TCRAP_Public/160218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 18, 2016, Vol. 19, No. 34


                            Headlines


A U S T R A L I A

COMPASS BUSINESS: Hall Chadwick Seeks Buyers for Colleges
GRAPHICS ONLINE: Website Developer Collapses Into Liquidation
ICON-SEPTECH PTY: Administrators Put Business Up For Sale
L. & M. PACILLO: First Creditors' Meeting Set For Feb. 29
MISSION NEW ENERGY: To Release Shares From Voluntary Escrow

O'NEILL COURIERS: First Creditors' Meeting Set For Feb. 25
ONI GLOBAL: 7 GNC LiveWell Shops Shut as Administration Continues
SHOWPLACE PTY: First Creditors' Meeting Set For Feb. 25


C H I N A

FUTURE LAND: Resumption of CEO to be Credit Pos., Moody's Says
YINGLI GREEN: To Get CNY3.3BB in Loans From State Bank


I N D I A

ABDOS LABTECH: CRISIL Suspends B+ Rating on INR79MM Term Loan
AISHWARYA AGRIPROCESSORS: Ind-Ra Affirms IND BB- LT Issuer Rating
ALCHEMIST HOSPITALS: Ind-Ra Ups LT Issuer Rating to IND BB+
APEX BUILDERS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
AVA APPARELS: CARE Assigns B/A4 Rating to INR7.20cr Loan

B L FOUNDRY: CRISIL Reaffirms 'B' Rating on INR120MM Loan
BAFNA GINNING: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
BHARAT COTTON: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
CAUVERY IRON: Ind-Ra Withdraws 'IND B+' Long-term Issuer Rating
CELEBRITY BREWERIES: CRISIL Assigns B Rating to INR420MM Loan

CINQ MICRON: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
DESMO EXPORTS: CRISIL Puts D Rating on Notice of Withdrawal
DEVSONS PRODUCTS: CRISIL Suspends 'D' Rating on INR145MM Loan
DHANRAJ COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
DYNOMERK CONTROLS: CRISIL Reaffirms B Rating on INR35.4MM Loan

EASTMAN METTCAST: ICRA Upgrades Rating on INR17cr Loan to C+
EROS MINEROCK: CARE Reaffirms B+ Rating on INR8.69cr LT Loan
GANESHPRASAD IMPEX: ICRA Reaffirms 'B' Rating on INR2cr Loan
GEODESIC TECHNIQUES: Ind-Ra Suspends 'IND D' LT Issuer Rating
GOLKUNDA DIAMOND: Ind-Ra Affirms 'IND BB+' LT Issuer Rating

H. R. INTERNATIONAL: CRISIL Cuts Rating on INR120MM Loan to D
HM PATEL: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
IDBI BANK: S&P Affirms 'BB+' Issuer Credit Rating; Outlook Stable
INDIAN OVERSEAS: S&P Puts 'BB+' ICR on CreditWatch Negative
JAAHNAVEE LIFE: CRISIL Assigns 'B' Rating to INR65MM LT Loan

JANKALYAN SHIKSHA: CRISIL Reaffirms B- Rating on INR10MM LT Loan
KRISHNA STONE: Ind-Ra Downgrades LT Issuer Rating to 'IND BB-'
LALWANI INDUSTRIES: Ind-Ra Assigns IND BB Long-term Issuer Rating
LEZORA VITRIFIED: CARE Assigns B+ Rating to INR10cr LT Loan
MGI INDIA: Ind-Ra Assigns 'IND B+' Long-term Issuer Rating

MORINDA RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
NAINANI MEDICO: CRISIL Suspends 'B+' Rating on INR55MM Cash Loan
NAKODA FRUIT: CARE Assigns 'B+' Rating to INR3cr LT Loan
PASOLITE ELECTRICALS: ICRA Assigns B+ Rating to INR8cr Cash Loan
PRASHANT AUTOMOBILES: Ind-Ra Affirms 'IND B-' LT Issuer Rating

PULIMOOTTIL SILKS: CRISIL Assigns B+ Rating to INR80MM LT Loan
PULIMOOTTIL SILKS KOTTAYAM: CRISIL Reaffirms B+ Loan Rating
PVN TEX: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
RCM INFRASTRUCTURE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
RCS STEEL: CARE Assigns 'B' Rating to INR5.30cr LT Loan

S K OVERSEAS: CARE Assigns 'B+' Rating to INR6cr LT Loan
SAGA AUTOMOTIVE: CARE Assigns 'B' Rating to INR21.62cr LT Loan
SAI SPACECON: CRISIL Reaffirms 'D' Rating on INR307.5MM Loan
SHUBHANG OILS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SHREE BASAVESHWAR: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating

SOOSAIYA PETER: 'IND BB-' Rating on INR93.45MM Loan Suspended
SRAVANI RAW: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
SRI S. SUBBIAH: CRISIL Cuts Rating on INR200MM Cash Loan to B+
STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr Cash Loan
SUNRISE GINNING: ICRA Suspends 'B' Rating on INR12cr Loan

TNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR375MM Loan
VIJAY JINDAL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
VIMALSCOP PRODUCT: ICRA Upgrades Rating on INR10cr Loan to BB-
VINOD H: ICRA Suspends B+/A4 Rating on INR6.25cr Bank Loan
WEVIN PRIVATE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

WIN-TEL CERAMICS: CARE Ups Rating on INR12cr LT Loan to 'BB'


J A P A N

ITOKIN CO: Integral to Acquire Clothier for JPY16.5BB


N E W  Z E A L A N D

MASALA GROUP: Bosses Must Hand Over 200 Boxes of Documents


P H I L I P P I N E S

JADE PROGRESSIVE: CA Upholds Conviction of Ex-Bankers for Estafa


S I N G A P O R E

PPP LASER: Re-elects Nelson Loh as Director


S R I  L A N K A

ALLIANCE FINANCE: Fitch Assigns 'BB+(lka)' National LT Rating


                            - - - - -


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


COMPASS BUSINESS: Hall Chadwick Seeks Buyers for Colleges
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Compass Business
College, a VET FEE-HELP approved diploma courses provider, and
related entities are up for sale.  According to the report, the
education facilities are currently under the administration of
Hall Chadwick Chartered Accountants and Business Advisors.

Richard Albarran, Blair Pleash and Shahin Hussain have been
appointed administrators of the facilities, the report says.
Offers are sought for the business and assets.

Dissolve.com.au says the administrators are evaluating whether the
colleges could continuously operate and if affected staff and
students could be moved.


GRAPHICS ONLINE: Website Developer Collapses Into Liquidation
-------------------------------------------------------------
Broede Carmody at SmartCompany reports that a Queensland website
development company has collapsed into liquidation.

Graphics Online, which was incorporated in July 2014 and is based
on the Gold Coast, appointed external managers on February 8. Adam
Ward and Morgan Lane from Worrells Solvency & Forensic Accountants
have been appointed joint liquidators of the business,
SmartCompany discloses.

SmartCompany says the company has ceased trading and its website
appears to have been taken down. Its phone number has also been
disconnected.

SmartCompany, citing the Gold Coast Bulletin, says the director of
Graphics Online, Alan Stainlay, has told liquidators the business
was the victim of cyber attacks.

According to SmartCompany, the cyber attacks resulted in the
business having to fork out more than AUD100,000 to repair the
damage and protect its servers from future attacks.

Since the cyber attacks, Graphics Online has been operating at a
loss and is understood to owe the Australian Tax Office around
AUD20,000, SmartCompany discloses.

In addition, the liquidators have written to the business's
clients, advising them to contact several internet service
providers in order to gain access to their sites and find a
different website host.

Graphics Online specialised in website development and hosting.


ICON-SEPTECH PTY: Administrators Put Business Up For Sale
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the assets and business of Icon-Septech
Pty Ltd. The company entered administration on Jan. 29, 2016 with
the appointment of Anne Meagher and Richard John Cauchi of SV
Partners.

Icon-Septech Pty Ltd has services and products in ferrous access
cover and grates, precast concrete, storm water and wastewater
treatment systems as well as pipeline fittings and pipe. Icon-
Septech has about AUD22 million FY15 turnover. It has been in
business for more than 20 years.


L. & M. PACILLO: First Creditors' Meeting Set For Feb. 29
---------------------------------------------------------
Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of L. & M. Pacillo Transport Pty. Ltd., trading as L. & M. Pacillo
Transport, on Feb. 17, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11
147 Pirie Street, in Adelaide, on Feb. 29, 2016, at 10:30 a.m.


MISSION NEW ENERGY: To Release Shares From Voluntary Escrow
------------------------------------------------------------
Mission NewEnergy Limited disclosed that in accordance with
Listing Rule 3.10A, 15,000,000 ordinary shares (Escrowed Shares)
in the Company will be released from voluntary escrow on Feb. 25,
2016.

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported profit of $28.4 million on $7.27
million of total revenue for the year ended June 30, 2015,
compared to a loss of $1.09 million on $9.68 million of total
revenue for the year ended June 30, 2014.

As of June 30, 2015, the Company had $12.6 million in total
assets, $5.85 million in total liabilities and $6.76 million in
total equity.

"Although we incurred an operating profit for the year ended June
30, 2015 of A$28.3 million (2014: A$1.1 million loss), we have a
history of net losses and there is a substantial doubt about our
ability to continue as a going concern," the Company states in its
annual report for the year ended June 30, 2015.


O'NEILL COURIERS: First Creditors' Meeting Set For Feb. 25
----------------------------------------------------------
David Ross and Richard Albarran of Hall Chadwick were appointed as
administrators of O'Neill Couriers Pty Ltd on Feb. 15, 2016

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on
Feb. 25, 2016, at 11:00 a.m.


ONI GLOBAL: 7 GNC LiveWell Shops Shut as Administration Continues
-----------------------------------------------------------------
Broede Carmody at SmartCompany reports that seven GNC LiveWell
stores have closed down less than two months after the Australian
operations of the global brand were placed in voluntary
administration.

GNC LiveWell stores at Melbourne Central, Westfield Geelong,
Chadstone Shopping Centre, Knox Shopping Centre and Watergardens
Town Centre in Victoria have ceased trading, SmartCompany
discloses citing a statement on the vitamin retailers' website.

Stores at Westfield Bondi in New South Wales and Westfield
Carindale in Queensland have also shut down, the report relates.

The retail outlets sold a range of vitamins and nutritional
supplements.

Singapore-based Osim International placed the Australian
operations of GNC LiveWell in voluntary administration in December
2015.  Osim International is also the franchisee for GNC in
Singapore, Malaysia, China and Taiwan.  The company operated the
Australian stores through its subsidiary ONI Global (Australia).

At least four GNC LiveWell-branded stores continue to trade across
Australia because they are independently owned and therefore not
directly affected by the collapse of ONI Global (Australia),
according to SmartCompany.

Osim International incurred a SGD2.7 million ($2.6 million) loss
when ONI Australia entered voluntary administration, according to
the company's 2015 financial results cited by SmartCompany.  ONI
Global (Australia)'s average operating loss for the last three
years was around SGD3.5 million per year.

As a result, Osim International has decided to exit the Australian
nutrition market.

Gess Rambaldi and Andrew Yeo from Pitcher Partners are joint
administrators of ONI Global (Australia).

A second creditors meeting was held on January 28, SmartCompany
notes.


SHOWPLACE PTY: First Creditors' Meeting Set For Feb. 25
-------------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis were appointed
as administrators of Showplace Pty Ltd, formerly Trading As
Greenco Electrical & Communication Services, Greenco Group and
Sierra Cazorla, on Feb. 15, 2016.

A first meeting of the creditors of the Company will be held at
The Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in
Perth, on Feb. 25, 2016, at 10:30 a.m.



=========
C H I N A
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FUTURE LAND: Resumption of CEO to be Credit Pos., Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that the resumption of duties by
Future Land Development Holdings Limited's (Ba3 negative) chairman
is credit positive.

Future Land announced on Feb. 10, 2016, that Mr. Wang Zhenhua
resumed his duties as the company's executive director and
chairman.

"The resumption of duties by Future Land's key shareholder and
chairman, Mr. Wang Zhenhua, has reduced uncertainties over the
company's operations," says Stephanie Lau, a Moody's Assistant
Vice President and Analyst.  "The uncertainties were raised when
Mr. Wang came under investigation by the Chinese authorities."
Mr. Wang was investigated by Changzhou city's Commission on
Discipline Inspection in Wujin district.

Moody's will continue to monitor Future Land's operations, funding
access and liquidity position to assess any overhang from the
investigation.

The negative outlook on Future Land's ratings could return to
stable if the company can demonstrate continued strong operations
and good access to the onshore and offshore debt markets.

"As for Future Land's 2015 results, the results are in line with
Moody's expectations," adds Lau, who is also the Lead Analyst for
Future Land.

Contracted sales grew by 30% to RMB32 billion in 2015.  According
to the company, Future Land exhibits unbooked and locked-in
revenue totaling RMB24 billion, which will provide support to its
2016 top line growth.

Future Land's revenue for the fiscal year ended Dec. 31, 2015,
increased by 15% year-over-year to RMB23.8 billion.

