26, 367 Collins Street, in Melbourne,
Victoria, on June 8, 2017, at 10:00 a.m.

Domenico Alessandro Calabretta & Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Los Vida on May 29,
2017.


ORBIS COMMODITIES: Second Creditors' Meeting Set for June 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Orbis
Commodities Pty. Limited has been set for June 9, 2017, at
3:00 p.m. at the The Meeting Room of Servcorp, Level 56, MLC
Centre, 19-29 Martin Place, in Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2017, at 4:00 p.m.

Gavin Moss and Trent Mcmillen of Chifley Advisory were appointed
as administrators of Pacific Investment on Feb. 27, 2017.


PACIFIC INVESTMENT: Second Creditors' Meeting Set for June 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Pacific
Investment Holding Pty Limited has been set for June 9, 2017, at
3:00 p.m. at the The Meeting Room of Servcorp, Level 56, MLC
Centre, 19-29 Martin Place, in Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2017, at 4:00 p.m.

Gavin Moss and Trent Mcmillen of Chifley Advisory were appointed
as administrators of Pacific Investment on Feb. 27, 2017.


QUINTIS LTD: S&P Lowers CCR to CCC+ Amid Liquidity Risks
--------------------------------------------------------
S&P Global Ratings said it had lowered its corporate credit
rating on Australia-based sandalwood producer Quintis Ltd. to
'CCC+' from 'B'. At the same time, S&P placed the rating on
CreditWatch with negative implications. S&P also lowered the
ratings on the company's senior secured notes to 'CCC+' from 'B'.
The recovery rating remains unchanged at '4'.

Continued delays in the sale of Quintis' Indian sandalwood
products would, in our opinion, worsen plantation investor
confidence and potentially result in materially lower investor
inflows for the company. This risk, combined with the prospect of
the AUD37 million option on 400 hectares (ha) being put back to
the company, has heightened the probability of the company's
liquidity becoming stressed.

Should this delay in Quintis' Indian sandalwood sale continue,
S&P believes it will be more challenging for the company to
attract investor inflows over the last two weeks of June, when
most of the investor cash flows occur. In addition, if the put
option were exercised, it will materially stress Quintis'
liquidity. Should all these events transpire, S&P believes the
company will face significant liquidity pressure.

Despite sandalwood end-markets appearing attractive, the timing
of Quintis' product sales to China remains uncertain. It is S&P's
understanding that the sale of Indian sandalwood products into
China is progressed, and if executed, will go a long way to
restoring confidence in the company's business model. In
S&P's view, supply of Indian sandalwood is limited because of a
lack of reliable legal sources and long lead times to harvest of
more than 15 years, with demand for the product from medicinal,
cosmetic, and religious and spiritual end-markets.

S&P notes that the company has announced an approach from more
than one party regarding potential corporate transactions. S&P
will consider the impact on the rating should any offer
materialize. At this stage, our view of the rating captures
Quintis' current business conditions, the risks in managing
Indian sandalwood product sales, and the impact of the delays on
plantation investor confidence in the business.

S&P will resolve the CreditWatch by the end of June 2017, once it
have greater clarity regarding investor inflows and sales of
sandalwood into China. By that time, there could also be more
clarity on the potential for any corporate transactions.


TASTE TRADERS: First Creditors' Meeting Set for June 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of

   -- Taste Traders Darling Park Pty Ltd,
   -- Taste Traders Unit Pty Ltd,
   -- Taste Traders Mascot Pty Ltd,
   -- Taste Traders Australia Pty Ltd

will be held at the offices of Mackay Goodwin, Suite 2, Level 8,
10 Bridge Street, in Sydney, NSW, on June 8, 2017, at 4:00 p.m.

Domenico Alessandro Calabretta & Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Taste Traders on May
29, 2017.


TLC MARKETING: First Creditors' Meeting Set for June 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of TLC
Marketing Worldwide Pty Ltd will be held at the offices of Jones
Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, NSW, on June 8, 2017, at 3:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of TLC Marketing on May 29, 2017.



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HOPSON DEVELOPMENT: S&P Affirms B- Corp. Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said it revised its outlook on China-based
property developer Hopson Development Holdings Ltd. to stable
from negative. At the same time, we affirmed our 'B-'
long-term corporate rating and raised our long-term Greater China
regional scale rating on the company to 'cnB' from 'cnB-', S&P
said.

"We revised the outlook on Hopson to stable because we expect the
company's liquidity position and leverage to stabilize in 2017
and 2018, thanks to an improving debt maturity profile, good
control over its amount of debt, sound delivery and recognition
of development projects, as well as a recovery in margins," said
S&P Global Ratings credit analyst Cindy Huang.

"We believe Hopson will continue to see weak sales and slow churn
in the foreseeable future, resulting in its debt to EBITDA
staying above 12x in 2017 and 2018. Hopson's leverage improved to
12x in 2016, from around 20x in 2015, and interest coverage rose
to 1.2x from 0.6x in the previous year, mainly due to more
delivery and recognition in higher-margin projects," said S&P.

In S&P's opinion, Hopson has strengthened its liquidity position
in 2016 by tapping a domestic corporate bond and an asset-backed
security (ABS) while the market was favorable, effectively
extending its debt maturity profile with competitive funding
rates. We expect Hopson to have a stable liquidity
position over the coming 12 months, but that it will remain
heavily reliant on its bank relationships, assisted by
significant unencumbered inventory and investment property
assets, which the company can pledge to obtain secured borrowing
should it need to, said S&P.

S&P said, "We affirmed the rating at 'B-' because we expect
Hopson's contracted sales and revenue will remain lackluster in
2017 and 2018. In the first four months of 2017, Hopson recorded
contracted sales of around HK$3.4 billion and we expect 2017
full-year sales to show little growth from 2016 given the
tightening policies in tier-1 cities, to which Hopson has
significant exposure. The company's revenue is likely to track
sales, with the running down of sold but unbooked stock as
delivery significantly outpaced sales in previous years.

"We believe Hopson's profit margin will show mild recovery in
2017 and 2018. The company's EBITDA margin has recovered to just
below 25% in 2016, after adjusting for capitalized interest
within cost of goods sold (COGS), from below 20% in 2015. We
expect the more balanced sales and delivery between tier-1 and
lower tier cities going forward will help reverse the fall in
average selling price (ASP) in recent years."

In S&P's view, Hopson will stay focused on expanding its
investment property portfolio and fund it with operating cash
flow generated from property sales. Over recent years, Hopson
significantly expanded its investment portfolio both
in asset size and revenue contribution, and S&P expects
investment property rental revenue to surpass Chinese renminbi
(RMB) 1 billion (about HK$1.1 billion) in 2017, which will help
further improve the group's overall profit margin.

Hopson will continue to enjoy the benefit of large and high-
quality land reserves. The company's saleable gross floor area
(GFA) remains above 30 million sq. meters (over 22 million sq.
meters with land usage rights already obtained), significantly
larger than many mid-league developers. In S&P's view, the over 6
million sq. meters of saleable GFA under development across
Beijing, Shanghai, and Guangzhou will translate into abundant
saleable resources of high value and ensure future cash flow. In
recent years, land acquisition has been minimal for Hopson, which
helps the company to keep its absolute debt level down and
control leverage.

The stable outlook reflects S&P's expectation that Hopson's
leverage and liquidity will be stable over the next 12 months.
S&P's view is based on the company's ability to refinance
maturing debt at low cost, control debt and leverage growth, and
achieve stable cash flow from satisfactory sales.

S&P said, "We may lower the rating if Hopson's liquidity position
deteriorates, which could be indicated by problems in refinancing
or materially higher funding costs. We may also lower the rating
if the company's sales and recognition is weaker than our
expectation, such that its debt-to-EBITDA ratio increases
significantly from the current level or EBITDA interest coverages
falls below 1x.

"We may upgrade the company if Hopson improves its cash flow
through robust sales performance, increases its revenue and
margins while controlling for debt, such that it significantly
reduces debt to EBITDA. We may also upgrade the company if it
continues to achieve strong growth in rental income and lowers
funding costs, such that EBITDA interest coverage improves to
more than 2.0x in the next 12 months."


FOSUN INT'L: S&P Affirms 'BB' CCR; Alters Outlook to Stable
-----------------------------------------------------------
S&P Global Ratings revised the outlook on Fosun International
Ltd. (Fosun) to stable from negative. "At the same time, we
affirmed our 'BB' long-term corporate credit rating on Fosun and
all outstanding senior notes that Fosun guarantees. In line with
the outlook revision, we raised our long-term Greater China
regional scale rating on Fosun and the notes to 'cnBBB-' from
'cnBB+'," S&P said.

Fosun is a privately owned investment holding company in China,
with investments in the pharmaceutical, resources, insurance, and
leisure industries.

S&P said, "We revised the outlook on Fosun to stable from
negative because the company's leverage improved materially.
Based on our previous view of Fosun as a conglomerate, we would
revise the outlook if the company improves its leverage such that
its core ratio of debt to EBITDA stays below 10x. We reckoned the
company's debt-to-EBITDA ratio at end-2016 for industrial
operation was 8.2x, declining to 7.4x after the completion of the
sale of Ironshore in May 2017. Therefore, we believe, even under
our corporate methodology, Fosun's debt leverage improvement is
material and supports an outlook revision to stable.

"We changed our analysis of Fosun to that of an investment
holding company under our Corporate Methodology (see Methodology:
Investment Holding Companies, published Dec. 2, 2015, on
RatingsDirect), from that of a conglomerate with mixed businesses
of corporate and insurance. This change reflects our view of
Fosun's long-term strategy as a holding company focused on
investment gains, altered from its deep involvement in industrial
operations. The sale of U.S. insurer, Ironshore Inc., and Fosun's
recent proposal to inject its property development business to
public listed investee company Shanghai Yuyuan Tourist Mall Co.
Ltd. (Yuyuan) demonstrate Fosun's commitment to its long-term
strategy. The company will focus on generating capital
appreciation by investing in assets that it believes will
appreciate in value, and managing and eventually selling assets
to reinvest in new ventures. Although Fosun has close interaction
with its investee companies, we believe those companies operate
autonomously, with Fosun only supervising key operational,
financial, and personnel issues.

"We affirmed the 'BB' rating on Fosun to reflect our view of
Fosun as an investment holding company with a fair business risk
profile, significant financial risk profile, and an adequate
liquidity position."

In S&P's view, Fosun's fair business risk profile reflects its
large unlisted investments, the fair credit quality of invested
companies, and a well-diversified investment portfolio. Fosun has
a large portfolio asset of Chinese renminbi (RMB) 204.6 billion
as of end-2016. The portfolio ranges from healthcare to insurance
in Asia-Pacific, Europe, and the Americas. S&P expects the
company to be able to maintain a large and well-diversified asset
portfolio in different industries and jurisdictions. The
diversity couldhelp
Fosun to better navigate industry cyclicality and dilute risks in
a single market.

Fosun's asset liquidity is constrained by the large amount of
unlisted investees it holds. Even after its recent proposal to
inject its property development business, into public-listed
investee company Yuyuan, Fosun's listed assets only account for
44%-48% of its total asset portfolio. S&P believes the company's
flexibility in selling its assets is relatively weak, given its
average holding in invested assets is 30%-35%.

"We believe Fosun will continue to accelerate capitalization of
its investee assets and improve its asset liquidity. Fosun
encourages its invested companies to be publicly listed on stock
exchanges, so that the company will have a high liquid asset
portfolio. In our view, such activities would not materially
affect the company's credit profile in the near term, given
securitization is highly dependent on capital market conditions,"
S&P said.

Although Fosun has demonstrated a fair strategic investment
capability over the past few years, S&P believes its short
operating record as an investor is another risk to the company's
operation. In recent years, Fosun has adopted an established
investment discipline by developing a set of investment policies,
guidance for short-term financial tolerance, and a risk control
system. S&P believes if Fosun continues to consistently invest
within its capacity, it would benefit the company's asset
rotation and capital appreciation.

Fosun has a manageable leverage toward its total investment
portfolio, as measured by its loan-to-value (LTV) ratio of about
35% at the end of 2016. S&P's assessment includes the company's
financial guarantees of about Chinese renminbi (RMB) 5.6 billion
to invested companies, which will be gradually replaced by new
borrowings. S&P expects Fosun to maintain its LTV ratio below
45% by rotating assets at a balanced pace. At the same time, its
deleveraging measures will continue to improve its operating cash
flow adequacy. These factors support S&P's assessment of a
significant financial risk profile on the company.

The stable outlook reflects S&P's expectation that Fosun could
maintain a well-diversified asset portfolio and gradually improve
its asset liquidity via asset capitalization and IPOs. A
diversified portfolio supports Fosun's flexibility in navigating
industry cyclicality and avoiding concentration risk in single
markets. S&P expecta the company will maintain its leverage while
making investments and disposal plans.

S&P may lower the rating if Fosun's LTV ratio rises above 45% on
a sustained basis. This could happen if the company pursues more
aggressive debt-funded investments, and fails to manage its
leverage at the holding company level. S&P would also consider a
downgrade if: (1) we believe the company's liquidity has
deteriorated and cash from asset rotation cannot cover its short-
term borrowings and new additions to the portfolio; or (2) Fosun
keeps investing in assets with weak credit profiles, which makes
asset rotation more difficult.

S&P may raise the rating if Fosun's LTV ratio remains below 30%
on a sustainable basis. This could happen if the company
continues to reduce debt. S&P would consider an upgrade if
Fosun's asset liquidity materially improves although S&P views
that possibility as remote. This could happen if Fosun
accelerates capitalization of its portfolio assets through
initial public offerings, leading to listed assets accounting for
more than 60% of its overall portfolio value.


LOGAN PROPERTY: Fitch Assigns B Rating to USD350MM Securities
-------------------------------------------------------------
Fitch Ratings has assigned Logan Property Holdings Company
Limited's (BB-/Stable) USD350 million 7% subordinated perpetual
capital securities a final rating of 'B'.

Logan says the proceeds of the proposed securities will be used
for refinancing outstanding indebtedness and other general
corporate purposes. However, the use of proceeds may be
reallocated in response to changing market conditions. The
assignment of the final rating and equity credit follows the
receipt of documents conforming to information already received.
The final rating is in line with the expected rating assigned on
May 24, 2017.

Fitch will accord 50% equity credit to the perpetual capital
securities until year 2032, five years before the replacement
language lapses, which is the effective maturity date of the
perpetual securities in accordance with Fitch's Treatment and
Notching of Hybrids in Non-Financial Corporate and REIT Credit
Analysis criteria. Assigning equity credit to the perpetual
securities is not likely to change Fitch expectations that
Logan's leverage will increase in the next 12-18 months.

Logan's ratings are supported by its well-located land bank in
Shenzhen city and the Guangdong region. This provides the company
with stronger contracted sales and margin visibility over the
next 24 months compared with rated peers of similar size.

KEY RATING DRIVERS

Leverage to Increase: Fitch expects Logan's leverage, measured by
net debt/adjusted inventory, to rise to 40%-45% in the next 12-18
months. Its 2016 leverage increased to 37%, from 32% in 2015,
after it acquired well-located sites in Shenzhen to reposition
its land bank. Fitch expects the company to replenish its land
bank in Shenzhen from 2017, mostly via redevelopment projects due
to the limited land parcels available in the open market. This
may result in lower land cost and more spread-out land payment
terms.

Robust Contracted Sales, Margins Maintained: The company's
contracted sales have increased by over 40% a year since 2014, to
CNY29 billion in 2016. The Fitch-calculated EBITDA margin widened
to 30% in 2016, compared with 26% in 2014. Fitch expects average
selling prices to improve given Logan's well-positioned land
bank, although sales by gross floor area are likely to drop.
Fitch expects the company to meet its consolidated contracted
sales target of CNY35 billion for the next 12-18 months and
maintain its margin at 29%-30% over the next two years.

