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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, January 13, 2017, Vol. 20, No. 10

                            Headlines


A U S T R A L I A

BELLAMY'S AUSTRALIA: Shares Sink Further Amid Broker Downgrades
CQ LEAGUES: First Creditors' Meeting Set for Jan. 20
GNISIO CLEANING: First Creditors' Meeting Set for Jan. 20
WAVERLEY CORPORATION: First Creditors' Meeting Set for Jan. 19
XUREB PTY: 100 Creditors Unlikely to Get Payment


C H I N A

CHINA JINMAO: Moody's Rates Proposed Hybrid Issuance Ba2
LEECO: Haosheng Files Suit vs Unit Over CNY51.74MM Unpaid Bills


I N D I A

AMAR ORGANICS: CRISIL Reaffirms 'B' Rating on INR5.25cr Loan
APPOLLO DISTILLERIES: ICRA Cuts Rating on INR75cr Loan to D
AVEDA VENTURES: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BAMBINO PASTA: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
BHUMYA PRIVATE: Ind-Ra Withdraws 'B-' Long Term Issuer Rating

CROWN PROMOTERS: ICRA Reaffirms 'D' Rating on INR6.3cr Loan
DHARMLOK INDUSTRIES: ICRA Ups Rating on INR4.70cr LT Loan to B+
DREAMCITI REALTY: CRISIL Assigns B+ Rating to INR8MM Cash Loan
EMPEE SUGARS: ICRA Reaffirms 'D' Rating on INR512.04cr Loan
FATEH CHAND: Ind-Ra Lowers Rating on INR181.6MM Loans to 'BB'

GALLANTT ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
GAURAV WORLDWIDE: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
GLOBAL ISPAT: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
GMS ELEGANT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
GOLDEN CELLARS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating

HANKHUL PACKWELL: CRISIL Assigns B+ Rating to INR7.7MM Term Loan
INABENSA BHARAT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
INNOVENTIVE INDUSTRIES: Corporate Insolvency Process Filed
JAI INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
JEYENKAY PETROGELS: ICRA Cuts Rating on INR11cr ST Loan to D

JHV STEELS: ICRA Reaffirms 'B' Rating on INR12.50cr Loan
JIWANRAM SHEODUTTRAI: CRISIL Cuts Rating on INR28MM Loan to 'D'
KANNAPPAN IRON: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
KRISHNAPATNAM RAILWAY: Ind-Ra Ups Rating on INR9.3BB Loan to B-

LENZ CERAMIC: ICRA Reaffirms B Rating on INR13cr Fund Based Loan
M.V. WAGHADKAR: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
MAKSI AGRO: CRISIL Assigns B+ Rating to INR11.5MM Term Loan
MAYUR PLY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
MILLENNIUM VITRIFIED: ICRA Reaffirms B+ Rating on INR18.38cr Loan

NAGARJUNA FERTILISERS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
PAYAL POLYPLAST: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
POPULAR MOTOR: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR10MM Loan
R. J. AGRO: ICRA Reaffirms B Rating on INR6cr Fund Based Loan

R. L. STEELS: ICRA Reaffirms 'D' Rating on INR117cr LT Loan
RAJSHREE SUGARS: ICRA Reaffirms 'D' Rating on INR579.13cr Loan
RANA MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
REGAL SHIPPING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
SANVITA BIO: CRISIL Reaffirms 'B' Rating on INR60.15MM LT Loan

SHREE HAREKRISHNA: CRISIL Reaffirms B+ Rating on INR6MM Loan
SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.4cr Loan
SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR8cr LT Loan
SIFTI RICE: CRISIL Reaffirms 'B' Rating on INR.70MM Term Loan
SIVANSSH INFRASTRUCTURE: Ind-Ra Withdraws 'BB+' LT Issuer Rating

SK ELITE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SRI SELVAKUMAR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
SRI SREENIVASA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
SRI VARSHA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
SRIKANTH INTERNATIONAL: Ind-Ra Withdraws 'BB+' Issuer Rating

STEEL MONT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
SUJAY IRRIGATIONS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
T V SUBBAIAH: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
TRIDENT SUGARS: ICRA Reaffirms 'C' Rating on INR41.95cr Loan
TRIDENT TOOLS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating

TJUK TRADE: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
V3S INFRATECH: ICRA Reaffirms 'D' Rating on INR40cr Bank Loan
VASAN CONSTRUCTION: Ind-Ra Withdraws 'BB-' LT Issuer Rating
VASUDEV POWER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
VTECH POWER: Weak Financial Strength Cues ICRA SP 3D Grading

ZF ELECTRONICS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: Sees Larger Losses at US Nuclear Business
* JAPAN: Nursing Care Bankruptcies Hit Record High in 2016


M A L A Y S I A

1MALAYSIA: Falcon Bank's Former Singapore Manager Sent to Jail
HB GLOBAL: Still Assessing Suitable Investors
KINSTEEL BHD: High Court Grants Restraining Order


                            - - - - -


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


BELLAMY'S AUSTRALIA: Shares Sink Further Amid Broker Downgrades
---------------------------------------------------------------
Jens Meyer at The Sydney Morning Herald reports that shares in
troubled Bellamy's have lost further ground on broker downgrades
after the baby formula supplier on Jan. 11 confirmed chief
executive Laura McBain would leave the company and warned of
lower annual earnings.

According to the report, Bellamy's shares slid another 17.8 per
cent on Jan. 12 to AUD4.40, adding to Jan. 11's 20 per cent drop
after the shares resumed trading following a five-week
suspension.

SMH says the latest two-day plunge in the share price has reduced
the company's already diminished value by about one-third, or
more than AUD200 million, to just AUD425.5 million.

On December 1, a day before the company shocked investors with an
initial sales warning, its shares were trading at AUD12.13,
valuing the company at nearly AUD1.2 billion.

SMH relates that Bellamy's on Jan. 12 revealed that the lower
than expected sales in China would have a significant impact on
its earnings, with annual earnings before tax and interest
expected to be in the range of AUD22 million to AUD26 million,
down sharply from AUD54.3 million a year earlier and well below
analyst expectations of AUD46 million.

In a further sign of turmoil, chief executive Laura McBain and
chief financial officer Shona Ollington are leaving the company,
says SMH. Bellamy's has appointed Andrew Cohen as the acting
chief executive.

OrdMinnett is among the brokers that downgraded the stock after
its announcement, saying Bellamy's had changed from structural
growth to significant turnaround, SMH discloses.

"With significant finished goods inventory on hand, flat sales
for three halves expected, lower long-term gross margins than
originally forecast, a weaker balance sheet and a channel
strategy in need of overhaul, we see the risk profile with BAL as
too great to justify investment and as such downgrade to 'sell',"
the report OrdMinnett head of research Nicholas McGarrigle as
saying in a note to clients.  "We see the current financial year
2017 PE [price-earnings] multiple of 25x [times] as unreasonably
high."

The report says the broker also axed its price target from
AUD7.26 to AUD3.72.

According to SMH, Goldman Sachs put its rating (neutral) and
price target (AUD5.35) under review, saying it needed more detail
from the company on its ability to raise debt in the event of a
further slowdown in revenues.

"While we do not believe that the brand is permanently impaired,
we do hold concerns on whether BAL will be able to regain its
lost market share, and hence whether it will be able to return to
an appropriate level of growth to meet its guidance for shortfall
payments and/or avoid further inventory build as well as allay
concerns of an equity raising in the near future," the bank's
analysts said, SMH relays.

SMH adds that Chairman Rob Woolley on Jan. 12 would not disclose
whether the company was considering a capital raising or if there
had been any takeover approaches for Bellamy's.

Bellamy's Australia Limited (ASX:BAL) --
http://bellamysorganic.com.au/-- is engaged in the supply, sale
and distribution of organic food and formula products for babies
and toddlers. The Company's segments include Australia, which
focuses on the sales to retailers within Australia; China/Hong
Kong, which focuses on the sales to Chinese distributors and
online sales from third-party Websites to Chinese customers, and
Other/South East Asia, which focuses on sales to other
distributors and retailers, predominantly in South East Asia. It
produces over 40 organic food and formula products, including
infant formula, toddler milk drink, snacks, cereals, pastas and
ready to eat pouches. The Company's products are distributed in
Australia, Vietnam, Singapore, Malaysia, People's Republic of
China, Hong Kong and New Zealand. Its products are also available
through various online retail platforms. The Company's
subsidiaries include Bellamy's Organic Australia Pty Ltd,
Bellamy's Kitchen Pty Ltd, Yum Mum Pty Ltd and others.


CQ LEAGUES: First Creditors' Meeting Set for Jan. 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of CQ Leagues
Club Limited will be held at the Empire Conference Centre,
Room 1, Ground Floor, 5 East Street, in Rockhampton City,
Queensland, on Jan. 20, 2017, at 12:30 p.m.

Morgan Lane and Paul Nogueira of Worrells Solvency were appointed
as administrators of CQ Leagues on Jan. 11, 2017.


GNISIO CLEANING: First Creditors' Meeting Set for Jan. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Gnisio
Cleaning Services Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, on Jan. 20, 2017, at 10:30 a.m.

Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Gnisio Cleaning
on Jan. 11, 2017.


WAVERLEY CORPORATION: First Creditors' Meeting Set for Jan. 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Waverley
Corporation Pty Ltd, trading as "DEVPRO DESIGN & CONSTRUCT" &
"DEVPRO UNIT DEVELOPMENTS" will be held at the offices of
BRI Ferrier Western Australia, Unit 3, Level 1, 99-101 Francis
Street, in Northbridge, West Australia, on Jan. 19, 2017, at
10:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia were
appointed as administrators of Waverley Corporation on Jan. 9,
2017.


XUREB PTY: 100 Creditors Unlikely to Get Payment
------------------------------------------------
The Courier-Mail reports that Xureb Pty Ltd, trading as River
City Homes, is being wound up owing creditors an estimated
AUD3 million.

Vincents Chartered Accountants insolvency director Nick Combis,
who is the liquidator of Xureb, said the 100 creditors of the
home builder were unlikely to repaid, the Courier-Mail relates.

"The company had very few assets," the report quotes Mr. Combis
as saying.



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C H I N A
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CHINA JINMAO: Moody's Rates Proposed Hybrid Issuance Ba2
--------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the USD
subordinated guaranteed perpetual capital securities to be issued
by Franshion Brilliant Limited and irrevocably and
unconditionally guaranteed by China Jinmao Holdings Group Limited
(Baa3 stable).

The proceeds of the proposed issuance will be used to refinance
outstanding indebtedness, for working capital purposes and other
general corporate purposes.

RATINGS RATIONALE

Moody's considers the proposed perpetual securities as hybrid
instruments, with a 50% equity component for the purposes of
calculating leverage.

The Ba2 rating reflects: (1) the deeply subordinated nature of
the hybrid debt, which ranks behind China Jinmao's senior debt
obligations in terms of the priority of claims; and (2) the
hybrid offering, which allows the option to defer coupons on a
cumulative basis.

"While the proposed issuance will increase China Jinmao's debt,
its credit metrics will remain within the parameters set for its
Baa3 rating," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer, and also the International Lead Analyst
for China Jinmao.

Moody's expects China Jinmao's adjusted debt/capitalization and
EBIT coverage of interest to remain at 45%-50% and 3.5x-4.0x
respectively over the next 12-18 months, supported by increasing
revenue recognition, on the back of the strong sales performance
achieved in 2015 and 2016. Such financial metrics are consistent
with Moody's expectation for its Baa3 rating.

China Jinmao recorded a robust sales performance in 2016, with
contracted sales growing 62% year-on-year to RMB48.5 billion; a
result which exceeds the company's annual sales target of RMB36
billion for 2016.

"The proposed hybrid issuance will further enhance China Jinmao's
liquidity position," says Cindy Yang, a Moody's Assistant Vice
President and Analyst, and also the Local Market Analyst for
China Jinmao.

The company's liquidity position remains strong, despite its
increased land investments in 2016. Its cash balance of HKD17.1
billion at end-June 2016 and strong contracted sales will enable
it to meet its short-term debt of HKD11.4 billion and committed
land payments.

China Jinmao's Baa3 issuer rating continues to reflect its solid
track record of developing landmark integrated projects and of
acquiring strategically important projects through its
collaboration with government-related entities.

The rating also takes into account the company's credit strength
of stable rental income generated from its quality portfolio of
investment properties - including prime office buildings and
hotels in Shanghai and Beijing - which provides the company with
a buffer against the volatility stemming from its property
development business.

However, China Jinmao also faces elevated execution and financial
risk, as a result of the rapid expansion of its property
development business. Moody's expects that it will offset such
risk by employing a strategy to develop sizable and high-cost
projects with partners. Such an approach could partly reduce its
capital requirements and execution risks.

Listed on the Hong Kong Stock Exchange in 2007, China Jinmao
Holdings Group Limited is a subsidiary of Sinochem Hong Kong
(Group) Company Limited (A3 stable), which is in turn 100%-owned
by Sinochem Corporation (unrated).

Sinochem Corporation is a joint-stock limited company, 98%-owned
by Sinochem Group (unrated), which is a pure holding company and
directly owned and supervised by the State-Owned Assets
Supervision and Administration Commission of China's State
Council.

China Jinmao develops residential and commercial properties in
first-tier and major second-tier cities in China. At 30 June
2016, the company had a total property development land bank of
approximately 12.3 million square meters (sqm) in gross floor
area (GFA).

China Jinmao has also invested in primary land development
projects in Changsha in Hunan Province; Sanya in Hainan Province;
and Nanjing in Jiangsu Province, with an attributable GFA of
approximately 20.6 million sqm.


LEECO: Haosheng Files Suit vs Unit Over CNY51.74MM Unpaid Bills
---------------------------------------------------------------
The South China Morning Post reports that LeEco, the video
streaming company that's aspiring to build the world's fastest
electric sports car, is being sued by a Chinese vendor for unpaid
bills, in the latest sign that its cash woes are persisting even
as it claims to be raising funds from investors.

Zhejiang Haosheng Electronic Technology, which makes speakers
used in smartphones, has sued LeEco's mobile phone unit to
recover CNY51.74 million (HK$58 million) of unpaid bills, SCMP
relates citing the plaintiff's January 5 statement. The case is
being arbitrated by the Shanghai International Economic &Trade
Arbitration Commission, the statement said.

SCMP says LeMobile signed a November 16 contract to buy speakers
from Haosheng, agreeing to pay the vendor CNY11.02 million and
US$5.93 million in nine instalments, plus 6 per cent annualised
interest rate. The first instalment was missed on December 11
last year, Haosheng said, the report relays.

According to the report, Haosheng is among several creditors
queuing up at LeEco's door.