However, revenue to debt slipped to 124.8% in 2015 from 147.5% in
2014, contributed by the 36% increase in reported debt used to
fund its 2015 land acquisitions that totaled RMB23.7 billion.
Moody's expects Future Land's revenue to debt to stay at 120%-125%
over the next 12-18 months.

As for its EBIT/ interest coverage, the ratio remained stable at
3.0x in 2015 versus 2.9x in 2014, helped by a lower weighted-
average finance cost of 7.2% (7.7% in 2014) and a higher gross
profit margin of 20.4% versus 18.7% in 2014.

Moody's expects Future Land's margin to improve slightly in 2016,
helped by the completion of a larger proportion of higher margin
mixed-use projects.  Specifically, its EBIT/interest should stay
at 3.0x-3.3x over the next 12-18 months.

Recurring income from rental and property management increased by
37% to RMB563 million, driven by the increase in property
management income and the completion of three new shopping malls
during the year.  The company's gross recurring income to interest
improved to 0.4x from 0.3x in 2014.  The result represented one of
the strongest among its Ba-rated peers.

The company's liquidity profile remained strong at 195% at end-
2015 compared to 220.3% at end-2014.  In addition, Future Land
successfully early redeemed all USD200 mil. 2018 notes on
Jan. 31.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Future Land Development Holdings Limited maintains a presence in
25 cities in China.  Its attributable land bank totaled
approximately 13.1 million sqm of gross floor area at Dec. 31,
2015.

The company's 68.27%-owned subsidiary, Future Land Holdings Co.
Ltd (unrated), is an A-share company which listed on the Shanghai
Stock Exchange in December 2015.


YINGLI GREEN: To Get CNY3.3BB in Loans From State Bank
------------------------------------------------------
Bloomberg News reports that Yingli Green Energy Holding Co. will
get about CNY3.3 billion ($508 million) in loans from a state bank
and the government where it's based as it looks to pay off old
debts and restructure operations, said a person familiar with the
matter.

China Development Bank Corp. will lend CNY2.5 billion to U.S.-
listed Yingli, while the government in the city of Baoding will
provide the remainder, according to the person, who asked not to
be identified because the discussions were private, Bloomberg
relates.  Yingli, once the world's biggest solar manufacturer, had
total debt of $1.9 billion as of last year and its American
Depository Receipts have fallen more than 80% in 12 months.

Bloomberg notes that an oversupply has driven panel prices down
about two-thirds since 2010, forcing some big Chinese producers,
including Suntech Power Holdings Co. and LDK Solar, to file for
bankruptcy after failing to repay debts. The loans mark the most
significant intervention by a state bank to help struggling solar
companies. In 2012, LDK Solar Co., which in November announced a
restructuring of its onshore operations, received local government
help to pay off a portion of its debt.

According to Bloomberg, Caixin magazine reported earlier that
Yingli would get more than CNY2 billion in loans from China
Development Bank. As part of the move, Yingli will focus on its
photovoltaic business, while other businesses and non-performing
assets will be sold or restructured, the person said. China Cinda
Asset Management Co., a state-owned asset-management company, has
been chosen to join the debt-restructuring effort, the person, as
cited by Bloomberg, said.

Yingli had total debt of about $1.9 billion at the end of the
third quarter last year. The company hasn't reported a profit
since the second quarter of 2011, Bloomberg discloses.

Yingli Green Energy Holding Company Limited (NYSE: YGE), --
http://www.yinglisolar.com-- is a solar panel manufacturer.
Yingli Green Energy's manufacturing covers the photovoltaic value
chain from ingot casting and wafering through solar cell
production and solar panel assembly.  Headquartered in Baoding,
China, Yingli Green Energy has more than 30 regional subsidiaries
and branch offices and has distributed more than 13 GW solar
panels to customers worldwide.



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I N D I A
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ABDOS LABTECH: CRISIL Suspends B+ Rating on INR79MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Abdos
Labtech Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            24       CRISIL B+/Stable
   Term Loan              79       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by ALPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ALPL is yet to
provide adequate information to enable CRISIL to assess ALPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

ALPL, incorporated in 2008, is promoted by the Kolkata-based Abdos
group. ALPL manufactures plastic labware and trades in medical
equipment. ALPL's manufacturing facility is in the excise and
income-tax exempt region of Roorkee (Uttarakhand). ALPL commenced
commercial production in September 2009.

The Abdos group has multiple business interests, including
distributorship of chemicals, specialty packaging, manufacturing
of fast-moving consumer goods products, and logistics services for
electronic durable manufacturers.


AISHWARYA AGRIPROCESSORS: Ind-Ra Affirms IND BB- LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aishwarya
Agriprocessors Pvt. Ltd.'s (AAPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The agency has also affirmed AAPL's
INR100 million fund-based working capital limits at 'IND BB-
'/Stable and 'IND A4+'.

KEY RATING DRIVERS

The ratings reflect AAPL's moderate revenue base of INR577m in
FY15 (FY14: INR576 million). The ratings are constrained by the
company's weak credit profile with interest coverage (operating
EBITDA/gross interest expenses) of 2.2x during FY15 (FY14: 2.4x)
and net financial leverage (total adjusted net debt/operating
EBITDAR) of 4.5x (4.4x). Operating EBITDA margins have improved
but are low (FY15: 5.2%; FY14: 4.4%).

The ratings are further constrained by AAPL's high working capital
requirements as reflected in its over 90% utilisation of the
working capital borrowings during the 12 months ended January
2016.

The ratings, however, benefit from the over 10 years of experience
of AAPL's promoters in the rice milling business.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
would lead to a positive rating action.

Negative: A sustained decline in the EBITDA interest coverage
would lead to a negative rating action.

COMPANY PROFILE

AAPL was set up as a partnership firm named Aishwarya Industries
in 1995 in Andhra Pradesh. The company was reconstituted as a
private limited company with the current name in December 2012.
AAPL is promoted by Prashant Kumar Goel and Manish Kumar Goel. It
has a 12 tonnes per hour rice milling capacity (raw and
parboiled).


ALCHEMIST HOSPITALS: Ind-Ra Ups LT Issuer Rating to IND BB+
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Alchemist
Hospitals Limited's (AHL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB-'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade is underpinned by an improvement in AHL's financial
profile after it hived off its loss-making Gurgaon hospital to
Alchemist Hospital Gurgaon Private Limited (AHGPL) in January
2016. 81% of AHL's balance sheet debt has been transferred to
AHGPL. AHL's net leverage, excluding Gurgaon hospital, improved to
1.0x in FY15 from 1.7x in FY14, and its interest coverage improved
to 7.6x from 3.0x.

The ratings also incorporate the improvement in Panchkula
hospital's FY15 EBITDA to INR107 million from INR56 million in
FY14, supported by an increase in occupancy to 64% from 58% and an
improvement in average revenue per operating bed to INR26,422 in
FY15 (FY14: INR25,582) supported by its focus on high-value
cardiology, neurology and oncology services. The increase in
revenue led to a better appropriation of fixed costs leading to an
improvement in the margins. According to the provisional
financials for 1HFY16, AHL's revenue was INR372 million and EBITDA
was INR63 million (EBITDA margins: 16.9%).

AHL has scaled down its earlier capex plan of setting up of 50
primary healthcare centres including hybrid health care centres
for INR470 million as it is contemplating a franchisee-based model
with low funding requirements per centre. It maintains an
established market position in Panchkula despite the presence of
another specialty hospital in the vicinity. However, the intense
competition could be a risk with the significant capacity addition
by corporate healthcare sector.

The ratings continue to factor in AHL's small size of operations
(FY15 Panchkula revenue: INR728 million). Moreover, the single
operating location keeps the company exposed to geographical
concentration risk.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

AHL is a company of the Alchemist Group and operates a 118-bed
multi-speciality hospital in Panchkula. The company offers a wide
range of specialty services such as cardiology, joint
replacements, laparoscopic surgery, neurology and neuro surgery,
pediatric surgery, endocrinology and nephrology.

AHL's ratings:

-- Long-Term Issuer Rating: upgraded to 'IND BB+' from
    'IND BB-'  Outlook Stable

-- INR70.9 million long term loans (reduced from INR111.57m):
    upgraded to Long-term 'IND BB+'/Stable from 'IND BB-'

-- INR100.0 million fund-based working capital limits: assigned
    Long-term 'IND BB+'/Stable
-- INR10.0 million non-fund-based working capital limits:
    assigned Short-term 'IND A4+'


APEX BUILDERS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Apex Builders
(AB) continues to reflect the firm's exposure to risks related to
implementation and saleability of its ongoing project, and
exposure to cyclicality inherent in the Indian real estate sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Term Loan             120       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by low funding risk
associated with the project, and promoters' extensive industry
experience and funding support.
Outlook: Stable

CRISIL believes AB will continue to benefit over the medium term
from its promoters' extensive experience in the real estate sector
in Pune, Maharashtra. The outlook may be revised to 'Positive' in
case of sizeable bookings of units and timely receipt of customer
advances, leading to substantial cash inflow. Conversely, the
outlook may be revised to 'Negative' if slow bookings of units and
delay in receipt of customer advances result in delayed
implementation of the project and pressure on the firm's
liquidity.

AB was established as a partnership firm in 2013 in Pune by
members of the Kasturi group, to execute a residential project at
Borhadwadi, near Moshi, in Pune.

The Kasturi group, established by Mr. Bharat Agarwal, has been
developing real estate in Pune since 1998. So far, the group has
implemented more than ten projects aggregating over 1.5 million
square feet of saleable area.


AVA APPARELS: CARE Assigns B/A4 Rating to INR7.20cr Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' the ratings to the bank
facilities of Ava Apparels LLP.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-term     7.20       CARE B/CARE A4
   Bank Facilities                     Assigned

Rating Rationale

The ratings assigned to AVA Apparels LLP (AVA) are primarily
constrained by small scale of operations, weak profitability
margin, leveraged capital structure, weak debt service coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained by partnership nature of its
constitution and fragmented and competitive nature of textile
industry. The ratings, however, draw comfort from experienced
partners and growing scale of operations.

Going forward, the ability of the firm to profitably scale up its
operations, improvement in capital structure and management of
working capital requirements shall be the key rating
sensitivities.

New Delhi-based AVA was originally established in 2010 as an LLP
concern, registered under the LLP Act 2008 and is currently being
managed by Vinod Kumar Aggarwal, Atul Sharma, Rattan Lal Aggarwal
and Pawan Kumar Chaudhary. The firm is engaged in manufacturing
and export of readymade garments. This includes knitwear, kurtis
and t-shirts for women and girls. The main raw materials for
the firm are knitted and woven fabric and related accessories like
buttons, threads, labels, etc, which it procures domestically from
Delhi, Gujarat, Punjab and Tamil Nadu. It has the total capacity
to produce 100,000 to 120,000 garments per month of garments. The
firm mainly exports its products to wholesalers and manufacturers
located in France, Spain and Germany.

In FY15 (refers to the period April 1 to March 31), AVA has
achieved a total operating income (TOI) of INR28.33 crore with
PBILDT and net loss of INR0.36 crore and INR0.41 crore as against
total operating income (TOI) of INR20.76 crore with PBILDT and PAT
of INR1.08 crore and INR0.19 crore in FY14.  Furthermore, the firm
achieved total sales of INR11 crore till December 2015 (as per the
unaudited results).


B L FOUNDRY: CRISIL Reaffirms 'B' Rating on INR120MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of B L Foundry Private
Limited (BFPL's) reflects its modest financial risk profile,
marked by modest gearing and modest debt protection metrics, and
its modest scale of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Drop Line
   Overdraft Facility     120      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      48.4    CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's exposure to cyclicality
in the competitive metal products industry, and the susceptibility
of its margins to fluctuations in raw material prices. These
rating weaknesses are partially offset by the extensive industry
experience of BFPL's promoters and its established market
position.
Outlook: Stable

CRISIL believes that BFPL will continue to benefit over the medium
term from its established position in the metals industry and the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations and profitability, leading to higher cash
accruals and, hence, to improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' if BFPL's capital structure deteriorates
significantly, most likely because of a substantial increase in
its working capital requirements or large debt-funded capital
expenditure.

BFPL, promoted by Mr. Mahavir Prasad Jain, commenced operations in
2008-09. The company manufactures copper products including
strips, besides brass strips, brass rods, and brass pipes. Its
manufacturing facility is at Kundli, Sonepat (Haryana).