Cash Outflow for JVs: Fitch expects Logan to buy back stakes in
its joint ventures (JVs) held by financial investors once
contracted sales in these projects start in 2017. Logan says
these investors have committed CNY8.7 billion to the JVs. Fitch
expects a cash outflow of around CNY4.4 billion in 2017 related
to these stake purchases, which will leave CNY4.3 billion to be
purchased later.

Concentration Risks: Fitch believes the well-located and high-
quality land bank mitigates Logan's concentration risks over the
next year or two. Logan's contracted sales are highly
concentrated in the Guangdong region, with Shenzhen city
contributing around 43% of 2016 contracted sales. The cities of
Shenzhen, Shantou, Foshan and Nanning - all in the Pearl River
Delta region - accounted for over 80% of contracted sales in 2015
and 2016. Fitch expects Shenzhen to continue to account for 30%-
45% of Logan's total attributable contracted sales in 2017-2018.

However, the concentration in Guangdong means Logan's sales
performance is strongly correlated with the local economy and
local policy changes compared with developers that have more
geographically diversified operations.

DERIVATION SUMMARY

Logan's contracted sales are comparable with other 'BB-' rated
Chinese developers that have contracted sales of CNY28billion-32
billion. These peers include KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB-/Positive).

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders such as KWG and Yuzhou Properties Company Limited
(BB-/Stable). The increase in Logan's leverage to 37% at end-2016
puts it in line with that of peers such as KWG, with leverage of
40%-42%, Yuzhou's 38%-42% and Times Property Holdings Limited
(B+/Positive), with 38%-40%.

No Country Ceiling or parent/subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

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

- Contracted sales by gross floor area to decrease by 35% in 2017
  and increase by 2% in 2018
- Average selling price for contracted sales to increase by 60%
  in 2017 and 2% in 2018
- EBITDA margin stays at 29%-30% in 2017-2018
- Cash out flow of around CNY4.4 billion in 2017 to buy back
  financial investors' JV stakes

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Substantial increase in its scale, with annual attributable
contracted sales sustained above CNY30
Billion

- Sustained leadership position in key cities in the greater
  Guangdong area

- Achieving sustainable neutral or positive cash flow from
  operation

- EBITDA margin sustained above 30%

- Net debt/adjusted inventory sustained below 35%

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

- Net debt/adjusted inventory above 45% for a sustained period
- EBITDA margin below 25% for a sustained period]

LIQUIDITY

Sufficient Liquidity: Logan had CNY15 billion of cash on hand,
including CNY1.2 billion of restricted cash, at end-2016,
compared with short-term debt of CNY5.1 billion. The company had
a high cash collection ratio of above 90% for the past two years.
Over 75% of Logan's total debt is denominated in Chinese yuan, as
the company continued to tap onshore debt markets, including
CNY7.4 billion raised in 2016.


TUNGHSU GROUP: Fitch Assigns B+ Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Tunghsu Group Co., Ltd. a Long-Term
Issuer Default Rating (IDR) and senior unsecured rating of 'B+',
with Recovery Rating at 'RR4'. The Outlook is Stable.

Fitch has also assigned a 'B+(EXP)' expected rating with Recovery
Rating of 'RR4' to the proposed US dollar senior notes issued by
Tunghsu Venus Holding Limited, an indirect wholly owned
subsidiary of Tunghsu. The notes are guaranteed by Tunghsu and
are rated at the same level as Tunghsu's senior unsecured rating
because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

Tunghsu is a China-based holding company primarily engaged in the
manufacturing of optoelectronic displays and has recently
expanded into the high-end equipment manufacturing, new energy,
real estate, green construction material and finance businesses.

Tunghsu's ratings are supported by its established, leading
position in the optoelectronic display industry, its diversified
funding channels and a strong liquidity profile. Tunghsu's
ratings are constrained by its product and geographical
concentration, a short track record in segments that are outside
its main optoelectronic display business, structural
subordination, as well as higher leverage to fund its expansion
in the next three years.

KEY RATING DRIVERS

Niche Market Leader: Tunghsu Group's core business is operated
through its listed affiliate Dongxu Optoelectronic Technology Co
Ltd (DXGD), China's largest glass-substrate producer. Despite the
low shareholding of 18.13%, Tunghsu holds key patents for DXGD's
production, which is crucial in an industry with high
technological and capital barriers. Tunghsu is the only domestic
player manufacturing a complete set of equipment for both TFT-LCD
glass substrates and touch-screen glass, accounting for about 11%
of China's production volume of glass substrate for sizes up to
G6 and 1.6% globally in 2016.

DXGD's low-cost base compared with foreign players has helped it
to maintain gross profit margins above 30%-40%, supported by
favorable industry policies to localise and lower labour costs.
DXGD's high-end equipment capability has enabled the company to
build its production lines in-house, saving the company up to 25%
in capital expenditure. Fitch expects margins to remain high for
glass substrates in the medium term as the average selling price
has stabilised after its key competitor Corning ceased production
of its lower-end lines for glass sizes less than G6.

Structural Subordination: Tunghsu Group operates two of its four
key business segments, namely optoelectronic displays and solar
farm operation, through its two listed affiliates, obtained
through backdoor listings. Other than DXGD, it owns 30.98% of
Tunghsu Azure Renewable Energy Co Ltd (DXLT), under which it
operates its solar farm business. Tunghsu's access to its listed
affiliates' cash is limited by their dividend policies due to
material minority interests. Therefore, Fitch has taken a
proportionate consolidated approach to evaluate Tunghsu's
financial profile.

Historically, Tunghsu has pledged a large portion of the listed
affiliates' shares to banks. Fitch expects this practice to
remain a regular source of funding for the group, given the lower
financing cost and the group's continuous funding needs to
support its listed businesses.

Limited Record on New Business: Tunghsu's businesses outside of
optoelectronic display industry were established in the last two
years. Fitch expects its high-end equipment manufacturing segment
to be the key driver of its EBITDA generation in the next few
years given its relatively larger scale, high-margin nature and
low operating leverage. However, Tunghsu's orderbook history in
this segment is quite volatile and orderbook backlog in 4Q16 was
20% of 2016 revenue. Tunghsu relies on continuous incoming orders
to sustain the segment's revenue.

In addition, Tunghsu has accelerated its expansion in solar farm
construction since 2016. The strategy entails high execution risk
for a new entrant in the capital intensive, regulation-driven,
highly competitive solar plant industry. There is low visibility
on DXLT's competitive position, and its source of funding to
support its aggressive construction plan of 2GW within the next
two years, and another 2GW in 2019-2021. Currently the largest PV
power plant investor in China has on-grid installed capacity of
1.4GW. Capex in the next three years will be over CNY20 billion.

Leverage to Increase: On a proportionate consolidated basis,
Tunghsu's FFO-adjusted net leverage was 5.4x and 2.5x in 2015 and
2016, respectively, and Fitch expects this to increase to 3x-3.5x
in 2017, including the CNY3.7 billion debt guarantee to DXLT. The
higher leverage is mostly driven by the high capex plan of its
two listed affiliates, of which Tunghsu will contribute on a
proportionate basis.

Tunghsu's financial profile has lower predictability due to its
opportunistic expansion and the continuous funding needs of its
listed affiliates, which plan to fund most of their expansion
through equity placements. Tunghsu will continue to participate
in the placements to avoid a dilution of its stakes. Both DXGD
and DXLT operate in industries that require significant capital
investments.

Diversified Funding Channels: Tunghsu has established diversified
funding channels in recent years. DXGD and DXLT have completed
CNY25 billion in private placements within the last two years,
and expect to launch another CNY8.6 billion placement subject to
exchange approval in 2017. At end-2016, Tunghsu had CNY15.2
billion in onshore bonds outstanding. In addition, Tunghsu has
the support of its second-largest shareholder Huarong Trust
International (with 25% interest) in terms of short-term
facilities and co-investment opportunities.

DERIVATION SUMMARY

Tunghsu's profile is comparable with its peers with 'B+' ratings.

Tunghsu's proportionately consolidated EBITDA of CNY3.5 billion
is higher than China XD Plastics Co Ltd (B+/Stable) at CNY1.4
billion. Historical EBITDA margin is higher at 20%-25%, yet with
lower visibility due to the evolving business mix as Tunghsu
expands. FFO-adjusted net leverage is comparable to 'B+' peers at
2x-3x. Tunghsu's business profile is driven by its weaker non-
listed segments and the stronger DXGD. The non-listed segments'
profile is comparable to 'B' level peers, due to its weak market
position, limited track record and lower business stability.
DXGD's profile is comparable to Kangde Xin Composite Material
Group Co., Ltd. (BB/Stable) due to its technology leadership,
strong market position in a niche market, low cost base, and
strategic alliance with customers.

KEY ASSUMPTIONS

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

- Stable revenue and EBITDA margin for the non-listed high
equipment business

- DXGD's EBITDA growth of 25%, 55%, and 14% in 2017-2019 driven
by glass substrates capacity expansion and contribution from
newly acquired businesses

- Dividend payout ratio to maintain 25% and 10% for DXGD and DXLT
in 2017-2019

- Capital expenditure for DXGD and DXLT to be around CNY40
billion for 2017-2019

RATING SENSITIVITIES

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

- Material cash flows from listed entities to Tunghsu, including
  patent fees or dividends
- FFO-adjusted net leverage to be sustained below 2x
- FFO interest coverage to be sustained above 3x
- Material improvements in its segment credit profile

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO-adjusted net leverage to be sustained above 3x
- Non-listed segments' FFO-adjusted net leverage to be sustained
  above 5x
- EBITDA margin to be sustained below 20%
- FFO interest coverage to be sustained below 2x
- Material deterioration in its segment credit profile

LIQUIDITY

Strong liquidity: Tunghsu Group's (after deconsolildating the
listed and financing entities) undrawn credit facilities from
banks amounted to CNY17.5 billion at end 2016. Tunghsu has
sufficient liquidity to meet its short-term debt of CNY6.3
billion and investments in 2017.


TUNGHSU GROUP: S&P Assigns B+ CCR & Rates Guaranteed US$ Notes B
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to Tunghsu Group Co. Ltd. The outlook is stable. At the
same time, we assigned our 'cnBB' long-term Greater China
regional scale rating to the company, S&P added. Tunghsu is a
China-based technology conglomerate.

S&P said, "We also assigned our 'B' long-term issue rating and
'cnBB-' long-term Greater China regional scale rating to the
proposed U.S. dollar-denominated senior unsecured notes issued by
Tunghsu Venus Holdings Ltd., a special purpose vehicle of Tunghsu
Group. Tunghsu Group will unconditionally and irrevocably
guarantee the notes. The issue rating is subject to our review of
the final issuance documentation."

The ratings reflect S&P's view of Tunghsu's solid position in the
glass substrate business and execution risk while the company
expands into new markets such as solar energy and electric buses.
In addition, S&P's expects the company's debt leverage to remain
high in the coming 12 months despite improving moderately.
Tunghsu's ample cash balance, which is more than sufficient to
fund business expansion and meet liquidity needs, tempers the
execution risk.

S&P said, "We expect Tunghsu to maintain its market position in
its glass substrate business and focus on the mid- to low-end
market in China. Under the existing favorable government policy,
the company could benefit from its cost advantage and continue to
secure long-term supplier agreements with downstream Chinese
panel manufacturers. Tunghsu has set up a joint venture with
foreign players to expand its advanced products suite. However,
we believe the company's technology lags that of its
international peers and the gap is unlikely to narrow in the
coming 24 months. Also, we expect Tunghsu will focus on
generating profit instead of heavily investing in advanced
technology to close this gap."

Tunghsu uses its expertise and technology know-how in logistics
and stock management to provide total solutions in its technology
hardware, renewable energy, and environment equipment businesses.
In its base-case scenario, S&P expects the equipment business
will continue to grow 15%-25% and contribute more than 38% of the
company's overall revenue.

S&P said, "We see meaningful execution risk in Tunghsu's
expansion into the renewable energy and electric bus sectors. In
2016, the company relaunched its solar engineering and
construction business and began to invest in ground-mounted solar
power. In our view, obtaining long-term financing for the
development and operation of ground-mounted solar farms can be
uncertain. We believe it is difficult for banks to assess the
counterparty and credit risks of these projects. In our base-case
scenario, we expect Tunghsu to reach an installed solar capacity
of about 2 gigawatt (GW)-2.5 GW by 2018."

Tunghsu's earnings diversification is likely to improve in the
coming 12 months. Apart from its core glass substrate and
equipment business, the company is also present in the building
material and real estate segments, and is currently acquiring an
electric bus business in China. The revenue contributions from
these businesses in aggregate are less than 30% of overall
revenue. Revenue contribution from the solar farm business will
gradually start to increase after 2018.

S&P added, "We forecast Tunghsu's EBITDA margin to decrease to
25%-28% in the coming 24 months from above 30% in 2015. This is
mainly because of higher revenue contribution from the lower-
margin engineering and construction of solar farm business. The
margin reduction is partly mitigated by lower selling, general,
and administrative (SG&A) expense, benefiting from the operating
leverage of the business.

"We project the company's adjusted debt-to-EBITDA ratio will
remain above 6x in view of its aggressive growth plans for its
core and new businesses. In the past two years, the company made
several equity- and debt-funded acquisitions and investments. We
see limited room for the company to make further equity-funded
investments or acquisitions because its shareholding in its
listed subsidiaries is low. The listed subsidiaries conduct the
core business on behalf of the group. Tunghsu owns 18%-19% of
Dongxu Optoelectronic Technology Co. Ltd., the glass substrate
and equipment arm, and 30.98% of Tunghsu Azure Renewable Energy
Co. Ltd., the solar business arm. S&P believes Tunghsu would like
to maintain its control over its core businesses."

S&P anticipates that the company will have sufficient cash on
hand to support its business needs in the coming 24 months. In
S&P's view, Tunghsu's pace of deleveraging depends heavily on the
management's execution of its growth strategy and its acquisition
appetite.

S&P expects the company to continue to generate negative
operating cash flows in the coming 24 months because of
aggressive expansion in the glass substrate, solar farm, and
electric bus businesses, which require high upfront capital
outlays. S&P estimates Tunghsu will increase its capital
expenditure (capex) to Chinese renminbi (RMB) 15 billion-RMB17
billion in 2017. Capex will then gradually decline to RMB7
billion-RMB9 billion because the majority of the
investment in the glass substrate business is likely to be
completed by 2018.

S&P also expects deterioration in the cash conversion cycle due
to high working capital requirement in the engineering and
construction phrase of the solar projects and the delay in
renewable subsidy payment for downstream solar farm
operations.

The rating on the notes is one notch below the credit ratings on
Tunghsu to reflect the subordination risk associated with the
notes. The company's ratio of priority claims to total assets
exceeds our downward notching threshold of 15%. As Tunghsu does
not control majority stakes in its listed subsidiaries,
it is likely to be more challenging to effectively upstream cash
from the subsidiaries to the parent as the note guarantor. The
subordination risk is partly mitigated by the operating assets at
the holding company level and the business diversity with
operating subsidiary specializing in different segments.
Therefore, Tunghsu has greater opportunities for dispositions,
asset transfers, or recapitalization of subsidiaries.