AAC Technologies Holdings, Taiwan's Compal Electronics and Truly
International Holdings have made public disclosures of debts owed
by LeEco's subsidiaries, SCMP discloses citing a January 5 report
by thepaper.cn website. Compal said on November 23 that LeMobile
had already rectified its arrears, thepaper.cn said.

LeEco's founder Jia Yueting acknowledged his company's financial
strife in a November letter to employees, admitting LeEco's
expansion into a myriad of businesses have outpaced its ability
to earn cash, SCMP recalls.

Still, LeEco announced this week it had received an unspecified
amount of advance payments as it finalises agreements for more
than CNY10 billion of capital injection from unidentified
investors, the report states.

SCMP says Haosheng's case, which lists Jia and his brother Jia
Yuemin as defendants, is pending arbitration. The company is
suing to recover the entire sum owed by LeMobile, plus CNY600,000
in legal fees, according to SCMP.

Shares of LeShi Internet Information & Technology Corp, the video
streaming unit of LeEco, had been suspended from trading on the
Shenzhen Stock Exchange since December 7, adds SCMP.

The report says the stock had plunged 7.8 per cent in a day just
before the halt, on speculation it was laying off staff to cut
costs. The company laid off 60 employees in Hong Kong on
December 23, SCMP reports.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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I N D I A
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AMAR ORGANICS: CRISIL Reaffirms 'B' Rating on INR5.25cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the INR14 crore-bank loan facilities of Amar Organics (AO).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.75      CRISIL B/Stable (Reaffirmed)

   Letter of Credit        5.0       CRISIL A4 (Reaffirmed)

   Letter of Credit
   Bill Discounting        1.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.25      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect AO's low value addition and
modest scale of operations, resulting in low profitability. The
ratings are also constrained on account of below-average
financial risk profile because of small networth, high total
outside liabilities to tangible networth ratio and average debt
protection metrics. These weaknesses are mitigated by the
promoters' extensive industry experience and efficient working
capital management.

Key Rating Drivers & Detailed Description
Weakness
* Low value addition and modest scale of operations, resulting in
low profitability: The modest scale of operations, as reflected
in revenue of INR72 crores for fiscal 2016, exposure to intense
competition and low value addition, has led to a low operating
margin of 1.8% in fiscal 2016.

* Below-average financial risk profile: The financial risk
profile is below average, marked by small networth of INR1.5
crore, high total outside liabilities to tangible networth ratio
of around 4 times, and average debt protection metrics. Interest
coverage and net cash accrual to total debt (NCATD) ratios were
around 2.9 times and 4.3 times, respectively, for fiscal 2016.

Strengths
* Extensive experience of the promoters: Over four decades in the
zinc and copper industry, have helped the key promoter, Mr.
Rajagopal Gowra, establish relationships with customers and
suppliers, and thus, ensure regular order inflow.

* Efficient working capital management: Working capital
requirement is managed in a prudent manner, with gross current
assets of 32 days as on March 31, 2016, aided by modest inventory
of around 11 days and receivables of 15 days.
Outlook: Stable

CRISIL believes AO will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the firm reports substantial and sustained growth
in profitability, or sizeable capital infusion by the promoter,
strengthens the capital structure. The outlook may be revised to
'Negative' in case of a steep decline in profitability, or if
further capital withdrawal or stretch in the  working capital
cycle, weakens the capital structure.

AO was set up in 1976 by Mr. Rajagopal Gowra and his family
members. The Hyderabad-based firm primarily trades in zinc and
copper, in addition to chemicals, polymers, and low-density
polyethylene granules.

Profit after tax (PAT) stood at INR0.6 crore on net sales of
INR72 crore for fiscal 2016, vis-a-vis INR1.08 crore and INR100
crore, respectively, for fiscal 2015.


APPOLLO DISTILLERIES: ICRA Cuts Rating on INR75cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]B+ to [ICRA]D
for the INR75.00 crore Term Loan of Appollo Distilleries Pvt.
Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       75.00        Downgraded from [ICRA]B+
                                        to [ICRA]D
                                        ISSUER NOT COOPERATING*

* Issuer did not co-operate; Based on best available information.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with ADPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Analytical approach: "For arriving at the rating, ICRA has taken
a consolidated view of a ADPL along with its group company- Empee
Sugars and Chemicals Ltd. (rated [ICRA]D)- since both have
operational linkages and share common management"

ADPL owns and operates a brewery plant having an installed
capacity of 50,000 KLPA (kilo liter per annum) at Billakuppam,
Gummidipundi, Tamil Nadu (TN). The commercial operation of ADPL's
manufacturing facility commenced in May 2012. ADPL is a
subsidiary of Empee Distilleries Ltd (EDL, rated 'CARE D') part
of Empee group of companies.

The company reported a net profit of INR0.13 crore on a turnover
of INR183 crore in FY15 (refers to the period April 1 to
March 31) as against net profit of INR0.02 crore on a turnover of
INR180 crore in FY14.


AVEDA VENTURES: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aveda Ventures
Pvt. Ltd.'s 'IND BB-' Long-Term Issuer Rating.  The Outlook was
Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Aveda.

Aveda's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR500 million proposed term loan: 'Provisional IND BB-';
      Outlook Stable; rating withdrawn


BAMBINO PASTA: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bambino Pasta
Food Industries Private Limited's (BPFIPL, formerly known as MLR
Industries Private Limited) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects BPFIPL's continued moderate credit
profile and tight liquidity.  Revenue was INR975.4 million in
FY16 (FY15: INR968 million), EBITDA margin was 18% (18.2%),
interest coverage (operating EBITDA/gross interest expense) was
1.8x (1.8x) and net leverage (Ind-Ra total adjusted net
debt/operating EBITDAR) was 3.7x (3.7x).  The company's average
use of fund-based facilities was almost around 100% over the 12
months ended November 2016.  However, Ind-Ra expects the credit
profile to improve in FY17, with steady revenue growth and
scheduled repayment of term loans, coupled with absence of any
major short-term capex.  According to the provisional results as
of November 2016, the company has booked revenue of INR963.2
million.

The ratings continue to be supported by the company's about
three-decade-long established brand Bambino under which it sells
its products and established distribution network.

                      RATING SENSITIVITIES

Positive: A substantial growth in revenue and/or improvement in
profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: A decline in revenue and/or profitability leading to a
sustained deterioration in the credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Established in 2000, promoted by M Kishan Rao, whose son M
Subramanyam is managing director.  BPFIPL sells pasta products.
The company changed its name from MLR Industries Private Limited
in January 2016.  It has a 3,000kg/hour pasta plant in Bibinagar
near Hyderabad, Andhra Pradesh.

BPFIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable
   -- INR200 million (increased from INR163.5 million) fund-based
      working capital limits: affirmed at 'IND BB'; Outlook
      Stable; and 'IND A4+'
   -- INR30 million (increased from INR20 million) non-fund-based
      working capital limits: affirmed at 'IND A4+'
   -- INR316.5 million (reduced from INR428.9 million) term loan:
      affirmed at 'IND BB'; Outlook Stable


BHUMYA PRIVATE: Ind-Ra Withdraws 'B-' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhumya Private
Limited's (BPL) 'IND B-' Long term Issuer Rating.  The Outlook
was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BPL.

BPL's ratings:

   -- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
      withdrawn
   -- INR 625 million fund-based limits (cash credits): 'IND B-';
      Outlook Stable; rating withdrawn


CROWN PROMOTERS: ICRA Reaffirms 'D' Rating on INR6.3cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR6.30
crore term loan facilities of Crown Promoters and Developers  at
[ICRA]D. ICRA has also reaffirmed its short term rating assigned
to the INR4.70 crore non fund based limits at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               6.30         Reaffirmed at [ICRA]D
   Non Fund Based Limits   4.70         Reaffirmed at [ICRA]D

Issuer did not co-operate; Based on best available information.

The rating action is based on the ongoing delay in debt servicing
by the firm. As part of its process and in accordance with its
rating agreement with CPD, ICRA had sent repeated reminders to
the company for payment of surveillance fee that became overdue;
however despite multiple requests; the company's management has
remained non-cooperative. ICRA's Rating Committee has taken a
rating view based on best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1,
2016, the company's rating is now denoted as: "[ICRA] D ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

CPD is a partnership firm and part of Delhi based Crown group.
The firm is developing an integrated township project, 'Crown
City' in Village Gharaunda district in Karnal, Haryana. The
township is spread over area of 50 acres and primarily consists
of residential plots. Apart from residential plots, there are
also areas marked for commercial development, primary school and
nursing home.


DHARMLOK INDUSTRIES: ICRA Ups Rating on INR4.70cr LT Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR4.70-crore cash credit facility of Dharmlok
Industries. ICRA has also reaffirmed the short-term rating at
[ICRA]A4 for the INR5.00-crore fund-based bank facilities of DI.
The outlook on the long-term rating is 'Stable'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based-Long Term     4.70      [ICRA]B+ (Stable); upgraded
                                      from [ICRA]B

   Fund-based-Short term    5.00      [ICRA]A4; reaffirmed

Detailed Rationale
The upgrade factors in the consistent improvement in DI's
revenues, which recorded a year-on-year increase of ~80% in
FY2016, largely supported by the increase in production volumes
and prices. ICRA's ratings continue to favourably factor in the
experienced management along with the positive demand prospects
of pulses, which form an essential constituent of the Indian
diet. The ratings also factor in the proximity of the firm's
processing unit to major pulses cultivation areas, resulting in
easy availability of raw material.

The ratings, however, continue to be constrained by the low
value-adding business, which along with a fragmented and
unorganised market, results in thin profit margins. The
profitability of the firm is also exposed to commodity price
cycles. The firm also has a highly leveraged capital structure
due to substantial debt funding of the working capital
requirements; though there has been continuous support from the
promoter in terms of infusion of unsecured loans.

Since the firm operates in the agro commodity industry, there is
inherent risk to agro-climatic conditions and Government
policies, which impact the supply scenario. In the light of this,
the firm's ability to scale up operations, optimise capacity
utilisation level by keeping a check on the external borrowings
will be crucial from the credit perspective.

Key Rating Drivers

Credit Strengths
  * Strengthening foothold in the market as evident from the
secular growth in revenues
  * Established track record of the promoters in the business
  * Proximity to the pulse mandis of Katni reduces the
procurement cost and allows better quality control
  * Positive demand outlook, given the growing domestic pulse
consumption; off take risk is fairly minimised as the firm's
products are part of the Indian staple diet

Credit Weakness
  * Low value-adding nature of the pulse processing business and
the pricing pressures due to presence in a highly competitive and
fragmented industry have resulted in low profitability
  * Modest net worth base with high gearing level as on March 31,
2016; proprietorship constitution renders the capital vulnerable
to risk of withdrawals
  * Procurement functions exposed to price risks and agro-
climatic risks, which could affect the availability of key raw
materials and also impact its quality and pricing

Detailed Description of Key Rating Drivers Highlighted:

The firm's revenues recorded almost three times increase in
FY2016 due to increase in capacity utilisation to cater to new
customers and meet increased demand from existing customers. The
increase in revenue was also partly due to steep increase in
prices of pulses during the year. The proprietor's extensive
experience in the sector aided the growth. The procurement cost
of raw material is low as the firm's mill is located in Katni,
which is one of the largest producers of Arhar in India. The
demand prospect of pulses and food grains is favourable,
providing steady revenue growth prospects. However, the revenue
growth also remains contingent upon pulses realisation, which is
exposed to fluctuations.

The challenges for the firm arise from the limited value-addition
of its operations that result in thin operating margins. In
addition, the price realisation largely depends on the agro-
climatic conditions, which significantly impact the top-line of
the firm. The firm's revenue has been fluctuating due to varying
prices of pulses in the market. The rating also reflects the
susceptibility of the sector to various Government regulations,
as pulses come under the Essential Commodities Act. The firm's
net worth was modest (Rs.2.82 crore) as on March 2016. The modest
net worth coupled with dependence on external borrowings to fund
working capital makes the capital structure leveraged; the
gearing was 3.31 times as on the same date. Also, the
proprietorship constitution renders the capital vulnerable to
risk of withdrawals.

Dharmalok Industries (DI) was established in 1992 as a
proprietorship concern of Mr. Mohanlal Batra. The firm trades and
process grains such as flattened rice (poha) and murmura; Arhar
dal is the chief revenue contributor. The firm's factory, located
in the industrial belt of Katni, Madhya Pradesh, has a processing
capacity of 10250 MTPA of Arhar, 5,000 MTPA of flattened rice,
and ~2000 MTPA of murmura.

DI reported a net profit of INR0.50 crore on an operating income
of INR113.47 crore in FY2016, as compared to a net profit of
INR0.62 crore on an operating income of INR62 crore in the
previous year.


DREAMCITI REALTY: CRISIL Assigns B+ Rating to INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the INR8.0
Crore of bank facility of Dreamciti Realty Private Limited.

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

The rating reflects Dreamciti's exposure to risks relating to
cyclicality in Indian real estate industry and economic cycle's
alongwith project funding, implementation and off-take risk
associated with Dreamciti Greens. These weakness are offset by
extensive experience of promoter in residential real-estate
construction and favorable location of the current project.

Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks relating to cyclicality in Indian real estate
industry and economic cycles: The real estate sector in India is
fragmented and dominated by a few regional players; also, the
industry is inherently cyclical.

* Project funding, implementation and off-take risk : Dreamciti
is currently executing a residential villas project, Dreamciti
Greens. As on November, 2016 the company has completed 50 to 55
per cent of the construction.

Strengths
* Extensive experience of promoter in residential real-estate
construction: Mr. Vijay Singh have vast experience in the real
estate sector of over 10 years. Mr. Singh group has completed
around 6 projects in around Bengaluru region.

* Favorable location of the project : Dreamciti Greens is located
at Koppa Gate just off easily accessible to Bannerghatta Road.
The vicinity of Begur Road is fast proving to be one of
Bengaluru's finest residential localities with smart
infrastructure in place. Proximity to Electronics city Phase I &
II and the Silk Board junction is another undeniable plus for
Dreamciti Greens.
Outlook: Stable

CRISIL believes that Dreamciti will benefit over the medium term
from its promoters extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if the company
exhibits significant progress in bookings and flow of advances
for the project. Conversely, the outlook may be revised to
'Negative' in case of large than expected debt funding of the
project or lower-than-expected consumer interest in the projects.

Dreamciti is currently executing a residential villas project,
Dreamciti Greens, of 107,350 square feet (sq ft) at Bannerghatta
Road, Bengaluru. Dreamciti was incorporated in in 2010 by Mr.
Vijay Singh.