BAFNA GINNING: ICRA Reaffirms B+ Rating on INR20cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR20.00 crore fund-based bank facilities of Bafna Ginning and
Pressing Private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 for the INR3.00 crore non fund-based bank
facilities of BGPPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-Based Facilities
   Cash Credit              20.00       [ICRA]B+ (Reaffirmed)

   Non Fund-Based
   Facilities                3.00       [ICRA]A4 (Reaffirmed)

The ratings continue to take into account weak financial risk
profile of BGPPL, which is characterized by low profitability,
high leverage and weak liquidity. Limited value addition in
ginning business and high proportion of low margin trading sales
continue to drive low profitability and accruals as reflected by
net margin of 0.4% and net cash accrual of INR1.3 crore for FY15.
This coupled with weak capitalization and track record of
deploying sizeable funds in group companies continues to limit
long term funds deployed towards core business and hence adversely
impacts the liquidity. Further, given the seasonality in working
capital requirements, the company will continue to depend on debt
for funding of working capital requirements, which would keep the
leverage high and consequently the debt coverage and liquidity
stretched as reflected by OPBDITA/Interest of 1.3x for FY15 and
current ratio of 1.0x as on Mar'15. Moreover, as cotton is exposed
to price variations, BGPPL's ability to limit the inventory levels
against confirmed orders on consistent basis will be critical for
avoiding any inventory losses. Notwithstanding the above concerns,
the ratings continue to factor in the considerable experience of
the promoters in cotton ginning and trading business, and low
counterparty credit risk in trading business as export receivables
are secured by LC backed orders.

Going forward, ability of the company to secure incremental long-
term funds and improve profitability will be critical to improve
its liquidity profile and debt coverage metrics, and thus would be
the key rating sensitivities besides the level of funds deployed
in group companies.

Incorporated in 1999, BGPPL is a part of 'Mahima Group', which is
promoted by Doshi family and is engaged in cotton ginning,
spinning and trading activities through various entities;
including BGPPL, Mahima Fibres Private Limited (MFPL, rated
[ICRA]BBB(Stable)/A3+), Delight Cotton Private Limited, Pooja
Cotton, and Pooja Fibres Private Limited.

BGPPL was acquired by the existing promoters from its founders in
FY06. The Company has a ginning unit in Aurangabad (Maharashtra),
which is equipped with 22 ginning machines capable of producing
30,000 quintals of cotton lint per annum. In addition to in-house
ginning, the company is also engaged in trading of cotton lint and
cotton yarn, which accounts for majority of the revenues of the
company.

In FY15, BGPPL achieved an Operating Income (OI) of INR229.7
crore, Operating Profit before Depreciation Interest and Taxes
(OPBDITA) of INR5.7 crore, Profit after Tax (PAT) of INR0.98 crore
against an OI of INR244.6 crore, OPBDITA of INR5.3 crore and PAT
of INR1.46 crore reported in FY14. Subsequently, as per
provisional results for six month period ending Sep'15, the
Company has achieved an OI of INR54.9 crore and OPBDITA of INR1.7
crore compared to OI of INR91.4 crore and OPBDITA of INR2.2 crore
achieved during previous corresponding period.


BHARAT COTTON: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bharat Cotton
Corporation's (BCC) 'IND B' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. The rating will now appear as
'IND B(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for BCC.


The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

BCC's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'/Stable

-- INR21.34 million term loans: migrated to 'IND B(suspended)'
    from 'IND B'
-- INR45.0 million fund-based working capital limits: migrated
    to 'IND B(suspended)' and 'IND A4(suspended)' from 'IND B'
    and 'IND A4'


CAUVERY IRON: Ind-Ra Withdraws 'IND B+' Long-term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Cauvery Iron &
Steel (India) Limited's (Cauvery) Long-Term Issuer Rating of 'IND
B+(suspended)'. A list of rating actions is at the end of this
commentary. The ratings have been withdrawn due to lack of
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for Cauvery. Ind-Ra had suspended Cauvery's
ratings on 31 January 2015.

Cauvery's Ratings:


-- Long-Term Issuer Rating: 'INDB+(suspended)': rating withdrawn
-- INR1,220 million fund-based limits: Long-Term 'IND
    B+(suspended)' and Short-Term 'IND A4(suspended)': ratings
    withdrawn
-- INR520 million non-fund-based limits: Long-Term 'IND
    B+(suspended)' and Short-Term 'IND A4(suspended)': ratings
    withdrawn
-- INR1,500 million term loans: Long-Term 'IND B+(suspended)':
    rating withdrawn


CELEBRITY BREWERIES: CRISIL Assigns B Rating to INR420MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Celebrity Breweries Private Limited (CBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     420      CRISIL B/Stable

The rating reflects the company's exposure to risk relating to
project implementation and stabilisation and intense competition
from established players. These weaknesses are partially offset by
the promoters' extensive experience in liquor manufacturing and
trading.
Outlook: Stable

CRISIL believes CBPL will benefit from the promoters' extensive
experience in liquor manufacturing and trading. The outlook may be
revised to 'Positive' if the company completes its project without
time and cost overruns and has better-than-expected revenue and
profits. Conversely, the outlook may be revised to 'Negative' in
case of time or cost overruns in the implementation of the
project, resulting in lower cash accrual or stretch in the working
capital cycle, thereby adversely affecting CBPL's debt servicing
ability.

CBPL, incorporated in 2006, is promoted by Mr. Upendra Kumar, Mr.
Devendra Prasad Sinha, and Mr. Binod Kumar. The company is setting
up a beer manufacturing facility with commercial production
expected to commence in October 2016. The facility is in Hooghly
(West Bengal) with installed capacity of 0.3 million hectolitres
per annum (3.846 million cases per annum). The company plans to
manufacture mild and strong beer in 650 millilitre bottles under a
contract manufacturing tie-up with SAB Miller India Ltd.


CINQ MICRON: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Cinq Micron Chem
Pvt Ltd's (CMCPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for CMCPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

CMCPL's ratings:
-- Long-Term Issuer rating: migrated to 'IND BB(suspended)' from
    'IND BB'
-- INR12 million Long term loan: migrated to 'IND BB(suspended)'
    from 'IND BB'
-- INR50 million fund-based limit: migrated to 'IND
    BB(suspended)' from 'IND BB' and 'IND A4+(suspended)' from
    'IND A4+'


DESMO EXPORTS: CRISIL Puts D Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its rating on the long-term bank facilities of
Desmo Exports Limited (DEL) on 'Notice of Withdrawal' for a period
of 180 days at the company's request. The ratings will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL D (Notice of Withdrawal)
   Letter of Credit     540       CRISIL D (Notice of Withdrawal)

CRISIL had earlier dated February 8, 2016, downgraded its rating
on the long-term bank facilities of DEL to 'CRISIL D' from 'CRISIL
BB-/Stable'.

Set up in 1993, DEL is promoted by Mr. Dilipkumar Jindal and his
family members. The company trades in chemicals, including citric
acid, phosphoric acid, and paraffin wax, among others. It is based
in Mumbai.


DEVSONS PRODUCTS: CRISIL Suspends 'D' Rating on INR145MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Devsons
Products (DP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            145      CRISIL D

The suspension of rating is on account of non-cooperation by DP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DP is yet to
provide adequate information to enable CRISIL to assess DP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

DP, a partnership firm managed by Bhawanbhai Kotak and his family,
manufactures basic spices such as chilli powder, turmeric powder,
coriander powder; blend spices such as garam masalas; premium
blend spices such as pav bhaji  masala, biryani/pulav masala,
chhole masala, sambar masala, jaljira, tea masala; and asafoetida
(hing). The firm sells these products under the brands, Hans and
Devi, in Gujarat, Rajasthan and Maharashtra.


DHANRAJ COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Dhanraj Cotton
Industries - Mehsana (DCI) continues to reflect its modest scale
of, and working capital intensity in, operations in the intensely
competitive cotton ginning industry. These rating weaknesses are
partially offset by benefits the firm derives from the extensive
industry experience of its promoters and from proximity to the
cotton-growing belt.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Term Loan              28.8     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DCI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if ramp-up in scale of operations and
improved profitability and capital structure strengthen key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
profitability reduces because of volatility in cotton prices; or
financial risk profile, particularly liquidity, declines because
of stretch in working capital cycle or sizeable debt-funded
capital expenditure.

Update:
For the year 2014-15 (refer financial year, April 1 to March 31),
DCI has registered sales of around INR109.8 million on account of
moderate off take in capacities. 2015-16 being the first full year
of operation CRISIL expects healthy sales growth over the medium
term. In 2014-15 the firm's operating profitability remained
modest at around 4.0 per cent and is expected to be at around 3.5
to 4.0 per cent over the medium term because of low value addition
and the fragmented nature of industry. Over the medium term, the
GCA days are expected to be in the range of 75 to 85 days and the
working capital requirements to rise with its scale of operations.
As on March 31, 2015, gearing was high at 2.00 times due to higher
working capital debt coupled with modest net worth. Over the
medium term, the gearing is expected to be in range of 1.50 to 2.0
times on account of high reliance on bank limits to fund
incremental working capital requirements. Over the medium term,
its debt protection metrics are expected to remain weak with its
interest coverage in the range of 1.70 to 2.00 times and net cash
accruals to total debt (NCATD) ratio in the range of 0.07 to 0.11
times due to modest profitability vs. its debt levels. The firm's
liquidity continues to be stretched due to tightly matched
accruals against term debt obligation, limited financial
flexibility, however it is supported through the partners funding
support.

For 2014-15(refer financial year, April 1 to March 31), SI
reported book loss of INR0.98 million on sales of INR109 million.

Incorporated in 2014, DCI is a partnership firm based at Mehsana,
Gujarat. The firm gins and presses cotton, and commenced
operations in December 2014.


DYNOMERK CONTROLS: CRISIL Reaffirms B Rating on INR35.4MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dynomerk Controls (DC)
continue to reflect the firm's modest scale of operations,
susceptibility of its operating performance to offtake by the
automotive sector, and below-average financial risk profile
because of a modest networth and average debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          3       CRISIL A4 (Reaffirmed)

   Cash Credit            25       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35.4     CRISIL B/Stable (Reaffirmed)

   Term Loan              16.6     CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of DC's promoters in the engine-testing equipment segment.
Outlook: Stable

CRISIL believes DC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustainable
growth in revenue, while the firm's capital structure and debt
protection metrics improve. Conversely, the outlook may be revised
to 'Negative' in case of a significant decline in revenue and
margin, large debt-funded capital expenditure, or a stretched
working capital cycle, leading to deterioration of the financial
risk profile, particularly liquidity.

DC is a partnership firm set up in 1996 by Mr. Kishor Raut and his
family members. The firm manufactures vehicle engine-testing
equipment. Its manufacturing facility is in Pune, Maharashtra.


EASTMAN METTCAST: ICRA Upgrades Rating on INR17cr Loan to C+
------------------------------------------------------------
ICRA has revised its rating on the INR17.00 crore fund based bank
limits of Eastman Mettcast Limited (EML, earlier known as Magma
Mettcast Limited to [ICRA]C+ from [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     17.00       [ICRA]C+ (revised from
                                     [ICRA]D)

The rating revision takes into account the regularization of debt
repayments by EML over the past six months. The rating also takes
into account the extensive experience of the promoters in the
steel industry and the company's established relationships with
reputed auto ancillary companies, which results in repeat orders.
Further, recent capital expenditure incurred for setting up the
machining plant is expected to improve the company's profitability
going forward.

However, the ratings are constrained by the limited scale of
operations of the company, resulting in modest economies of scale,
which coupled with high competition in the industry and high
interest burden has resulted in net losses and stretched debt
coverage indicators. ICRA also takes note of EML's highly
leveraged capital structure owing to funding of incremental
working capital requirements through bank borrowings. Also, the
planned debt funded capital expenditure in the current year is
likely to result in deterioration in the company's already
leveraged capital structure. Further, the profitability of the
company is vulnerable to steel price movements, given that the raw
material procurement for the company is not order backed.
Going forward, the company's ability to improve its profitability
and bring about a sustained improvement in its liquidity position
will be the key rating sensitivities.

EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its
manufacturing facility located in Hambran, Ludhiana, Punjab. In
December 2013, the company was taken over by Mr. Subhash Goel and
his family and currently both the families are jointly managing
the operations of the company.

Recent Results
The company incurred a net loss of INR3.34 crore on an operating
income of INR48.00 crore in FY2015 as against a net loss of
INR1.61 crore on an operating income of INR45.76 crore in the
previous year.


EROS MINEROCK: CARE Reaffirms B+ Rating on INR8.69cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Eros
Minerock Products LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.69      CARE B+ Reaffirmed
   Long-term/Short-term Bank      7.00      CARE B+/CARE A4
   Facilities                               Reaffirmed
   Short-term Bank Facilities     1.70      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Eros Minerock
Products LLP (EMP) continue to remain constrained on account of
competition from large players and demand linked to the cyclical
real estate sector, raw material price fluctuation risk and
partnership nature of constitution. The ratings also factor in the
nascent stage of operations during FY15 (refers to the period
April 1 to March 31) coupled with its financial risk profile
marked by incurring net losses, moderately leveraged capital
structure, weak debt coverage indicators and weak liquidity
position during FY15.

The ratings, however, continue to derive strength from experience
of the partners in the ceramic industry and locational advantage
of being situated in ceramic tiles hub.

The ability of EMP to increase its scale of operations through
optimum utilization of its installed capacity along with
improvement in profitability, managing raw material price
fluctuations and improvement in capital structure along with
efficient management of its working capital requirements are the
key rating sensitivities.