The stable outlook reflects S&P's expectation that Tunghsu has
more than sufficient cash on hand to fund its business expansion
and liquidity needs over the coming 12 months. However, the
company faces meaningful execution risks, especially with its
newer businesses. S&P expects Tunghsu's debt leverage to decrease
modestly but still remain above 6x over the next 12 months.
Furthermore, S&P expecta the company to have negative free
operating cash flows due to funding needs at its optoelectronic
display and new energy businesses.

S&P said, "We may lower the rating if: (1) Tunghsu's competitive
position in its core optoelectronic display and equipment
manufacturing weakens, such that it loses significant market
share; or (2) the company is not able to roll out the new
business expansion, resulting in a material decline in its
profitability.

"We may also lower the ratings if Tunghsu's liquidity
deteriorates without a corresponding improvement in debt
leverage. This could happen if the company: (1) adopts a more
aggressive debt-funded acquisition, investment, and capex
strategy; (2) engages in higher-than-expected number of new
energy projects, which leads to weaker working capital
management; or (3) is unable to improve
the profit margins of its newly developing businesses over time.

"We may raise the rating if Tunghsu significantly increases its
business scale and market share and shows significant progress in
developing its newer businesses such that both revenue and
profitability improve. An upgrade assumes that the company will
be able to maintain its debt-to-EBITDA ratio below 5.0x.



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


AGRAWAL SOYA: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of Agrawal
Soya Extracts Private Limited (ASEPL) at 'CRISIL B+/Stable'

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Cash Credit         7        CRISIL B+/Stable (Reaffirmed)
   Term Loan           5        CRISIL B+/Stable (Reaffirmed)

The ratings reflect ASEPL's its average financial risk profile
marked by low net worth and high gearing. These weaknesses are
partially offset by strong growth in operating income due to easy
access to raw material sources and extensive entrepreneurial
experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile
ASEPL has average financial risk profile marked by estimated low
net worth at around INR.6 cr and high gearing of 2.2 times as on
March 31, 2017. However the debt protection metrics are
comfortable with estimated Net Cash Accruals to Total Debt
(NCATD) of 0.29 times and interest coverage of 3.01 times in
2016-17. CRIISL believes that the company's financial risk
profile is expected to remain constrained due to low net worth.

Strengths

* Promoter's extensive industry experience
Mr Deepak Sinhal and his father Mr. Gopal Sinhal, promoters of
ASEPL have been engaged in agro trading business for around 3
decades. The promoters' healthy business relationships with
various players in the agro porducts industry have been built on
their extensive experience in the business, which has enabled
them to develop a keen insight and market knowledge of the
industry. CRISIL believes that the company will continue to
benefit from the experience of its promoters over the medium
term.

* Strong growth in operating income with easy access to raw
material sources
ASEPL's scale of operations has significantly improved in FY
2016-17, as reflected in its revenues of INR.183 cr as compared
previous year's levels of INR.71 cr driven by increase in off-
take from its existing customers. CRISIL believes that the
company is expected to further scale up backed by benefit from
its easy access to raw material and high utilization rates.
Outlook: Stable

CRISIL believes that ASEPL will maintain its credit risk profile
backed by its strategic location in the soy seed growing belt of
India. The outlook may be revised to 'Positive' if significant
fund infusion from promoters shores up its liquidity while
maintaining its business risk profile.  Conversely, the outlook
may be revised to 'Negative' in case of higher-than-expected
debt-funded capex or/and significant decline in operating margins
leading to deterioration in the debt protection metrics of the
company.

ASEPL incorporated in April 2013 by the Sinhal family. The day-
to-day operations are managed by Mr. Deepak Sinhal. The company
is engage  in  manufacture of soya bean oil and soya de-oiled
cake (DOC), with capacity of crushing 300 metric tonnes of oil
seeds per day (TPD) in Neemuch, Madhya Pradesh

For fiscal 2017, estimated profit after tax (PAT) was INR2.26
crore on net sales of INR183 crore, against a PAT of INR1 crore
on net sales of INR74 crore for fiscal 2016.


AMBABHAVANI FAB: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Ambabhavani Fab Engineering Works LLP
(AFE).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4
   Cash Credit            4.5       CRISIL B+/Stable

The ratings reflect AFE's modest scale of operations, elongated
working capital cycle and below average financial risk profile
marked by modest networth and subdued debt protection metrics.
These weaknesses are partially offset by the benefits the firm
derives from the extensive industry experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale operations: Firm's operating income was modest at
INR5.25 crores in fiscal 2016 with an operating profitability of
around 10.2% and is estimated to have operating income of INR6.83
Cr in fiscal 2017.

* Elongated working capital cycle: Gross current asset (GCA) of
369 days as on March 31, 2016 represents elongated working
capital cycle primarily on account of high receivables of around
157 days as on March 31, 2016. Firm is estimated to have GCA of
around 295 days in fiscal 2017 on account of improved
realization.

* Below average financial risk profile: AFE's financial risk
profile is constrained by its modest networth (Rs 3.3 crore as on
March 31, 2016) and subdued debt protection metrics with interest
coverage ratio and net cash accrual to adjusted debt ratios at
1.85 times and 0.06 times respectively in fiscal 2016.

Strengths

* Extensive experience of promoters: The partners' extensive
experience of around 2 decades in the industry has helped AFE
develop strong relations with its customers and suppliers.

Outlook: Stable

CRISIL believes AFE will continue to benefit over the medium term
from the partner's extensive experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue and
profitability and improved working capital cycle results in
improved financial risk profile and liquidity. The outlook may be
revised to 'Negative' if lower than expected revenue, or
deterioration in working capital cycle or any sizeable debt
funded capital expenditure further weakens the capital structure.

Established in 2011 as partnership firm, AFE provide customized
Fabrication, Machining and Assembly works as per designs provide
by customers. AFE is promoted by Mr. Madanan Pillai, Ms.
Sreelekha, Mr. Muhamood Koonhal, Mr. Dileep Kumar and Mr. Sivan
Pillai. Mr. Madanan Pillai and Ms. Sreelekha has over two decades
of experience in the fabrication industry. While, Mr. Muhamood
Koonhal, Mr. Dileep Kumar have experience of around 15 years in
consulting work for structural design and detailing work for
plants.


For fiscal 2016, net loss was INR0.1 crore on net sales of
INR5.25 crore, against a net loss of INR0.53 crore on net sales
of INR1.54 crore for fiscal 2015.


ANANDESHWAR INDUSTRIES: CRISIL Cuts Rating on INR5.75MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Anandeshwar Industries Private Limited (AIPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.85      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan              5.75      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delays in payment of instalments due on a
term loan because of insufficient cash accrual.

The rating also factors in a modest scale of operations and a
below-average financial risk profile because of a modest networth
and subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the kraft paper manufacturing industry, and their established
relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses
* Delays in servicing of debt: The company has been meeting debt
obligation with delays; the instalment due on March 31, 2017, was
paid on April 19, 2017. Liquidity is expected to remain weak over
the medium term.

* Modest scale of operations in a fragmented industry: With
capacity of 60 tonnes per day (tpd) and estimated revenue of
around INR34 crore in fiscal 2017, the scale is insignificant as
compared with the overall industry size. The industry is highly
fragmented, as cost of setting up a paper plant is relatively low
and most of the smaller capacities are wastepaper-based. The
company will remain susceptible to intense competition in the
market place, and have low negotiating power due to its modest
scale of operations, leading to pressure on pricing and working
capital.

* Below-average financial risk profile: The gearing of the
company is estimated to be more than 4 times in 2016-17. The
gearing was high at 4.64 times as on March 31, 2016. Debt
protection metrics are average due to modest operating
profitability against high interest cost. The company is
estimated to record interest coverage and net cash accruals to
total debt (NCATD) of around 2-2.5 and 0.10-0.15 times
respectively in 2016-17. The interest coverage and net cash
accrual to total debt ratios were around 1.9 times and 0.12 time,
respectively, in fiscal 2016.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience in paper manufacturing through their group
entity, Shree Nageshwar Paper Ltd, located in Raipur,
Chhattisgarh. Moreover, one of the directors, Mr. D K Singhal,
has an experience of more than three decades in the industry. The
company will continue to benefit from the industry experience of
its promoters.

* Diversified customer and end-user industry base supported by a
wide product portfolio: The company manufactures kraft paper in
the range of 16 to 25 burst factor (BF), which finds application
in industries such as footwear and garments. This has helped to
develop a diversified customer and end-user industry base.

AIPL was incorporated in 2010, promoted by Mr. Sanjeev Agarwal,
Mr. Vikas Bansal, and Mr. D K Singhal. The company manufactures
kraft paper [in the range of 16 to 25 BF and 10 to 250 gram per
square metre (gsm)] at its facility in Kanpur, Uttar Pradesh.

Profit after tax (PAT) was INR30 lakh on operating income of
INR32.26 crore in fiscal 2016, as against PAT of INR20 lakh on
operating income of INR29.23 crore in fiscal 2015.


ANGEL PAPERS: CRISIL Assigns 'B' Rating to INR6MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Angel Papers Private Limited (APPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3         CRISIL B/Stable
   Long Term Loan         6         CRISIL B/Stable

The rating reflects APPL's modest scale of operations amid
intense competition and its subdued financial risk profile,
marked by modest networth, high total outside liabilities to
adjusted networth (TOLANW) ratio and weak debt protection
metrics. The rating also factors in susceptibility of operating
margins to volatility in raw material prices and cyclicality in
the economy. These rating weaknesses are partially offset by
extensive industry experience of APPL's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition
The company's has modest scale of operations as reflected by the
net sales of INR8.0 crore in fiscal 2017. Modest scale of
operations also restricts the ability to negotiate with customers
or suppliers since kraft paper manufacturing business is highly
fragmented with several small players operating within the
country.

* Subdued financial risk profile
Both capital structure and debt protection metrics are expected
to remain weak over the medium term. The networth was modest at
INR1.5 crore estimated as on March 31, 2017, against INR1.4
crores a year earlier. Interest coverage ratio is expected to be
less than 2 times

* Susceptibility of operating margins to volatility in raw
material prices and cyclicality in the economy
Profitability is susceptible to availability of the raw material,
which account for over 50-60% of operating cost. Further, the
prices of waste paper, key raw material used in the manufacture
of Kraft paper, are also subject to the demand for packaging
paper.

Strengths

* Extensive industry experience of the promoter
The promoters of the company, Mr. Rajesh Todi and Mr. Ramesh
Todi, have a long-standing experience of over three decades in
different line business. Backed by the promoter's extensive
experience, the company is expected to register a healthy growth
in its revenues. Established relationship with major suppliers
and customers further strengthen the market position.

Outlook: Stable

CRISIL believes that the company will continue to benefit over
the medium term from the extensive entrepreneurial experience of
its promoters. The outlook may be revised to 'Positive' if there
is a significant growth in its revenue with sustained improvement
in its operating profitability resulting in better than expected
accruals. Conversely the outlook may be revised to 'Negative' in
case of stretch in its working capital requirements leading to
weakening of its financial risk profile or liquidity.

APPL is a Bettiah, Bihar, based company incorporated in 2012.
However, the commercial operation started in October 2014. The
company is engaged in manufacturing of kraft paper of 14-18bf and
100-180gsm specification, which is used in the packaging
industry. The operation of the company is managed by Mr. Rajesh
Todi and Mr. Ramesh Todi. The company has a manufacturing
capacity of 50 tonnes per day, currently operating at 50%
capacity levels.

Profit after tax (PAT) was INR0.08 crore on net sales of INR9.6
crore in fiscal 2016, vis-a vis INR-0.32 (negative) crore and
INR8.0 crore, respectively, in fiscal 2015.


AVADH ALLOYS: CRISIL Raises Rating on INR5MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Avadh Alloys Private Limited (AAPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable,' while reaffirming its short-term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        1.5     CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit            0.48    CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects steady improvement in the business risk
profile and liquidity, supported by established relationships
with customers and suppliers, and funding support from the
promoter. Revenue rose to INR21.74 crore estimated in fiscal
2017, from INR20.71 crore in the previous fiscal, driven by
higher demand from existing customers. Operating margin has been
around 6.9% over the two years ending March 31, 2017. The company
is likely to sustain the growth in turnover, and report an
operating margin ranging between 5% and 10%, in the medium term.

Sustained profitability and improved turnover will lead to
increasing net cash accrual which will support liquidity, in the
absence of any significant capex. Liquidity is further aided by
nil term-debt and unsecured loans of INR4.22 crore, extended by
the promoter as on March 31, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition:
Intense competition in the steel long-products industry, which is
dominated by few large players and numerous small players, has
led to a modest scale of operations, as reflected in revenue of
INR21.74 crore in fiscal 2017), and limits the bargaining power
with suppliers and customers.

* Below-average financial risk profile
The total outside liabilities to tangible networth ratio was high
at 2.72 times estimated as on March 31, 2017, and is expected to
remain at 2.7-3.0 times in the medium term, due to considerable
debt, even in the absence of any debt-funded capex plan. With low
profitability and moderate debt, debt protection metrics remain
weak, with interest coverage and net cash accrual to total debt
ratios of 1.41 times and 0.05 time, respectively, for fiscal
2017.

* Working capital intensity in operations:
Operations are working capital intensive, as reflected in gross
current assets of 205 days as on March 31, 2017, led by inventory
and receivables of 85 and 90 days, respectively. Minimal credit
from raw material suppliers, has resulted in higher dependence on
bank debt; utilisation averaged around 90% during the past 10
months through December 2016.

Strengths

* Extensive experience of the promoters in the steel industry
The two decade-long experience of the promoters, and healthy
relationships with suppliers and customers, will continue to
support the business risk profile. The promoters are actively
involved in the functional areas, which have helped the company
obtain repeat orders from customers.

Outlook: Stable

CRISIL believes AAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained growth in revenue, and
efficient working capital management, lead to a substantial
increase in accrual. The outlook may be revised to 'Negative' if
a decline in operating margin declines, adversely impacting cash
accrual, or a considerable stretch in the working capital cycle
weakens the financial risk profile.

AAPL, incorporated in 1991, manufactures mild steel (MS) ingots,
runner risers, MS strips, MS pipes, shutter frames, and U-
channels. The manufacturing facility at Muzzafarnagar, has
capacity of 12,000 tonnes per annum.

Profit after tax estimated at around INR0.09 crore on net sales
of INR21.47 crore for fiscal 2017, against INR0.07 crore and
INR20.71 crore, respectively, in fiscal 2016.


AVVAS INFOTECH: CRISIL Upgrades Rating on INR21.80MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Avvas Infotech Private Limited (AIPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'; while reaffirmed the short term rating
at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          1.02       CRISIL A4 (Reaffirmed)

   Cash Credit             4.07       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Funded Interest         3.11       CRISIL B/Stable (Upgraded
   Term Loan                          from 'CRISIL B-/Stable')

   Proposed Long Term      3.50       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Working Capital        21.80       CRISIL B/Stable (Upgraded
   Term Loan                          from 'CRISIL B-/Stable')

The upgrade reflects improvement in the business risk profile,
supported by an increase in profitability and improvement in
working capital management. Operating profitability improved to
12.56% in fiscal 2017 from 10.73% in fiscal 2016 and is estimated
to have improved further in fiscal 2018 on account of higher
margin order in hand. Hence, cash accrual is now expected to be
comfortable for meeting debt repayment obligation.

The upgrade also reflects CRISIL's expectation that the company's
working capital management will continue to improve over the
medium term, backed by efforts of the management to reduce their
collection cycle. The company has reduced its exposure in E
governance segment where the payment usually get stretched. This
has improved their debtor's days to 61 as on March 31, 2017 from
an 83 days in fiscal 2016 and 104 days in fiscal 2015. The
improvement is expected to continue over the medium term in line
with the track record observed over the last 2 years. The
improved working capital intensity has also helped the company to
improve its capital structure and liquidity. The capital
structure has corrected to 3.21 times as on March 31, 2017 from
4.99 times as on March 31, 2016. Also, the company has also
reported positive operational cash flows in fiscal 2017,
indicating an improvement in its liquidity.