EMPEE SUGARS: ICRA Reaffirms 'D' Rating on INR512.04cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR127.14 crore cash credit facility and INR384.90 crore term
loan of Empee Sugars and Chemicals Ltd. ICRA has also reaffirmed
the short term rating at [ICRA]D for the INR128.18 crore non fund
based bank facilities of ESCL. ICRA has also reaffirmed the
ratings at [ICRA]D to the unallocated amount of INR0.78 crore.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Non-Fund Based Limits     128.18      Reaffirmed at [ICRA]D
                                         ISSUER NOT COOPERATING*

   Fund Based Limits         512.04      Reaffirmed at [ICRA]D
                                         ISSUER NOT COOPERATING*

   Unallocated Amount          0.78      Reaffirmed at [ICRA]D
                                         ISSUER NOT COOPERATING*

* Issuer did not co-operate; Based on best available information.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with ESCL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

ESCL is engaged in the manufacturing of sugar and spirits
including ethanol. The Company started its cane crushing
operation in 1992 at Naidupet Unit in Andhra Pradesh and later
ventured into the production of Spirits namely rectified spirits
and extra neutral alcohol. ESCL has two operating units at
Naidupet (Nellore) in Andhrapradesh and Ambasamudram
(Tirunelveli) in Tamil Nadu. ESCL has 8000 TCD cane crushing
capacity, integrated with 60 klpd distillery and 50 MW
cogeneration plant at Ambasamudram and 3000 TCD and 20 klpd
distillery at Naidupet. ESCL also has a subsidiary Empee Power
Company Limited, which operates 20 MW cogeneration power plant at
Naidupet. Its Ambasamudram unit is facing cane availability
issues and the sugar production is discontinued. Further, the 50
MW power co-gen plant also has stopped generation of power since
Dec 1, 2014.


FATEH CHAND: Ind-Ra Lowers Rating on INR181.6MM Loans to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Fateh Chand
Charitable Trust's (FCCT) INR181.6 million (reduced from
INR282.3 million) term loans and INR70.5 million non-fund-based
facility (bank guarantee) to 'IND BB' from 'IND BB+'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects the increase in FCCT's debt burden and its
tight liquidity profile.  Debt/current balance before interest
and depreciation (CBBID) was 7.03x in FY16 (FY15: 2.64x).
Available funds of INR14.17 million in FY16 (FY15: INR40.73
million) provided limited financial cushion to fund both debt
(1.98%) and operating expenditure (1.96%), compared to 7.37% and
8.57%, respectively, in FY15.  However, Ind-Ra believes that
continued timely repayment of the existing loan and improved
CBBID levels due to increase in the headcount and control over
the operating expenses in the short-to-medium term could ease the
debt burden.

The downgrade also factors in FCCT's declining operating
performance, with average operating margins of 25.64% over FY12-
FY16.  Margins declined to 12.27% in FY16 (FY15: 30.51%) due to
37.26% yoy and 68.36% yoy increase in staff costs and operating
expenses to INR339.12 million and INR384.63 million,
respectively. The margins are likely to be moderate in the near-
to-medium term on account of rising operating expenses.

The trust's debt service coverage ratio has been below 1x during
FY12-FY16, except for FY15 when it was 1.37x.  The ratio dipped
to 0.49x in FY16 owing to a 51.25% yoy decline in CBBID and a
subsequent 35.62% yoy rise in the debt service level.  Ind-Ra
expects continued timely financial support from trustees by way
of unsecured loans will bridge the deficit in debt servicing, if
any.

Capacity utilization has reduced to 93.57% in FY16 from 95.56% in
FY15 due to higher student intake, as against the increase in the
number of students enrolled.  Ind-Ra expects this trend to
continue on account of rising demand for MBBS and PG courses.
The total student strength has increased moderately at a CAGR of
11.8% over FY12-FY16, along with commensurate increase in the
approved intake (FY12-FY16 CAGR: 8%).  Postgraduation (PG)
courses introduced in FY12, with an intake of three students
increased the intake to 34 students in FY16.  At the end of the
academic year 2016, total students with PG courses were 73.  The
total headcount has increased to 1,179 students in FY16 from 756
students in FY12.

Revenue grew at a CAGR of 25.3% over FY12-FY16, while tuition
fees increased at a CAGR of 25.67%, contributing 81.09% to
revenue. Income from the MBBS department was the key driver of
the tuition fee income growth, and contributed 70.13% in FY16,
while other-medical course contributed merely 8.85%.  Hospital
receipts accounted 17.27% of the total revenue in FY16.

                      RATING SENSITIVITIES

Positive: Continued strong operational performance and demand
flexibility, along with improved debt metrics could be positive
for the ratings.

Negative: A further deterioration in the available funds in
conjunction with a disproportionate increase in debt resulting in
weaker coverage ratios and absence of timely financial support
from trustees could be negative for the ratings.

COMPANY PROFILE

Established in 2005, FCCT is affiliated to the Chaudhary Charan
Singh University, Meerut and is approved by the Medical Council
of India.

Muzaffarnagar Medical College and Hospital, under FCCT's aegis
started operations in 2006.  The courses offered are MBBS, PG,
along with para-medical courses to impart nursing education and
training.  The admission is through the entrance test of Uttar
Pradesh Unaided Medical College Welfare Association.  The college
does not offer any part time courses.  The hospital, presently
with a capacity of 650 beds was established primarily to support
the college as a teaching hospital.


GALLANTT ISPAT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gallantt Ispat
Limited's (GIL) 'IND BB+' Long-Term Issuer Rating placed on
Rating Watch Positive (RWP).

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GIL.

GIL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; placed on RWP; rating
      withdrawn
   -- INR550 million fund-based limits: 'IND BB+'; placed on RWP;
      rating withdrawn
   -- INR480 million non-fund based working capital limits:
      'INDA4+'; placed on RWP; rating withdrawn


GAURAV WORLDWIDE: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gaurav
Worldwide Trading Pvt Ltd's 'IND B' Long-Term Issuer Rating.  The
Outlook was Stable.  The agency has also withdrawn the Long-term
'IND B' rating with a Stable Outlook and the Short-term 'IND A4'
rating on the company's INR300 million fund-based working capital
facility.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.


GLOBAL ISPAT: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Global Ispat
Limited's (GIL) 'IND BB-' Long-Term Issuer Rating.  The Outlook
was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GIL.

GIL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR120 million fund-based limits: 'IND BB-'; Outlook
      Stable; rating withdrawn
   -- INR20.5 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- INR95 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


GMS ELEGANT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GMS Elegant
Builders India Private Limited's (GEBIPL) 'IND BB+' Long-Term
Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GEBIPL.

GEBIPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR120 million Long-term fund-based working capital limits:
      'IND BB+'; Outlook Stable ; rating withdrawn
   -- INR90 million Short-term non-fund-based working capital
      limits: 'IND A4+'; rating withdrawn


GOLDEN CELLARS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Golden Cellars
Private Limited's 'IND B' Long-Term Issuer Rating.  The Outlook
was Stable.  The agency has also withdrawn the Long-term 'IND B'
rating with a Stable Outlook on the company's INR 50 million
fund-based working capital limit.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.


HANKHUL PACKWELL: CRISIL Assigns B+ Rating to INR7.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Hankhul Packwell Pvt Ltd (HPPL). The
rating reflects HPPL's small scale of operations in the
polypropylene cement bags industry and modest financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of the promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               7.7      CRISIL B+/Stable (Assigned)

   Cash Credit             3.3      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      2.0      CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations in the polypropylene cement bags
industry: Operating income was INR19.7 crore in fiscal 2016. With
the capacity enhancement being undertaken, the operating income
is expected to increase to over INR35 crore per fiscal over the
medium term. However, the company will continue to be a small
player in the industry.

* Modest financial risk profile: The financial risk profile is
constrained by a low networth of INR1.3 crore and high total
outside liabilities to adjusted networth ratio of 3.5 times, as
on March 31, 2016. However, the interest coverage ratio was
moderate at 2.7 times, and return on capital employed adequate at
14%, in fiscal 2016.

Strengths
* Extensive industry experience of the promoter: The promoter,
Mr. Dhiraj Khullar, has an experience of over two decades in the
woven sacks business. This provides insight into the industry and
enables the identification of price trends. Moreover, there are
longstanding relationships with leading companies, such as
Heidelberg Cement India Limited, J K Cement Limited, and J K
Lakshmi Cement Limited, indicating a high product quality. The
company is expected to continue to benefit from the extensive
industry experience of its promoter and strong customer
relationships.
Outlook: Stable

CRISIL believes HPPL will continue to benefit from the extensive
industry experience of its promoter. However, its financial risk
profile is likely to remain constrained by a low networth and
high leverage. The outlook may be revised to 'Positive' if high
cash accrual or equity infusion strengthens the financial risk
profile. The outlook may be revised to 'Negative' if delays in
completion and stabilisation of the capacity enhancement project
weakens liquidity. The outlook may also be revised to 'Negative'
if a decline in operating income or profitability leads to low
net cash accrual.

HPPL was established on August 20, 1983, in Jhansi, Uttar
Pradesh. Mr. Khullar, the managing director, and his family
manage operations. Commercial operations commenced from May 10,
1986, to manufacture polypropylene based cement bags. The company
is undertaking a capacity enhancement to increase installed
capacity to 540 lakh bags per year from 300 lakh bags per year
currently.


INABENSA BHARAT: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Inabensa
Bharat Private Limited's (IBPL) Long-Term Issuer Rating to 'IND
D' from 'IND B+'.  The Outlook was Stable.

                         KEY RATING DRIVERS

The downgrade reflects IBPL's delays in the servicing of the bank
facilities during the 12 months ended September 2016, according
to the information provided by the company's lenders.  The
company has not shared its FY16 and recent financials with Ind-
Ra.

                      RATING SENSITIVITIES

Positive: Timely repayment of principle and interest for three
months could be positive for the ratings.

COMPANY PROFILE

Incorporated in September 2002, IBPL is engaged in the execution
of transmission and distribution projects and trading activities
for group entities.  In FY15, IBPL reported revenue profit after
tax margins of negative INR311 million (FY14: negative
INR118 million) and debt of INR1.6 billion (INR1.1 billion).

IBPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND B+'/Stable
   -- INR150 million fund based working capital facilities:
      downgraded to Long-term 'IND D' from 'IND B+'/Stable and
      Short-term 'IND D' from 'IND A4'
   -- INR50 million non-fund based working capital facilities:
      downgraded to Long-term 'IND D' from 'IND B+'/Stable and
      Short-term 'IND D' from 'IND A4'


INNOVENTIVE INDUSTRIES: Corporate Insolvency Process Filed
----------------------------------------------------------
LiveMint.com reports that ICICI Bank Ltd has filed an application
in the National Company Law Tribunal (NCLT) against Innoventive
Industries Ltd to initiate a corporate insolvency process under
the new bankruptcy law.

This is the first case in India filed under the Insolvency and
Bankruptcy Code, 2016, and it will provide a primer on how the
new law will help tackle the banking system's nearly Rs6.7
trillion of bad loans, LiveMint.com says.

LiveMint.com relates that the Pune-based steel products maker,
which had debt of INR955 crore at the end of September, has
contested the petition. It said that it is not in default because
the industries, law and labour departments of the Maharashtra
government had notified a suspension of the firm's liabilities
from 22 July 2016 to 21 July 2017, says LiveMint.com.

"Therefore, none can proceed against the company showing as the
company defaulted paying debts," said an interim order on the
tribunal's website on Dec. 22, 2016.

ICICI Bank was asked to respond on whether its application
complied with the bankruptcy law on Dec. 23. However, the
tribunal's website had no details of that day's hearing at the
time of going to press on Dec. 25.

"We cannot comment on this case as it is sub judice," the report
quotes a spokesperson for ICICI Bank as saying. Chandu L. Chavan,
chairman and managing director of Innoventive Industries,
declined to comment.

LiveMint.com says Innoventive, like many other metal firms,
suffered from the price downturn of recent years. It entered the
corporate debt restructuring cell in 2013, and a year later, it
signed a master restructuring agreement with banks which was
junked later. The report relates that there were discussions on
some options like bringing in fresh equity, but these didn't
materialize, said a former public sector banker who is familiar
with the case, requesting anonymity.

Whatever the result, the case is now important to determining the
applicability of the bankruptcy code, which came into effect last
year, LiveMint.com notes.


JAI INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jai India
Weaving Mills Private Limited's (JIWM) Long-Term Issuer Rating to
'IND BB' from 'IND BBB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects deterioration in JIWM's credit profile and
tight liquidity.  There have been two instances of
overutilization of the fund-based working capital limits of up to
14 days during the three months ended November 2016 due to the
delay in payment by the customers.  The company's net working
capital cycle deteriorated to 128 days in FY16 (FY15: 47 days)
primarily due to high inventory of raw materials.

Revenue declined 25% yoy to INR985 million in FY16 (FY15:
INR1,304 million).  The decline in revenue was mainly due to the
death of the director Mr. Balu and the company did not
concentrate on its operations for three months (November 2015-
January 2016).  The company has reported INR627.30 million of
revenue during 8MFY17 and has INR104.97 million worth orders in
hand to be executed by January 2017.

Net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 3.6x in FY16 (FY15: 2.2x) and EBITDA interest
coverage (operating EBITDA/Gross interest expense) remained at
2.5x (2.7x) on account of debt funded capex of INR307 million
incurred for installation of 12,000 spindles.

JIWM's EBITDA margin, however, improved to 14.6% in FY16 (FY15:
8.1%) mainly due to the backward integration.  The company has
installed 12,000 spindles with installed capacity of 6000 kg/day
to manufacture cotton yarn in the count range of 30s, 40s and 60s
to meet their own raw material requirement.  Ind-Ra expects the
company to maintain its FY16 profitability going forward on the
strength of the recently completed backward integration.

The ratings continue to be supported by the promoters' more than
a decade long experience in the grey fabric manufacturing
business.

                       RATING SENSITIVITIES

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

Negative: A decline in revenue, profitability and stress on the
net cash conversion cycle resulting in significant deterioration
in credit metrics could be negative for the ratings.

COMPANY PROFILE

JIWM was established in 2004.  JIWM manufactures and sells grey
fabric in the domestic market to customers in Gujarat, Delhi etc.