Morbi-based (Gujarat), EMP was established as a Limited Liability
Partnership (LLP) firm in April, 2013 by nine partners. The key
partners include Mr Karsanbhai Patel, Ms Indumatiben Patel and Ms
Jalpaben Pandit. Mr Karsanbhai Patel is also associated with Eros
for Sanitarywares, which manufactures ceramic sanitary ware
products.

EMP commenced commercial production from June, 2014. EMP imports
high quality raw material from gulf countries and provides high
purity grade products at competitive price as locally available
gypsum from private small scale players is of low purity grade.

During FY15, EMP reported a net loss of INR1.17 crore on a total
operating income (TOI) of INR7.47 crore. Furthermore, during
6MFY16, EMP achieved a TOI of INR2.99 crore.


GANESHPRASAD IMPEX: ICRA Reaffirms 'B' Rating on INR2cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR2.00 crore cash credit facility which is a sublimit of short
term non fund based facility and INR10.50 crore (unallocated
limits of Ganeshprasad Impex Private Limited at [ICRA]B. ICRA has
reaffirmed the short term rating outstanding on the INR9.50 crore
non-fund based facilities and INR10.50 crore unallocated limits at
[ICRA]A4. The unallocated limits of INR10.50 crore have been rated
on both the scales and will attract rating as per the tenure of
usage. As such the total utilization of the non fund based
facility should not exceed INR9.50 crore at given point in time.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Cash
   Credit               (2.00)       [ICRA]B reaffirmed

   Non-fund Based
   Letter of Credit      9.50        [ICRA]A4 reaffirmed

   Fund Based Buyers
   Credit               (7.00)       [ICRA]A4 reaffirmed

   Unallocated amount   10.50        [ICRA]B/[ICRA]A4 reaffirmed

The ratings reaffirmation reflect Ganeshprasad Impex Private
Limited's (GIPL) weak financial profile as reflected in small
scale of operations, subdued profit margin emanating from highly
competitive nature of the timber trading industry, weak capital
structure and working capital intensive nature of operations. The
ratings also take into account margin susceptibility to
fluctuation in timber prices and adverse movement in foreign
exchange market and vulnerability of earnings to change in
regulatory policies of exporting countries and India. ICRA notes
that the ban enforced by Myanmar government in April 2014 has
restricted the supply of round logs which has disrupted sourcing
capabilities of Indian timber importers, which has hit the
operations of the firm.

The ratings, however, factor in the management's established track
record in the timber industry and diversified clientele with
market presence across the country.

Incorporated in 2004, as a private limited company, GIPL is
engaged in the import of round log and cut to size Burmese teak
timber and caters to the domestic market. The firm gets the order
unloaded at Tuticorin and Mumbai ports. The firm has its head
office located in Reay Road, Mumbai. Patel Wood Works & Timber
Mart (rated [ICRA]B/[ICRA]A4) is an associate concern of GIPL and
is engaged in the same line of business.

Recent Results:
GIPL recorded a net profit of INR0.14 crore on an operating income
of INR9.13 crore for the year ending March 31, 2015.


GEODESIC TECHNIQUES: Ind-Ra Suspends 'IND D' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Geodesic
Techniques Pvt Ltd's (Geodesic) 'IND D' Long-Term Issuer Rating to
the suspended category. This rating will now appear as 'IND
D(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Geodesic.


The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Geodesic's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'

-- INR894.2 million long-term loans: migrated to 'IND
    D(suspended)' from 'IND D'

-- INR391.0 million fund-based working capital limits: migrated
    to 'IND C(suspended)' and 'IND A4(suspended)' from 'IND C'
    and 'IND A4'
-- INR600.0 million non-fund-based working capital limits:
    migrated to 'IND A4(suspended)' from 'IND A4'


GOLKUNDA DIAMOND: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Golkunda Diamond
& Jewellery Limited's (GDJL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. A full list of rating actions is at the end
of this commentary.

KEY RATING DRIVERS

The affirmation reflects GDJL's moderate-to-weak credit profile
despite volatile EBITDA margins. In FY15, net leverage (total Ind-
Ra adjusted net debt/operating EBITDAR) was 4.69x (FY14: 2.88x),
interest cover (operating EBITDA/Gross Interest Expense) was 1.91x
(3.75x) and EBITDA margins were 7.91% (9.80%). EBITDA margins
fluctuated between 4.37% and 7.91% over FY12-FY15 due to raw
material price volatility and its presence in a highly fragmented
and competitive industry.

The ratings also factors in the company's tight liquidity due to
high working capital intensity. Its average use of working capital
limits was more than 95.00% over the 12 months ended January 2016.

The ratings are supported by GDJL's moderate scale of operations
as indicated by its net revenue of INR928.79 million in FY15. The
ratings are also supported by the company's founders' over three
decades of  operating experience in the jewellery industry and
strong relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin and/or deterioration
in the liquidity could lead to a negative rating action.

Positive: Improvements in the EBITDA margin leading to a
substantial improvement in the credit metrics could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1960, GDJL manufactures and exports diamond
studded gold jewellery through its 500 pieces per day facility
located in Mumbai. The company has been listed in leading stock
exchanges since 1992.

GDJL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR350.00 million fund-based limit: affirmed at 'IND
    BB+'/Stable/'IND A4+'
-- INR20.00 million non-fund-based limit: assigned 'IND A4+'


H. R. INTERNATIONAL: CRISIL Cuts Rating on INR120MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
H. R. International Limited (HRIL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'. The rating downgrade reflects
ongoing delays by the company in servicing debt obligations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          25      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            120      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Foreign Documentary    100      CRISIL D (Downgraded from
   Bills Purchase                  'CRISIL A4+')

   Letter of Credit       100      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Packing Credit          80      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term      60.6    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

   Term Loan                9.4    CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

HRIL has a modest scale of operations in the intensely competitive
jute industry, and low operating profitability due to the trading
nature of operations, resulting in weak interest coverage ratio.
However, the company benefits from its promoters' extensive
experience in the jute industry.

HRIL, part of the Mall group of Kolkata, trades in jute and jute-
based products. The company commissioned a jute-bag manufacturing
unit in December 2011 with total capacity of 63,000 bags per
annum. The Mall family has a track record of over 100 years in the
jute business (including trading and manufacturing). The business
was started by Mr. Harkisandas Ramkishendas Mall and is currently
being managed by the family's fourth generation.


HM PATEL: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of HM Patel and Company (HM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit       40       CRISIL A4

The ratings reflect the firm's small scale of operations, large
working capital requirement, and weak financial risk profile
because of high total outside liabilities to tangible networth
ratio and subdued debt protection metrics. These weaknesses are
partially offset by its promoters' extensive experience in timber
trading.
Outlook: Stable

CRISIL believes HM's operations will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if significant increase in revenue or operating margin
leads to higher-than-expected cash accrual, or if capital infusion
results in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of decline in
operating margin leading to lower-than-expected cash accrual, or
deterioration in working capital management, worsening financial
risk profile considerably.

HM, based in Gujarat, trades in timber. It was established by Mr.
Hasrahbhai Patel in 1998 and is managed by Mr. Kantilal Patel. It
has a saw mill in Gandhidham with capacity of 1100 cubic feet, of
which, 30 percent is utilised.


IDBI BANK: S&P Affirms 'BB+' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term foreign currency issuer credit rating on IDBI Bank
Ltd.  The outlook is stable.  At the same time, S&P affirmed its
'B' short-term rating on the India-based bank and the 'BB+' long-
term issue on IDBI's senior unsecured notes.

"The rating affirmation reflects our expectation that the
likelihood of support to the bank from the government of India
will remain very high," said Standard & Poor's credit analyst Amit
Pandey.  "The affirmed rating also reflects our view that the
ratings have some cushion to absorb deterioration in the bank's
credit profile."

S&P could lower the stand-alone credit profile (SACP) of IDBI,
currently at 'bb', by one notch if the bank's asset quality
deteriorates sharply.  However, a downgrade would be dependent on
S&P lowering the SACP by two notches to 'b+'.

"We expect IDBI's credit costs to remain high because of the
bank's weak asset quality. IDBI has grown cautiously over the past
few years.  But given its concentrated loan book, we see pressure
on its asset quality," said Mr. Pandey.

The bank's NPLs rose sharply by 200 basis points in the December
quarter to 8.9% as of Dec. 31, 2015, one of the highest increases
in S&P's rated portfolio.  IDBI's standard restructured loans have
reduced to less than 7% of total loans as of Dec. 31, 2015.  While
S&P do not expect any material increase in the bank's stressed
asset portfolio, S&P believes IDBI could continue to see migration
from its standard restructured book into NPLs in the next few
quarters.

High credit costs have strained IDBI's earnings, which were
already low.  The bank reported a loss of Indian rupee (INR) 21.8
billion in the third quarter of fiscal 2016, which wiped off the
first six months' profit (nine-month loss stood at INR19 billion).
The negative retained earnings would have lowered the bank's
capital ratios, bringing them closer to the regulatory minimum
capital requirement.  IDBI's Tier 1 capital ratio was 8% as of
Sept. 30, 2015.  The regulatory requirement for Tier 1 (including
capital conservation buffer) is set to increase to 7.625%
effective March 31, 2016.  Another quarter of loss could mean IDBI
would have to raise further capital to meet the regulatory
requirement.

S&P believes that IDBI may tap the market to raise capital or
receive capital from the government or government-related entities
to meet the minimum requirement.  S&P's view is based on the
government's public commitment as part of its plan to revamp
public sector banks and help these banks, including IDBI, to
maintain a safe buffer over and above their Basel III
requirements.  Although not currently in S&P's base case, an
inability by IDBI to raise sufficient capital could see it
breaching regulatory capital requirements, which could lead to a
multiple-notch downgrade.

S&P expects IDBI to maintain a Standard & Poor's risk-adjusted
capital (RAC) ratio before diversification of 5%-7%, which is
S&P's range for a moderate capital and earnings assessment.  Its
RAC ratio was 7.3% as of March 31, 2015.

The stable outlook on IDBI reflects S&P's expectation that the
likelihood of support to the bank from the government of India
will remain very high.  S&P also expects IDBI to sustain the
improvement in its business profile and funding position.

The rating on IDBI currently benefits from a very high likelihood
of government support.  The rating on the bank may no longer
benefit from this support, leading to a downgrade, if S&P believes
this support has weakened.  Such a scenario could occur if the
government contemplates privatizing the bank.

S&P may also lower the rating on IDBI if the SACP weakens.
However, a downgrade would be dependent on S&P lowering the SACP
by two notches to 'b+'.  S&P could lower the SACP to 'bb-' from
'bb' if the recent improvement in the bank's funding profile
stalls or its asset quality substantially weakens such that its
gross nonperforming loans increase to more than 10%-12% of total
loans or stressed assets increase to 18%-20% of loans.  In S&P's
view the downside risks are rising.

S&P could upgrade IDBI if the bank raises capital or monetizes its
strategic investments, such that S&P expects its RAC ratio to
remain above 7.25%.  The higher threshold for IDBI compared with
that for its peers is because the bank's quality of capital is
inferior when compared to its peers' because it includes a huge
amount of deferred tax assets (more than 10% of total adjusted
capital).


INDIAN OVERSEAS: S&P Puts 'BB+' ICR on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB+' long-term and 'B' short-term issuer credit rating on Indian
Overseas Bank (IOB) on CreditWatch with negative implications.
S&P also placed its 'BB+' long-term issue rating on the India-
based banks' senior unsecured notes on CreditWatch with negative
implications.

"Our rating action reflects our expectation that IOB's mounting
credit losses have strained its capitalization and make it more
onerous for the bank to meet the minimum regulatory capital
requirement by March 2016," said Standard & Poor's credit analyst
Amit Pandey.

IOB's aggressive growth over the past several years has stressed
its internal control system, in S&P's view.  The Reserve Bank of
India's recent advice to banks (including IOB) to recognize select
weak loans as nonperforming loans (NPLs) over the quarters ending
December 2015 and March 2016, and shore up provisions for bad
loans, has accentuated asset quality and capital problems for IOB.

The high credit costs because of the rising NPLs have strained
IOB's earnings, which remain abysmally low.  After reporting a
loss for the fiscal year ended March 31, 2015, IOB reported a loss
of Indian rupee (INR) 19.6 billion in the first nine months of
fiscal 2016.  IOB's weak operating performance and negative
retained earnings have lowered the bank's capital ratios, which
are close to the minimum regulatory capital requirement.  IOB's
Tier 1 capital ratio is 7.16%, compared with the regulatory
requirement of 7%.  However, the regulatory requirement for Tier 1
(including capital conservation buffer) capital is set to increase
to 7.625% effective March 31, 2016.

In S&P's view, IOB will have to raise further capital to meet the
regulatory requirement.  The requirement for capital infusion will
increase in case the bank has further losses because its negative
retained earnings have already strained its capitalization.  As
the capital shortfall increases, IOB will find it more and more
difficult to arrange requisite capital to meet the minimum
regulatory capital.  The bank may find it difficult to raise
capital from capital markets, given its currently weak operating
performance.  As such it will have to rely more on government
support for capital infusions.