CRISIL's ratings on the bank facilities of AIPL continue to
reflect the company's small scale of operations, below average
financial risk profile because of moderate gearing, and below-
average debt protection metrics, and working capital-intensive
nature of operations. These rating weaknesses are mitigated by
the promoter's extensive experience of information technology
(IT) and related business and its longstanding customer
relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and exposure to intense competition in IT and ITES
service Industry: Modest scale is indicated by revenue of
INR47.08 crore in fiscal 2017. Intense competition has
constrained ability to significantly scale up operations.

* Working capital-intensive operations: Working capital
requirement is large as reflected in gross current assets at 293
days as on March 31, 2017, driven by inventory of 238 days and
debtors of 61 days.

* Below-average financial risk profile: Financial risk profile is
expected to remain below-average, with networth and gearing
likely to be at INR10.08 crore and 3.21 times, respectively, as
on March 31, 2017. Debt protection metrics also should be below
average, with net cash accrual to adjusted debt ratio of 0.06
time and interest coverage ratio of 1.67 times for fiscal 2017.

Strengths

* Promoters' extensive experience:
AIPL's promoters have been in the IT and ITES service Industry
for more than a decade and have established relationships with
its customers.

Outlook: Stable

CRISIL believes AIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income and cash accrual, leading to
improvement in the overall financial risk profile, particularly
liquidity or in case of significant infusion of capital,
resulting in an improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if revenue and margins
decline, or if the working capital cycle deteriorates, or if
large financial support to associate entities, leads to weak
financial risk profile.

Incorporated in 2007 and based at Bengaluru, AIPL provides IT,
ITES and HR services. The company is managed by its managing
director, Mr. AVS Sarma.

In 2016-17 (refers to financial year, April 1 to March 31), AIPL
on a provisional basis had a net profit of INR1.25 crores on
total revenue of INR47.08 crores, against net profit of INR0.24
crores on total revenue of INR56.11 crores in 2015-16.


B.N.M. HI-TECH: CRISIL Assigns 'B+' Rating to INR6MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of B.N.M. Hi-Tech Agro Industries (BNM) and has
assigned its 'CRISIL B+/Stable' ratings to its long term bank
facilities. CRISIL had, on July 13, 2016, suspended the ratings
as the company had not provided the necessary information for a
rating review. It has now shared the requisite information
enabling CRISIL to assign ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Cash           4       CRISIL B+/Stable (Assigned;
   Credit Limit                    Suspension Revoked)

   Proposed Long Term      2       CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The rating reflects the firm weak financial risk profile and its
modest scale of operations in intensely competitive industry.
These weaknesses are partially offset by the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
The firm's financial risk profile is weak as reflected in
estimated high gearing of 2.32 times and low net worth of INR.3
cr as respectively as on March 31, 2017. Due to high reliance on
external debt to fund its incremental working capital
requirements .CRISIL believes that the financial risk profile of
the firm is expected to weak going ahead as well.

* Moderate scale of operations
BNM's scale of operations though improved continues to remain
small at INR.30 cr in fiscal 2017. CRISIL believes that BNM will
remain a small player in the industry over the medium term, and
will be able to scale up operations only gradually because of the
intense competition in the industry.

Strengths

* Extensive experience of promoters:
BNM engaged in milling and processing of paddy into rice. The
extensive experience of the promoters has led to a strong
relationship with customers and suppliers and understands market
dynamics. CRISIL believes that BNM will continue to benefit from
the promoter's extensive industry experience and established
customer as well as supplier relationship.

Outlook: Stable

CRISIL believes that B.N.M. Hi-Tech Agro Industries (BNMHAI) will
maintain its moderate business risk profile supported by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's revenue increases
substantially, while it improves its profitability, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive, debt-funded expansions, or if its revenue and
profitability decline substantially leading to a weakening in its
financial risk profile.

BNMHAI Set up in 2012, B. N. M. Hitech Agro Industries, (BNM) is
engaged in milling and processing of paddy into rice. It has an
installed paddy milling capacity of 8 tonnes per hour (tph). Its
rice mill is located in Davangere in Karnataka. The company is
promoted by Mr. B N Shabbir Ahammed.

For fiscal 2017, estimated profit after tax (PAT) was INR0.4
crore on net sales of INR30 crore, against a PAT of INR1.7 crore
on net sales of INR23 crore for fiscal 2016.


BAJPAI REFRIGERATION: CRISIL Reaffirms B+ Rating on INR3.75M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'CRISIL B+/Stable' on the
bank facilities of Bajpai Refrigeration and Bakers Company
(BRBC). The rating reflects modest scale and working capital
intensity in operations in the intensely competitive food
processing industry, and weak financial risk profile. These
rating weaknesses are partially offset by the partners'
experience and healthy relationships with suppliers and
customers.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2       CRISIL B+/Stable (Reaffirmed)

   Term Loan               3.75    CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Early stage and modest scale of operations in the competitive
food processing industry
Intense competition and limited track record'operations commenced
only in January 2015' may continue to constrain scale of
operations, pricing power and therefore, profitability. Revenue
was estimated around INR16 crore in fiscal 2017.

* Average financial risk profile
Financial risk profile may remain average on account of sizeable
working capital debt. Networth will likely remain modest despite
some accretion to reserve. Debt protection metrics may continue
to be weak, because of working capital intensity.

* Working capital intensity in operations and weak liquidity
Liquidity is expected to remain weak owing to large working
capital requirement: gross current assets and inventory were
sizeable at 300 days each as on March 31, 2017. Cash accrual
should be just about adequate for debt servicing, keeping
liquidity under pressure.

Strengths

* Partners' experience and healthy relationships
Benefits from the partners' experience in the supply of
processed, fresh, and exotic vegetables, and healthy
relationships with suppliers and customers should continue to
support business risk profile. Locational advantage due to
proximity to suppliers and customers in Uttarakhand will also
benefit the business, as Kashipur is in a prominent cereal and
vegetable growing region.

Outlook: Stable

CRISIL believes BRBC will benefit from the partners' experience
and healthy relationships with suppliers and customers, and from
its location in Uttarakhand. The outlook maybe revised to
'Positive' if strong cash accrual and efficient working capital
management strengthen financial metrics. Conversely, the outlook
may be revised to 'Negative' if low cash accrual, or large
working capital requirement adds to pressure on liquidity.

BRBC, a partnership firm set up by Mr. M C Bajpai, Mrs Sandhya
Bajpai, and Mr. Ashok Lakhan, has an integrated cold chain
facility in Kashipur, Uttarakhand, to supply fresh and chilled
food produce, mainly green peas. Commercial operations commenced
in January 2015.

Profit after tax and turnover were estimated around INR58 lakh
and INR16.0crore, respectively, in fiscal 2017 (Rs 23 lakh and
INR14.02 crore in fiscal 2016).


BASANT BETONS: CRISIL Cuts Rating on INR14.35MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Basant Betons
(Basant) for obtaining information through letters and emails
dated January 20, 2017, and February 09, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan        11.65      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term    14.35      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Basant Betons. 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 Basant Betons is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category or lower.' Therefore,
on account of inadequate information and lack of management
co-operation, CRISIL is downgrading the rating at 'CRISIL
B/Stable'.

Set up in 1993, Basant manufactures concrete products used in
making paving pathways, car parks, and other areas. The firm also
sells granite products used in landscaping.


BHAGWATI FATS: CRISIL Lowers Rating on INR7.0MM Term Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Bhagwati Fats and
Edible Oils Private Limited (AIPL) for obtaining information
through letters and emails dated January 23, 2017, and
February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             4.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit       80.0      CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     28.7      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan               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 Bhagwati Fats and Edible Oils
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 Bhagwati Fats and
Edible Oils Private Limitedis consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category.or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable/
CRISIL A4'.

Incorporated in 1980, AIPL is promoted by chairman and managing
director Mr. Anirudh Pershad Agarwal. It refines edible oils
(primarily palm oil) and manufactures specialty fats for the
bakery and confectionery segments at its production facility in
Kakinada (Andhra Pradesh). It also trades in crude palm oil.


G. N. PET: CRISIL Reaffirms 'D' Rating on INR3.55MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of G. N. Pet (GNP; part of the GN group) at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2.5       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              1.37      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .02      CRISIL D (Reaffirmed)

   Term Loan              3.55      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              2.56      CRISIL D (Reaffirmed)

The downgrade reflects continued delays by the GN group in
meeting debt obligation due to weak liquidity because of
significant stretch in receivables.

The GN group also has a weak financial risk profile because of
weak debt protection metrics and high gearing, small scale of
operations in the intensely competitive packaging industry, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters in the
industry.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNP and Garib Nawaz Polymers Private
Limited (GNPPL). This is because the two entities, together
referred to as the GN group, are in the same line of business,
have close operational and financial linkages, and are under a
common management.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of term debt: The GN group has delayed on
its bank debt obligations in the recent past because of stretched
receivables leading to weak liquidity. It fully utilised its bank
lines over the 12 months ended March 2017 because of large
working capital requirement. CRISIL believes the bank limit will
be utilised extensively over the medium term, constraining the
group's liquidity.

* Modest scale of operations in intensely competitive packaging
industry: The GN group's scale of operations (capacity of 3600
tonne per annum) will remain small over the medium term,
constrained by intense competition in the packaging industry. The
group booked revenues of INR26.80 crores in Fy16.

* Weak financial risk profile: Financial risk profile is weak
marked by moderate gearing of 1.9 times as on March 31, 2016.
Debt protection metrics are weak, with interest coverage and net
cash accrual to total debt ratios of 1.6 times and 0.09 time,
respectively, for fiscal 2017.

Strengths

* Extensive experience of promoters in the industry: Presence of
nearly a decade in the packaging business through group company,
GNNPL, has enabled the promoters to understand market dynamics
and establish strong relationship with clients and suppliers.
About the Group

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP,
which is in the same line of business and commenced commercial
operations in 2011. Both entities' manufacturing facilities are
in Baddi.

GNP reported a book profit of INR0.11 crores on revenues of
INR13.50 crores for fiscal 2016 against book profit INR0.09
crores on revenues of INR12.35 crore for fiscal 2015.


GARIB NAWAZ: CRISIL Reaffirms 'D' Rating on INR3.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Garib Nawaz Polymers Private Limited (GNPPL; part of the GN
group) at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.5       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              1.14      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.24      CRISIL D (Reaffirmed)

   Term Loan              2.42      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              2.70      CRISIL D (Reaffirmed)

The downgrade reflects recent instances of delay by the GN group
in meeting debt obligation due to weakened liquidity because of
significant stretch in receivables.

The GN group also has a weak financial risk profile because of
weak debt protection metrics and high gearing, small scale of
operations in the intensely competitive packaging industry, and
large working capital requirement.

Analytical Approach

The GN group also has a weak financial risk profile because of
weak debt protection metrics and high gearing, small scale of
operations in the intensely competitive packaging industry, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoters in the
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNPPL and G.N. Pet (GNP) This is
because the two entities, together referred to as the GN group,
are in the same line of business, have close operational and
financial linkages, and are under a common management.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of term debt: The GN group has delayed on
its bank debt obligations in the recent past because of stretched
receivables leading to weak liquidity. It fully utilised its bank
lines over the 12 months ended March 2017 because of large
working capital requirement. CRISIL believes the bank limit will
be utilised extensively over the medium term, constraining the
group's liquidity.

* Modest scale of operations in intensely competitive packaging
industry: The GN group's scale of operations (capacity of 3600
tonne per annum) will remain small over the medium term,
constrained by intense competition in the packaging industry. The
group booked revenues of INR26.80 crores in Fy16.

* Weak financial risk profile: Financial risk profile is weak
marked by moderate gearing of 1.9 times as on March 31, 2016.
Debt protection metrics are weak, with interest coverage and net
cash accrual to total debt ratios of 1.6 times and 0.09 time,
respectively, for fiscal 2017.

Strengths

* Extensive experience of promoters in the industry:  Presence of
nearly a decade in the packaging business through group company,
GNNPL, has enabled the promoters to understand market dynamics
and establish strong relationship with clients and suppliers.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP,
which is in the same line of business and commenced commercial
operations in 2011. Both entities' manufacturing facilities are
in Baddi.

GNPPL reported a PAT of INR0.18 crores on revenues of INR13.30
crores for fiscal 2016 against PAT INR0.07 crores on revenues of
INR11.07 crore for fiscal 2015.


GINGER PROPERTIES: CRISIL Assigns B+ Rating to INR9MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Ginger Properties Private Limited (GPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               9        CRISIL B+/Stable

The rating reflects the exposure to project implementation risk
driven by initial stage of construction with limited bookings and
geographical concentration. These weakness are partially offset
by established track record and strong brand recognition in
Ahmedabad, backed by successful implementation of projects and
extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risks:On account of early
stage of implementation, the project has had limited bookings
seen so far. Adequate incremental bookings and timely receipt of
customer advances remain critical. Any slowdown in the real
estate sector could adversely affect execution and saleability.

* Geographic concentration in revenue: Operations remain
concentrated in Ahmedabad, exposing revenue to regional factors.

Strengths

* Extensive experience of promoters, and established track
record: Benefits from the promoters' experience of 3 decades, and
the firm's healthy track recordin real estate development, and
established brand, Sankalp, should continue to support business.

Outlook: Stable

CRISIL believes GPPL will continue to benefit over the medium
term from itspromoter's extensive experience and its established
brand. The outlook may be revised to 'Positive' if early
completion of project or higher-than-expected bookingsleads to
sizable cash inflows and strengthens key credit metrics.
Conversely, the outlook may be revised to 'Negative', if delay in
project implementation or low bookings weaken cash inflows
andliquidity.

GPPL, set up in 2007, develops residential real estate in
Ahmedabad. Mr. Robin Goenka, Ms Dimple Goenka, and Mr. Parav Shah
are the promoters. The ongoing project, Sankalp Grace ' II ' D
Block is to be completed by end-March, 2018.


HARSHA LINERS: CRISIL Lowers Rating on INR3.96MM LT Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Harsha Liners
Private Limited (HLPL) 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; Downgraded from
                                   'CRISIL BB/Stable')

   Long Term Loan          3.96    CRISIL B/Stable (Issuer Not
                                   Cooperating; Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Cash           2.04    CRISIL B/Stable (Issuer Not
   Credit Limit                    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 Harsha Liners 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 Harsha Liners Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable'.

KIL was incorporated in April 1992 as a private limited company;
in March 1998, it was reconstituted as a public limited company.
The group manufactures products such as cylinder liners,
aluminium block liners, piston rings, valve seats and guides,
centrifugal castings, scraps, and pallets.  HLPL, a subsidiary of
KIL, manufactures cylinder liners. The group is based in
Vijayawada (Andhra Pradesh).


HY LINK: CRISIL Lowers Rating on INR12.5MM Loan to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hy Link Overseas Private Limited (HOPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.5       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit      12.5       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Working Capital        4.0       CRISIL D (Downgraded from
   Term Loan                        'CRISIL BB-/Stable')

The downgrade reflects delays in meeting interest obligation on
working capital demand loan (WCDL) facility due to stretched
liquidity. Also, cash credit account had been overdrawn for more
than 30 days recently due to non-regularisation of Temporary
Overdraft (TOD) and devolvement of letters of credit.

