TCRAP_Public/160229.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

           Monday, February 29, 2016, Vol. 19, No. 41


                            Headlines


A U S T R A L I A

CERAMIC FUEL: Liquidators Put Business Up for Sale
DE WINTERN: First Creditors' Meeting Set For March 7
DPS NEW: First Creditors' Meeting Scheduled For March 3
NORTHCOAST INTERNAL: First Creditors' Meeting Set For March 8
OCEAN HOMES: First Creditors' Meeting Scheduled For March 4


C H I N A

BIOSTAR PHARMACEUTICALS: Regains NASDAQ Listing Compliance
CHINA ALUMINUM: S&P Affirms 'BB+' CCR; Outlook Stable
GOLDEN EAGLE: Moody's Cuts Issuer Ratings to 'Ba3'
PARKSON RETAIL: Moody's Cuts Corporate Family Ratings to 'B2'


H O N G  K O N G

NOBLE GROUP: Posts First Annual Loss in Almost Two Decades
NOBLE GROUP: Lays Building Blocks for Survival


I N D I A

ANANDESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR100M Loan
ANURAG RESORT: ICRA Suspends 'D' Rating on INR14.53cr Loan
ARCANJO CONSTRUCTIONS: CRISIL Rates INR50MM Cash Credit at 'B'
B.B. STYRO: CRISIL Ups Rating on INR50MM Term Loan to B+
BHAGIRADHA CHEMICALS: CRISIL Cuts Rating on INR215MM Loan to B-

BHAVIK POLYMERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
BSCPL GODHRA: CRISIL Reaffirms 'D' Rating on INR5.25BB Term Loan
CHANDAN TRADING: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
DHURIA RICE: ICRA Assigns 'B' Rating to INR7.50cr LT Loan
E.M.S. MEMORIAL: CRISIL Assigns B Rating to INR100MM LT Loan

FASTRACK COMMUNICATIONS: CRISIL Cuts Rating on INR550MM Loan to D
GAYATRI DEVELOPWELL: ICRA Lowers Rating on INR13.50cr Loan to D
GOLD STAR: ICRA Lowers Rating on INR5.50cr Cash Loan to 'D'
GOYAL AGRO: ICRA Assigns 'B' Rating to INR9.50cr Loan
HIRAMAN DEVELOPERS: ICRA Lowers Rating on INR7cr Term Loan to D

IFMR CAPITAL: ICRA Assigns B- Rating to INR4.38cr Loan
JAGDAMBA CEREALS: CRISIL Reaffirms 'D' Rating on INR197.5MM Loan
LAGAN ENGINEERING: CRISIL Cuts Rating on INR75MM Loan to 'D'
M.P. ENTERTAINMENT: ICRA Suspends 'B' Rating on INR42cr Loan
MAHAVEER COTTS: CRISIL Reaffirms 'B' Rating on INR60MM Loan

MANDEEP INDUSTRIES: ICRA Reaffirms 'B' Rating on INR30cr Loan
NEW ASIAN: ICRA Upgrades Rating on INR18cr LT Loan to C+
NOVEN LIFESCIENCES: ICRA Suspends 'B-' Rating on INR6cr Loan
OM SHAKTHI: CRISIL Assigns 'D' Rating to INR50MM Overdraft Loan
ORISSA CONCRETE: ICRA Lowers Rating on INR10.50cr Loan to D

PARSHOTAM LAL: CRISIL Ups Rating on INR70MM Loan to B+
PEE GEE: CRISIL Reaffirms 'B' Rating on INR60MM Loan
RADHEY SHYAM: CRISIL Assigns B+ Rating to INR5MM Cash Loan
RANGANATHAN RAJESWARI: ICRA Assigns 'D' Rating to INR8.50cr Loan
SAIDEEP CARS: CRISIL Assigns 'C' Rating to INR30MM Loan

SAKSHI AUTO: CRISIL Reaffirms D Rating on INR46.8MM LT Loan
SAMBARI ENTERPRISES: CRISIL Assigns B+ Rating to INR55MM Loan
SAVLA FOODS: ICRA Upgrades Rating on INR20cr Loan to B+
SERWEL ELECTRONICS: ICRA Suspends 'D' Rating on INR36cr Loan
SGC LOGISTIC: CRISIL Assigns B- Rating to INR150MM Cash Loan

SHREE SHYAM: CRISIL Assigns 'B+' Rating to INR17.5MM Cash Loan
SIDDHIVINAYAK GINNING: CRISIL Cuts Rating on INR50MM Loan to B+
SINGHAL CLEARING: CRISIL Assigns B- Rating to INR35MM Cash Loan
SNEHAL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR210MM Loan
SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan

SRI BALAJI: CRISIL Assigns 'B' Rating to INR35MM Loan
SRI GAYATHRI: CRISIL Assigns B Rating to INR200MM Cash Loan
SRI PRIYANKA: ICRA Reaffirms 'B' Rating on INR17.57cr Loan
SRI RAVI: ICRA Suspends 'B' Rating on INR7cr Loan
STP LIMITED: ICRA Reaffirms B- Rating on INR24cr Cash Loan

SUKHMANI SHIKSHAN: CRISIL Assigns B+ Rating to INR134MM LT Loan
T.K. INTERNATIONAL: ICRA Assigns 'B-' Rating to INR4.63cr Loan
TRUWOODS PRIVATE: ICRA Reaffirms B+ Rating on INR12.20cr Loan
UMAXE PROJECTS: CRISIL Ups Rating on INR55MM Cash Loan to B-


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Panel Advises Continuing Probe Into Najib


N E W  Z E A L A N D

MARAC INSURANCE: S&P Affirms, Withdraws BB+ Rating
STONEWOOD HOMES: Receivers Hopeful of Sale


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Moody's Puts B1 Ratings on Review for Downgrade


                            - - - - -


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


CERAMIC FUEL: Liquidators Put Business Up for Sale
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the sale of the corporate shell of
Ceramic Fuel Cells Limited.  The company is currently in
liquidation with Adams Pauls Nikitins and Justin Denis Walsh of
Ernst and Young handling the liquidation process, the report says.

Ceramic Fuel Cells is a solid oxide fuel cells developer,
manufacturer and marketer. Its shares were suspended on March 2
last year. All of the assets of the company have been realised by
the liquidators, Dissolve.com.au reports.


DE WINTERN: First Creditors' Meeting Set For March 7
----------------------------------------------------
Benjamin Carson of Farnsworth Shepard was appointed as
administrator of De Wintern Pty. Ltd. on Feb. 24, 2016.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
March 7, 2016, at 10:00 a.m.


DPS NEW: First Creditors' Meeting Scheduled For March 3
-------------------------------------------------------
Philip Campbell-Wilson, Philip Campbell-Wilson and Adam Nikitins
of Ernst & Young were appointed as administrators of DPS New Co
Pty Ltd on Feb. 11, 2016.

A first meeting of the creditors of the Company will be held at
Ernst & Young, Level 33, 680 George Street, in Sydney, on
March 3, 2016, at 11:00 a.m.


NORTHCOAST INTERNAL: First Creditors' Meeting Set For March 8
-------------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Northcoast Internal Linings Pty Ltd on Feb. 25,
2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on March 8, 2016, at 10:00 a.m.


OCEAN HOMES: First Creditors' Meeting Scheduled For March 4
-----------------------------------------------------------
Nicholas Malanos and Christopher Darin of Worrells Solvency &
Forensic Accountants were appointed as administrators of Ocean
Homes Pty Limited on Feb. 23, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1 Level 15, 9
Castlereagh Street, in Sydney, on March 4, 2016, at 2:30 p.m.



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


BIOSTAR PHARMACEUTICALS: Regains NASDAQ Listing Compliance
----------------------------------------------------------
Biostar Pharmaceuticals, Inc. (BSPM) ("Biostar"), a PRC-based
developer, manufacturer and marketer of pharmaceutical and health
supplement products in China, on Feb. 24 disclosed that on
February 22, 2016, NASDAQ notified the Company that it had
regained compliance with continued listing Rule 5550(a)(2), which
requires a minimum bid price of $1.00 for continued listing on the
NASDAQ Stock Market and that the matter was now closed.

Ronghua Wang, Biostar's Chairman and CEO, commenting on the
announcement, stated that "Regaining compliance with NASDAQ's
minimum bid price rule is a significant achievement for the
Company.  With this issue behind us, the Company's management will
continue to pursue its objective of maximizing shareholder value
and strengthening the Company's core business."

               About Biostar Pharmaceuticals, Inc.

Through its wholly owned subsidiary and controlled affiliate in
China, Biostar Pharmaceuticals, Inc. --
http://www.biostarpharmaceuticals.com-- develops, manufactures
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.


CHINA ALUMINUM: S&P Affirms 'BB+' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on China Aluminum
International Engineering Corp. Ltd. (Chalieco).  The outlook is
stable.  S&P also affirmed its 'cnBBB+' long-term Greater China
regional scale rating on the China-based engineering and
construction (E&C) company.  At the same time, S&P affirmed its
'BB' long-term issue rating and 'cnBBB-' long-term Greater China
regional scale rating on the US$300 million senior unsecured
perpetual notes that Chalieco guarantees.