"We aim to resolve the CreditWatch within the next four months
once we have more clarity on the government's plan to infuse
capital into IOB and whether or not the bank will be in breach of
the regulatory minimum Tier 1 capital requirement as on March 31,
2016," said Mr. Pandey.

S&P could lower IOB's stand-alone credit profile by four notches
to 'ccc+' if the bank breaches the minimum Tier 1 capital
requirement.  This could lead to multiple notch downgrade for IOB.
Standard & Poor's caps the stand-alone credit profile of a bank
that breaches the regulatory capital requirement (and is still
allowed to continue to operate) at 'ccc+'.

S&P could affirm the ratings if it believes that IOB will not
breach the regulatory minimum capital.


JAAHNAVEE LIFE: CRISIL Assigns 'B' Rating to INR65MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Jaahnavee Life Sciences Private Limited (JLPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       65       CRISIL B/Stable

The rating reflects JLPL's exposure to risks related to on-going
project and exposure to risks related to stabilisation during
initial stages of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in pharmaceutical industry.
Outlook: Stable

CRISIL believes that JLPL will benefit from the promoter's
extensive experience in the pharmaceutical industry over the
medium term. The outlook may be revised to 'Positive' in case of
timely execution of the project within the projected cost or in
case of higher than expected revenues and profitability; resulting
in higher than expected accruals and thus better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.

Incorporated in 2013, JLPL is setting up a bulk drug manufacturing
unit in Vishakhapatnam. Based out of Hyderabad, the company is
promoted by Mr. Shaik Ali, Mr. Shaik Babjee and Mr. Leela
Koteswara Rao.


JANKALYAN SHIKSHA: CRISIL Reaffirms B- Rating on INR10MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the proposed long-term bank facility of
Jankalyan Shiksha Vikas Sewa Samiti (JSVSS) continues to reflect
JSVSS's small scale of operations, a significant stretch in the
working capital cycle, and average financial risk profile because
of a small networth. These rating weaknesses are partially offset
by its trustees' extensive experience in the mid-day meal
contracts execution.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JSVSS's business risk profile will benefit from
its trustees' extensive industry experience, though it will remain
constrained by its modest scale of operations. The outlook may be
revised to 'Positive' in case of significantly higher cash
accrual. Conversely, the outlook may be revised to 'Negative' if
sales or profitability declines, or in case of further stretch in
receivables, constraining financial flexibility.

Update:
JSVSS reported operating revenue of INR5.9 million for 2014-15
(refers to financial year, April 1 to March 31), against INR1.8
million for 2013-14. The growth in revenue was mainly driven by
incremental orders from addition of schools from Meerut district
apart from Hapur and Hardoi. Currently, the society is servicing
for state education board of Uttar Pradesh in two districts -
Hapur and Meerut - for around 20,000 students in 170 schools. The
society achieved revenue of INR4.0 million till December 2015, and
has an order book of around INR2.5 million in hand. CRISIL expects
the revenue to remain muted mainly due closure of supplies to
Hardoi district in January 2015.

The working capital requirement remain large as reflected in gross
current assets of 333 days as on March 31, 2015, mainly due to
high debtors at 324 days. The debtors are high due to uncertainty
of payments timeline from government department as payments are
received as grant upon raising the bill. The working capital
requirement is, however, supported by unsecured loans from
promoters which stood at INR2.2 million as on March 31, 2015. The
liquidity is also comfortable because of the absence of external
debt. CRISIL believes the promoters will continue to support the
society. The financial risk profile is marked by a small networth
of INR0.4 million as on March 31, 2015. The networth is likely to
remain small over the medium term driven by non-profit nature of
business.

JSVSS was established in 2010 as Mahamaya Jankalyan Shiksha Vikas
Sewa Samiti and was renamed in 2013. It provides meals to school
students in Hapur and Meerut under the Mid-Day Meal Scheme. The
society is managed by Mr. Sanjay Kapoor (President) and and Mr.
Amit Kumar (Vice President).


KRISHNA STONE: Ind-Ra Downgrades LT Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Krishna Stone
Industries Private Limited's (KSIPL) Long-Term Issuer Rating to
'IND BB-' from 'IND BB'; The Outlook is Stable. A full list of
rating action is at the end of the commentary.

KEY RATING DRIVERS

The downgrade reflects KSIPL's breach of Ind-Ra's negative
guideline of a sustained decline in the revenue and an increase in
margin pressure leading to deterioration of the credit profile.

In FY15, the revenue declined to INR451.63 million (FY14:
INR572.85 million; FY13: INR396), and the operating profitability
dipped on a sustained basis to 10.67% in FY15 (12.77%; 13.65%).
Furthermore, the credit metrics deteriorated with interest
coverage (operating EBITDA/gross interest expense) of 1.95x in
FY15 (FY14: 3.07x; FY13: 2.96x) and net leverage (total adjusted
net debt/operating EBITDAR) of 4.96x (2.82x; 2.88x). Liquidity
also deteriorated with KSIPL's use of the working capital
facilities increasing to 91% on average during the 12 months ended
January 2016 from 74% during the same period in FY14.

The revenue in FY16 is likely to decline further as the company
generated revenue of only INR253 million till 9MFY16.

The ratings continue to be constrained by the susceptibility of
the company's key raw materials to the vagaries of nature and
government regulations in regard to mining on riverbeds.

However, the ratings are supported by the over three decades of
the company's experience in the stone crushing industry.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue, operating
profitability being sustained or improving leading to an overall
improvement in the credit profile will be positive for the
ratings.

Negative: A further dip in the operating margins leading to
overall deterioration of the credit profile will be negative for
the ratings.


COMPANY PROFILE

Established in 1989, KSIPL processes boulders and crushed sand. It
has two stone crushing units in Uttarakhand, one each in Haldwani
and in Sitarganj with installed capacity of 200TPH and 500TPH,
respectively.

KSIPL's ratings:
-- Long-Term Issuer Ratings: downgraded to 'IND BB-' from 'IND
    BB'; Outlook Stable
-- INR200 million fund-based working capital limits (increased
    from INR180 million): downgraded to 'IND BB-'/Stable from
    'IND BB and affirmed at 'IND A4+'
-- INR3.90 million term loan (reduced from INR7.20 million):
    downgraded to 'IND BB-'/Stable from 'IND BB'
-- Proposed INR50 million fund-based working capital limits:
    'Provisional IND BB'; rating withdrawn as the company did not
    proceed with the debt instrument as envisaged.


LALWANI INDUSTRIES: Ind-Ra Assigns IND BB Long-term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lalwani
Industries Limited (LIL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the small size of LIL's operations and its
moderate credit profile. LIL's revenue fell to INR92.6 million in
1HFY16 (FY15: INR436.9 million) due to a fall in price
realisations as well as lower export volumes. EBITDA interest
coverage stood at 1.7x in FY15 (FY14: 1.8x) while net leverage
remained negative.

The company's revenue for FY16 is likely to be significantly lower
than that of FY15. However the credit metrics are unlikely to
deteriorate significantly in FY16 as the company has not been
using much debt (1HFYE16: INR2.6 million). EBITDA margins were
volatile (FY13: 4.1%, FY14: 2.5%, FY15: 1.3%) reflecting the
susceptibility to fluctuations in raw material and finished goods
prices.

The ratings, however, draw comfort from the management's
experience of over 25 years in the ferro alloys industry.

RATING SENSITIVITIES

Positive: Growth in the revenue along with maintenance of the
credit metrics could lead to a positive rating action.

Negative: A decline in the EBITDA interest coverage could result
in a negative rating action.


COMPANY PROFILE

Incorporated in 1995, LIL manufactures ferro alloys including
ferro silico magnesium, nickel magnesium, ferro molybdenum, ferro
chrome and ferro aluminium with a total installed capacity of
1,590mtpa. It is also involved in the trading of ferro alloy
products. LIL is an associate entity of Lalwani Ferro Alloys
Limited ('IND BBB'/Stable).

LIL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook: Stable
-- INR14 million fund-based limits: assigned Long-term 'IND BB';
    Outlook Stable
-- INR91 million non-fund-based limits: assigned Short-term 'IND
    A4+'


LEZORA VITRIFIED: CARE Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Lezora Vitrified Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Assigned
   Short-term Bank Facilities     2.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lezora Vitrified
Private Limited (LVPL) are constrained primarily on account of its
nascent stage of operations coupled with its presence in the
highly fragmented and competitive nature of the ceramic industry
and its linkages to the cyclical real estate industry. The ratings
are further constrained on account of susceptibility of operating
margins to volatility in raw material and natural gas prices
coupled with foreign exchange fluctuation risk.

The ratings, however, derives strength from the experienced
promoters in the ceramic industry, location advantage such as easy
access to raw material, fuel and labour and reputed clientele.

The ability of LVPL to stabilize the operations and achieve the
envisaged level of revenue and margins would be the key rating
sensitivity.

Morbi-based (Gujarat) LVPL was incorporated in March, 2014 by Mr
Vinodbhai Bhoraniya along with three other promoters namely Mr
Rajnikant Brcharbhai Chikani, Mr Shalieshbhai Shirvi and Mr Anil
Barvara. LVPL is an ISO 9001:2008 certified company engaged in the
business of manufacturing glazed vitrified tiles. The promoters
have set-up a state-of-the-art manufacturing facility at Wankaner,
Gujarat which is equipped to manufacture 30.24 lakh square meters
of tiles per annum.

LVPL sells its products under the brand name of "Lezora" across
country and in the overseas market i.e. Middle East countries,
Korea and in European countries. LVPL has started commercial
operations from installed machinery from June, 2015.

The promoters are also associated with the entities namely M/s.
Sisam Ceramics Private Limited (manufacturing of ceramic glazed
tiles), Shivalika Ceramic Private Limited (engaged in
manufacturing of ceramic glazed tiles) and Shreem Vitrified
Private Limited (engaged in manufacturing of vitrified
tiles).

During 7MFY16, LVPL achieved a total operating income (TOI) of
INR24.82 crore and PBILDT of INR1.46 crore.


MGI INDIA: Ind-Ra Assigns 'IND B+' Long-term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MGI India Private
Limited (MGIIPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MGIIPL's small scale of operations and
moderate credit profile. In FY15, revenue was INR172 million,
operating EBITDAR margin was 11.2%, interest coverage (operating
EBITDA/gross interest expense) was 1.6x and net financial leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) was 12.9x. The
ratings also factor in MGIIPL's tight liquidity as reflected in
its 101.5% average working capital limit utilisation during the 12
months ended January 2016.

The ratings however are supported by the two-decade-long
experience of MGIIPL's directors in the present industry.

RATING SENSITIVITIES

Positive: An increase in the revenue along with maintenance of the
credit metrics could result in a positive rating action.

Negative: Deterioration in the credit metrics could result in a
negative rating action.

COMPANY PROFILE

Incorporated in 2001, MGIPL manufactures and installs operation
theatres, medical gas pipeline systems and other equipment used in
hospitals. It has two manufacturing facilities one each in Baddi
(Himachal Pradesh) and Faridabad (Haryana).

The company is promoted by Shri Ashok Chandra, Shri Vidur Chandra,
Smt. Meena Chandra and Shri Vishal Kumar Gulati.

MGIIPL's ratings:

Long-Term Issuer rating: assigned 'IND B+'; Outlook Stable
INR7.8 million Long term loan: assigned 'IND B+'/ Stable
INR40.0 million Fund-based limit: assigned 'IND B+'/Stable
INR50.0 million Non-fund based limit: assigned 'IND A4'


MORINDA RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Morinda Rice
and Gen. Mills (MRGM) continues to reflect MRGM's small scale of
operations, and modest financial risk profile because of small
networth and high gearing. These weaknesses are mitigated by the
promoter's experience in the rice milling industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MRGM will benefit over the medium term from its
promoter's experience. The outlook may be revised to 'Positive' if
significant improvement in revenue and profitability or sizeable
capital infusion enhances financial risk profile. Conversely, the
outlook may be revised to 'Negative' if a large, debt-funded
capital expenditure or increased working capital requirement
weakens financial risk profile.

MRGM was set up in 1981 as a proprietorship entity. It is promoted
by Mr. Prem Singh. It mills and processes paddy into non-basmati
rice. It has paddy milling capacity of 10 tonne per hour in Ropar,
Punjab.


NAINANI MEDICO: CRISIL Suspends 'B+' Rating on INR55MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nainani
Medico (NMD).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             55      CRISIL B+/Stable
   Overdraft Facility       4      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by NMD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NMD is yet to
provide adequate information to enable CRISIL to assess NMD's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

NMD was set up in 1988 by Mr. Laxman Nainani. It is a sole
proprietorship firm based in Kota (Rajasthan). The firm is a
distributor of pharmaceutical products in Kota.


NAKODA FRUIT: CARE Assigns 'B+' Rating to INR3cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Nakoda Fruit Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       3        CARE B+ Assigned
   Short-term Bank Facilities      7        CARE A4 Assigned


Rating Rationale
The ratings assigned to the bank facilities of Nakoda Fruit
Products Private Limited (NFPL) are constrained by small scale
of operations, low profitability margin due to trading nature of
operations and presence in highly fragmented agro trading
industry.