Key Rating Drivers & Detailed Description

* Delay in meeting interest obligation on WCDL and overdrawn cash
credit account for over 30 days

Weaknesses

* Deteriorating business risk profile in competitive trading
segment: In fiscal 2016, operating income declined to INR744
crore from INR964 crore in fiscal 2015, due to intense
competition.

* Weak financial risk profile: Networth was modest at INR12 crore
and total outside liabilities to tangible networth ratio high at
7 times as on March 31, 2016. Debt protection metrics were muted,
with interest coverage ratio of 1.1 times in fiscal 2016.

Strength

* Extensive experience of promoters: Presence of over two decades
in the steel industry has enabled the promoters to establish
strong relationship with customers and suppliers.

Established in 1998 by Mr. Sidharth Gulati and family, HOPL
trades in steel pipes and tubes, aluminum foil, biaxially
oriented polyethylene terephthalate films, refined oil, and
clarified butter.

Profit after tax (PAT) was INR0.52 crore on net sales of
INR744.71 crore in fiscal 2016, against a PAT of INR0.79 crore on
net sales of INR963.96 crore in fiscal 2015.


JAISHRIRAM SUGAR: CRISIL Raises Rating on INR29.15MM Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Jaishriram Sugar and Agro Products Limited (JSAPL)
to 'CRISIL B-/Stable' from 'CRISIL C.'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.35      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')


   Funded Interest         .82      CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL C')

   Term Loan              7.74      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Sugar Pledge          29.15      CRISIL B-/Stable (Upgraded
   Cash Credit                      from 'CRISIL C')

The upgrade reflects an improvement in liquidity, aided by higher
cash accrual and funding support from the promoters. The company
is estimated to report accrual of INR0.7 crore in fiscal 2017,
(as against negative accrual for the past three years), because
of significant improvement in operating margin, driven by better
sugar realization. Accrual should improve gradually, with better
sugar crushing likely in fiscal 2018, stable sugar prices and
increasing income from co-generation. Promoters are likely to
extend funding support towards capex and working capital
requirement, as in the past.

The rating reflects the company's weak financial risk profile due
to eroded networth and weak debt protection metrics. The rating
also factors in susceptibility to cyclicality in, and regulatory
framework of, the sugar industry. However, these weaknesses are
partially offset by its promoters' industry experience, their
funding support and semi integrated nature of operations.

Analytical Approach

For arriving at the ratings, CRISIL has treated 75% of preference
shares as equity, and remaining 25% as debt as these are
redeemable, non-cumulative shares bearing a coupon rate of 7% for
20 years.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile has
remained weak, as large losses accumulated before, have eroded
the networth. Further, debt protection metrics have also been
weak, as reflected in estimated interest coverage at 1.09 times
for fiscal 2017, because of high interest costs.

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

Strengths

* Extensive experience of promoters: The promoters, Mr. Navale
and his family have been engaged in the sugar business for over
five years, and have developed healthy relationships with local
farmers. Daily operations are also managed by Mr. KN Nibe, who
has been involved in running sugar plants in Maharashtra for over
two decades. Promoters and group companies have also extended
unsecured loans of INR65.67 crore (as on March 31, 2016) to cover
the working capital requirement.

* Moderate operating efficiency, backed by semi-integrated
operations: The company has integrated operations, with crushing
capacities of 1,600 tonnes of sugar per day, and 8 megawatt of
power. This lends stability to revenue, and helps the company
weather downturns in the industry, which is unlike the case for
non-integrated players.

Outlook: Stable

CRISIL believes JSAPL will continue to benefit from the extensive
experience of the promoters, and the semi-integrated nature of
operations. The outlook may be revised to 'Positive' if
significant improvement in revenue and profitability, leads to
large cash accrual. The outlook may be revised to 'Negative' if
low cash accrual, stretch in working capital cycle, or any large
unanticipated capex, weakens the financial risk profile,
particularly liquidity,

JSAPL, incorporated in February 2006, has a sugar plant with
capacity to crush 1600 tonnes of cane per day, and a 5-megawatt
co-generation plant. The plant, at Halgaon in Ahmednagar,
Maharashtra, commenced commercial operations in fiscal 2013.

The company reported a net loss of INR23.81 crore on operating
income of INR61.52 crore in 2015-16, as against a net profit of
INR2.49 crore on operating income of INR28.84 crore in 2014-15.


K. KOTESWARA: CRISIL Lowers Rating on INR4MM Loan to 'B'
--------------------------------------------------------
CRISIL has been consistently following up with K. Koteswara Reddy
(KKR) for obtaining information through letters and emails dated
January 24, 2017, and February 14, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Secured Overdraft       4        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of K. Koteswara Reddy. 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 K. Koteswara Reddy is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category.or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable/
CRISIL A4'.

Incorporated in the year 1998, KKR is based out of Hyderabad
(Telangana) and promoted by Mr.K.Koteswara Reddy. The firm is
engaged in undertaking civil contract primarily related to
construction of roads in Andhra Pradesh, Telangana and
Maharashtra.


KMB GRANITE: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with KMB Granite
Quarriers (KMB) for obtaining information through letters and
emails dated January 25, 2017, and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Co-operating; 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 KMB Granite Quarriers . 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 KMB Granite Quarriers is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category.or
Lower' Therefore, on account of inadequate information and lack
of management co-operation, CRISIL is Reaffirming the rating at
'CRISIL D'.

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.


KUMAR INFRATRADE: CRISIL Assigns 'B' Rating to INR11MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kumar Infratrade Enterprises Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               11       CRISIL B/Stable

The rating reflects the company's expected modest scale due to
initial phase of operations in a competitive segment, exposure to
risks related to cyclicality in the hospitality sector, and
modest networth. These weaknesses are partially offset by the
extensive entrepreneurial experience of its promoters and
favourable location of hotel.

Key Rating Drivers & Detailed Description

Weaknesses

* Expected modest scale of operations due to start-up phase:
Though construction of the hotel has been completed and
operations are expected to commence from June 2017, scale will
remain small over the medium term because of initial phase.
Intense competition from established players in the hospitality
industry in Patna will also limit the company's operations.

* Exposure to cyclicality: The hospitality industry remains
vulnerable to cyclicality in demand.

* Modest networth: Modest equity infusion by promoters is
estimated to have led to a small networth of INR1.5 crore as on
March 31, 2017.

Strengths

* Extensive entrepreneurial experience of promoters: Longstanding
presence in the education sector is expected to help the
promoter's ramp up KIEPL's operations over the medium term.

* Locational advantage: The company's hotel is located in Patna's
prime area and is close to the airport and railway station.
Outlook: Stable

CRISIL believes KIEPL will benefit over the medium term from the
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if ramp up in sales and profitability post
stabilisation of operations leads to sizeable cash accrual. The
outlook may be revised to 'Negative' if low cash accrual on
account of delay in commencement of operations, lower-than-
expected occupancy levels, or stretch in working capital cycle
weakens financial risk profile, particularly liquidity.

Incorporated in 2010 in Patna and promoted by Mr. Sunil Kumar and
family, KIEPL is setting up a 135-room five-star hotel, Lemon
Tree Premium Hotel, which is likely to begin operations from June
2017.


LAMINEX: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Laminex.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             7       CRISIL B+/Stable (Reaffirmed)
   Cash Term Loan          3       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a weak financial risk profile on
account of small networth and high gearing. The rating also
factors its modest scale and working capital intensive
operations. These weaknesses are partially offset by the
extensive experience of the partners in the packaging industry
and diversified end user industries.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial profile: The networth is small, estimated at
INR1.22 crore, capital structure is highly leveraged with gearing
estimated at 8.63 times, as on March 31, 2017. The debt
protection metrics were below average, with interest coverage and
net cash accrual to total debt ratios estimated at 1.57 times and
0.07 time, respectively, for fiscal 2017.

* Modest scale of operations: Revenue is estimated at a modest
INR28 crore for fiscal 2017 which reflects modest scale of
operations.

* Working capital intensive operations: Laminex has high working
capital requirements as reflected in estimated gross current
assets of 158 days as on March 31, 2017.

Strengths
* Extensive industry experience of the partners: The partners'
experience of over four decades in the packaging industry through
associate concerns has helped in building relationships with
suppliers and customers and supports the business risk profile.

* Diversified end user industries: Revenue is derived from three
different end-user industries: fertiliser, sugar, and cement.
This provides a cushion in case of a slowdown in any one
industry.

Outlook: Stable

CRISIL believes Laminex will continue to benefit from the
extensive industry experience of its partners and established
customer and supplier relationship. The outlook may be revised to
'Positive' if there is significant increment in sales leading to
sizeable cash accruals and hence improving the financial risk
profile. The outlook may be revised to 'Negative' in case of a
further stretch in the working capital cycle, significant capital
withdrawal, or large, debt-funded capital expenditure, leading to
pressure on the financial risk profile.

Formed in 1994, Laminex is a partnership firm based in Goa and
managed by Mr. Parag Joshi (managing partner). It engages in
manufacturing and supplying PP (polypropylene) bags and PP woven
sacks.

In fiscal 2017, on a provisional basis, profit after tax (PAT)
was INR0.3 crore on operating income of INR27.92 crore; as
against PAT of INR0.44 crore on operating income of INR32 crore
in fiscal 2016.


M.D PRINTING: CRISIL Ups Rating on INR7.5MM Term Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of M.D Printing and Packaging Private Limited (MDPL) to 'CRISIL
B/Stable' from 'CRISIL D'. CRISIL has also reassigned its 'CRISIL
A4' rating to the short-term bank facility.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft              1.5      CRISIL A4 (Upgraded from
                                   'CRISIL D')
   Term Loan              7.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects the over three month track record of timely
debt repayments and significant improvement in the business risk
profile driven by improving scale of operations. Revenue improved
on a year-on-year basis to INR8.97 crore in fiscal 2017, leading
to improving economies of scale. Operating margin stood at 31.4%
in fiscal 2017, significantly higher than previous fiscals on
account of stabilisation of jobwork business. The margin is
expected to remain at similar levels over the medium term.
Liquidity has improved, and consequently, there have been no
delays in servicing debt, as cash accrual remains sufficient to
support the debt obligations. Furthermore, working capital cycle
remains efficiently managed, with gross current assets days of 51
days as on March 31, 2016, estimated at 54 days for fiscal 2017.

The ratings continue to reflect a below-average financial risk
profile, small scale of operations, and customer concentration in
revenue. These weaknesses are partially offset by promoters'
extensive experience and the sustainability of revenue through
assured orders from PepsiCo India Holdings Pvt Ltd (PepsiCo).

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly competitive and
fragmented industry
Scale is small, with topline estimated at INR8.97 crore for
fiscal 2017 (Rs 8.23 crore in fiscal 2016), in a highly
fragmented industry, and pricing flexibility is limited due to
intense competition. Revenue will likely remain small and exposed
to intense competition over the medium term.

* Below-average financial risk profile: The financial risk
profile is weak, with high gearing due to negative networth on
account of losses in the past. Also, debt protection metrics were
average, with interest coverage and net cash accrual to total
debt ratios estimated at 2.65 times and 0.21 time, respectively,
in fiscal 2017 (2.01 times and 0.14 time, respectively, in fiscal
2016).

* Customer concentration risk partially offset by longstanding
relationship:
Given the company undertakes jobwork for PepsiCo, MDPL remains
exposed to customer concentration risk as any disruption in
supply will adversely affect operations. However, healthy
relationship with the customer resulted in smooth flow of raw
materials. Revenues will remain skewed towards its major customer
over the medium term, exposing it to customer concentration risk.

Strength

* Management's extensive experience
The promoter has a decade of experience in the packaging business
for companies such as ITC Ltd and Britannia Industries Ltd. The
extensive experience is expected to help ramp up scale of
operations from fiscal 2015, when it its jobwork business. MDPL
will benefit over the medium term largely from the extensive
experience of its senior management.

Outlook: Stable

CRISIL believes MDPL will continue to benefit over the medium
term from the promoters' extensive experience in the fast-moving
consumer goods industry. The outlook may be revised to 'Positive'
in case of a substantial and sustained improvement in revenue and
profitability margins, and better financial risk profile, leading
to reduced dependence on external debt. Conversely, the outlook
may be revised to 'Negative' in case of further debt-funded
capital expenditure or inefficient working capital management and
deterioration in the financial risk profile.

Incorporated in November 2011, MDPL manufactures potato chips and
extruded snacks in Haridwar, Uttarakhand. It also has a packaging
unit in Himachal Pradesh and was promoted by Mr. Muhammed Daud.

Net loss was INR0.05 crore on net sales of INR8.23 crore for
fiscal 2016 against net loss of INR2.96 crores on net sales of
INR4.02 crore for fiscal 2015.

Any other information
In fiscal 2016, operating income stood at INR8.23 crore in fiscal
2016 and is estimated at INR8.97 crore for fiscal 2017. Operating
margin remained at 25.48% in fiscal 2016 and is estimated at
31.40% for fiscal 2017. Efficient working capital management is
reflected in gross current assets of 51 days as on March 31,
2016.

Capital structure is aggressive, as reflected in adverse gearing.
Debt protection indicators remain moderate, with interest
coverage and net cash accrual to total debt ratios of 2.01 times
and 0.14 time, respectively, in fiscal 2016.


NHS INDUSTRIES: CRISIL Assigns B- Rating to INR8.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of NHS Industries (NHS).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              2.5       CRISIL A4
   Term Loan              8.4       CRISIL B-/Stable

The rating reflects exposure to risks related to stabilisation of
operations and to intense competition, and a weak financial risk
profile. These weaknesses are partially offset by the
entrepreneurial experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilisation of operations:
The firm is in a nascent stage of operations as it commenced
production only in November 2016. Operations are expected to
stabilise over the next 6-12 months, supported by addition of new
customers and improvement in capacity utilisation.

* Exposure to intense competition:
There's intense competition from other entities in the
surrounding areas that are in the same line of business. Hence,
bargaining power with customers is limited; this is likely to
constrain the operating margin.

* Weak financial risk profile:
The firm has a weak financial risk profile marked by subdued net
worth, gearing and debt protection metrics due to nascent stages
of operations and operating losses.

Strengths

* Entrepreneurial experience of proprietor:
The proprietor, Mr. Bhargava Reddy, holds a diploma in graphic
designing, and has substantial entrepreneurial experience. Before
setting up NHS, he has had stints in the software and real estate
sectors. Within a short span of time, the firm has been able to
establish a relationship with several customers. Supported by his
experience, it is likely to add more customers, which will help
generate higher revenue and lead to a better business risk
profile.

Outlook: Stable

CRISIL believes the firm will continue to benefit from the
entrepreneurial experience of its proprietor. The outlook may be
revised to 'Positive' if operations are stabilised as envisaged
and cash accrual and debt protection metrics improve. The outlook
may be revised to 'Negative' in case of significant delay
stabilisation of the project or lower-than-expected cash accrual,
leading to stretched liquidity.

NHS, based in Bengaluru, was established in November 2016 as a
proprietorship firm by Mr. Bhargava Reddy. The firm manufactures
HDPE/PP (high-density polyethylene/polypropylene) woven sacks.

Net loss was INR0.39 crore on revenue of INR2.96 crore in fiscal
2017, the first fiscal of operations.


OM PARKASH: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Om Parkash Surinder Mohan (OPSM). The
ratings continue to reflect the firm's small scale of operations
with limited diversity in revenue, and large working capital
requirement. These weaknesses are partially offset by its
promoters' strong track record in the infrastructure construction
industry, and its comfortable financial risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)

   Cash Credit             7        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.2      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with limited diversity in revenue:
OPSM's small scale is indicated by estimated sales of INR16-17
crore for fiscal 2017. The presence of numerous small players in
the construction industry exposes the firm to intense
competition.