The affirmed rating reflects S&P's view that Chalieco will remain
a strategically important subsidiary of Aluminum Corp. of China
(Chinalco) group.  S&P also believes that extraordinary government
support will flow to Chalieco through Chinalco, if Chalieco is in
distress.

"We lowered Chalieco's stand-alone credit profile (SACP) to 'bb-'
from 'bb' because we expect the company's free operating cash
flows (FOCF) to remain negative over the next two years, weakening
its financial strength," said Standard & Poor's credit analyst Leo
Hu.  "Tough industry conditions and Chalieco's investments in
capital-intensive projects will likely continue pushing the
company's credit metrics lower."

Competition in the Chinese E&C industry, especially Chalieco's
core business segment of nonferrous metals, is intensifying.  The
company's revenue contribution from non-ferrous projects, which
are typically more profitable, remained subdued in 2015, putting
some pressure on margins.  S&P expects revenue contribution from
this segment to remain less than 15% of Chalieco's total revenues
in the next 12-24 months, given subdued demand for nonferrous
metals.  S&P expects the company to continue to invest in capital-
intensive projects to maintain revenue growth and profitability.
Meanwhile, the cash collection period in the traditional E&C
segments will remain extended, given still tight liquidity in
China and customers' high financial leverage.  Therefore, S&P
expects Chalieco's FOCF to remain negative in the next 12-24
months, leading to a continued, although more moderate than
before, deterioration in its credit metrics.  This prompted S&P to
lower the company's financial risk profile assessment to
aggressive from significant.

S&P expects Chalieco to maintain its good reputation and strong
order backlog from various segments, including nonferrous metals
and other non-metal industries (mainly transportation,
infrastructure, and public utilities).  These factors continue to
underpin the company's fair business risk profile.

The affirmed rating on Chalieco is two notches higher than the
company's SACP because of group support from Chinalco, and
government support through Chinalco, which is wholly owned by the
Chinese government.  Chalieco is the only entity responsible for
nonferrous metal E&C design and engineering work of the Chinalco
group, and is the only entity that maintains relevant expertise.
Therefore, Chalieco's expertise is important to the parent group,
and selling Chalieco will be unfavorable to the group.

"The stable outlook reflects our view that Chalieco will remain a
strategically important subsidiary of Chinalco, and maintain its
market position and competitive advantage in the Chinese
nonferrous metals E&C industry for the next two years," said
Mr. Hu.  S&P also anticipates that Chalieco will maintain stable
profitability and generate stable FFO as it expands into the
nonmetals industry in China.  Meanwhile, conditions in the Chinese
E&C industry will remain tough, placing pressure on Chalieco's
profit generation and cash collection capability.

S&P could downgrade Chalieco if S&P lowers the group credit
profile of parent Chinalco, for example due to sustained
deterioration in Chinalco's financial strength, as a result of
continuing distress in the aluminum industry.  S&P could also
lower the rating if Chalieco becomes less important to the group
or the company's SACP deteriorates to 'b'.  The SACP could
deteriorate if weaker margins or working capital management cause
EBITDA interest coverage to fall below 2x on a sustained basis.

S&P may upgrade Chalieco if S&P raises its assessment of
Chinalco's group credit profile.


GOLDEN EAGLE: Moody's Cuts Issuer Ratings to 'Ba3'
--------------------------------------------------
Moody's Investors Service has downgraded Golden Eagle Retail Group
Ltd's issuer rating to Ba3 from Ba1, and changed the rating
outlook to negative from stable.

At the same time, Moody's has downgraded and notched down the
senior unsecured debt rating on Golden Eagle's US-dollar notes due
2023 to B1 from Ba1.

RATINGS RATIONALE

"The downgrade and outlook change reflect Golden Eagle's increase
in debt leverage as it takes on property development projects from
its acquisition of the Nanjing Global Era Group," says Lina Choi,
a Moody's Vice President and Senior Credit Officer.

"At the same time, the company's core retail business remains
sluggish and faces a high level of operating expenses against the
backdrop of continued challenges in the retail environment and
investments in new lifestyle centers," adds Choi who is the Lead
Analyst of Golden Eagle.

Golden Eagle acquired three subsidiaries of Nanjing Global Era
Group Co., Ltd. (unrated) in late 2015; these subsidiaries have
property projects in Nantong in Jiangsu Province, and Wuhu in
Anhui Province.