The above weaknesses are offset by the experience of the promoters
in the agro industry, NFPL being part of established Nakoda group
which has presence in agro sector and long association with
deiversified clientele of group.

The ability of the company to increase its scale of operations
along with efficiently managing its working capital requirement is
the key rating sensitivity.

Incorporated in 2009, NFPL is engaged in trading and processing of
spices and dry fruits. Till FY15 (refers to the period
April 1 to March 31), the company was only engaged in trading
activity. However, from FY16 (November 2015), the company has
forayed into the processing of spices and dry fruits. The products
of the company include spices, chick peas, roasted dry fruits, and
raw dry fruits. The company procures its raw material from local
suppliers and sells the same in the domestic market.

NFPL is a part of the 'Nakoda' group engaged in the trading and
processing of dry-fruits, candied fruit cubes (tutti-fruity,
candied karonda) and other agro-based food products. The 'Nakoda'
group was established in the year 1989 by the Chaudhary family is
based in Nagpur, Maharashtra. Currently, the group is managing
five entities, viz, Nakoda Group of Industries Private Limited
[NGPL], Nakoda Agro Commodities Private Limited [NACPL],
Parshvanath Overseas LLP [PO], Parshva Food International (PFI)
and NFPL.

During FY15, the company registered a PAT of INR 0.01 crore on a
total operating income of INR1.39 crore.


PASOLITE ELECTRICALS: ICRA Assigns B+ Rating to INR8cr Cash Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR8.00
crore fund based cash credit limit of Pasolite Electricals Pvt
Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit                 8.00        [ICRA]B+; assigned

The rating derives comfort from the long-standing experience of
the promoters in the lighting solution business and the pan India
presence which reduces geographic concentration and provides a
competitive advantage. The rating also takes into account the
positive demand outlook for LED and solar lighting segment given
its energy efficiency benefits and the increase in marketing
initiatives taken by the company which provide better visibility
to its products and support the revenue growth. The rating is,
however, constrained by the stretched liquidity profile as evident
by the full utilization of working capital limits on account of
high net working capital intensity with increase in inventory
holding in the last two years. ICRA takes note of the low
profitability on account of limited value addition owing to
trading nature of the operations in a highly fragmented industry.
The rating also factors in the low entry barriers and the high
competitive intensity which impacts the bargaining power of the
company.

Pasolite Electricals Pvt Ltd, based out of Bangalore, is promoted
by Mr. Ganpat Jain and is engaged in the business of trading wide
range of user friendly light fixtures with emphasis on energy
saving and custom design for two decades. Pasolite provide
lighting solutions to all indoor, outdoor, industrial and
residential applications. It also trades in exterior lighting,
road and street lighting, and landscape lighting.

Recent Results
The company reported an operating income of INR39.9 crore and a
profit after tax of INR1.0 crore during FY2015, as compared to an
operating income of INR38.7 crore and a profit after tax of INR1.0
crore during FY2014.


PRASHANT AUTOMOBILES: Ind-Ra Affirms 'IND B-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prashant
Automobiles Pvt. Ltd.'s (PAPL) Long-Term Issuer Rating at 'IND B-
'. The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect PAPL's short operational track record as it
commenced operations only in July 2014.  The ratings are
constrained by the company's low EBITDA margin of 2.0% during
FY15. Moreover PAPL's credit profile is weak with net financial
leverage of 31.8x during FY15 and EBITDA interest coverage of
0.4x.

The ratings are further constrained by PAPL's high working capital
requirements as reflected in its over 90% utilisation of the
working capital borrowings during the 12 months ended January
2016.

The ratings, however, benefit from the decade-long experience of
PAPL's promoters' in the automobile business.

RATING SENSITIVITIES

A substantial improvement in the revenue along with the overall
credit metrics would lead to a positive rating action.

COMPANY PROFILE

PAPL was incorporated on 20 September 2013. The company has taken
up the dealership of Honda Cars India Limited and set up a show
room in Muzaffarpur, Bihar. PAPL is promoted by Shashank Shekhar,
Nibha Kumari, Dr. Moti Sinha.

PAPL's ratings:
-- Long-Term Issuer rating: affirmed at 'IND B-'; Outlook Stable
-- INR57.5 million Fund-based working capital limit (increased
    from INR47.5 million): affirmed at 'IND B-'/Stable
-- INR17.4 million  long-term loan (reduced from INR19.7m):
    affirmed at 'IND B-'/Stable
-- INR8.6 million non-fund-based working capital limit: assigned
    'IND A4'


PULIMOOTTIL SILKS: CRISIL Assigns B+ Rating to INR80MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Pulimoottil Silks and Apparel Private Limited
(PSAPL, part of the Pulimoottil group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable
   Long Term Loan         80       CRISIL B+/Stable

The ratings reflect the group's exposure to intense competition in
the apparel retail segment. The rating also factors in the below-
average financial risk profile because of a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and low interest
coverage ratio. These rating weaknesses are partially offset by
the benefits the Pulimoottil group derives from its promoters'
extensive experience in the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PSAPL, Pulimoottil
Silks, Thrissur; Pulimoottil Silks, Kottayam and Pulimoottil
Garments, Kottayam. This is because these entities, collectively
referred to as the Pulimoottil group, are in the same line of
business, have common promoters, fungibility of funds, and share
significant business synergies.
Outlook: Stable

CRISIL believes the Pulimoottil group will benefit from the
promoters' experience in the apparel retail industry. The outlook
may be revised to 'Positive' if ramp-up in scale of operations and
stable profitability results in a substantially stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if deterioration in working capital management or any additional
debt-funded capital expenditure leads to deterioration in the
liquidity and financial risk profile.

The Pulimoottil group consists of four entities, Pulimoottil Silks
and Apparel Private Limited set up in 2013, Pulimoottil Silks,
Kottayam, Pulimoottil Garments, Kottayam, set up in 1986, and
Pulimoottil Silks, Thrissur, set up in 2007. The group retails
silk saris and ready-made garments. The operations are managed by
Mr. Stephen Chacko, Mr. Abraham Chacko, and Mr. John Chacko.


PULIMOOTTIL SILKS KOTTAYAM: CRISIL Reaffirms B+ Loan Rating
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Pulimoottil Silks
Kottayam (PSK, part of the Pulimoottil group) continues to reflect
the group's exposure to intense competition in the apparel retail
segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     55       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the below-average financial risk
profile because of a high total outside liabilities to tangible
net worth (TOLTNW) ratio, and low interest coverage ratio. These
rating weaknesses are partially offset by the benefits the
Pulimoottil group derives from its promoters' extensive experience
in the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PSAPL, Pulimoottil
Silks, Thrissur; Pulimoottil Silks, Kottayam and Pulimoottil
Garments, Kottayam. This is because these entities, collectively
referred to as the Pulimoottil group, are in the same line of
business, have common promoters, fungibility of funds, and share
significant business synergies.
Outlook: Stable

CRISIL believes the Pulimoottil group will benefit from the
promoters' experience in the apparel retail industry. The outlook
may be revised to 'Positive' if ramp-up in scale of operations and
stable profitability results in a substantially stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if deterioration in working capital management or any additional
debt-funded capital expenditure leads to deterioration in the
liquidity and financial risk profile.

The Pulimoottil group consists of four entities, Pulimoottil Silks
and Apparel Private Limited set up in 2013, Pulimoottil Silks,
Kottayam, Pulimoottil Garments, Kottayam, set up in 1986, and
Pulimoottil Silks, Thrissur, set up in 2007. The group retails
silk saris and ready-made garments. The operations are managed by
Mr. Stephen Chacko, Mr. Abraham Chacko, and Mr. John Chacko.


PVN TEX: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated PVN Tex
Industries's (PVN Tex) 'IND B+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. The rating will now
appear as 'IND B+(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
the lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for PVN Tex.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

PVN Tex's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable

-- INR2.58 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'

-- INR120.0 million fund-based limits: migrated to 'IND
    B+(suspended)' from 'IND B+'

-- INR60.0 million non-fund-based working capital limits:
    migrated to 'IND A4(suspended)' from 'IND A4'


RCM INFRASTRUCTURE: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RCM
Infrastructure Limited's (RCM) Long-Term Issuer Rating of 'IND
B+'. A full list of rating actions is at the end of this
commentary. The ratings have been withdrawn due to lack of
adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for RCM. Ind-Ra had suspended RCM's ratings on
30 June 2015.

RCM's ratings:

-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
    withdrawn
-- INR100 million fund-based working capital limits: 'IND
    B+(suspended)'/'IND A4(suspended)'; ratings withdrawn
-- INR1,080 million non-fund-based working capital limits: 'IND
    A4(suspended)'; rating withdrawn


RCS STEEL: CARE Assigns 'B' Rating to INR5.30cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of RCS Steel &
Auto Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.30       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of RCS Steel & Auto
Private Limited (RSPL) is primarily constrained on account of
its relatively modest scale of operations in the highly fragmented
and competitive steel processing industry and its
financial risk profile marked by highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position.

The rating, however, derives strength from long-standing
experience of the promoters in the industry along with its
healthy profitability margins.

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

RSPL was incorporated in 2010 by Mr Ramesh Chandra Sharma along
with his family member, Mr Kunal Sharma with an objective to set
up a project at Gurgaon (Haryana) for setting up steel coil
processing plant which finds its application primarily in the
automotive sector. The company commenced its operations from
January 2013 and mainly undertakes job work pertaining to process
of Hot-Rolled (HR) steel coils which includes pickling, slitting
as well as cutting of HR coils.

RSPL mainly caters to automotive components manufacturing units
located in the region through its sole manufacturing unit located
at Gurgaon (Haryana) having a total installed capacity of 25,000
metric tonnes per annum (MTPA).

During FY15 (refers to the period April 1 to March 31) RSPL has
reported a total operating income of INR2.64 crore [FY14 (A):
INR1.00 crore] with PAT of INR0.14 crore [FY14 (A): net loss of
INR1.10 crore].


S K OVERSEAS: CARE Assigns 'B+' Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' the rating to the bank facilities of S K
Overseas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of SK Overseas (SKO) is
primarily constrained by small scale of operations with short
track record of operations, lower profitability margins, leveraged
capital structure and weak debt coverage indicators. The rating is
further constrained by partnership nature of its constitution and
presence in fragmented and competitive industry.

The rating, however, draws comfort from experienced partners in
trading and processing of rice and favourable manufacturing
location.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and overall
gearing position with effective working capital management shall
be the key rating sensitivities.

SKO was established as a partnership firm in 2013 by Mr Krishan
Chand, Ms Santosh Kumari and Ms Poonam Bansal sharing profits and
loss in the ratio of 20:40:40 respectively. They collectively look
after the overall operations of the firm. The firm commenced its
operations in February 2014 and FY15 (refers to the period
April 1 to March 31) was the first full year of operations. The
firm is engaged in milling, processing and trading of basmati and
non-basmati rice with an installed capacity of 4 metric ton per
hour (MTPH) as on March 31, 2015. The firm normally operates in
two shifts of 10 hours each. The processing unit of the firm is
located in Karnal, Haryana.

SKO procures paddy from local grain markets through dealers and
agents mainly from the state of Haryana. SKO primarily sells its
product in Northern India, viz, Haryana, Himachal, Delhi,
Rajasthan and Uttar Pradesh to wholesalers, traders and exporters.
In FY15 (refers to the period April 1 to March 31), SKO has
achieved a total operating income (TOI) of INR17.90 crore with
PBILDT and PAT of INR1.35 crore and INR0.02 crore as against total
operating income (TOI) of INR8.30 crore with PBILDT and PAT of
INR0.41 crore and INR0.01 crore in FY14.


SAGA AUTOMOTIVE: CARE Assigns 'B' Rating to INR21.62cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to the bank facilities of
Saga Automotive (India) Private Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.62      CARE B Assigned
   Short-term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Saga Automotive
(India) Private Limited (SAIPL) are primarily constrained on
account of its financial risk profile marked by continuous decline
in scale of operations in last three financial years along with
net loss as well as cash losses in FY15 (refers to the period
April 1 to March 31), weak solvency position and working
capital intensive nature of operations. The ratings are, further,
constrained on account of volume-driven business with high
competition in the auto dealership industry.

The ratings, however, favourably take into account long experience
of the promoters in the automobile dealership business with
established track record of operations and its long standing
association with its principal, Skoda Auto India Private Limited
(Skoda).

The ability of the company to Increase its scale of operations
with improvement in profitability margins and efficient management
of working capital are the key rating sensitivities.

Jaipur-based (Rajasthan) SAIPL was incorporated in 2006 by Mr
Sanjay Maheshwari, Mrs Kanak Biyani, Mr Harmeet Singh Anand andMr
NaveenMaheshwari. SAIPL is an authorised dealer of Skoda since the
beginning of incorporation and currently, the company operates
three showrooms at Jaipur, Sikar and Kota and has two workshops at
Jaipur and one at Kota. The company has been awarded with respect
to "Best Dealership", "Most Fastest Dealer Award" etc in many a
times in previous years.

Furthermore, the promoters have promoted "Saga Financial Services
Inc." for vehicle financing and Saga Auto Wheels which has
dealership of DSK Benelli sports bike.