JIWM's ratings:

   -- Long-term Issuer Rating: downgraded to 'IND BB' from
      'IND BBB-'; Outlook Stable
   -- INR182.5 million fund-based working capital facilities:
      downgraded to Long-term 'IND BB'; Outlook Stable from
      'IND BBB-'; Outlook Stable Stable and Short-term
      'IND A4+' from 'IND A3'
   -- INR65.8 million non-fund-based working capital limits
      (increased from 50.3 million): downgraded to Short-term
      'IND A4+' from 'IND A3'
   -- INR251.3 million term loans (decreased from
      INR315.0 million): downgraded to Long-term 'IND BB';
      Outlook Stable from 'IND BBB-'; Outlook Stable
   -- INR37.5 million fund-based working capital facilities
      (decreased from INR80.0 million): assigned final 'IND BB';
      Outlook Stable and 'IND A4'


JEYENKAY PETROGELS: ICRA Cuts Rating on INR11cr ST Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR3.401
crore fund based limit of Jeyenkay Petrogels Private Limited to
[ICRA]D from [ICRA]B+. ICRA has also revised the short-term
rating assigned to the INR11.00 crore non-fund based limits of
the company to [ICRA]D from [ICRA]A4.  The [ICRA]B+ and [ICRA]A4
ratings assigned to the INR3.60 crore unallocated limits of the
company have also been revised to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund           3.40        Revised to [ICRA]D from
   Based Limit                          [ICRA]B+

   Short-term Non-         11.00        Revised to [ICRA]D from
   Fund Based Limit                     [ICRA]A4

   Unallocated limits       3.60        Revised to [ICRA]D from
                                       [ICRA]B+/[ICRA]A4

Rationale

The ratings revision takes into account the irregularity in debt
servicing and overdrawals from the cash credit account by JPPL
over the last few months. The ratings continue to factor in the
stretched financial profile of the company characterized by thin
profitability, weak debt protection metrics and leveraged capital
structure. The company's liquidity position remains stretched and
it relies heavily on its creditors to fund its working capital
operations which, coupled with the high debt levels, resulted in
a TOL/TNW of 15.50 times as on March 31, 2016. The rating is
further constrained by the company's presence in the highly
fragmented petrogel and specialty oil industry, characterised by
intense competition, which limits its pricing flexibility. The
prices of the company's key raw materials are derived from the
highly volatile crude prices, which expose JPPL's margins to raw
material price volatility. Furthermore, with more than 50% of the
raw material requirement met through imports, the company's
margins remain vulnerable to volatility in foreign currency
exchange rates.

The ratings however continue to factor in the established
experience of the promoter in the petrogel and specialty oil
industry. ICRA also notes the fiscal benefits enjoyed by the
company in the form of sales tax exemptions by virtue of its
factory location in Silvassa.

Going forward, the company's ability to regularise its debt
servicing, effectively manage its working capital requirements
and infuse equity to trim down its debt levels will be the key
rating sensitivities.

Key rating drivers

Credit Strengths

  * Established experience of the promoter in the petrogel and
specialty oil industry
  * Fiscal incentives derived by virtue of the factory unit
located in Silvassa during FY12-16

Credit Weakness

  * Irregularity in debt servicing and overdrawals from the cash
credit account by JPPL over the last few months
  * Stretched financial risk profile characterized by thin
profitability, weak debt protection metrics and leveraged capital
structure
  * Stretched liquidity position following high inventory levels
which has also led to stretched payables resulting in high
TOL/TNW of 15.50 times as on March 31,2016
  * Profitability susceptible to movements in the prices of raw
materials, which are crude oil derivatives
  * Susceptibility of margins to adverse fluctuations in foreign
exchange rates
  * Industry characterized by strong competition from organized
and unorganized players

Description of key rating drivers highlighted:

JPPL's financial profile is characterised by a stretched
liquidity position arising from high inventory levels. The
company mainly procures raw materials in anticipation of demand
and maintains an inventory of raw materials of upto 60 days. JPPL
often undertakes bulk purchases towards the end of the year in
order to avail discounts which elevates its inventory levels
further. Owing to a low net-worth base, the company funds its
working capital requirements largely by availing external
borrowings and through its creditors resulting in a TOL/TNW of
15.50 times as on 31st March, 2016. Consequently, JPPL's capital
structure remains highly leveraged. Furthermore, the company's
profitability remains thin leading to weak debt protection
metrics. Owing to its stretched liquidity position and weak
financial profile, the company has delayed its debt servcing and
made overdrawals from its cash credit account over the last few
months.

The prices of the company's key raw materials comprising base
oils, crystal wax, slack wax and paraffin wax are derived from
the highly volatile crude prices. Since the company procures
inventory in anticipation of demand, its margins remain
vulnerable to raw material price volatility. Furthermore, the
company's presence in the highly fragmented petrogel and
specialty oil industry which is characterised by intense
competition limits its pricing flexibility and thereby its
ability to effectively pass on increase in raw material prices to
customers. Also, with more than 50% of the raw material
requirement met through imports, the company's margins remain
vulnerable to volatility in foreign currency exchange rates.

Nevertheless, JPPL's promoter, Mr. Nilesh Patel has been
associated with the petrogel and specialty oil industry since
over two decades. Under his leadership, the company has
established strong ties with its customers entailing repeat
orders. JPPL's manufacturing facility is located at Dadra and
Nagar Haveli and by virtue of its location, it is entitled to
complete exemption of sales tax till December, 2017. Thus, sales
made by the company do not carry the component of sales tax
resulting in reduced cost for the buyers thereby giving it an
edge over its competitors.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of JPPL, its business risk profile,
financial risk drivers and management profile.

Jeyenkay Petrogels Pvt. Ltd. was initially established as a
partnership concern in the year 2007 and was later converted to a
private limited company in 2010. The company has been promoted by
Mr. Nilesh Patel who has an experience of over 20 years in the
manufacturing of petrogels. JPPL manufactures petrogels like
jellies, waxes, industrial oils, lubricating oils, transformer
oils, greases, paraffins, plasticizing oils, emulsifiers, cutting
oils and special grade oils. The company has its registered
office at Ghatkopar, Mumbai and manufacturing facility at
Silvassa having a production capacity of 15,000 tonnes per annum.

JPPL reported a net profit after tax and depreciation of INR0.01
crore on an operating income of INR57.98 crore for the year-
ending March 31, 2016 (provisional).


JHV STEELS: ICRA Reaffirms 'B' Rating on INR12.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR12.50
crore fund based limits of JHV Steels Limited at [ICRA]B. The
outlook on the long term rating is Stable.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             12.50       [ICRA]B(Stable) reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with JHV, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however despite
multiple requests; the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 2009, JHV is promoted and managed by the Mr. Hira
Lal Jaiswal and Mr. Abhishek Jaiswal. The company is engaged in
the manufacturing of TMT bars with a production capacity of
1,00,000 tons per annum (TPA). The manufacturing facilities are
located at Mirzapur in Uttar Pradesh. JHV has also set up a
manufacturing unit for mild steel billets in its existing plant
with an installed capacity of 75,000 TPA. The commercial
production of the billet unit commenced in June' 2016.
The company reported an operating income of INR64.69 crore and
profit before tax of INR2.56 crore in FY2016 as against the
operating income of INR39.02 crore and profit before tax of
INR0.81 crore in FY2015.


JIWANRAM SHEODUTTRAI: CRISIL Cuts Rating on INR28MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jiwanram Sheoduttrai Industries Private Limited (JSIPL) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.25      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Foreign Bill           28.00      CRISIL D (Downgraded from
   Discounting                       'CRISIL A4+')

   Letter of Credit        1.00      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Packing Credit         15.00      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Short Term    22.14      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

   Term Loan               1.20      CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

The downgrade reflects delays in payment of bills for more than
30 days. JSIPL's weak liquidity is arising from delayed
collection from its debtors.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirements: The business is highly
working capital intensive, with gross current assets (GCAs) of
371 days as on March 31, 2016. Receivables increased to 190 days
as on March 31, 2016, from 90-120 days earlier. Poor demand from
its end-user industry is resulting in delayed payments. JSPIL
funded its working capital requirements largely by stretching its
creditors and bank debt.

Strengths
* Promoter's extensive experience in the leather goods industry,
and the company's diversified customer profile Business risk
profile is expected to remain moderate, supported by the
promoter's experience of around 15 years. The company
manufactures leather industrial gloves, protective garments
(head-to-toe), and leather accessories to the global standards.
The global customer base is spread across 19 countries including
the US. JSIPL has healthy relationships of 6-7 years with key
customers. Also, around 10% of the products are sold in India
under the brand, Jiwan. The company expects to increase its share
in the domestic market to prevent itself from any economic
downturns outside India.

JSIPL was incorporated in 1997, promoted by Mr. Alok Prakash. The
Kolkata-based company manufactures and processes leather-based
protective gloves, garments, and accessories.

In fiscal 2016, JSIPL reported profit after tax of INR2.20 crore
on operating income of INR120.04 crore as compared to PAT of
INR3.97 crore on operating income of INR165.03 crore the previous
fiscal.


KANNAPPAN IRON: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kannappan Iron
and Steel Company Pvt. Ltd.'s (KISCPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The affirmation reflects KISCPL's continued moderate scale of
operations as well as credit metrics.  Revenue in FY16 was
INR959.4 million (FY15:INR1,043.6 million), gross interest
coverage (operating EBITDA/gross interest expense) was 1.49x
(1.62x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 3.91x (3.32x).  The ratings factor in
KISCPL's tight liquidity profile with 96% average working capital
utilization during the 12 months ended November 2016.

The ratings, however, continue to be supported by the three-
decade-long experience of KISCPL's founders in the steel trading
and manufacturing business.

                       RATING SENSITIVITIES

Positive: A substantial revenue growth leading to sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: A sustained deterioration in the interest coverage on
revenue or margin contraction could be negative for the ratings.

COMPANY PROFILE

Incorporated as a private limited company in 1999, KISCPL
manufactures TMT bars, CTD rods and MS ingots in Tamil Nadu.  The
company is managed by T.S.P.Kannappan, K.P.Thirumalai Raja, and
K.Pushpavalli.

KISCPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable
   -- INR300 million fund-based working capital limit: affirmed
      at 'IND BB+'; Outlook Stable and 'IND A4+'
   -- INR334 million non-fund-based working capital limit:
      affirmed at 'IND A4+'


KRISHNA COTTON: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Krishna Cotton - Jamnagar (KC) at 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       1.64    CRISIL B+/Stable (Reaffirmed)

   Term Loan                1.36    CRISIL B+/Stable (Reaffirmed)


The ratings reflect CRISIL's expectation of moderate cash
accruals, marked by pressure on revenue growth with modest
profitability over the medium term. Operating profit margin
expected to remain stable year on year (y-o-y) to around 3% over
the medium term.

Gearing and debt protection metrics are below average marked
higher reliance on debt. Liquidity is also stretched over the
medium term, driven by modest cash accruals coupled with high
working capital requirements, however it continues to be
supported by promoter's fund infusion. CRISIL believes KC's
financial risk profile may continue to be below average over the
medium term.

Key Rating Drivers & Detailed Description
Weakness
* Intense competition in the fragmented industry: The entry
barriers in cotton ginning and pressing industry are low on
account of low capital, technology intensity, and low
differentiation in end product. CRISIL believes that KC will face
direct competition from many unorganised players and thus it will
have limited pricing power and limited scale of operations, over
the medium term.

* Below-average financial risk profile: Financial risk profile
remains constrained by modest networth and high gearing (Rs. 2.83
Cr. and 2.36 times, respectively, as on March 31, 2016). Debt
protection metrics are average, with interest coverage of 1.6
times and net cash accrual to total debt of 0.06 time in fiscal
2016. The financial risk profile may continue to be below average
over the medium term.

Strengths
* Extensive industry experience of promoters: The promoters of KC
have past experience in the cotton industry. The firm benefits
from the extensive experience of its promoters, their
understanding of the dynamics of the local market, and
established relationships with customers and suppliers. CRISIL
believes that KC will continue to benefit from the strong
industry experience of its partners and achieve sustained revenue
growth, over the medium term.

* Proximity to cotton-growing belts: KC's production facility is
based in the cotton-growing belt in Gujarat. This will enable KC
to procure raw cotton directly from local farmers, thus making
its operations more cost-effective.
Outlook: Stable

CRISIL believes KC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if higher-than-expected revenue or
profitability leads to improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens due to large, debt-funded capital
expenditure or stretched working capital requirement.

Set up in 2011, KC is a partnership firm in Jamnagar (Gujarat)
that gins and presses cotton. The firm is owned and managed by
the Kasundra family.


KRISHNAPATNAM RAILWAY: Ind-Ra Ups Rating on INR9.3BB Loan to B-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Krishnapatnam
Railway Company Limited's (KRPL) INR9,330 million senior project
bank loan to 'IND B-' from 'IND D'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The rating upgrade reflects the regularization of interest
servicing by KRPL from July 1, 2016, although the rating
continues to reflect the delays in project completion which has
resulted in a cost overrun of INR4,700 million from the previous
landed project cost estimate of INR13,960 million.  According to
the CA certificate for sources and usage of funds (August 2016),
about 56% financial progress has been achieved.  Presently,
Phase-I (Venkatachalam to Krishnapatnam) and Phase-III
(Venkatachalam to Krishnapatnam doubling) rail lines have been
completed.  Phase-II (Venkatachalam to Obulavaripalle) is under
construction and likely to be completed by October 2017,
incurring a capital cost of INR13,910 million.

The project generates revenue through apportioned rail movement
charges plus one side terminal costs for each commodity.  The
actual traffic has always been better than the estimates since
FY12, except in FY16 when there was an industrial slowdown.
However, revenue risks have increased as the cargo handled by
rail at Krishnapatnam port fell to 38% in FY16 from 68% in FY12.
Additionally, the counterparty South Central Railways' track
record of making payment constrains the rating.  Receivables
amounting to INR4,644 million (part of terminal costs) are yet to
be received from South Central Railways, failing which the
project's bankability would be an issue.

The senior debt of INR9,330 million will fully amortise in 40
equal quarterly installments, commencing from Oct. 31, 2018, and
ending on July 31, 2028.  Out of the sanctioned amount,
INR7,160 million is in the process to be disbursed by the
lenders. According to the company, INR4,530 million will be
disbursed by end-December 2016 and the balance will be disbursed
by end-March 2017.  The current interest rate is 10.80% which is
floating in nature, which increases the financing risks.

                       RATING SENSITIVITIES

Positive: Completion of Phase-II according to the timelines and
sustained and better-than-expected operational and financial
performance may result in a rating upgrade.

Negative: Below-than-expected operational and financial
performance may result in a rating downgrade.

COMPANY PROFILE

KRCL has been incorporated under National Rail Vikas Yojana
scheme, as a joint venture company, with an object to implement a
new rail line for connecting the Krishnapatnam port with Indian
Railways.  It is a joint venture of Rail Vikas Nigam Limited (a
government of India Enterprise, (30%), Krishnapatnam Port Company
Limited (30%), National Mineral Development Corporation Limited
(14.81%), the government of Andhra Pradesh (12.96%) and Brahmani
Industries Limited (12.21%).