* Large working capital requirement: The gross current asset days
are estimated to be around 500-550 days on account of estimated
high debtor and inventory levels in 2016-17. OPSM had gross
current assets of 640 days as on March 31, 2016, because of large
work-in-progress inventory and delayed payments from customers.
Its inventory and receivables stood at 448 and 195 days,
respectively, as on March 31, 2016.

Strengths

* Promoters' established track record in the infrastructure
construction industry: OPSM primarily undertakes infrastructure-
related construction, and has been in the business for more than
30 years.

* Moderate financial risk profile: The firm's gearing is
estimated to be below one time with interest coverage and net
cash accruals to total debt (NCATD) of around 1.8-2.0 and 0.08-
0.10 times respectively in 2016-17. The firm had a moderate
gearing of 1.10 times as on March 31, 2016, and moderate debt
protection metrics, with interest coverage ratio of 1.83 times
and net cash accrual to total debt ratio of 0.08 time in fiscal
2016.

Outlook: Stable

CRISIL believes OPSM will continue to benefit from its promoters'
strong track record in the infrastructure construction industry.
The outlook may be revised to 'Positive' if the firm diversifies
its customer base, and improves capital structure and networth.
The outlook may be revised to 'Negative' if profitability,
capital structure, and debt protection metrics weaken.

OPSM was initially set up as a proprietary concern, Om Parkash,
in 1979 by Mr. Om Parkash Khullar, and was reconstituted as a
partnership concern with the present name following the induction
of Mr. Surinder Mohan Khullar as partner. OPSM undertakes
infrastructure-related construction activities in Himachal
Pradesh, Punjab, and Haryana.

The company recorded Profit after tax (PAT) of INR49 lakhs on
operating income of INR12.76 crores in 2015-16 as against PAT of
INR51 lakhs on operating income of INR12.71 crores in 2014-15.


PARIJAT OIL: CRISIL Assigns 'B' Rating to INR8.0MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Parijat Oil and Feeds Private Limited (POFPL). The
ratings reflect POFPL's exposure to project implementation and
stabilisation risk, the susceptibility of operating profitability
to raw material prices and exposure to intense competition. These
strengths are partially offset by the extensive experience of the
promoters in the solvent extraction business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.5       CRISIL B/Stable
   Term Loan              8.0       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation and stabilisation risk
POFPL is exposed to risks related to successful implementation
and stabilisation of its ongoing project for setting up a solvent
extraction plant. The capex for the project commenced in December
2016 and the around 40 percent of the project has been completed
as on May 20, 2017. The capex is expected to be completed by
August 2017 and commercial operations are expected to commence
from October 2017. Any time or cost over runs in the
implementation and stabilisation of the project can impact the
credit risk profile adversely.

* Susceptibility of operating profitability to raw material
prices and exposure to intense competition
The edible oils industry is highly fragmented and remains a low-
margin industry, given the low value addition in business. The
operating margin is vulnerable to adverse movements in the prices
of its raw material, rice bran.  Further, the edible oils
industry in India is marked by the presence of a few big players
and a large number of unorganized players catering to regional
demand, exposing POFPL to intense competition.

Strength

* Promoters' extensive experience in solvent extraction business
POFPL has been promoted by Mr. Mohinderjit Singh and Mr. Sachin
Goel with his family members.  Mr. Mohinderjit Singh has an
experience of more than 2 decades in the agro commodities and the
solvent extraction business.  Supported by his extensive
experience, the company has been able to identify potential
customers and suppliers even before the implementation of the
project.

Outlook: Stable

CRISIL believes that Parijat Oil and Feeds Private Limited
(POFPL) shall continue to benefit over the medium term from the
extensive industry experience of the promoters. The outlook may
be revised to 'Positive' in case of earlier than expected
implementation of the production facility and higher than
expected operating income and profitability. Conversely, the
outlook may be revised to 'Negative'- in case of significant time
and cost overrun in implementation of the project resulting in
deterioration of its financial risk profile, particularly
liquidity.

Parijat Oil and Feeds Private Limited was set up in September
2016. The company is currently setting up a plant to manufacture
rice bran oil and de-oiled rice bran. The total project cost is
around INR.13.7 crore. The company has been promoted by Mr.
Mohinderjit Singh and Mr. Sachin Goel who are family friends and
their family members.


PARSHOTAM LAL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Parshotam Lal & Co. (PLC) at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.5      CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's small scale of operations in a
highly fragmented industry and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of
its promoters in the rice industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio is estimated to be high at 3.8 times and
networth small at INR3.9 crore as on March 31, 2017and expected
to remain at similar level over medium term due to expected low
accretion to reserves following weak net profitability. Debt
protection metrics are likely to be average, with adjusted
interest coverage and net cash accrual to adjusted debt ratios at
2.1 times and 0.07 time, respectively, for fiscal 2017. Metrics
will remain in a similar range over the medium term.

* Small scale of operations: With an estimated operating income
of INR51 crore in fiscal 2017, scale remains modest in the
competitive rice milling industry. Turnover will grow at a
moderate pace due to limited milling capacity.

Strengths

* Extensive experience of promoters: Presence of more than a
decade in the agro commodities industry has enabled the promoters
to establish strong relationship with suppliers and customers.

Outlook: Stable

CRISIL believes PLC will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if financial risk profile improves due
to large net cash accrual following higher-than-expected revenue
from newly added capacity or equity infusion. The outlook may be
revised to 'Negative' if there is significant deterioration in
liquidity due to more-than-expected increase in working capital
requirement, pressure on profitability, or delay in sales from
new capacity.

Set up in 2006 as a partnership concern by Mr. Parshottam Lal,
Mr. Vishal Galhotra, Mr. Ravi Kumar, and Mr. Rajinder Rajan, PLC
mills rice, mainly basmati, at its plant in Ferozepur, Punjab,
which has milling capacity of 15 tonne per day.

Profit after tax was INR15 lakh on an operating income of INR42.9
crore in fiscal 2016, vis-a-vis INR18 lakh and INR19.87 crore,
respectively, in fiscal 2015.


PLANET AUTOMOTIVE: CRISIL Assigns B- Rating to INR21.46MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Planet Automotive Private Limited (PAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.29       CRISIL B-/Stable

   Inventory Funding
   Facility                6.00       CRISIL B-/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                21.46       CRISIL B-/Stable

   Drop Line Overdraft
   Facility                4.25       CRISIL B-/Stable

   Cash Credit/Overdraft
   facility                7.00       CRISIL B-/Stable

   Channel Financing       3.00       CRISIL B-/Stable

The rating reflects the company's weak financial risk profile
because of high gearing, subdued interest coverage ratio, and
stretched liquidity; and exposure to intense competition in the
automotive dealership industry leading to low operating margin.
These weaknesses are partially offset by the extensive experience
of its promoters, strong association with Hyundai Motors India
Ltd (HMIL; 'CRISIL A1+'), and moderate scale of operations.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
extended to PAPL by its promotersas neither debt nor equity as
these loans bear a lower interest rate than the market rate, and
will remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
Networth is estimated to be small at INR3.1 croredue to losses
incurred, and gearing high at above 11 times, as on March 31,
2017. With equity infusion of INR7.40 crore in fiscal 2017,
networth turned positive. Debt protection metrics were subdued,
with estimated interest coverage and net cash accrual to total
debt ratios of 1.6 times and 0.08 time, respectively, in fiscal
2017. Liquidity is also stretched because of near-full bank limit
utilisation in the 12 months ended April 2017.

* Exposure tointense competition and low operating margin
Stiff competition inherent in the auto dealership business and
limited value addition have kept operating margin modest at 2.6%
in the last two fiscals. New launches in the small car and SUV
segments have further intensified competition.

Strengths

* Extensive experience of promoters
The promoters have been in the automotive dealership business in
Ahmedabad for nearly 15 years. They promoters operate dealerships
of HMIL cars (3 showrooms), Suzuki two-wheelers (2 showrooms),
Yamaha Motorcycles, and Ashok Leyland Ltd.

* Moderate scale of operations and established association with
HMIL: Although revenue growth has been muted, scale has remained
above average at INR260-300 crore in the three years through
2017. Also, PAPL has relationship of over a decade with HMIL.

Outlook: Stable

CRISIL believes PAPL will continue to benefit over the medium
term from its established position in the auto dealership market
and long standing relationship with principal. The outlook may be
revised to 'Positive' if financial risk profile,particularly
liquidity, improves because of increase in cash accrual or
sizable equity infusion by promoters. The outlook may be revised
to 'Negative' if large, unanticipated debt-funded capital
expenditure, lower cash accrual, and inefficient working capital
management affect capital structure, especially liquidity.

Incorporated in 2005 and promoted by Mr. Sukhbir Singh Bagga and
Mr. Ishwar Singh Bagga, PAPL is a dealer of HMIL and Suzuki
Motorcycle India Pvt Ltd (SMIPL) in Ahmedabad.

Profit after tax was INR0.47 crore on operating income of
INR298.4 crore in fiscal 2016, against a net loss of INR6.46
crore on an operating income of INR259.0 crore in fiscal 2015.


PMA CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR19.2MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the bank
facilities of PMA Constructions Private Limited (PMA).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            11        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.8      CRISIL D (Reaffirmed)

   Term Loan              19.2      CRISIL D (Reaffirmed)

CRISIL's ratings continue to reflect delays in servicing of debt,
because of weak liquidity. Further, large working capital
requirement has led to an overdue in the cash credit limit.

The company also remains susceptible to any slowdown in the
market, but continues to benefit from the extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of debt:
Stretch in liquidity has led to a delay in servicing of debt, and
cash credit facilities continue to run overdue.

* Weak capital structure:
Capital structure remains highly leveraged, as reflected in high
gearing of 3.37 times and modest networth of INR10.50 crore, both
as on March 31, 2016.

* Susceptibility to slowdown in the market: The company operates
in an industry wherein there is susceptibility to slowdown in the
market owing to fluctuating demand of the product and the prices
of the raw material.

Strengths

* Extensive experience of the promoters: Benefits from the
extensive experience of the promoters, and their healthy
relationships with customers and suppliers, will continue.

Incorporated in 2003, PMA is a Faridabad-based company, engaged
in crushing of basalt stone to finer granules and dust.
Operations are managed by Mr.Mukesh Kumar.  The company has nine
crushers at present, with each having a capacity of 200 tonnes
per hour. Basalt is used in construction of roads, buildings and
other structures.

Operating income of the company stood at INR50.01 crore during
fiscal 2016 with an operating loss of INR6.46 lakhs, vis-a-vis
operating income of INR55.01 crore and an operating profit after
tax of INR99.86 lakhs in FY 2014-15.


R.J. CHATHA: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------
CRISIL has reaffirmed its rating of 'CRISIL B+/Stable/CRISIL A4'
on the bank facilities of R.J. Chatha Rice Mills (RJCRM). The
ratings continue to reflect the firm's weak financial risk
profile, small scale of operations, and susceptibility to
regulatory changes, erratic rainfall, and volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the promoters in the basmati rice
processing industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             7        CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               10        CRISIL B+/Stable (Reaffirmed)

   Packing Credit         15        CRISIL A4 (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile because of large working capital
requirements
Despite moderate accretion to reserve and the absence of large
capital expenditure plans, financial risk profile may remain
constrained by sizeable working capital debt. Total outside
liabilities to adjusted networth ratio was high at 12.8 times due
to modest networth of INR3.6 crore as on March 31, 2017. Working
capital intensity may persist gross current assets were estimated
around 218 days as of March 2017. Debt protection metrics are
likely to remain weak; interest coverage and net cash accrual to
adjusted debt ratios were estimated at 1.1 times and 0.01 time,
respectively, in fiscal 2017.

* Small scale of operations, susceptibility to volatile raw
material prices, adverse regulatory changes, and to erratic
rainfall
Intense competition may continue to constrain scalability in
operations. With operating revenue of around INR80.00 crore in
fiscal 2017 and an installed milling capacity of 4 tonne per hour
(tph) and sorting capacity of 4 tph, RJCRM is a small player in
the intensely competitive rice processing industry. The scale has
dipped 20% in fiscal 2017 over the previous fiscal, due to
competitive pressure.

Strengths

* Partners' extensive experience and the healthy growth prospects
for the basmati rice industry
Benefits from the partners' experience of around four decades'the
firm is one of the oldest rice mills in Amritsar, and has a well-
known brand and healthy relationships with customers and
suppliers should continue to support business risk profile. The
partners have helped the firm sustain operations even in adverse
business conditions.

Outlook: Stable

CRISIL believes RJCRM will continue to benefit over the medium
term from the extensive experience of the partners. The outlook
may be revised to 'Positive' if a significant improvement in
scale of operations and profitability, leading to a considerable
increase in cash accrual, or if sizeable capital infusions
strengthen capital structure. Conversely, the outlook may be
revised to 'Negative' if the capital structure weakens, most
likely because of large debt-funded capital expenditure or a
decline in profitability.

RJCRM, a partnership firm set up in 1971 by Mr. R S Chatha and
Mr. J S Chatha, processes basmati rice. The firm exports its
produce to the Middle East, and to USA and Canada. Sales in the
domestic market, under own brands, Heera and Anarkali, contribute
around 30% to revenue. The firm has a rice-milling capacity of 5
tph and a sorting capacity of 4 tph.

Profit after tax (PAT) and turnover were estimated at INR15 lakh
and INR80.08 crore, respectively, in fiscal 2017 (Rs 32 lakh and
INR100.08 crore in fiscal 2016.


R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R. R.
Developers (RRD) continue to reflect a weak financial risk
profile, given a small networth and high advances to RRD's sister
concerns; the firm also remains exposed to cyclicality in the
hospitality industry. These rating weaknesses are partially
offset by the favorable location of its hotel, and the
established brand image of the RR group in Lucknow, Uttar
Pradesh, leading to a consistent increase in scale of operations.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Drop Line
   Overdraft Facility      10      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The networth was small at INR4.13
crore and high gearing of around 4.08 times as on March 31, 2016
due to large amount of debt contracted for loans and advances
extended to sister concerns.

* Small scale of operations in highly fragmented hospitality
industry: With turnover of INR.13.66 crore the scale remains
small in the highly fragmented hospitality industry in the region

Strengths

* Favorable location of hotel and established brand image of RR
Group: The firm's promoters have been in the construction
business; consequently, the brand RR Group has a strong brand
recall in Lucknow. Further the hotel is situated in Hazratganj
and provides a great opportunity to not only corporates but
frequent travelers as well.
Outlook: Stable

CRISIL believes RRD will continue to benefit over the medium term
from its established brand image in Lucknow. The outlook may be
revised to 'Positive' if improved revenue and profitability or a
decline in advances from its sister concerns leads to improvement
in its financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if a
substantial decline in occupancy levels at RRD's hotel, or
increase in advances to its sister concerns, or any large, debt-
funded capital expenditure leads to deterioration in the
financial risk profile.

Incorporated in 2002 and promoted by the Lucknow-based Agarwal
family, RRD is part of the RR group. The firm runs a budget hotel
in Lucknow. RRD follows a franchise model and operates under the
brand, Best Western Plus Levana.

RRD posted a book profit of INR.1.49 crore on net sales of
INR.13.65 crore in fiscal 2016 as against INR.0.76 crore and
INR.12.49 crore in fiscal 2015.