During FY15, SAIPL has registered TOI of INR53.56 crore with net
loss of INR1.26 crore as against INR54.29 crore with PAT of
INR0.65 crore in FY14.


SAI SPACECON: CRISIL Reaffirms 'D' Rating on INR307.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Spacecon
India Private Limited (SSIPL) continues to reflect instances of
delay by SSIPL in servicing its debt. The delay is on account of
weak liquidity driven by delay in receivables and low bookings in
the company's real estate projects.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    267.5     CRISIL D (Reaffirmed)

   Term Loan             307.5     CRISIL D (Reaffirmed)

Also, SSIPL faces risk of geographical concentration in revenue,
and risks and cyclicality inherent in the Indian real estate
industry. It, however, benefits from its promoters' significant
track record in the real estate industry.

SSIPL was set up as a proprietorship firm, Sai Erectors, by Mr.
Subhash Nelge in 1993, and was reconstituted as a private limited
company with the current name in May 2011. It is a part of Pune,
Maharashtra-based Sai group and develops residential and
commercial real estate, primarily in Pune.


SHUBHANG OILS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shubhang Oils
Private Limited's (SOPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The agency has also assigned the company's
INR85 million fund-based limits an 'IND B' rating with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect SOPL's small scale of operations and weak
credit metrics. In FY15, revenue was INR275 million, net interest
coverage was around 1.4x and net leverage was 9.3x. The operating
EBITDA margins stood at 2.4% in FY15.

The ratings also consider the seasonal nature of SOPL's raw
material and its moderate liquidity position as reflected in the
average maximum utilisation of around 93% for the 12 months ended
January 2016.

The ratings benefit from more than a decade of experience of the
directors in the oil extraction business.

RATING SENSITIVITIES

Positive: A substantial increase in the top line and an
improvement in the operating profitability, leading to an
improvement in the credit metrics will be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in July 2000, SOPL was over taken by the present
management in 2014. It has its registered office in Madhya
Pradesh.

The company manufactures wheat flour and mustard oils, palm oil,
rice bran oil, etc.

SOPL sells its products under the brand name of Badshah for wheat
flour,  Sharvati and Lal Badshah brands for mustard oil, majorly
in Bihar, West Bengal, Maharashtra, Uttar Pradesh and Madhya
Pradesh.


SHREE BASAVESHWAR: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Basaveshwar
Sugars Ltd's (SBSL) Long-Term Issuer Rating at 'IND D'. Ind-Ra has
also affirmed SBSL's INR3,240.6 million term loan at 'IND D'.

KEY RATING DRIVERS

The affirmation reflects the continued delays in interest and
principal payments on term loans by the company during the 12
months ended January 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

SBSL operates an integrated sugar manufacturing unit with a
capacity of 3,500TCD of sugar, 60,000LPD of molasses/ spirit, and
a 26MW captive power plant. The plant started operations in March
2015. In FY15, the company reported revenue of INR40.3 million,
operating EBITDA of INR26.4 million and net profit of INR2.4
million. Provisional results for 1HFY16 indicate revenue of
INR294.3 million, EBITDA of INR103.4 million, interest expense of
INR167.4 million and net loss of INR63.9 million. As of September
2015, the company had debt of INR3.97 billion.


SOOSAIYA PETER: 'IND BB-' Rating on INR93.45MM Loan Suspended
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Soosaiya Peter
Educational Trust's (SPET) INR93.45 million bank loans to 'IND BB-
(suspended)' from 'IND BB-'. The Outlook was Stable.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
SPET's loans.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


SRAVANI RAW: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sravani Raw &
Boiled Rice Mill's (Sravani) 'IND B-' Long-Term Issuer Rating with
a Stable Outlook to the suspended category. The rating will now
appear as 'IND B-(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Sravani.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Sravani's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B-(suspended)' from
    'IND B-'/ Stable
-- INR20.8 million term loans: migrated to 'IND B-(suspended)'
    from 'IND B-'
-- INR27.5 million fund-based working capital limits: migrated
    to 'IND B-(suspended)' and 'IND A4(suspended)' from 'IND B-'
    and 'IND A4'


SRI S. SUBBIAH: CRISIL Cuts Rating on INR200MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri S. Subbiah and Company (SSC) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           200       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan         10       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term     10       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the liquidity will
remain constrained over the medium term, by large working capital
requirement. The gross current assets were high at 239 days as on
March 31, 2015, because of stretched receivables. Consequently,
the working capital limits were fully utilised over the nine
months through December 2015, with instances of overutilisation.
The downgrade also factors in the deteriorating operating
performance, with SSC expected to achieve revenue of around INR330
million in 2015-16 (refers to financial year, April 1 to March 31)
as against INR522 million a year ago.

The ratings reflect SSC's modest scale of operations with
geographical concentration in the revenue profile and working
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of promoters in the
civil construction industry
Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from its experienced management and moderate order book. The
outlook may be revised to 'Positive' in case of an increase in the
scale of operations while maintaining operating profitability,
resulting in an improved financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
revenue is low, or working capital management deteriorates, or if
the promoters withdraw substantial capital, weakening the
financial risk profile, particularly liquidity.

SSC, set up in 2003, executes civil construction work for the
Tamil Nadu Public Works Department and the National Highways
Authority of India (rated 'CRISIL AAA/Stable') in Tamil Nadu. The
firm's operations are managed by Mr. S Subbiah.


STATUS CLOTHING: ICRA Reaffirms B+ Rating on INR9cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on to the INR14.50 crore fund based facilities of Status Clothing
Company Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, fund-
   based facilities
   Term Loan             5.50       [ICRA]B+/reaffirmed

   Long-term, fund-
   based facilities
   Cash Credit           9.00       [ICRA]B+/ reaffirmed

The rating reaffirmation factors in the modest scale of weaving
operations in a highly fragmented and cost competitive industry
which restricts pricing power for the company. ICRA also notes the
weak financial profile characterised by low profitability, high
gearing and weak coverage indicators.

ICRA, however, favourably factors in the long standing experience
of promoters in the weaving business, the diversified customer and
supplier base and order backed purchases which mitigates raw
material risk to an extent.

Status Clothing Company Limited was set up in 1996 as a
partnership firm. In July, 2011, the firm was converted into a
private limited company and the name was changed to its current
name. It is engaged in manufacturing and trading of gray fabric
i.e. fabric for shirting and suiting. The registered office and
manufacturing plant of the company is located in Tarapur, Thane.
The manufacturing plant is spread over an area of 45,000 square
feet with installed capacity of 5.60 lac meters per month.
The company primarily sells gray fabric mainly to exporters and
local traders. It is also an outsourcing house for other branded
finished fabric players. The company has an in-house design team
and also manufactures as per customer's design specifications.

Recent results
As per audited results, for the financial year ending March 2015,
SCCL reported operating income of INR42.36 crore and profit after
tax of INR0.05 crore as compared to operating income of INR37.34
crore and profit after tax of INR0.10 crore in the previous year.


SUNRISE GINNING: ICRA Suspends 'B' Rating on INR12cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR12.00
crore long term fund based limits of Sunrise Ginning Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based
   Working Capital       12.00        [ICRA]B suspended

   Total Fund
   Based Limits          12.00        [ICRA]B suspended

Sunrise Ginning Pvt. Ltd. was incorporated in 2006 as a closely
held company. It is currently engaged in the cotton ginning,
pressing and crushing business with 24 ginning machines, one
pressing machine and four expellers. The plant is located at
Dhoraji, Gujarat and the installed capacity is 7,128 MTPA and 612
MTPA respectively. The ownership and management of the company was
taken over by Mr. Harsukh Lakkad and Mr. Pradeepkumar Lakkad along
with other shareholders in Aug '08.


TNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR375MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of TNR
Constructions India Pvt Ltd (TNR) continues to reflect the
completion and demand risks associated with the company's ongoing
and upcoming projects, a high degree of geographical concentration
in the revenue profile, and its vulnerability to cyclicality
inherent in the Indian real estate industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          60      CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       375      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by TNR's established
regional presence in real estate development, supported by the
promoters' extensive experience.
Outlook: Stable

CRISIL believes TNR will continue to benefit over the medium term
from its established regional presence in the real estate
development market. The outlook may be revised to 'Positive' in
case of significant receipt of customer advances for its upcoming
projects, leading to better-than-expected cash inflow and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in TNR's liquidity, either because of lower-
than-expected customer advances or significant cost overrun in its
ongoing and upcoming projects.

Set up in 2011, TNR is into residential real estate development in
Hyderabad. The company is promoted by Mr. T. Narsimha Rao.


VIJAY JINDAL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijay Jindal
Builders Private Limited (VJBPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned VJBPL's
INR60m fund-based limit 'IND BB+'/Stable/'IND A4+'ratings.

KEY RATING DRIVERS

The ratings reflect VJBPL's small scale of operations as evident
from the topline of INR155.01 million in FY15 (FY14: INR306.19m).

The ratings are supported by the over two decades of experience of
VJBPL's promoters in civil construction works. The ratings are
further supported by the company's satisfactory operating
profitability and credit metrics with EBITDA margins of 7.19% in
FY15 (FY14: 5.54%), interest coverage (operating EBITDA/gross
interest expense) of 4.91x (11.85x) and financial leverage (total
adjusted debt/operating EBITDAR) of 1.65x (1.08x).

The ratings factor in the comfortable liquidity position of the
company as evident from its 71.14% average working capital
utilisation during the 12 months ended December 2015.


RATING SENSITIVITIES

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

Positive: A significant improvement in revenue while the credit
profile being maintained or improving will be positive for the
ratings.

COMPANY PROFILE

VJBPL was incorporated in 2009 and is engaged in the business of
civil construction works. It has a head office in Bhatinda
(Punjab).


VIMALSCOP PRODUCT: ICRA Upgrades Rating on INR10cr Loan to BB-
--------------------------------------------------------------
ICRA has upgraded its long term rating on the Rs 10.00 crore long
term fund based facilities of Vimalscop Product to [ICRA]BB-from
[ICRA]B+. The outlook on the long term rating is 'Stable'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term; Fund
   Based Limits           10.0       [ICRA]BB- (Stable); Upgraded

The rating upgrade is driven by the better than expected operating
performance registered by VSP in FY15, its first full year of
operations. This resulted in higher operating profits and cash
accruals than previously envisaged. While the firm's scale of
operations has been higher, the debt levels remained limited as
the working capital intensity of the business, as measured by
NWC/OI*, has been low at ~7%. The rating also favourably takes
into account the established track record and extensive experience
of the promoters in the textile industry and the favourable
location of the facility in Balotra, Rajasthan, which is a hub for
processing of Poplin, Rubia etc, thereby facilitating easy access
to raw material and labour. However, ICRA's rating is constrained
by the highly competitive nature of the fabric processing industry
owing to its fragmented nature and the low value added nature of
the firm's business, as well as the exposure to risks arising from
fluctuations in prices of fabric. Further, the rating also factors
in the risks inherent to the firm's partnership constitution, in
terms of risk of capital withdrawal, risk of dissolution etc. ICRA
also notes that the operating income of the firm shall be
relatively lower in FY2016 due to suspension of production for
almost six months in the Balotra region owing to environmental
issues. Going forward, the ability of the firm to improve the
profitability of its operations and prudently manage its working
capital cycle will be the key rating sensitivities.

Vimalscop Product, is a partnership firm, set up by Mr. Subhash
Chand Mehta in 2013 and is engaged in fabric processing at its
unit in Balotra, Rajasthan. Mr.Mehta has been involved in this
line of business for more than two decades and prior to setting up
this firm, the partners were running their fabric dyeing business
under another partnership firm which was dissolved before setting
up Vimalscop Product. The firm has an installed capacity for
processing around 8 million meters of fabric per month. The
products of the firm are marketed under the brand names 'Scop',
'Viva', 'Milly' and 'G-9'.

Recent Results
The firm reported an Operating Income (OI) of INR271.8 crore and a
net profit of INR2.8 crore for FY15, as against an OI of INR55.6
crore and a net profit of INR0.3 crore for the previous year, in
which it operated for four months.


VINOD H: ICRA Suspends B+/A4 Rating on INR6.25cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating assigned to the INR6.25
crore bank facilities of Vinod H Patel. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Vinod H Patel (VHP) was established in the year 1998 and is
engaged in civil construction & engineering services related to
sewerage, laying of pipelines, water tank construction and
building construction. VHP is promoted by Mr. Vinod Patel, who has
an experience of ~24 years in the civil construction industry. VHP
is registered under "AA" class and Special Category-II (building
construction) with the Government of Gujarat. The firm has an in-
house team of civil engineers and supervisors to look after the
project execution. VHP has executed various projects in the past
for government and semi-government bodies of Gujarat government
and reputed private players.


WEVIN PRIVATE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Wevin Private
Limited (WPL) 'IND BB' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. This rating will now appear as
'IND BB(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for WPL.