LENZ CERAMIC: ICRA Reaffirms B Rating on INR13cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR5.00-crore term-loan facility and the INR8.00-crore working
capital facility of Lenz Ceramic Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating on the INR2.50-crore short-term
non-fund based facility of LCPL. The outlook assigned on the
long-term rating is 'Stable'.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Non-Fund Based Limits    2.50      [ICRA]A4 Reaffirmed
   Fund-Based Limits       13.00      [ICRA]B (Stable) Reaffirmed

Rationale

The ratings reaffirmation continues to remain constrained by
LCPL's modest operating scale, characterised by 22% decline in
revenue in FY2016 due to limited product portfolio. The ratings
are further constrained by the company's weak financial profile,
evident from its low profitability, moderate capital structure
and weak debt coverage indicators. The working capital intensity
of the company remained stretched as reflected in the NWC/OI
ratio of 40.3% in FY2016, resulting from higher inventory
holdings during the year. The ratings also take into account the
high competition in the ceramic tile industry due to the presence
of large established tile manufacturers and unorganised players.
ICRA also takes note of the dependence of the company's
operations and cash flows on the performance of the real estate
industry and its vulnerability to adverse movements in prices of
key input materials and gas.

The ratings, however, favorably factor in the experience of the
partners in the ceramics business as well as LCPL's locational
advantage, giving it easy access to raw materials. ICRA further
notes that the declining gas prices and the company's minimum
guaranteed off-take (MGO) contract with Gujarat state petroleum
corporation (GSPC) will result in considerable savings in fuel
cost, alleviating the cost pressures to some extent.
ICRA expects LCPL's turnover to increase from FY2017 onwards,
resulting from better capacity utilisations and higher exports
demand for polished glazed vitrified tiles (PGVT). The
profitability at net levels is expected to improve, resulting
from lower depreciation and finance costs as a consequence of
term loan repayments. ICRA expects LCPL's working capital
intensity to remain stretched in the near term. Furthermore, the
company's ability to increase the scale of operations and manage
its working capital efficiently would be the key rating
sensitivity.


M.V. WAGHADKAR: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M.V. Waghadkar
& Sons Jewellers Private Limited's (MVWSJ) 'IND B+' Long-Term
Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for MVWSJ.

MVWSJ's ratings are:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
      withdrawn
   -- INR85 million fund-based working capital limit: 'IND B+';
      Outlook Stable; rating withdrawn
   -- INR14.84 million term loan: 'IND B+'; Outlook Stable;
      rating withdrawn


MAKSI AGRO: CRISIL Assigns B+ Rating to INR11.5MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Maksi Agro Cool Chains Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               11.5      CRISIL B+/Stable

The rating reflects exposure to risk of stabilization on account
of nascent stage of operations, modest scale of operations and
susceptibility of the operating margin to volatility in raw
material prices. These weaknesses are partially offset by
promoters' extensive experience and established relationship with
customers.

Key Rating Drivers & Detailed Description
Weakness
* Moderate project risk: Given the initial phase of operations,
which commenced only in December 2016, the company remains
exposed to the risk of stabilisation of operations at the new
unit.

* Modest scale of operations: Scale of operations and
profitability is expected to remain modest over the medium term
owing to early stage of operations and intense competition.
Volatility in raw material prices is also likely to impact
profitability.

Strengths
* Established relationship with clients: The promoters have
healthy relationships with clients owing to their longstanding
presence in the agro industry. Promoters have been engaged in
agro industry through their consultancy and experience in setting
up of numerous agro-food processing units such as rice mill units
and oil extraction companies which has developed good relation
with its customers.
Outlook: Stable

CRISIL believes MACCPL will continue to benefit over the medium
term from the considerable experience of the promoters and their
established customer and supplier relations. The outlook may be
revised to 'Positive' if successful stabilisation of operations,
sizeable operating income and cash accrual, and efficient working
capital management result in a stronger financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low
operating income and accrual, stretch in working capital cycle,
or any large debt-funded capital expenditure, weakens financial
risk profile, particularly liquidity.

MACCPL has set up a unit at Ara, Bihar, for extracting edible
oil. The unit began commercial operations in the first week of
December 2016. The company is promoted by Mr.  Ajeet Kumar Sinha,
Ms Sonika Sinha, and Mr. Manoj Kumar Sinha and their families.


MAYUR PLY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mayur Ply
Industries Private Limited's 'IND D' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

The company's ratings are: - Long-Term Issuer Rating: 'IND D';
rating withdrawn

   -- INR430 million fund-based limits: Long-term 'IND D; rating
      withdrawn
   -- INR50 million working capital facilities: Short-term
      'IND D'; rating withdrawn
   -- INR1,065 million non-fund-based limits: Short-term 'IND D';
      rating withdrawn
   -- INR130 million proposed fund-based limits: Long-term
      'Provisional IND D'; rating withdrawn
   -- INR120 million proposed non-fund-based limits: Short-term
      'Provisional IND D'; rating withdrawn


MILLENNIUM VITRIFIED: ICRA Reaffirms B+ Rating on INR18.38cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR30.38-crore fund-based limits of Millennium Vitrified Tiles
Private Limited at [ICRA]B+. The outlook on the 'long-term'
rating is 'Stable'. ICRA has also reaffirmed the short-term
rating assigned to the INR5.77-crore non-fund based facilities of
MVTPL at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             12.00        Reaffirmed at [ICRA]B+
                                        ISSUER NOT COOPERATING*

   Term Loans              18.38        Reaffirmed at [ICRA]B+
                                        ISSUER NOT COOPERATING*

   Bank Guarantee           5.18        Reaffirmed at [ICRA]A4
                                        ISSUER NOT COOPERATING*

   Credit Exposure Limit    0.59        Reaffirmed at [ICRA]A4
                                        ISSUER NOT COOPERATING*

* Issuer did not co-operate; Based on best available information.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MVTPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on the best available information.

In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated Nov. 1, 2016, the company's rating is now denoted as
"[ICRA] B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the company's
performance since the time it was last rated.

Analytical approach: For arriving at this rating, ICRA has taken
into account; inter alia, banker's verbal feedback on regularity
of account conducts.

Incorporated in January 2011, Millennium Vitrified Tiles Private
Limited (MVTPL) is primarily into manufacturing of 'Glazed
Vitrified Tiles'. Its production facility in Morbi, Gujarat has a
total manufacturing capacity of 82,800 Metric Ton per annum,
which translates into 26,70,968 boxes per year. The company is
promoted by Mr. Dinesh Patel, Mr. Mansukh Koradiya, Mr. Ramesh
Aghara and Mr. Rajesh Koradiya. The promoters have a long
experience in this line of business. The company manufactures two
sizes of vitrified tiles i.e. 600 mm X 600 mm and 800 mm X 800 mm
dimensions; the production of 800mmX800mm size started from
January 2015. Furthermore, the company is planning to add one new
larger size i.e. 800X1200 in its product portfolio. The company
has established "MILLENNIUM" as the brand for selling its
products in the market.

The promoters of the company are also associated with other group
companies i.e. Millenium Papers Private Limited, Maruti, Silver
Ceramic, Victory Floor Tiles Pvt Ltd., Kordiya Ceramic Pvt Ltd.,
Maruti Gold Industries, Lorenzo Vitrified Tiles Pvt Ltd.,
Vrndavan Ceramic Pvt Ltd, Gokul Ceramic Pvt Ltd. and Romil Impex.
In FY2015, as per the unaudited provisional results, the company
reported an operating income of INR69.36 crore and a profit
before tax of INR2.40 crore.


NAGARJUNA FERTILISERS: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nagarjuna
Fertilizers and Chemicals Limited's (NFCL) Long-Term Issuer
Rating at 'IND D'.

                        KEY RATING DRIVERS

The affirmation reflects NFCL's continuing delays in debt
servicing during the 12 months ended December 2016, due to tight
liquidity.

                       RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Established in FY87, NFCL manufactures and supplies plant
nutrients.  The company has two urea plants in Andhra Pradesh
with total capacity of 1.19mmtpa.  It also trades in other
fertilizers such as di-ammonium phosphate, mono-ammonium
phosphate, muriate of potash, water soluble fertilizers,
micronutrients, bio-products, customized fertilizers, and seeds,
which it imports.

NFCL's ratings are:

   -- Long-Term Issuer Rating: affirmed at 'IND D'
   -- INR8,200 million fund-based limits: affirmed at Long-term
      'IND D'
   -- INR11,811.1 million non-fund-based limits: affirmed at
      Short-term 'IND D'
   -- INR2,315 million long-term loans: affirmed at Long-term
      'IND D'


PAYAL POLYPLAST: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Payal Polyplast
Private Limited's (PPPL) 'IND BB-' Long-Term Issuer Rating.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

PPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR200 million fund-based working capital limits: Long-term
      'IND BB-'; Outlook Stable and Short-term 'IND A4+'';
      ratings withdrawn
   -- INR450 million non-fund-based working capital limits:
      Short-term 'IND A4+'; Outlook Stable; rating withdrawn


POPULAR MOTOR: CRISIL Reaffirms B+ Rating on INR9.5MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facilities of Popular Motor World Private Limited (PMW) at
'CRISIL B+/Stable'.

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

   Inventory Funding
   Facility               9.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile marked by high total outside liabilities
to tangible networth (TOLTNW) and modest debt protection metrics
due to large working capital debt. However business risk profile
continues to remain moderate with the company reporting operating
income of INR550 Cr for 2015-16 (refers to financial year,
April 1 to March 31), a year-on-year growth of 20%, with steady
operating margin of 3.3%. In fiscal 2017, revenue stood at INR350
Cr till September 2016, driven by its established market position
in Kerala.

Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: PMW had a high TOLTNW
ratio of 8.8 times as on March 31, 2016, because of large working
capital debt. Modest operating profitability and large debt
resulted in weak interest coverage of 1.5 times in fiscal 2016.

* Vulnerability of business to economic cycles and to intense
competition in the automotive dealership industry, and low
bargaining power with principal supplier: PMW's business growth
is vulnerable to economic cycles and is directly linked to the
performance of its principal supplier Hyundai Motor India Limited
(Hyundai). PMW has to compete with other dealers of Hyundai, as
well as of other car brands. Furthermore, it has limited
bargaining power with its supplier, and its purchases are
primarily against advance payments.

Strength:
* Extensive experience of promoters in the automotive dealership
business: PMW belongs to the Popular group, which has dealerships
with various brands across South India. PMW is an authorised and
a leading dealer of Hyundai in Kerala, and has 25 showrooms and
33 service centers in the state. PMW will benefit from its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes PMW will benefit from its established position as
a dealer of Hyundai's vehicles in Kerala. The outlook may be
revised to 'Positive' if cash accrual increases, driven by higher
revenue and profitability, while working capital requirement is
efficient, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if the company undertakes
larger-than-expected, debt-funded capital expenditure, or if its
revenue or profitability decline steeply, leading to
deterioration in the financial risk profile.

PMW, incorporated in 2004, is a dealer of Hyundai's cars and
spares, and provides vehicle servicing services in south and
central Kerala. The company has 25 showrooms and 33 service
centers.

In fiscal 2016, its profit after tax was INR1.6 crore on
operating income of INR555 crore, against a net profit of INR1.7
crore on operating income of INR460 crore in fiscal 2015


PRAKASH INDUSTRIAL: CRISIL Reaffirms B Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Prakash Industrial Infrastructure Private Limited at 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          8.5      CRISIL A4 (Reaffirmed)

   Cash Credit            10        CRISIL B/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility               10        CRISIL B/Stable (Reaffirmed)

   Term Loan               8.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.0      CRISIL B/Stable (Reaffirmed)

The rating reflects expected sustained business risk profile with
improvement in revenue and stable operating margin in fiscal
2017. However, despite likely increase, turnover will remain
small over the medium term due to sectorial and geographical
concentration in revenue. However, financial risk profile is
moderate because of large networth, and healthy gearing and debt
protection metrics.

Analytical Approach

For arriving at the ratings, unsecured loans of INR2.39 crore
from promoter as on March 31, 2016, have been treated as neither
debt nor equity as these loans are expected to be retained in
business over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Sector and geographical concentration in revenue profile:
Majority of revenue comes from construction of buildings in
Maharashtra. The company has limited experience in other
infrastructure activities such as dams, irrigation projects,
roads, and bridges.

* Small scale of operations: With revenue of INR28.62 crore for
fiscal 2016, scale remains modest.

Strengths
* Experience of management: The company's promoter, Mr. Dinesh
Agrawal, has over 25 years of experience in the civil
construction segment, resulting in strong client referrals and
track record of timely completion of projects. He is assisted by
a team of experienced civil construction professionals.
Outlook: Stable

CRISIL believes PIIPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' in case of ramp-up and
diversification of operations, while maintaining operating
margin, and if liquidity improves. The outlook may be revised to
'Negative' if large, debt-funded capital expenditure or stretch
in working capital cycle weakens financial risk profile.

Set up in 1975 as a partnership firm, Prakash Constructions, and
reconstituted as a private limited company in 2006, PIIPL is
promoted by Mr. Dinesh Agrawal and undertakes civil construction,
primarily for industrial projects, in the private sector.


R. J. AGRO: ICRA Reaffirms B Rating on INR6cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR6.00-crore
fund-based cash credit facility of R. J. Agro Industries. The
outlook on the long-term rating is 'Stable'.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits        6.00      [ICRA]B (Stable) Reaffirmed

The working capital intensity of business has remained high over
the past few years, primarily on account of high inventory days.
Paddy is a seasonal crop and millers have to buy and stock paddy
from September to December every year, which leads to high levels
of inventory. Moreover, millers prefer aged paddy (as it fetches
better realisation), which necessitates higher inventory days and
consequently higher working capital requirement. Dependence on
external working capital borrowings and the limited level of
partner's capital result in weak leverage and debt coverage
indicators apart from putting pressure on the liquidity. The net
worth of the firm increased from INR1.17 crore in FY2015 to
INR1.25 crore in FY2016. Going forward, the firm's ability to
increase its size and scale, improve its profits and optimise its
working capital requirement will be crucial to ensure its
liquidity position.

Established in 1995, R. J. Agro Industries (RJAI) is a
partnership firm and is engaged in the milling of basmati and
non- basmati paddy. The firm is promoted by Mr. Brij Lal Garg and
his family members. The processing facility of firm is located in
Cheeka (Kaithal). The plant capacity stands at 2 MTPH (~12000 MT
per Annum).

RJAI recorded a net profit of INR0.01 crore on an operating
income of INR17.75 crore for the year ending March 31, 2016.