S.J. EXPORTS: CRISIL Reaffirms B+ Rating on INR19.5MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of S.J. Exports (SJE) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit        19.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's large working capital
requirement, exposure to intense competition in the diamond
processing industry resulting in low profitability margins, which
are also susceptible to volatility in diamond prices and foreign
exchange (forex) rates. These weaknesses are partially offset by
the extensive experience of its promoters, established
relationship with customers, and above-average financial risk
profile because of moderate networth and total outside
liabilities to adjusted networth ratio, and comfortable debt
protection metrics.

Analytical Approach

For arriving at the rating, unsecured loans of INR1.29 crore
(carry an interest rate of 9-10%) have been treated as neither
debt nor equity since these are from promoters and are expected
to remain in business.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement
Operations are expected to remain working capital-intensive on
account of stretched receivables and sizeable inventory.

* Exposure to intense competition
The diamond polishing industry has many players due to low entry
barrier.

* Susceptibility of profitability margins to volatility in
diamonds prices and forex rates
The firm is exposed to risks related to forex rate fluctuations
and volatility in diamond prices since it takes 4-5 months to
process rough diamonds into polished diamonds. Additionally, the
firm does not follow a defined forex hedging policy.

Strengths

* Promoters' experience
Presence of over four decades in the diamond polishing industry
has enabled the promoters to establish strong relationship with
major suppliers and customers.

* Above-average financial risk profile
Capital structure and debt protection metrics are expected to
remain above average over the medium term. Networth is estimated
to be moderate at INR22 crore as on March 31, 2017, against
INR20.6 crore a year earlier. Interest coverage ratio is expected
to remain at over 2.5 times, driven by healthy cash accrual.

Outlook: Stable

CRISIL believes SJE will continue to benefit over the medium term
from the extensive experience its promoters and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if a substantial and sustained improvement
in working capital cycle leads to better financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
a steep decline in profitability margins, large, debt-funded
capital expenditure, or further stretch in working capital cycle
affects capital structure.

Set up in 2001 as a partnership firm by Mr. Sanjay Shah, Mr.
Sunil Shah, Mr. Jayantilal Shah, and Mr. Atman Shah, SJE
processes and exports rough and polished diamonds. The firm deals
in diamonds of 0.30 cents to 4 carats. Processing facility is in
Surat and sales office in Mumbai. Operations are managed by Mr.
Sanjay Shah and his brother, Mr. Sunil Shah.

Profit after tax was INR0.99 crore on net sales of INR79.3 crore
in fiscal 2016, vis-a-vis INR0.81 crore and INR80.3 crore,
respectively, in fiscal 2015.


SALEM AUTOMECH: CRISIL Reaffirms B Rating on INR5.50MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Salem Automech
India Private Limited (SAIPL) for obtaining information through
letters and emails dated November 17, 2017, and December 09,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .34       CRISIL A4 (Issuer Not
                                    Cooperating; Reaffirmed)

   Cash Credit           2.30       CRISIL B/Stable (Issuer Not
                                    Cooperating; Reaffirmed)

   Long Term Loan        5.50       CRISIL B/Stable (Issuer Not
                                    Cooperating; Reaffirmed)

   Overdraft             4.20       CRISIL B/Stable (Issuer Not
                                    Cooperating; Reaffirmed)

   Proposed Letter       1.50       CRISIL A4 (Issuer Not
   of Credit                        Cooperating; Reaffirmed)

   Proposed Long Term    2.16       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; 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 Salem Automech India Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Salem Automech India Private
Limitedis consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with Crisil B Rating
category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL B/Stable/ CRISIL A4'.

SAIPL, incorporated in 2003, fabricates structural steel
components. It also trades in ferrous and nonferrous scrap. The
company is promoted by Mr. M V Sellamuthu and Mr. Rajesh Kumar


SANKRAIL AGRO: CRISIL Reaffirms B+ Rating on INR4.96MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sankrail Agro
Poultries Private Limited (SAPPL; part of the Maity group)
continue to reflect susceptibility of its operating margin to
volatility in the prices of maize and soybean, large working
capital requirement, and average financial risk profile because
of small networth, high gearing, and weak debt protection
metrics. These weaknesses are partially offset by the group's
established position as a regional player in the poultry segment
backed by the experience of its promoter.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          .08      CRISIL A4 (Reaffirmed)

   Cash Credit            4.96      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term    1.71      CRISIL A4 (Reaffirmed)
   Bank Loan Facility

   Term Loan             16.00      CRISIL B+/Stable (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAPPL, Kumarpur Agro Poultries Ltd,
and Maity Poultries Pvt Ltd. This is because all these companies,
collectively referred to as the Maity group, are under a common
management, in the same business, and have common clientele and
suppliers. Furthermore, there is need-based fungible cash flow
among the companies.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of operating margin to volatility in input
prices
The group's operating margin will remain susceptible to
volatility in raw material (maize and soybean) prices as feed
costs account for 70% of a poultry farm's costs, and adequate
availability and prices of feed are crucial for sustainable
operations. Though integrated poultry players have their own feed
mills, home mixers and the unorganised sector still account for
sizeable production. Also, maize prices have been increasing as
it is a relatively small crop that is in big demand from the
poultry and starch segments. In case of soybean meal, India
manufactures exportable surplus and hence, its prices are
volatile because of fluctuations in international prices and
domestic production.

* Large working capital requirement
Gross current assets are estimated at 190 days as on March 31,
2017, because of year-end inventory. Feed stock is large due to
seasonal availability and low procurement cost. Also, the group
purchases day-old chicks against advance payment from Eastern
Hatcheries Ltd. Feed, maize, and soybean are procured against
advance/cash payment. Working capital requirement is largely
funded through cash credit facility.

Strengths

* Established regional player backed by promoter's experience:
The Maity group will continue to benefit from its established
presence in eastern India, steady customer and supplier
relationship, and promoter's experience of over three decades in
the poultry segment. Setting up additional poultry farms in
Paschim Midnapore, West Bengal, has helped to ramp up operations.
Also, operations are partially integrated, with own tray plant
and feed plant capacity of 250 tonne per day.

Outlook: Stable

CRISIL believes the Maity group will continue to benefit over the
medium term from the extensive experience of its promoter. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability and efficient working capital
management result in large net cash accrual and hence a better
financial risk profile. The outlook may be revised to 'Negative'
if sharp decline in revenue and profitability or further stretch
in working capital cycle leads to deterioration in financial risk
profile, particularly liquidity.

Set up in 1984 and promoted by Mr. Madan Maity, the Maity group
is engaged in biological production of designer eggs that contain
proteins and vitamins. These are sold under the Maity Eggs brand.

The group reported profit after tax (PAT) of INR1.5 crore on net
sales of INR62.6 crore in 2015-16 as against PAT of INR1.7 crore
on net sales of INR63.6 crore in 2014-15.


SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Solace Engineers (Mktg.) Private Limited (Solace) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         .5       CRISIL A4 (Reaffirmed)
   Cash Credit           6.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations in
the highly fragmented engineering goods industry, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the promoters in
manufacturing of engineering goods, and an above-average
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
With revenue of INR27 crore estimated for fiscal 2017, the
company is a modest player in the highly fragmented engineering
goods industry. This limits the ability to negotiate with
customers or suppliers.

* Large working capital requirement
Debtors and inventory days are expected to remain high over the
medium term.

Strengths

* Extensive industry experience of the promoters
The main promoters, Mr. Kashinath Ghosh, Mr. Kaushik Ghosh, Mr.
Bishwanath Ghosh, Mr. Bholanath Ghosh, and Mr. Rudranath Ghosh,
have an experience of around three decades in the engineering
goods manufacturing industry. An established relationship with
major suppliers and customers further strengthens the market
position.

* Above-average financial risk profile
Both capital structure and debt protection metrics are expected
to remain above-average over the medium term. The networth was
moderate at INR14.6 crore estimated as on March 31, 2017, against
INR13.2 crore a year earlier. The interest coverage ratio is
expected to remain above average at above 4 times over the medium
term, driven by substantial cash accrual.

Outlook: Stable

CRISIL believes Solace will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of improvement in the scale of
operations or working capital cycle. The outlook may be revised
to 'Negative' in case of any debt-funded capital expenditure or
increased working capital requirement, leading to deterioration
in the financial risk profile, particularly liquidity.

Incorporated in 1988, Solace is promoted by the Ghosh family,
based in Vadodara, Gujarat. The company manufactures
pharmaceutical machinery such as sifters, post bin blenders,
tablet auto coaters, fluid bed processors, and rapid mixer
granulator for the pharmaceutical industry.

Profit after tax (PAT) was INR0.91 crore on net sales of INR21.1
crore in fiscal 2016, vis-a-vis INR0.52 crore and INR16.6 crore,
respectively, in fiscal 2015.


SRI RAJALAKSHMI: CRISIL Assigns 'B' Rating to INR1MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sri Rajalakshmi Saw Mill - Tirunelveli
(SRS).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                   1        CRISIL B/Stable
   Foreign Letter of Credit      6        CRISIL A4

The ratings reflect the firm's modest scale of, and working
capital-intensive, operations in the intensely competitive timber
industry, and below-average financial risk profile because of
highly leveraged capital structure and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of its promoters and longstanding relationship with
suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With estimated revenue of INR17.2
crore in fiscal 2017, scale remains small in the competitive
timber segment, which limits bargaining power with customers.

* Working capital-intensive operations: Gross current assets are
estimated at 169 days as on March 31, 2017, because of moderately
large inventory and substantial credit to clients.

* Below-average financial risk profile: Networth was modest at
INR1.61 crore as on March 31, 2017, while total outside
liabilities to tangible networth ratio is estimated to be high at
4.2 times due to stretched payables. Interest coverage and net
cash accrual to total debt ratios remain weak and are estimated
at 1.67 times and 0.05 time, respectively, for fiscal 2017.

Strengths

* Extensive experience of promoters: Key promoter, Mr. Paulsamy,
has been in the timber industry for three decades along with
family members, leading to healthy relationship with suppliers in
Africa, South East Asia, and South America.

Outlook: Stable

CRISIL believes SRS will continue to benefit over the medium term
from the extensive experience of its promoters in the timber
trading industry. The outlook may be revised to 'Positive' if
ramp-up in scale of operations and profitability leads to higher-
than-expected accrual. The outlook may be revised to 'Negative'
if financial risk profile weakens further due to increased
working capital borrowings, large, debt-funded capital
expenditure, or any adverse movement in foreign exchange rates.

Set up in 1986 as a partnership firm by Mr. Paulsamy along with
his son, SRS processes (cuts and saws) and trades in a variety of
wood logs, including teak.

For fiscal 2016, SRS made a profit after tax (PAT) of INR10.92
lakhs on total income of INR16.74 crore, against a PAT of INR8.88
lakhs on total income of INR16.25 crore for the previous fiscal


STARCARE HOSPITAL: CRISIL Reaffirms B+ Rating on INR22MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Starcare Hospital Kozhikode Private Limited (SHKPL) at 'CRISIL
B+/Stable/CRISIL A4.'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4.2      CRISIL B+/Stable (Reaffirmed)

   Short Term Loan         0.8      CRISIL A4 (Reaffirmed)

   Term Loan              22.0      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale and nascent stage of
operations.The ratings also reflect below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by extensive experience of
promoters in healthcare industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and nascent stage of operations: Scale of
operations remains small with estimated revenue of INR15 crore in
fiscal 2017, the first full year of operations. The revenue is
expected to improve over the medium term. The timely ramp up of
scale of operations will remain key rating sensitivity factor
over the medium term.

* Below-average financial risk profile: The below-average
financial risk profile is marked by weak debt protection metrics
as indicated by negative interest coverage in fiscal 2017.

Strengths

* Extensive experience of promoters in healthcare industry: SHKPL
is promoted by Dr. Sadik Kodakat who belongs to Starcare Group,
which is a well-known healthcare group in Oman. The company
benefits from the extensive experience of promoters and their
technical expertise in healthcare industry.

Outlook: Stable

CRISIL believes SHKPL will continue to benefit over the medium
term from the considerable experience of its promoters in the
healthcare industry. The outlook may be revised to 'Positive' if
the company's scale of operations and profitability improves
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if delays in ramp up in
scale of operations resulting in lower than expected cash
accruals or higher-than-expected debt-funded capex, weakens the
financial risk profile.

Incorporated in January 2015, SHKPL is the first hospital in
southern India of the Starcare UK group. It runs a 272 bedded
multispecialty hospital in Kozhikode, Kerala. The hospital
started its full-fledged operations in November,2016. The group
is chaired by Mr. Sadik Kodakat.


SUMITA TEX: CRISIL Reaffirms 'D' Rating on INR102.28MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Sumita Tex Spin
Private Limited (Sumita) for obtaining information through
letters and emails dated February 8, 2017, and February 23, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.5       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           17         CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Funded Interest        6.77      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit       2.50      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan        25.39      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term   102.28      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Working Capital       43.56      CRISIL D (Issuer Not
   Term Loan                        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 Sumita Tex Spin 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 Sumita Tex Spin Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D/CRISIL D'.

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its
manufacturing unit is in Silvassa (Dadra and Nagar Haveli).


SUNDARAM MULTI: CRISIL Upgrades Rating on INR15.87MM Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Sundaram Multi Pap Limited (SMPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           15.87      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Corporate Loan        15.75      CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Funded Interest        5.43      CRISIL B-/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

   Proposed Long Term     7.95      CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The upgrade reflects the regularization of its working capital
limit and timely payment of debt obligation over the past four
month period through April 2017.

The rating continues to reflect Sundaram group's large working
capital requirements and its below-average financial risk profile
marked by subdued debt protection metrics. These weaknesses are
partially offset by the extensive experience of the group's
promoters in the stationery segment and the established market
position of Sundaram brand in Maharashtra, Gujarat, and Goa.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SMPL with that of its 100% subsidiary
E-Class Education System Ltd (EESL) on account of significant
financial synergies between SMPL and EESL. The two companies are
herein referred to as the Sundaram group.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement
Operations are working capital intensive on account of high
inventory days and high receivable period, at around 150 days and
150 days respectively as on March 31, 2017.

* Below-average financial risk profile
The financial risk profile is below average marked by subdued
debt protection metrics, with interest coverage ratio of 1.65
times as on March 31, 2017.

Strengths

* Extensive experience of promoters: The Sundaram group's
promoters have extensive experience, leading to established
relationships with customers and suppliers.

* Established market position of Sundaram brand: SMPL sells its
stationery under the Sundaram brand which has a healthy brand
recall in Maharashtra, Gujarat, and Goa.

Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher than expected revenues or
operating profitability while improving its working capital
management, thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if decline in profitability
or further stretch in working capital requirement leads to a
weakening of financial risk profile, particularly liquidity.

SMPL, incorporated in 1985, manufactures stationery such as note
books, long books, diaries, notepads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.

Incorporated in 2009, EESL provides digital education to students
in Maharashtra under the E-class brand.

The Sundaram group reported a profit after tax of INR(5.84) crore
on net sales of INR99.24 crore for fiscal 2017, vis-a-vis
INR(8.71) crore and INR98.92 crore, respectively, in fiscal 2016.


VIJAYALAKSHMI AGENCIES: CRISIL Assigns B+ Rating to INR3.75M Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long
term bank facilities of Vijayalakshmi Agencies (VA). The rating
reflects the extensive experience of promoters in distribution
business and large customer base. These strengths are partially
offset by the firm's Below-average financial risk profile driven
by low profitability, limited bargaining power with suppliers and
modest scale of operations with geographic concentration.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.75      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     1.25      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Strengths

* Experience of promoters in trading business:
VA was set up by Mr. Madhu GN and Mr. Kishore T in 2009. The firm
is engaged in trading of FMCG products for ITC. Mr. Kishore T has
a decade long experience in working in marketing of FMCG
products. He has worked in the marketing team of several FMCG
manufacturing companies before setting VA up. Mr. MAdhu GN is a
software engineer who has previously worked in IT industry.