The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

WPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable

-- INR200 million fund-based working capital limits: migrated to
    'IND BB(suspended)' and 'IND A4+(suspended)' from 'IND BB'
    and 'IND A4+'
-- INR270 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


WIN-TEL CERAMICS: CARE Ups Rating on INR12cr LT Loan to 'BB'
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assgined to
the bank facilities of Win-Tel Ceramics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.00      CARE BB Revised from
                                            CARE B

   Short-term Bank Facilities     2.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Win-Tel Ceramics Private Limited (WTCPL) is
primarily due to improvement in total operating income (TOI),
increase in cash accruals coupled with improvement in profit
margins, capital structure, debt coverage indicators and liquidity
position during FY15 (refers to the period April 1 to March 31).
The ratings continue to draw strength from the vast experience of
the promoters in the tile manufacturing industry and its presence
in the ceramic tile hub with easy access to raw material and power
and fuel.

The ratings, however, continue to remain constrained on account of
its presence in the highly fragmented tiles industry,
susceptibility of operating margins to raw material and fuel price
fluctuations and demand linkages with the cyclical real estate
sector.

WTCPL's ability to increase the scale of operations coupled with
further improvement in capital structure as well as better working
capital management remain the key rating sensitivities.

Morbi-based (Gujarat) WTCPL was incorporated during May, 2007 as a
private limited company in the name of Intel Ceramic Private
Limited by Kundaria family. Subsequently, during January, 2010
name was changed to Win-Tel Ceramics Private Limited. WTCPL is
engaged in the business of manufacturing of ceramic vitrified
tiles of different size with an installed capacity to produce
45,000 MTPA of vitrified tiles as on March 31, 2015. WTCPL sells
its products through its already established distribution network
of more than 100 dealer/distributors in the domestic market. WTCPL
also exports its products to more than 15 countries including Gulf
countries, Mauritius, Tanzania etc.

During FY15 , WTCPL reported total operating income (TOI) of
INR47.59 crore with Profit After Tax (PAT) of INR1.84 crore
as compared to TOI of INR37.00 crore and net loss of INR1.50 crore
during FY14. During 7MFY16 (Provisional), WTCPL has
achieved a turnover of INR29.88 crore.



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


ITOKIN CO: Integral to Acquire Clothier for JPY16.5BB
-----------------------------------------------------
Asia Nikkei Review reports that Japanese investment fund Integral
will acquire apparel company Itokin Co. for an estimated
JPY16.5 billion ($144 million) to lead its turnaround efforts.

Nikkei relates that Integral will obtain new shares in Itokin via
private placement for some JPY4.5 billion to gain 98% of voting
rights. The fund plans to occupy more than half of the seats on
the board, including the chairman, the report says.



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


MASALA GROUP: Bosses Must Hand Over 200 Boxes of Documents
----------------------------------------------------------
Hamish Fletcher at NZ Herald reports that four people linked to
the Masala group of Indian restaurants must hand over or disclose
the whereabouts of up to 200 boxes of documents after liquidators
applied to have them held in contempt of court.

The Herald says the liquidators, Damien Grant and Steven Khov,
have reserved the right to still push for a contempt ruling after
the four allegedly failed to comply with court orders made last
July that required them to provide company documents. The possible
penalties for contempt of court include jail time, the report
relates.

The Herald relates that while Justice Matthew Muir said on
Feb. 17 there was apparent "non-compliance", the situation was
complicated by the police seizing a "substantial number of company
records".

One of the quartet had also recently delivered 30 boxes of
documents to the liquidators, the Herald says.

The police, in December, executed search warrants and froze $34
million of assets belonging to people and companies associated
with the Masala group of restaurants, the Herald recalls. It was
revealed this month that the IRD and other authorities allege
firms and individuals with links to the Indian food chain were
involved in "systemic" tax evasion and breached employment and
immigration laws.

According to the Herald, the four facing the contempt application
-- Rajwinder Grewal, Satwant Singh, Ravinder Kaur and Joti Jain
-- now have 10 working days to produce relevant documents still in
their possession.

If they no longer have company records and once did, they must
also tell the liquidators where they believe these documents are,
the Herald states.

The Herald relates that Justice Muir made these orders after both
sides reached an agreement and the judge said "complete, candid
and timely compliance" was expected.

Earlier on Feb. 17 the court heard that 180 to 200 boxes of
documents associated with the companies had been returned by IRD,
according to the report.

The Herald relates that the judge said there was inconsistent
evidence from Jain, firstly that the documents were in a storage
unit and later that they were in the garage at her Remuera address
and then removed.

According to the Herald, Mike Tolhurst -- a now-retired lawyer who
previously acted for Jain -- said the 180 to 200 boxes of
documents were broken down into bags and taken to the house of
Rupinder Chahil, who is the founder of the Masala chain of
restaurants.

Mr. Tolhurst said Chahil had told him that all documents were
handed over to police, IRD or the liquidators, the Herald relays.

The case will come back to court next month, the report notes.



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


JADE PROGRESSIVE: CA Upholds Conviction of Ex-Bankers for Estafa
----------------------------------------------------------------
The Court of Appeals (CA) denied the appeal of former bank
officers of the closed Jade Progressive Savings and Mortgage Bank
(Jade Bank) and affirmed the conviction rendered by the Regional
Trial Court (RTC) of Manila Branch 15 for estafa.

In its Decision dated December 22, 2015, the CA not only denied
the appeal of Luis L. Co and his son Alvin Milton Co, former Jade
Bank President and Assistant Vice President, respectively, but
also increased the penalty imposed by the RTC, sentencing them to
a maximum of 20 years' imprisonment. The CA also ordered the
accused to indemnify Jade Bank in the amount of PHP3,032,909.00
plus legal interests, reckoned from the filing of the complaint
until fully paid, plus costs.

The Appellate Court declared that the RTC proved beyond reasonable
doubt that the accused "misrepresented and falsely pretended that
Acme rendered services to Jade Bank requiring payment thereof."

The Manila RTC in its February 11, 2013 Decision in Criminal Case
No. 03-211251, imposed against the accused the penalty of
imprisonment of up to 14 years, eight months and one day and
indemnification in the same amount to the bank.

The accused were charged with estafa for defrauding the bank by
authorizing the release of PHP3,032,909.00 from the bank's funds
to pay Acme Investigation Services, Inc., a fictitious agency not
registered with the Securities and Exchange Commission, the
Philippine National Police's Guards Supervision Division, and the
Philippine Association of Detective and Protective Agency
Operators, Inc. (PADPAO). Investigations showed that the check
payments to Acme were deposited in bank accounts owned and
controlled by the accused.

The Monetary Board ordered the closure of Jade Bank and placed it
under receivership of the Philippine Deposit Insurance Corporation
(PDIC) in December 2000. The estafa case was filed by the PDIC,
the liquidator of Jade Bank.

The filing of charges against erring bank officers and employees
and unscrupulous individuals is an important undertaking of the
PDIC to achieve the twin objectives of deterring other parties
from taking advantage of the deposit insurance system, and at the
same time protect the interests of the depositors and the Deposit
Insurance Fund, PDIC's funding source for payment of deposit
insurance.



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


PPP LASER: Re-elects Nelson Loh as Director
-------------------------------------------
Strait Times reports that troubled beauty treatment chain PPP
Laser Clinic announced on Feb. 11 that its shareholders have
re-elected Mr Nelson Loh as the director of the company, and
elected Mr Terence Loh as managing director.

Mr Terence Loh is a former JP Morgan banker who was involved in
the opening of 20 aesthetic clinics across China in the last two
years, PPP said in a press release, the report relays.

Strait Times notes that Mr Nelson Loh was an investment banker at
JP Morgan and has experience in managing investment funds and
"deal execution".  "With him stepping forward to lead PPP with
Terence, the company is well-poised to ride through the recent
operational disruptions caused by the previous management," PPP
said.

Founded in 2011, the homegrown company closed a string of outlets
and shortened opening hours recently, the report discloses.

Strait Times relates that on Feb. 2, founder Dr Goh Seng Heng quit
as director of Aesthetic Medical Partners (AMP) and Aesthetic
Medical Holdings -- the two companies that operate PPP.

The report says Dr Goh had disagreed with how some partners and
investors ran the business.  This raised fears among customers,
but PPP's board said it had "no plans to retrench staff and will
continue to honour" pre-paid packages, according to Strait Times.

It also said it will extend hours, hire more doctors and reopen as
many clinics as possible.

According to the report, PPP has filed a lawsuit against Dr Goh
and his daughter Michelle Goh, seeking injunctions for the
preservation of its assets and interests.

Strait Times relates that PPP also announced on Feb. 11 it has
formed a new medical advisory committee which will be chaired by
Dr Kenneth Thean, one of the co-founders of PPP.

Dr Thean has also been appointed as special advisor to the
clinics, the report notes.

Dr Ng Hong Yi, a senior healthcare professional, remains as deputy
regional chief medical officer of PPP and he will be appointed to
the board from Feb 15, says Strait Times.

"We are confident in the new management's abilities to lead PPP
Laser Clinic through this hiccup and build for the future," the
report Dr Ng as saying.

PPP has 10 clinics in Singapore and over 30 clinics in Asia.



================
S R I  L A N K A
================


ALLIANCE FINANCE: Fitch Assigns 'BB+(lka)' National LT Rating
-------------------------------------------------------------
Fitch Ratings Lanka has assigned Alliance Finance Company PLC
(AFC) a National Long-Term Rating of 'BB+(lka)' with a Stable
Outlook. The agency has also assigned the company's outstanding
senior unsecured debentures a National Long-Term Rating of
'BB+(lka)' and its outstanding subordinated debentures a National
Long-Term Rating of 'BB(lka)'.

KEY RATING DRIVERS

NATIONAL RATINGS AND SENIOR DEBT

AFC's rating reflects its modest franchise, weak asset quality,
lower capitalisation and higher risk appetite relative to peers.
The rating also captures strengthened management and controls
stemming from an on-going organisational restructuring, which
Fitch expects to help improve AFC's asset quality through better
underwriting. Furthermore, the ratings take into account AFC's
adequate profitability.

AFC's exposure to three-wheeled vehicles remains high (37.2% of
the total loan book at end-September 2016) and Fitch believes that
this makes its portfolio more risky compared with that of its
peers. The share of motor car financing increased to 19.4% at end-
September 2016 from 16.5% at end-March 2015. The company has also
expanded into microfinancing (10% of the loan book at end-
September 2016) after its gold loan book contracted to 4.3% at
end-September 2016 from 15.6% at end-March 2014.

The challenging operating environment and poor management of
defaulted loans resulted in a sharp increase in non-performing
loans (NPLs) from gold loans and three-wheeler leases in the
financial year ended March 2014 (FY14) and FY15. AFC's published
regulatory six-month NPL ratio increased to 8.3% at FYE15 from
5.6% at FYE14 as the company failed to dispose its accumulated
repossessed stock in a timely manner.

At end-1HFY16, the NPL ratio improved slightly to 7.9%, but still
remained above that of its higher-rated peers. The NPL ratio as at
end-December 2015 further improved to 5.8%, following a disposal
of gold and three-wheelers. Nevertheless, Fitch believes that the
aggressive expansion of the company's loan book raises the
likelihood of further asset-quality and capital deterioration. AFC
relies on collateral to mitigate the risk as the unprovisioned
portion of its NPLs materially exceeds that of peers.

Fitch views AFC's capitalisation as being weaker relative to
higher-rated peers due to its rapid loan growth and lower loan-
loss provisioning. Its Tier 1 regulatory capital ratio (at the
company level) declined to 10.7% in FY15 from 12.8% in FY14
despite a capital gain of LKR193m from the sale of the company's
stake in Arpico Finance PLC.

AFC's ROA declined to 1.1% in FY15 from 1.6% in FY14 largely due
to significant write-offs of its NPLs in FY15 (96% of total
impairment charges), which offset the capital gain from the Arpico
sale. Rapid branch expansion during the last three years and flat
topline growth led to a high cost-to-income ratio relative to
peers. Fitch believes that an increase in credit costs could
hamper operating profits and internal capital generation in the
medium term.

AFC benefits from a modest deposit franchise with deposits
accounting for most of its funding (end-1HFY16: 60.5%). The
company has sourced medium-term funding from both local and
foreign financial institutions. Fitch believes that AFC may seek
more borrowings to finance its loan book growth, which could help
to improve mismatches in its funding profile.

AFC's outstanding senior debentures are rated at the same level as
AFC's National Long-Term Rating as they rank equally with the
claims of the company's other senior unsecured creditors.

SUBORDINATED DEBT

The outstanding subordinated debentures are rated one notch below
AFC's National Long-Term Rating to reflect their subordination to
the claims of senior unsecured creditors.

RATING SENSITIVITIES

NATIONAL RATINGS AND DEBT

Aggressive loan growth or an increase in unprovided NPLs could
lead to a downgrade of AFC's ratings.

Conversely, an upgrade of AFC's rating is contingent upon the
company achieving a sustained improvement in its capitalisation
commensurate with the level of unprovided NPLs, its loan growth
and earnings generation, and a moderation of its risk appetite
through better underwriting standards and risk controls.

The debt ratings will move in tandem with the AFC's National Long-
Term Rating.


                             *********

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 2016.  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
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***