While the acquisition will strengthen Golden Eagle's regional
presence in its home province of Jiangsu, it will also mean the
company's involvement in property development projects in lower-
tier cities. Moody's expects limited near-term operating cash flow
from the new projects, and that the transaction will weaken Golden
Eagle's financial profile and also expose it to execution risks.

In addition, Moody's expects consumer spending will remain weak in
China in the next 12-18 months. The company will face pressure on
its profit margins from increased store expenses as it seeks to
offer a lifestyle experience and because of longer ramp-up times
for new stores.

Moody's expects that Golden Eagle's adjusted debt/EBITDA will
increase to around 4.5x -- 5x in the next 12-18 months from 3.2x
in 2014. With rising debt, adjusted retained cash flow (RCF) to
net debt (including deposits) will decline to around 12%-13% from
an estimated 18% in 2015. These ratios will no longer be in line
with the Ba1 rating category.

As indicated, Moody's has also notched down the senior unsecured
debt rating on Golden Eagle's notes, due to the subordination risk
arising from the company's higher level of priority debt which has
increased to above 20% of total assets.

Golden Eagle's Ba3 issuer rating continues to be supported by its
strong market position in affluent Jiangsu Province, the benefits
of its concessionaire model, and its solid liquidity profile.

At the same time, its ratings are constrained by its small scale,
increased level of property development risk and high level of
geographic concentration.

Golden Eagle continues to enjoy strong financial flexibility,
given its holdings of sizeable cash and liquid short-term
investments. At end-June 2015, Golden Eagle had cash and
equivalents of RMB4.3 billion, which are sufficient to cover its
short-term debt of RMB644 million.

The negative outlook reflects Moody's concerns over Golden Eagle's
operating performance against the backdrop of a weak economy and
intense competition in the retail sector in China.

An upgrade in the ratings in the near term is unlikely, given the
negative outlook.

However, the ratings outlook would return to stable if Golden
Eagle shows (1) stable revenue growth without sacrificing its
profit margins; (2) more disciplined acquisitions to contain
property development risks; and (3) an improvement in its debt
leverage, such that debt/EBITDA falls below 4.5x and RCF/net debt
rises above 15% on a sustained basis.

The ratings would be downgraded if: (1) the company's
profitability or the cash flow from its operating stores
deteriorates; (2) it aggressively grows its property development
business with debt funding; or (3) there is any further weakening
its balance-sheet liquidity and financial metrics.

Credit metrics indicating a rating downgrade could include
debt/EBITDA rising above 5-5.5x or RCF/net debt falling below 11%-
12% on a sustained basis.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of August 2015, the
company operated 23 stores and five lifestyle centers across four
provinces and 16 cities in China.


PARKSON RETAIL: Moody's Cuts Corporate Family Ratings to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Parkson Retail Group
Limited's corporate family and senior unsecured debt ratings to B2
from Ba3.

The outlook for the ratings remains negative.

RATINGS RATIONALE

"The rating downgrade reflects that Parkson has failed to arrest
the decline in its revenues and profitability, which has in turn
weakened its financial profile to a level that matches its single-
B-rated peers," says Lina Choi, a Moody's Vice President and
Senior Credit Officer.

Parkson reported a weak performance in FY2015: (1) its gross sales
proceeds declined by 6.9% year-on-year to RMB 18.1 billion; (2)
same store sales were down 8.0% year-on-year; and (3) operating
profit declined 89% year-on-year after excluding the one-off
litigation loss of RMB140.9 million in 2015 and the one-off store
closure provision of RMB 105 million in 2014.

In addition, the company reported net cash outflow from operations
of RMB372 million in FY2015 from a cash inflow of RMB343 million
in FY2014.

The company's weak performance reflects the ongoing challenges in
China's retail market, and the fact that the rectification of its
operations and business strategies has yet to produce material
improvements.

Accordingly, Moody's estimates that Parkson's retained cash flow
(RCF)/net debt (including principal guaranteed deposits) declined
to around 6%-7% in FY2015 from 11.6% in FY2014.

The company's cash and deposits also declined by RMB1,531 million
to RMB3,353 million, pushing the company from a net cash to a net
debt position. Such a financial profile no longer supports the Ba3
rating level.

Moody's expects Parkson's credit metrics will remain weak, with
RCF/net debt around 6%-7% and EBITDA/GSP of 10%-11% in the next
12-18 months.

Parkson's B2 corporate family rating reflects its long operating
history in China's highly fragmented department store industry,
underpinned by its well-recognized brand name and national
presence. The rating also considers the low level of collections
risk in its concessionaire sales business model and adequate
liquidity profile.