R. L. STEELS: ICRA Reaffirms 'D' Rating on INR117cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR202.01 crore
long term fund based bank facilities of R. L. Steels & Energy
Limited to [ICRA]D. ICRA has also reaffirmed the rating assigned
to the INR97.99 crore short term bank facilities of RLSL to
[ICRA]D.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term, Fund Based
   limits - Term Loan        117.00       [ICRA] D Reaffirmed

   Long term, Fund based
   limits - Cash Credit       85.01       [ICRA] D Reaffirmed

   Short term, Fund based
   limits                     41.99       [ICRA] D Reaffirmed

   Short term, Non fund
   based                      56.00       [ICRA] D Reaffirmed

Rationale
The rating reaffirmation takes into account irregularities in
servicing debt obligations by the company on account of weak
financial profile of the company characterized by revenue de-
growth in FY2016, stretched capital structure and tight liquidity
position due to cash losses in the past; though the profitability
has improved since past 2 fiscals due to reduction in the input
raw material cost coupled with pass through nature of business,
improvement in capacity utilisation and change in product mix
resulting positive yet thin net accruals. The capacity
utilization has remained moderate due to general slowdown in
economy and stretched liquidity profile of the company which is
limiting access to the funds. The company has high cost structure
due to limited raw material and power linkages and remains
vulnerable to exchange rate movements due to sizeable share of
import purchases. The ratings also constrained by the moderate
scale of operations in an intensely competitive steel industry
and inherent cyclicality associated with the steel business.

ICRA however takes note of long standing experience of the
promoters in the industry and a diversified client base. Also the
management of RLSL has taken measures to improve cost structure
of the company by implementing productivity enhancement measures
which has resulted into improvement in overall performance of the
company in FY2016 despite de-growth. Going Forwards, timely
repayment of debt, improving capacity utilisation combined with
focus on reducing cost structure will be the key rating
sensitivity factors.

Key rating drivers

Credit Strengths
  * Established client base with well diversified geographic mix
  * Long standing experience of management
  * Forward integration in form of group company serves as ready
client for ~18% of production

Credit Weakness
  * Delay in servicing of principal as well as interest
obligation
  * Financial profile characterized by stretched capital
structure and tight liquidity position due to cash losses in the
past; though the position has improved with the company reporting
net profits since past 2 fiscals
  * High cost structure due to limited raw material and power
linkages; also exposing company to raw material price and
availability fluctuations
  * Moderate capacity utilization in past few years due to
general slowdown in economy and stretched liquidity profile
limiting access to funds
  * Inherent cyclicality associated with the steel business
  * Moderate scale of operations in intensely competitive steel
industry

Description of key rating drivers highlighted:

The key rating driver for the reaffirmed rating is the
continuation of weak financial profile of the company resulting
in delays in servicing its debt obligation. RLSL has shown an
overall decline of 22% in OI of FY16, both in domestic as well as
export market due to decline in domestic demand from key end user
industry such as automobile sector coupled with reduction in
export orders on back of depreciation of rupee. The de-growth in
FY16 is also due to decline in sales realization owing to
reduction in raw material i.e. steel cost in past fiscal. The
capital structure of the company has remained stretched due to
erosion of net worth on account of losses incurred in past
coupled with higher debt levels.

RLSL was incorporated in 1985 as the flagship company of the
Aurangabad based group promoted by Mr. R L Gupta. RLSL is engaged
in manufacturing alloy steel products in rounds, squares, flats
and special profiles, through Induction Furnace-LD Convertor-
Ladle Refining-billet casting-hot rolling route. RLSL has a steel
melting capacity of 1,44,000 MTPA and a rolling mill with
capacity of 1,47,000 MTPA at Waluj, Aurangabad. RLSL caters
majorly to the demand of forging and spring industry with
considerable export presence. The group is integrated forward
into Akar Tools Limited (hand tools and leaf spring) which
consumes close to 18% of RLSL production.


RAJSHREE SUGARS: ICRA Reaffirms 'D' Rating on INR579.13cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR191.00 crore cash credit facility and INR388.13 crore term
loan of Rajshree Sugars and Chemicals Ltd. ICRA has also
reaffirmed the ratings at [ICRA]D for the INR70.69 crore
unallocated amount of RSCL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits      579.13        Reaffirmed at [ICRA]D
                                        ISSUER NOT COOPERATING*

   Unallocated Amount      70.69        Reaffirmed at [ICRA]D
                                       ISSUER NOT COOPERATING*

* Issuer did not co-operate; Based on best available information.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with RSCL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Analytical approach: "For arriving at the rating, ICRA has taken
a consolidated view of the business and financial risk profiles
of RSCL and its fully owned subsidiary, Trident Sugars Ltd (TSL),
together referred to as the Rajshree group."

Rajshree Sugars & Chemicals Limited, founded in 1985 by Late
Shri. G. Varadaraj, is an integrated sugar company with units at
Theni, Villupuram, and Gingee in Tamil Nadu. It also has a
subsidiary sugar mill namely Trident Sugars (TSL) at Zaheerabad
in Medak District of Andhra Pradesh. The company has a combined
(including TSL) crushing capacity of 14000 TCD (tons Crushing Per
Day). It also has a distillery of 125 klpd (80 klpd of which was
commissioned last year) and a total cogeneration capacity of 54.5
MW.


RANA MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rana Motors
Private Limited's (RMPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

Ind-Ra suspended RMPL's rating on June 28, 2016.

RMPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR295 million fund-based working capital limits:
      'IND BB-(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn
   -- INR100 million non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


REGAL SHIPPING: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Regal Shipping
Private Limited's (RSPL) 'IND BB+' Long-Term Issuer Rating.  The
Outlook was Negative.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for RSPL.

RSPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Negative;
      rating withdrawn
   -- INR250 million fund-based working capital limits: 'IND
      BB+'; Outlook Negative; rating withdrawn
   -- INR100 million term loans: 'IND BB+'; Outlook Negative;
      rating withdrawn


SANVITA BIO: CRISIL Reaffirms 'B' Rating on INR60.15MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank loan facilities of Sanvita Bio Technologies Private
Limited. The rating continues to reflect SBPL's exposure to risks
related to implementation and stabilization of its ongoing
project for setting up a plant for producing vaccines. This
rating weakness is partially offset by the extensive experience
of SBPL's promoters in the healthcare industry and the healthy
demand prospects for the company's product.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         60.15      CRISIL B/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            3.00      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     38.85      CRISIL B/Stable (Reaffirmed)


Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation and stabilization
of its ongoing project
The commercial operations of the FMD and Brusella Vaccine unit is
expected around March 2017 and September 2017 against the initial
expectation of September 2016.The works in both the plants has
neared the completion. However any further time overrun or cost
run exposes the project to implementation and stabilization
risks.

Strengths

* Extensive experience of SBPL's promoters in the healthcare
industry

The promoters of the Company Mr.V.Manohar Rao has more than
decade of experience in animal husbandry and has been involved in
development of various vaccines for livestock and poultry. He
also has through experience as meat officer for meat and poultry
corporation,AP Govt Enterprise. Given this vast experience, SBPL
will benefit from the same.

Outlook: Stable

CRISIL believes that SBPL will benefit from its promoters'
extensive industry experience and the healthy demand prospects
for its product. The outlook may be revised to 'Positive' in case
of timely execution of the company's project within the budgeted
cost or in case of substantial revenue and profitability
resulting in sizeable accruals, and thus, a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any time or cost overrun in the company's project,
adversely impacting its financial risk profile.

Incorporated in 2010, SBPL is setting up a foot-and-mouth disease
(FMD) vaccine production plant. Based in Hyderabad, the company
is promoted by Dr. V. Manohar Rao and his family.


SHREE HAREKRISHNA: CRISIL Reaffirms B+ Rating on INR6MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Shree Harekrishna Cotton Industries - Jamnagar (SHKCI) at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             6        CRISIL B+/Stable (Reaffirmed)
   Cash Term Loan          1.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B+/Stable (Reaffirmed)

The ratings reflect CRISIL's expectation of moderate cash
accruals, marked by pressure on revenue growth with modest
profitability over the medium term. Operating profit margin
expected to remain stable year on year (y-o-y) to around 2% over
the medium term.

Gearing and debt protection metrics are below average marked
higher reliance on debt. Liquidity is also stretched over the
medium term, driven by modest cushion between its cash accruals
against repayment obligation of INR0.34 Cr. per annum, however it
continues to be supported by unsecured loans from promoter's
infusion. CRISIL believes SHKCI's financial risk profile may
continue to be below average over the medium term.

Key Rating Drivers & Detailed Description
Weakness
* Intense competition in the fragmented industry: The entry
barriers in cotton ginning and pressing industry are low on
account of low capital, technology intensity, and low
differentiation in end product. CRISIL believes that SHKCI will
face direct competition from many unorganised players and thus it
will have limited pricing power and limited scale of operations,
over the medium term.

* Vulnerability to changes in cotton prices: Cotton is an
agricultural commodity and, hence, its availability is highly
dependent on monsoon. CRISIL believes that SHKCI's ability to
manage this volatility in cotton prices will remain a key
sensitivity factor.

* Below-average financial risk profile: Financial risk profile
remains constrained by modest networth and high gearing (Rs. 2.36
Cr. and 3.2 times, respectively, as on March 31, 2016). Debt
protection metrics are average, with interest coverage of 1.9
times and net cash accrual to total debt of 0.06 time in fiscal
2016. The financial risk profile may continue to be below average
over the medium term.

Strengths
* Extensive industry experience of promoters: The promoters of
SHKCI have past experience in the cotton industry. The firm
benefits from the extensive experience of its promoters, their
understanding of the dynamics of the local market, and
established relationships with customers and suppliers. CRISIL
believes that SHKCI will continue to benefit from the strong
industry experience of its partners and achieve sustained revenue
growth, over the medium term.

* Proximity to cotton-growing belts: SHKCI's production facility
is based in the cotton-growing belt in Gujarat. This will enable
SHKCI to procure raw cotton directly from local farmers, thus
making its operations more cost-effective.
Outlook: Stable

CRISIL believes SHKCI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and/or profitability, leading to improvement in
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' in case of further deterioration in the financial
risk profile, most likely due to large, debt-funded capital
expenditure and/or a stretch in the firm's working capital cycle.

Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm has started its
commercial operations from November 2014.


SHRIMATI SULOCHNA: ICRA Reaffirms B+ Rating on INR15.4cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR15.40-crore term loan facility of Shrimati Sulochna Devi
Education Foundation. The outlook on the long-term rating is
Stable.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits        15.40       [ICRA]B+ (Stable);
                                        Reaffirmed

Rationale
The rating reaffirmation continues to take into account the
school's association with Delhi Public School (DPS) society,
which apart from lending the school an established brand name
provides operational expertise, healthy occupancy( 88% in the
second year of operations) and the experienced management. The
rating is, however, constrained by the net losses reported by the
society, resulting in negative corpus and weak coverage
indicators. Significant debt-funded capital expenditure
undertaken by the society towards infrastructure development has
resulted in a weak financial profile, characterised by modest
coverage indicators and stretched capital structure. However,
comfort can be derived from interest-free unsecured loans from
promoters, which are largely subordinated to the bank loans.

The ability of the trust to implement regular fee hikes without
adversely impacting the occupancy levels, scale up operations
along with profitability and any further expansion and debt
funding thereof, will be the key rating sensitivity going
forward.

Key rating drivers
Credit Strengths
  * Healthy occupancy of 88% witnessed in the second year of
school's operations and its experienced management
  * Association with the reputed Delhi Public School (DPS) brand
lends the school an established brand name and provides
operational and management expertise

Credit Weakness
  * Modest scale of operations; net losses reported by the
society, resulting in negative corpus and weak coverage
indicators
  * Significant debt-funded capital expenditure undertaken by the
society towards infrastructure development has resulted in a weak
financial profile, characterised by modest coverage indicators
and stretched capital structure.

Description of key rating drivers highlighted:

The student strength increased by 58.5% to 880 students in
AY2016-17 from 555 students in AY2015-16, propelling the
occupancy level to 88%. Higher enrollments could be attributed to
its CBSE affiliation (very few schools in Jamnagar have CBSE
curriculum) and its association with DPS. Furthermore, the good
quality infrastructure (well-equipped campus, dormitories and
other amenities), it's experienced management as well as the
satisfactory student faculty ratio (15:1) would help the school
to attract more students in the long run.

The school has a big campus spread across 9 acres (one of the
largest campus in Jamnagar), which provides all modern amenities
for co-curricular and extracurricular activities, giving an edge
over other schools in the region. The school has also tied up
with Kooh Sports for sports activities. As on date, the school is
running approximately three sections per class from Nursery to
class VII and two sections per class for classes VIII. Class IX
will be added from AY2017-18 onwards. The school intends to have
a total capacity of ~2000 students, with ~35 students per section
and three-four sections per class from AY2017-18 onwards.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of SSDEF, its business risk profile,
financial risk drivers and the management profile.

Incorporated in September 2012; M/s. Shrimati Sulochana Devi
Education Foundation (hereafter referred to as the Company) was
incorporated under section 25 of the Companies Act 1956. It runs
and operates Delhi Public School (DPS) in Jamnagar, Gujarat. The
school is located on a land parcel of 9 acres, owned by
promoters, in Vasai village of Jamnagar, Gujarat. The school
commenced operations in AY2015-16 and presently caters to
students from pre-primary to Standard VIII. As of now, each
standard has three sections. The management proposes to increase
the number of sections as well as commence admissions for
Standard IX from AY2017-18. The company is promoted by Mr. Javed
Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.

SSDEF has reported a net loss of INR1.3 crore on revenue receipts
of INR4.0 crore for the year ending March 31, 2016. Furthermore,
in FY2017, as per provisional results of eight months, the
company reported revenue receipts of INR4.4 crore.


SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR8cr LT Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR8.00-crore fund based cash credit facility of Siddhi Cotton
Ginning & Pressing Pvt. Ltd. The outlook on the long-term rating
is 'Stable'.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Fund
   Based Limit          8.00        [ICRA]B+ (stable) Reaffirmed

Rationale
The rating continues to remain constrained by the company's
modest scale of operations with its financial profile
characterised by de-growth of 37.0% in operating income, which
has declined from INR29.7 crore in FY2015 to INR18.7 crore in
FY2016, coupled with low operating profit margin on account of
limited value addition and highly competitive and fragmented
industry structure due to low entry barriers. The rating is
further constrained by the increase in working capital intensity
due to elongated receivables from customers on account of its
trading activity. The firm witnesses intense competition because
of the highly fragmented industry structure and low product
differentiation.

The rating positively takes into account the extensive experience
of SCGPPL's promoters in the cotton ginning and pressing business
and the proximity of the plant to raw material sources.

ICRA expects SCGPPL's ability to scale up operations, while
improving profitability and capital structure along with
strengthening its coverage indicators. ICRA also believes that
the operations of the firm are exposed to regulatory risks such
as the minimum support price (MSP) as determined by the authority
and vulnerability to raw material (cotton) price fluctuations
that are subject to seasonality.

Key rating drivers
Credit Strengths
* Extensive experience of partners in the cotton ginning
industry;
* Strategic location of the plant in the cotton producing belt
of India, giving it easy access to raw cotton.