* Large distribution network:
VA has a distribution network of more than 3500 dealers which
makes it revenue profile diversified and partially sets off the
exposure to geographical concentration in revenue profile.

Weakness

* Below-average financial risk profile driven by low
profitability
VA has a small net worth of INR0.8 Crores as on March 31, 2016.
This is mainly because of its small accretions to reserves,
resulting from its moderate scale of operations and low
profitability. Small net worth affects OPPAGE`s financial
flexibility to raise additional funds and meet any unforeseen
business exigencies and makes its financial risk profile more
susceptible to small changes in profitability and debt.

VA has high indebtedness ratio marked by TOL/TNW of around 5
times due to short term debt funded operations and small net
worth on account of low accretion to reserves. CRISIL expects the
ration to remain at the same level over the medium term.

* Limited bargaining power with suppliers
There is moderate supplier risk as the firm has a weak bargaining
power against its large principal as also reflected in nil or
minimum credit period from them.

* Modest scale of operations with geographic concentration
VA is a small player in a highly unorganized industry as
reflected in its operating income of INR50.24 Crores during 2015-
16. This is on account of the geographical concentration in
firm's revenue profile which drives majority of its revenue from
Sira, Tumkur, Madhugiri and Koratagere where it operates. The
geographical concentration in the revenue profile of the firm
makes its top line and profitability dependent on the growth
prospects of the region. Besides low value addition in trading
nature of operations keeps company's operating margins low.
CRISIL believes that scale of operations of the firm will remain
small and geographical diversification will be a rating
sensitivity factor over the medium term.

Outlook: Stable

CRISIL believes that Vijayalakshmi Agencies (VA) will benefit
from its promoter`s significant industry experience. The outlook
may be revised to 'Positive' if VA reports a better than expected
scale of operation along and profitability leading to higher than
expected accruals. Conversely, the outlook may be revised to
'Negative' in case of deterioration in profitability or elongated
working capital cycle leading to pressure on the financial risk
profile.

Vijayalakshmi Agencies (VA) is Karnataka based partnership firm
engaged in trading of FMCG products for Indian Tobacco Company
(ITC). It was set up in 2009 by Mr. Madhu GN and Mr. Kishore T.
It supplies to wholesalers and retailers in four regions viz.
Sira, Tumkur, Madhugiri and Koratagere.

During 2015-16 (refers to financial year April 1 to March 31), VA
reported revenues of INR50.2 crore with Profit after Tax (PAT) of
INR0.12 crore as compared to revenues of INR36.13 crores with PAT
of INR0.1 crores in 2014-15.



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


WESTINGHOUSE ELECTRIC: Former CEO Paid $19-Mil. Before Bankruptcy
-----------------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy,
reported that court records show that Westinghouse Electric Co.
paid its former chief executive officer, Daniel Roderick, more
than $19 million in the year before he was stripped of his
chairmanship, which came days days before the company plunged
into bankruptcy.

According to the report, Mr. Roderick was stripped of his
chairmanship on orders of the Japanese company on March 27.
Westinghouse filed for bankruptcy two days later on March 29.

The Journal pointed out that court records did not detail whether
Mr. Roderick's compensation included bonuses or a severance
package.

The Journal further pointed out that court filings show that
interim president and CEO Jose Emeterio Gutierrez, who replaced
part of Mr. Roderick's responsibilities, was paid $1.3 million
during the 12 months prior to company's chapter 11 filing.  Mr.
Gutierrez has headed Westinghouse's successful nuclear fuel and
components manufacturing unit, which serves a global customer
base, the Journal said.

Other top moneymakers include Senior Vice President David Durham
and Mark Marano, who was named chief operating officer in the
weeks before bankruptcy, the report related.  Westinghouse paid
each man about $2.3 million in the year before the chapter 11
petition was filed, the report further related.

                  About Westinghouse Electric

Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S. based nuclear

power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components.  Westinghouse manufactures and supplies the
commercial fuel products needed to run the plants, and it offers
training, engineering, maintenance, and quality management
services.  Almost 50% of nuclear power plants around the world
and about 60% of U.S. plants are based on Westinghouse's
technology.  Westinghouse's world headquarters are located in the
Pittsburgh suburb of Cranberry Township, Pennsylvania.

On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share).  After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba obtained ownership of 87% of
Westinghouse.

Amid cost overruns at U.S. nuclear reactors it was building,
Westinghouse Electric Company LLC, along with 29 affiliates,
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751)
on  March 29, 2017.  The petitions were signed by AlixPartners'
Lisa J. Donahue, chief transition and development officer.

The Debtors listed total assets of $4.32 billion and total
liabilities of $9.39 billion as of Feb. 28, 2017.

The Hon. Michael E. Wiles presides over the cases.

Gary T. Holtzer, Esq., Robert J. Lemons, Esq., Garrett A. Fail,
Esq., and David N. Griffiths, Esq., at Weil, Gotshal & Manges
LLP, serve as counsel to the Debtors.  AlixPartners LLP serves as
the Debtors' financial advisor.  The Debtors' investment banker
is PJT Partners Inc.  Their claims and noticing agent is Kurtzman
Carson Consultants LLC.

Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by
Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz,
Esq., at Togut, Segal & Segal LLP.

The statutory unsecured claimholders committee formed in the case
tapped Proskauer Rose LLP as counsel, with the engagement led by
partner Martin J. Bienenstock, the chair of the firm's Business
Solutions, Governance, Restructuring & Bankruptcy Group; partner
Timothy Q. Karcher; and senior associate Vincent Indelicato.



===============
M A L D I V E S
===============


MALDIVES: Moody's Puts (P)B2 Rating to Sr. Unsecured US$ Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the Republic of Maldives' senior unsecured US dollar-
denominated notes.

The senior unsecured notes will rank pari passu with all of the
Republic of Maldives' current and future senior unsecured
external debt. The (P)B2 rating assigned to the notes mirrors the
Republic of Maldives' issuer rating of B2.

The provisional (P)B2 rating is based on the preliminary
prospectus dated May 5, 2017. Moody's will assign a definitive
rating upon receipt and review of the final documentation. The
proceeds of the notes are intended to primarily serve to finance
government investment spending.

RATINGS RATIONALE

The Maldives' B2 issuer rating reflects Moody's assessment of low
economic, government financial and institutional strengths, and
moderate susceptibility to event risk. Over the past year,
Maldives' economy has sustained robust growth, supported by the
tourism and construction sector. However, this has been
accompanied by twin budget and current account deficits and a
ramp-up in debt. The Sovereign Bond Methodology indicative rating
range is Ba3-B2.

The Maldives' 'Low (+)' economic strength reflects its small size
and a narrowly diversified economy, balanced by moderate per
capita income. An archipelago of islands in the Indian Ocean, the
Maldives has a nominal GDP of just $3.8 billion, which is the
sixth smallest GDP among the sovereigns that Moody's rates, and
one of the smallest B-rated sovereigns. By contrast, the
Maldives' GDP per capita of $15,585 in purchasing power parity
terms in 2016 has nearly tripled since 2000 and positions the
country around the middle of the group of Moody's-rated
sovereigns.

The economy is dependent primarily on tourism-related activities.
While the sector has competed effectively in the past, it is
subject to the vagaries of nature, as well as fluctuations in
tourist arrivals. Reliance on tourism makes GDP growth volatile.
For example, between 2006 and 2015, the standard deviation of GDP
growth was in the top decile of all countries rated by Moody's.

While GDP growth has been relatively robust, at 5.3% between 2010
and 2015, it has decelerated markedly from the 14.2% average
growth rate recorded between 2006 and 2008, a period marked by
reconstruction following the 2004 tsunami. A step-up in GDP
growth over the medium term will rest primarily on the successful
implementation of the government's planned infrastructure
projects while containing political tensions. Along with foreign
investment in the sector, this could pave the way for a continued
expansion in tourism capacity.

Overall, the economic strength score for the Maldives is set at
'Low (+)' -- below the indicative score of 'Medium (-)' --
because, in the absence of a World Economic Forum's
competitiveness indicator for the Maldives, Moody's reflects
infrastructure constraints in Moody's assessment of economic
strength. The adjustment also takes into account the possibility
of significant economic loss stemming from the Maldives' exposure
to natural disasters and climate change due to the economy's
reliance on natural assets-based tourism. The low-lying
archipelago features and the islands' high dependence on a few
key environmental assets make the Maldives especially vulnerable
to the threat of climate change.

Moody's assessment of 'Low' institutional strength reflects the
challenges associated with developing institutional quality in a
small island state that is geographically spread out and diverse.
These constraints are reflected in the country's relatively low
rankings on the Worldwide Governance Indicators. A scarcity of
skilled labor also limits the sovereign's institutional
capabilities.

Since the introduction of a new constitution in 2008, there have
been sweeping changes to the Maldives' institutional framework,
and several institutions are relatively new. Inflation levels are
low but fairly volatile as a result of a large imported content
of domestic consumption.

Given that a strict interpretation of the quantitative metrics in
the scorecard does not fully reflect a country's credit profile,
the Maldives' score for Institutional Strength is set at 'Low' ,
below the indicative score of 'Low (+)', to reflect the
relatively undeveloped budgeting process and gaps in data
availability that hamper policy effectiveness. In addition,
issues with data availability and data revisions limit a more
thorough economic analysis and could impair the policy response
to negative shocks.

The Maldives' 'Low (+)' fiscal strength is driven by a high and
rising general government debt burden and a relatively large
proportion of foreign-currency-denominated debt, balanced by
strong debt affordability metrics. At 64.7% of GDP in 2016, debt
is significantly above the median for B-rated sovereigns and will
likely rise further over the next two-three years, with the
planned implementation of large public-sector infrastructure
projects. Nonetheless, strong revenue collection, particularly
from the tourism sector, supports debt affordability.

Moody's adjust the Maldives' fiscal strength score to 'Low (+)'
from 'Moderate' to reflect risks surrounding the 2017 revenue
measures, which if only partly implemented will lead to higher
deficits and a rapid increase in government debt.

Moody's assessment of the Maldives' 'Moderate (+)' susceptibility
to event risks is driven by domestic political risk. As ongoing
tensions perdure, leading to prolonged political uncertainty, the
struggle for power between political parties could adversely
affect the nature and effectiveness of policies and durably weigh
on tourism activity, investment and growth.

High fiscal deficits and a relatively short maturity of domestic
debt implies that gross borrowing needs are sizeable. Moody's
assess government liquidity risks as 'Moderate (-)' and adjust it
from 'Very Low'. In the absence of a market-implied rating for
the Maldives, the scorecard does not fully capture the liquidity
constraints that the government may face.

While the country's current account deficits are wide, foreign
reserves have been supported by foreign direct investment
inflows. Moody's External Vulnerability Indicator -- which
measures the adequacy of foreign reserves relative to maturing
long- and short-term debt -- will rise to 70% this year,
remaining significantly below the levels of over 100% reached
between 2008 and 2012. Moody's adjusts the Maldives' external
vulnerability risk score to 'Moderate (-)' from 'Low (-)' to
account for the economy's high import dependency and potential
volatility in balance-of-payment receipts related to tourism and
FDI.

Meanwhile, the banking system is fairly large, but it is also
liquid and well-capitalized -- Moody's therefore assess the
Maldives' banking sector risk as 'Very Low (+)'.

ISSUER RATING OUTLOOK

The stable outlook on the sovereign's B2 rating balances healthy
near-term growth prospects supported by large infrastructure
projects and Moody's expectations of further improvements in
competitiveness, particularly in the tourism sector. It also
takes into account a significant rise in the Maldives' debt
burden (and current account deficits) as a result of a ramp-up in
infrastructure spending, which is partially offset by modest
debt-servicing costs and a large domestic revenue base.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider upgrading the Maldives' credit rating in
the event of (1) a steady reduction in fiscal deficits and the
government debt burden; (2) a successful diversification of the
economy's productive base; and (3) a sustained period of
political stability that encourages policy continuity and drives
structural reforms.

Conversely, Moody's would considers taking a negative rating
action on the Maldives' credit rating in the event of (1) a
meaningful deterioration in fiscal and debt metrics and worsening
debt affordability; (2) a shock to the tourism sector, stemming
from geopolitical or natural disaster risks that result in a
sharp fall in growth; and (3) an escalation in domestic political
tensions that hinders effective policy-making or undermines
growth.

GDP per capita (PPP basis, US$): 15,585 (2016 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.9% (2016 Estimate) (also known as
GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.3% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -7.4% (2016 Estimate) (also
known as Fiscal Balance)

Current Account Balance/GDP: -22.3% (2016 Actual) (also known as
External Balance)

External debt/GDP: 22.5% (2016 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On May 11, 2017, a rating committee was called to discuss the
rating of the Maldives, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



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


RURAL BANK OF ILIGAN: Deadline for Filing Claims Set for July 3
---------------------------------------------------------------
Creditors of the closed Rural Bank of Iligan City, Inc. have
until July 3, 2017 only to file their claims against the bank's
assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Rural Bank of Iligan City and
include depositors with uninsured deposits that exceed the
maximum deposit insurance coverage (MDIC) of PHP500,000.

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

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim. PDIC also clarified
that depositors who filed their deposit insurance claims on or at
any time prior to July 3, 2017 are deemed to have filed their
claims against the closed bank's assets.

Rural Bank of Iligan City was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on April 20, 2017
and as the designated Receiver, PDIC was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's is located at No. 0045 Gen. Aguinaldo St.,
Brgy. Poblacion, Iligan City.

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


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


SINGAPORE: Shipyards Forced to Restructure Debts Amid Order Slump
-----------------------------------------------------------------
Jeevan Vasagar at The Financial Times reports that the order book
at Singapore shipyards fell by more than half last year as the
city-state's offshore industry was battered by the slide in oil
prices.

The FT says companies in the sector have been forced to
restructure debts and slash costs, including cutting their
workforce, as the oil price plunged last year. The downturn has
also left Singapore's three big banks, DBS, OCBC and UOB, holding
bad loans.

The total order book for Singapore's shipyards fell nearly 58 per
cent from SGD19 billion at the end of 2015 to about SGD8 billion
at the end of last year, the FT relates citing data published by
the Association of Singapore Marine Industries.

Singapore is the world's biggest maker of jack-up rigs, which are
used to drill for oil in shallow waters, the report notes.

According to the FT, the city-state's yards secured SGD820m in
new orders last year, a sharp contraction from SGD4.9bn in 2015,
as the global oil and gas industry dramatically scaled back
exploration and production.

Total employment in Singapore's offshore and marine industry
shrank by 10 per cent year-on-year, falling to 85,600 in 2016,
the FT discloses.

According to the FT, Chua San Lye, ASMI's president and an
executive at Singapore rig builder Sembcorp Marine, said that
while prospects for the industry had taken a positive turn after
the Opec production cut late last year, a robust recovery would
take longer.

"There are pockets of opportunities with capex investments in
Mexico, Iran and the Norwegian continental shelf, and offshore
E&P activities remaining robust in the Middle East and India,"
the report quotes Mr. Chua as saying.

The FT notes that Singapore's offshore sector has suffered from
an oversupply of oil rigs, which continues to drag on the
industry.

During the downturn, clients deferred projects or went bankrupt,
and oil majors remain reluctant to raise expenditure until the
oil price stabilises, analysts said, the FT relays.

Ezra, a Singapore offshore services group, filed for bankruptcy
protection in the US in March, while Swiber, another service
provider, was placed under a court-supervised rescue plan last
year, the FT notes.



                             *********

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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