Credit Weakness
* Financial profile characterised by modest scale of operations
with de-growth of 37.0% in revenue during FY2016, thin
profitability and weak coverage indicators;
* Increased working capital intensity due to delays in
realisation of payment from customers;
* Limited value additive nature of business and highly
competitive industry structure result in low operating profit
margin and return indicators;
* Highly competitive and fragmented nature of cotton ginning
industry restricting pricing flexibility

Description of key rating drivers highlighted:

SCGPPL's financial profile is characterised by a decline in
revenue of the company due to reduced sales volume and sales
realisations. The company is involved in manufacturing as well as
trading operations. The company procures raw cotton from
farmers/marketing yards on cash payment. In case of trading, the
company gets enhanced credit periods of around 30 days. Hence,
the payable days increased significantly in FY2016 because of
increased trading activity. Sales are generally made against a
credit period of around 30 days. However, the same was delayed
from several customers. An extended credit period was also
granted by the company in order to maintain business relations in
the sluggish market conditions. Hence the overall working capital
intensity has increased because of elongated receivables.
The company procures Shankar-6 quality of raw cotton either
directly from local farmers or from agriculture marketing yards.
The price for cotton almost equals the cotton prices in Gujarat
after factoring in the transportation costs. Raw cotton is
procured between September and April, when the supply is
generally high. The product profile of the company consists of
cotton bales, cotton seeds and other agricultural produce.
SCGPPL's entire sales proceeds are generated by the domestic
market. Thus, the company's revenue is largely dependent on the
sales of cotton bales. Sales of cotton bales are channeled
through brokers/agents.

The cotton ginning industry is highly fragmented due to the
presence of numerous players operating in Gujarat, leading to
high competition. The industry is also exposed to regulatory
risks with the Government imposing MSP for the purchase of raw
cotton during over-supply in the market and for restricting
export of cotton bales in order to support the domestic cotton
textile industry.

Analytical approach:
For arriving at the ratings, ICRA has taken into account the debt
servicing track record of SCGPPL, its business risk profile,
financial risk drivers and management profile.

Siddhi Cotton Ginning & Pressing Private Limited was set up in
2007 as a private limited company by Mr. Vikram Patel and Mr.
Vipul Patel, along with their family, having a long experience in
the cotton industry. The cotton ginning and pressing unit is
located at Rasnal, Dhasa, in Bhavnagar, Gujarat. It is also
engaged in trading of cotton bales and cottonseed. At present,
the company has installed 48 ginning machines and a pressing
machine. Some of the shareholders of the company are associated
with two other group companies - Siddhi Cotton Industries and
Shivam Cotton Industries - which are engaged in a similar line of
ginning and pressing of raw cotton to produce cotton bales and
cotton seeds.

During FY2016, the company registered a net profit of INR0.02
crore on an operating income of INR18.7 crore.


SIFTI RICE: CRISIL Reaffirms 'B' Rating on INR.70MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank
facilities of Sifti Rice Mills (SRM) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.35       CRISIL B/Stable (Reaffirmed)

   Term Loan              0.70       CRISIL B/Stable (Reaffirmed)

The rating reflects SRM's modest scale of operations and is
expected to remain modest over medium term constrained by the
susceptibility to volatility in raw material prices and to
regulatory changes. CRISIL believes that operating revenue will
grow moderately in range of 10-15% per annum over medium term
owing to established and extensive experience of promoters in the
industry.

Weak financial risk profile marked by high total outside
liability to tangible net worth (TOL/TNW) ratio, small net worth,
and weak debt protection metrics. CRISIL believes that with no
major debt funded capex plan of the plan over medium term it is
expected that the levels will improve over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
  * Modest scale of operations and susceptibility to volatility
in raw material prices:
Operating revenue was INR60.5 cr in fiscal 2016. In the six
months through September 2016, net sales were INR33.0 cr and are
expected to grow by 10-15% per annum over the medium term.

  * Working capital-intensive operations:
This is reflected in high gross current assets of around 282 days
as on March 31, 2016. The incremental working capital requirement
is high as operations involve large inventory storage.

  * Weak financial risk profile:
As on March 31, 2016, the networth was small at around INR5.7 cr,
and is expected to remain modest over the medium term. However,
the promoters have extended funding support in the form of
unsecured loans, the balance of which was INR5.48 cr as on March
31, 2016. The interest coverage ratio was around 1.39 times in
fiscal 2016 and is expected at 1.50-1.55 times in fiscal 2017.
The total outside liabilities to tangible networth ratio was high
at around 3.45 times as on March 31, 2016. With the expected
infusion of capital of around INR3.4 cr, the ratio is expected to
be comfortable at 1.8-1.9 times as on March 31, 2017.

Strength
  * Extensive experience of the promoters in the rice milling
industry:
The promoters have a long track record of around 16 years in the
basmati rice industry. Over this period they have established a
strong market position for the firm. This will also help to scale
up operations over the medium term.  The firm sells under its own
brands, Rich Cook and Gunj.
Outlook: Stable

CRISIL believes SRM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an increase in scale of operations and
profitability, leading to more-than-expected cash accrual, or
significant improvement in the capital structure, most likely
because of sizable equity infusion. The outlook may be revised to
'Negative' if the capital structure and liquidity deteriorate
significantly, most likely because of larger-than-expected
working capital requirement, debt-funded capital expenditure, or
constrained profitability.

SRM, established in 2000 as a partnership firm, is currently
being managed by Mr. Satish Kumar, Mr. Vinod Kumar, Mr. Kunal
Dhawan, and Mr. Sourav Chada. The firm mills and processes
basmati and non-basmati rice. It processes two types of basmati
rice: Permal and Pusa 1121.


SIVANSSH INFRASTRUCTURE: Ind-Ra Withdraws 'BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sivanssh
Infrastructure Development Private Limited's (SIDPL) 'IND BB+'
Long-Term Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for the company.

SIDPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR150.00 million fund-based limits: 'IND BB+'; Outlook
      Stable and 'IND A4+'; ratings withdrawn
   -- INR450.00 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


SK ELITE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s SK Elite
Industries (India) Limited (SKEL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The agency has also assigned
SKEL's INR400 million overdraft term loan facility a rating of
'IND BB-' with Stable Outlook.

While arriving at the ratings, the agency has relied upon SKEL's
leave and license agreements with its lessees SK Wheels Limited
(SKWL; 'IND BBB-'/Stable) and Fino Paytech Limited
('IND BBB'/Rating Watch Negative) for its property located in
Turbhe, Navi Mumbai; SKWL is also a group company of SKEL.  The
agency has also relied upon a tripartite agreement between the
lender, SKEL and Maharashtra Industrial Development Corporation.
SKEL's property for lease is constructed on a land parcel leased
from MIDC.

                         KEY RATING DRIVERS

The ratings reflect SKEL's limited track record in the property
lease rental business.  Since August 2015, the company has leased
the ground, mezzanine and four out of the total seven floors
(ground + mezannine + six floors) of its property to the group
company SKWL.  Also, it has leased one of the remaining floors to
Fino Paytech effective from November 2016.

The ratings are supported by revenue visibility.  Ind-Ra expects
its turnover to reach around INR81 million by FY20 (September-
March 2016: INR40 million), in accordance with lease rental
escalations as stipulated in the agreements which are effective
over a five-year tenure.  Although revenue dependence on SKWL for
around 90% of the revenue is a concern, the moderate credit
profile of the lessees indicates stable revenue realization.

The company's asset size at FYE16 was INR655.8 mil., which was
funded with a mix of debt (INR394.2 million), unsecured loans
(INR191.8 million) and equity.  According to the sanction terms,
the debt, which is drawn in the form of an overdraft facility
against mortgage of the land property, is structured to be
serviced from lease rental revenue from SKWL over a 10-year
tenure.  The revenue realized is used first towards interest
payments and subsequently for the repayment of the outstanding
principal, translating into a reducing balance overdraft
facility. Furthermore, the tripartite agreement stipulates
recovery of dues from the sale of leased land (estimated value
around
INR700 million) with the consent of MIDC in event of default,
providing an adequate asset cover for the sanctioned facility.
Consequently, Ind-Ra expects the cash flow from operations of the
company to remain adequate with a debt service coverage ratio of
around 1x over the term of agreements.  The profitability
(September-March 2016: INR30 million) is expected to remain
strong for the revenue base as all expenses, barring few
administrative expenses, are borne by the lessees.

                       RATING SENSITIVITIES

Positive: SKEL's increased revenue base or an improvement in
SKWL's credit profile will lead to a positive rating action.

Negative: Termination of the agreements or deterioration in
SKWL's credit profile will lead to a negative rating action.

                          COMPANY PROFILE

SKEL (formerly known as S K Automotives Ltd.) was incorporated in
1996.  Having exited Bajaj Auto Limited's dealership business in
2010, it revived revenue from its existing land assets (73,253.99
sf) to operate as a property lease rental company.


SRI SELVAKUMAR: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Selvakumar
Mills (P) Ltd's (SSMPL) 'IND BB-' Long-Term Issuer Rating.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SSMPL.

SSMPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR115 million fund-based working capital limits:
      'IND BB-';
      Outlook Stable and 'IND A4+; ratings withdrawn'
   -- INR39.2 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- INR3.7 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


SRI SREENIVASA: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Sreenivasa
Constructions' (SSC) 'ND BB-' Long-Term Issuer Rating.  The
Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SSC.

SSC's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR 278.4 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn


SRI VARSHA: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Varsha Food
Products India Limited's (SVFPIL) 'IND BB+' Long-Term Issuer
Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SVFPIL.

SVFPIL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR250 million fund-based limits: 'IND BB+'; Outlook
      Stable; rating withdrawn
   -- INR90 million term loans: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR160 million non-fund limits: 'IND A4+'; rating withdrawn


SRIKANTH INTERNATIONAL: Ind-Ra Withdraws 'BB+' Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Srikanth
International's 'IND BB+' Long-Term Issuer Rating.  The Outlook
was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Srikanth.

Srikanth's ratings:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR210 million fund-based working capital limits:
      'IND BB+'; Outlook Stable and 'IND A4+'; ratings withdrawn
   -- Proposed INR69 million fund-based working capital limits:
      'Provisional IND BB+'; Outlook Stable and
      'Provisional IND A4+'; ratings withdrawn
   -- INR10.4 million term loans: 'IND BB+'; Outlook Stable;
      rating withdrawn
   -- INR10 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


STEEL MONT: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Steel Mont Pvt
Ltd's (SMPL) 'IND BB+' Long-Term Issuer Rating.  The Outlook was
Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SMPL.

SMPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
      withdrawn
   -- INR50 million fund-based limits: 'IND BB+'; Outlook Stable;
      rating withdrawn
   -- INR150 million non-fund-based limits: 'IND A4+'; rating
      withdrawn


SUJAY IRRIGATIONS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sujay
Irrigations Private Limited's (SIPL) 'IND BB+' Long-Term Issuer
Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for SIPL.

SIPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'/Stable; rating withdrawn
   -- INR35 million fund-based working capital limits:
      'IND BB+'/Stable; rating withdrawn
   -- INR8.71 million term loans: 'IND BB+'/Stable; rating
      withdrawn
   -- INR10.1 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


T V SUBBAIAH: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
INR13.3 Cr. bank facilities of T V Subbaiah (TV).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5.8      CRISIL A4 (Assigned)
   Cash Credit             7.5      CRISIL B/Stable (Assigned)

The ratings reflect the firm's modest scale of operations,
moderate operating margin, and working capital-intensive
operations driven by large receivables. The ratings also factor
its weak financial risk profile because of modest networth, high
gearing, and below-average debt protection metrics. These
weaknesses are partially offset by its proprietor's extensive
experience in the civil construction industry, and its
established relationships with customers and suppliers.

Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and moderate operating margin in the
competitive civil construction industry: With revenue of INR25.1
crore and operating margin of 3% in fiscal 2016, scale remains
small in the intensely competitive civil construction industry.

* Working capital-intensive operations: Gross current assets were
591 days as on March 31, 2016, due to large receivables.

* Weak financial risk profile: Networth was modest at of INR1.1
crore as on March 31, 2016, against total debt of INR8.26 crore;
hence, gearing was high at 7.4 times. Debt protection metrics
were below average because of low cash accrual. Financial risk
profile will remain below average over the medium term.

Strengths
* Extensive experience of proprietor in the civil construction
industry has enabled him to establish strong relationship with
customers and suppliers which will continue to benefit the firm
over the medium term.
Outlook: Stable

CRISIL believes TV will continue to benefit over the medium term
from the extensive experience of its proprietor and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if sustained increase in revenue and
operating profitability leads to better financial risk profile.
The outlook may be revised to 'Negative' if large, debt-funded
capital expenditure, decline in revenue or operating
profitability, or stretch in working capital cycle further
weakens financial risk profile.

Set up in 2007 in Hubli, Karnataka, as a proprietorship firm by
Mr. Venkata Subbaiah, TV erects electricity transmission lines
and installs substations in Karnataka.

TV reported a profit after tax of INR0.31 crore on revenue of
INR25.1 crore in fiscal 2016, vis-a-vis INR0.62 crore and INR38.3
crore, respectively, in fiscal 2015.


TRIDENT SUGARS: ICRA Reaffirms 'C' Rating on INR41.95cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]C for the
INR28.00 crore cash credit facility and INR13.95 crore term loan
of Trident Sugars Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       41.95        Reaffirmed at [ICRA]C
                                        ISSUER NOT COOPERATING *

* Issuer did not co-operate; Based on best available information.

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with TSL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA] C ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Analytical approach: "For arriving at the rating, ICRA has taken
a consolidated view of the business and financial risk profiles
of TSL and its parent company, Rajshree Sugars and Chemicals Ltd
(RSCL), together referred to as the Rajshree group."

Trident Sugars Limited commenced its operation as a cooperative
mill and was acquired by Ganapati Sugar Mills in 2002. TSL was
subsequently acquired by RSCL in 2006 and now is a 100%
subsidiary of RSCL. The standalone sugar mill of TSL is located
in Zaheerabad Tq. of Andhra Pradesh.


TRIDENT TOOLS: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Trident Tools
Limited's (TTL) 'IND D' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for TTL.

TTL's ratings are:

   -- Long-Term Issuer Rating: 'IND D'; rating withdrawn
   -- INR220 million fund-based working capital limits: Long-term
      'IND D'; rating withdrawn
   -- INR 371 million term loans: Long-term 'IND D'; rating
      withdrawn
   -- INR80 million non-fund-based working capital limits: Short-
      term 'IND D'; rating withdrawn


TJUK TRADE: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn TJUK Trade
Networks Private Limited's (TTNPL) 'IND BB-' Long-Term Issuer
Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for TTNPL.

TTNPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR130 million fund-based working capital limits:
      'IND BB-'; Outlook Stable; rating withdrawn
   -- INR0.78 million term loans: 'IND BB-'; Outlook Stable;
      rating withdrawn
   -- INR17.5 million non-fund-based working capital limits:
      'IND A4+'; rating withdrawn


V3S INFRATECH: ICRA Reaffirms 'D' Rating on INR40cr Bank Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR72.50
crore fund based and non fund based limits of V3S Infratech
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit            30.00         Reaffirmed at [ICRA]D
   Term Loans              2.50         Reaffirmed at [ICRA]D
   Bank Guarantee         40.00         Reaffirmed at [ICRA]D

The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with VIL, ICRA has been
trying to seek information from the company so as to undertake a
surveillance of the ratings, but despite repeated requests by
ICRA, the company's management has remained non-cooperative. In
the absence of requisite information, ICRA's Rating Committee has
taken a rating view based on best available information. In line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov.
1, 2016, the company's rating is now denoted as: "[ICRA] D ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

V3S Infratech Limited (V3S, earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY 2007 and FY 2008, several promoter group companies
were amalgamated with V3S and in 2009-10, the name of the company
was changed from Gahoi Buildwell Limited to V3S Infratech
Limited. The company has been engaged in the development of
multiplexes-cum-malls and commercial space in Delhi. The
completed real estate projects of the company include V3S mall,
V3S East Centre and North Delhi Mall. However, since February
2008 the company has shifted its focus from real estate
development to civil construction mainly in residential,
industrial and commercial segments particularly for government
agencies.


VASAN CONSTRUCTION: Ind-Ra Withdraws 'BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vasan
Construction Company Private Limited's (VCCPL) 'IND BB-' Long-
Term Issuer Rating.  The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for VCCPL.

VCCPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
      withdrawn
   -- INR250 million fund-based working capital limits:
      'IND BB-'; Outlook Stable and 'IND A4+'; ratings withdrawn


VASUDEV POWER: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vasudev Power
Private Limited (VPPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect VPPL's small scale of operations with revenue
of INR147.8 million in FY16 (FY15: INR170.6 million).  EBITDA
margin was 2.6% in FY16 (FY15: 1.8%).  The ratings further
reflect the company's moderate order book position with orders
worth INR208.0 million as on Nov. 30, 2016, to be executed by end
March 2017, providing revenue visibility for the medium-term.

The ratings, however, factor in VPPL's comfortable credit metrics
with net financial leverage (Ind-Ra adjusted net debt/operating
EBITDA) of 0.7x in FY16 (FY15: 0.7x) and interest coverage
(operating EBITDA/gross interest expense) of 6.7x (6.x).  The
ratings also factor VPPL's moderate liquidity profile as evident
from its 90% average peak use of cash credit limits during the 12
months ended November 2016.  VPPL's promoters' operating
experience of around two decades in the electrical works business
also benefits the ratings.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the credit metrics could lead to a positive rating
action.

Negative: Margin pressure leading to deterioration in the credit
metrics and/or liquidity could lead to a negative rating action

COMPANY PROFILE

VPPL, established in 1998 as a proprietorship firm, was later
converted into a private limited company in 2010.  The company is
engaged in all types of electrical and power distribution works
such as laying of high tension/low tension cables up to 66KV,
erection and maintenance of substation up to 220 KV, location and
rectification of cable faults up to 66KV, transformer maintenance
and transformer oil and lube oil filtration works.

VPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR10 million fund-based working capital facilities:
      assigned 'IND BB'; Outlook Stable and 'IND A4+'
   -- INR75 million non-fund-based working capital facilities:
      assigned 'IND A4+'


VTECH POWER: Weak Financial Strength Cues ICRA SP 3D Grading
------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to VTECH Power Systems
indicating 'Moderate Performance Capability' and 'Weak Financial
Strength' of the channel partner & "Solar Photovoltaic - System
Integrator" to undertake "On Grid Solar Rooftop Power Projects"
and "Off Grid and Decentralized Solar Applications." The grading
is valid for a period of two years from Dec. 23, 2016 after which
it will be kept under surveillance.

Grading Drivers
Strengths
  * Significant experience in power solutions dealership segment.
  * Experienced technical manpower for execution of solar
projects as well as handling other business segments
  * Healthy order book position at present
  * Satisfactory feedback from customers, suppliers and bankers

Risk Factors
  * Limited track record and scale of solar operations Stretched
financial profile characterised by moderate operating margins,
high TOL/TNW.
  * High working capital intensity owing to significant advances,
stretched creditor days
  * High competitive pressures from large number of
organized/unorganized player


Solar Photovoltaic SI Related Business Performance Capability -
Moderate

  * Promoter Track Record: The promoter has more than 16 years of
experience in power solutions. The firm since 2014 has forayed
into installation of roof top solar systems and has till date
installed ~187KWp in the solar space. The company executes both
on-grid and off-grid solar projects.

  * Technical competence and adequacy of manpower: The promoter
has some experience in the field of solar photovoltaic although
he has considerable experience in power solutions business like
UPS, Gensets etc. VPS has an experienced team which looks into
the various technical aspects of installation and post
installation services.

  * Quality of suppliers and tie ups: The firm procures solar PV
panels, the key raw material from reputed panel manufacturers
like Vikram Solar and Waree Solar. Apart from these, the
ancillary material is obtained from various manufacturers from
Pune and Goa region. The materials are tested for quality and
reliability before purchase orders are given to the suppliers.

  * Customer and O&M Network: The firm at present has limited
customer base in the solar business. O&M services are provided by
an in-house team of 8 members in Pune, Mumbai, Nagpur, Gulbarga
and Goa and for the rest of Maharashtra the firm relies on the
dealer network. The firm enters into annual maintenance contract
with min INR20,000 or 1% of order value whichever is higher. VPS
provides free service and replacement of components, during the
contract period.

Financial Strength - Weak
Revenues

The company reported revenues of INR2.0 crore in FY2015 and
INR1.8 crore in FY2016

Return on Capital Employed (RoCE)
8% in FY2015 and 9% in FY2016

Total Outside Liabilities / Tangible Net worth
2.1 times in FY2015 and 2.3 times in FY2016

Interest Coverage Ratio
4.34 times during FY2016

Net-Worth
INR0.6 crore in FY2015 and INR0.7 crore in FY2016

Current Ratio
3.7 times in FY2015 and 3.3 times during FY2016

Relationship with bankers
Satisfactory

Overall, the firm's financial position remains moderate with
limited cash accruals and moderate net worth position of the
promoter. Given the proposed scale up in the solar business, the
firm would require support in the form of working capital bank
lines and capital infusion.


ZF ELECTRONICS: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ZF Electronics
TVS (India) Pvt Ltd's (ZFTVS) 'IND B' Long-Term Issuer Rating.
The Outlook was Stable.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for ZFTVS.

ZFTVS' ratings are:

   -- Long-Term Issuer Rating: 'IND B'; Outlook Stable; ratings
      withdrawn
   -- INR70 million fund-based working capital limits:
      'IND B'/'IND A4'; ratings withdrawn
   -- INR8 million non-fund-based working capital limits:
      'IND A4'; rating withdrawn


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


TOSHIBA CORP: Sees Larger Losses at US Nuclear Business
-------------------------------------------------------
The Japan Times reports that Toshiba Corp. anticipates that total
losses at its nuclear business in the United States could be
larger than earlier stated due to a write-down at its subsidiary
Westinghouse Electric Co., a source familiar with the matter said
on Jan. 12.

The report says the development may further taint the financial
standing of the company that has been battling to overcome a
massive window-dressing scandal.

Toshiba is finalizing the size of an impairment loss at
Westinghouse, which could reach tens of billions of yen, ahead of
the release of its group earnings report for the April-December
period in mid-February, the source said, The Japan Times relays.

Last month Toshiba said it may need to write down the value of
assets at CB&I Stone & Webster Inc., a nuclear plant builder
Westinghouse obtained in 2015, possibly by several hundred
billion yen, The Japan Times recalls.

The Japan Times relates that Toshiba believes the devaluation of
CB&I Stone & Webster may have seriously undermined the value of
Westinghouse, the source said.

According to the report, the source said Toshiba estimated the
final write down in connection with U.S. nuclear plant operations
may reach up to JPY500 billion as of the end of last year, but
the total amount could change as the company combed through their
financial data.

The Japan Times notes that Toshiba has been focusing on nuclear
energy operations as its core business but has been struggling to
win orders for new power plants both at home and abroad,
particularly after the 2011 Fukushima nuclear disaster.

The company booked an impairment loss of about JPY250 billion in
its U.S. nuclear business in the last fiscal year through March
2016, adds The Japan Times.

                          About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications.  At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.


* JAPAN: Nursing Care Bankruptcies Hit Record High in 2016
----------------------------------------------------------
Kyodo News Agency, citing a Tokyo Shoko Research survey, reports
that bankruptcies in the nation's nursing care industry in 2016
hit a record high for the second consecutive year amid a cut in
government-set service payments and increasing competition.

Tokyo Shoko Research said the number of failures in the industry
this year by businesses with debt of more than JPY10 million
(about $86,000) rose 42.1 percent from 2015 to 108, Kyodo
relates.

Kyodo says the credit research agency attributed the rise to a
reduction in nursing-care service payments in 2015 as a result of
changes in government-determined tariffs. The annual amount of
debt incurred surged 47.2 percent to JPY9.4 billion in 2016, it
said.

The agency also cited a chronic worker shortage as a factor
behind the increased bankruptcies, the report relays.

According to Kyodo, the agency said bankruptcies in the industry
have been increasing since 2012 with the figure reaching 76 in
2015, the highest since Japan introduced the nursing care
insurance scheme in 2000.

Kyodo relates that the survey showed that small and new companies
were especially vulnerable to the downward trend in the industry
as 73 percent of the 108 failed firms had less than five
employees and half of the total were established within the last
five years.

By sector, failures of home visit nursing services were the
highest in the 2016 tally at 48 cases, up from 29 in 2015,
according to the survey cited by Kyodo.




===============
M A L A Y S I A
===============


1MALAYSIA: Falcon Bank's Former Singapore Manager Sent to Jail
--------------------------------------------------------------
Andrea Tan at Bloomberg News reports that Jens Sturzenegger, a
former branch manager at Falcon Private Bank Ltd. in Singapore,
became the first foreigner convicted in the city's probes linked
to a Malaysian state investment fund.

Mr. Sturzenegger, 42, pleaded guilty to six charges, including
failing to report suspicious transactions, and was sentenced to
28 weeks in jail and fined SGD128,000 ($89,000), Bloomberg
relates. Prosecutors had sought a jail term of as long as 32
weeks. His lawyer Tan Hee Joek said in court that
Mr. Sturzenegger is remorseful and didn't gain financially from
the offenses, according to Bloomberg. Tan said after the hearing
his client won't appeal the sentence.

Bloomberg says the Swiss had been charged with 16 counts,
including not reporting to the authorities that $1.27 billion of
inflows into two bank accounts were suspicious and denying
knowing Malaysian financier Low Taek Jho. He's the fifth person
to be indicted in Singapore as the city widens its investigation
into fund flows related to 1Malaysia Development Bhd, Bloomberg
notes.

Judge Ow Yong Tuck Leong said Mr. Sturzenegger engaged in
"persistent, deceitful conduct in lying" to authorities,
Bloomberg relays.

Falcon Private Bank was ordered shut by the Monetary Authority of
Singapore in October and Mr. Sturzenegger was arrested as part of
the city's biggest money laundering probe, Bloomberg recalls.
Singapore has fined some of the world's largest banks and
convicted bankers after breaches were discovered in a money trail
linked to 1MDB, the report says.

According to Bloomberg, three former BSI SA employees have been
convicted in cases linked to the Malaysian fund. Yeo Jiawei was
sentenced on Dec. 22 to a 30-month jail term, the longest yet
handed down by the city's courts in 1MDB-related cases. His
lawyer Philip Fong said Yeo will appeal, Bloomberg relays.
Yak Yew Chee was sentenced in November to an 18-week jail term
and fined for forging documents and failing to disclose
suspicious transactions allegedly related to Low. Another banker,
Yvonne Seah Yew Foong, was jailed for two weeks and fined on Dec.
16 for similar offenses. Yak and Seah didn't file appeals,
according to their lawyers.

                           About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund .


HB GLOBAL: Still Assessing Suitable Investors
---------------------------------------------
HB Global Limited said that the Company, together with its
advisers, are still in the midst of procuring and assessing
suitable investors to inject new capital and/or new businesses
into the Group, which may involve a reverse takeover exercise or
right issues.

"Should there be any unsuitable investors, the Company shall
explore other available options in the best interest of the
Company," the company said.

HB Global Limited is an investment holding company. The Company's
subsidiary is a one-stop gourmet convenient food specialist that
offers RTS food, frozen vegetables, canned food, and other foods
such as VF snacks and asparagus tea products.

HB Global has sought to regularise its financial position after
triggering the Practice Note 17 (PN17) criteria in May 2013 due
to its external auditors Paul Wan & Co expressing an audit
disclaimer opinion on the company's audited financial statements
for the financial year ended Dec. 31, 2012.


KINSTEEL BHD: High Court Grants Restraining Order
-------------------------------------------------
The Board of Directors of Kinsteel Bhd said that the Company has
been granted an order pursuant to Section 176(1) and 176(10) of
the Companies Act, 1965, by the High Court of Malaya in Kuala
Lumpur on Jan. 3, 2017, to restrain all further proceedings, and
any and all actions or proceedings brought by any party including
its Scheme Creditors consists of creditors and bankers up to
Feb. 28, 2017.

The Order was applied for in order to facilitate Kinsteel to
convene a meeting with its creditors pursuant to Section 176(1)
of the Act for the purpose of considering and if thought fit, to
approve with or without any alteration or modification, a
proposed scheme of arrangement and compromise for Kinsteel.

The Order is not expected to have any material impact on the
financial and operational matters of the Company, as the Order is
to solely facilitate and finalise Kinsteel's scheme of
arrangement.

Malaysia-based Kinsteel Berhad (KLSE:KINSTEL)--
http://www.kinsteel.com.my/home/home.php-- is an integrated
steel manufacturer and steel millers in Malaysia. The Company
manufactures a range of long steel products used in the
manufacturing, construction and infrastructure industries. The
Company, with a product portfolio encompassing upstream,
midstream and downstream steel products, fully integrated and
streamlined manufacturing processes, serves the need for steel in
the region. It produces mild steel round bars, high tensile
deformed bars, angle bars and flat bars servicing, in particular,
the construction and infrastructure industries. There steel bars
and sections manufactured by the Company are also known as long
products. The Company has eight production lines with a total
steel bars production capacity of 800,000 metric tonnes per
annum. The types of steel bars produced are round and deformed
bars, angle bars, U-channel, wire rods and flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements
of Bursa Malaysia Securities Bhd. The company was considered a
PN17 company pursuant to paragraph 2.1(d) of PN17 as the
company's auditors have expressed a disclaimer opinion in the
Kinsteel's latest audited financial statements for the financial
year ended June 30, 2016.


                             *********

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, and Peter A. Chapman,
Editors.

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

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

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



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