However, the rating is constrained by challenges from intense
competitors, rising rental rates, reallocation risk of its leased
stores, online retailing and the execution risks associated with
its rapid expansion into lower-tier cities in China.

The rating outlook is negative, reflecting the challenging
conditions in China's retail market and uncertainty over the
company's ability to turn around its weak revenue and
profitability.

There is no rating upgrade pressure given the negative rating
outlook. However, the outlook could return to stable if Parkson
shows positive growth in its gross sales proceeds, positive
operating cash flow and improvements in its profit margins through
rationalizing its loss-making stores and businesses.

Credit metrics that indicate a return to a stable outlook include:
(1) adjusted EBITDA/gross sales proceeds above 11%; and (2)
RCF/net debt above 8% on a sustained basis.

Downward ratings pressure could emerge if Parkson's revenue,
profitability, liquidity, or financial metrics further
deteriorate.

Credit metrics indicative of a downgrade include the likelihood of
adjusted EBITDA/gross sales proceeds trending below 8% or RCF/net
debt trending below 5%-6% on a sustained basis.

Any sign that the company is extending financial support to its
parent, the Lion Group, could also pressure Parkson's corporate
family rating.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. At end-2015, it owned and managed 56 stores
spread across 34 Chinese cities. The company targets the middle-
end of the Chinese retail market. It is 53.1%-owned by Parkson
Holdings Berhad (unrated), an affiliate of Malaysia's Lion Group.



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


NOBLE GROUP: Posts First Annual Loss in Almost Two Decades
----------------------------------------------------------
Jasmine Ng and Andy Hoffman at Bloomberg News report that Noble
Group Ltd. posted the first annual loss in almost two decades
after Asia's largest commodity trader took a $1.9 billion
writedown, and said it aims to re-finance debt before a
May deadline.

The net loss was $1.7 billion last year compared with profit of
$132 million in 2014, Hong Kong-based Noble Group said on
Feb. 25, two days after it warned of impairments. The company,
which needs to renew a $1.2 billion revolving credit facility that
matures in May, has approved term sheets with a number banks on
new arrangements, Chief Executive Officer Yusuf Alireza said,
Bloomberg relays.

According to Bloomberg, the full-year loss follows a turbulent 12
months for Noble Group that saw its shares collapse and debt
rating cut to junk by two agencies. Bloomberg says the trader has
been hammered by the commodities plunge and criticisms of its
accounting -- all denied by the Singapore-listed company -- that
included the valuations of its long-term contracts. It's set to
complete the sale of its stake in Noble Agri Ltd. to Cofco Corp.
for $750 million next month, Bloomberg notes.

"Our re-positioning initiatives are largely finished," Bloomberg
quotes Chief Executive Officer Yusuf Alireza as saying in a
statement. "The imminent receipt of $750 million from the agri
sale adds to our flexibility and, with the expected successful
completion of the re-financing of our revolver, we look forward to
generating the returns that we know the 'New Noble' is fully
capable of."

The shares fell 1.5 percent to 33.5 Singapore cents on Feb. 25
before the earnings statement, Bloomberg says. The stock, which
was the worst performer on the Straits Times Index in 2015, lost
68 percent over the past 12 months, leaving the company with a
market value of SGD2.19 billion ($1.56 billion), Bloomberg
discloses.

According to Bloomberg, Mr. Alireza did not rule out the
possibility of raising additional capital from an outside investor
or by selling equity. He wouldn't give specific details of the
company's plans but said the renewal of the revolving credit
facility was not dependent on raising equity, Bloomberg relays.

"The revolver will be executed and it is not in any way contingent
on an equity transaction," Mr. Alireza, as cited by Bloomberg,
said. He wouldn't say how much interest Noble Group expects to pay
on renewal of the credit facility.

Adjusted net profit, excluding non-cash losses and other items,
was $244 million for the year compared with $586 million in 2014.
Tonnages handled in core businesses in 2015 climbed 26 percent to
271 million metric tons, Bloomberg discloses.

Bloomberg relates that the company said it had a record $1.95
billion cash on hand at the end of the year and a positive net
cash flow from operations of $651 million in the second half. The
trader lowered its adjusted net debt, reducing obligations from
the end of the third quarter by $248 million to $2.26 billion at
year-end.

"We are encouraged that Noble recorded its second successive
quarter of cash flow-positive results," Bloomberg quotes Nirgunan
Tiruchelvam, an analyst at Religare Capital Markets in Singapore,
who rates the company as a buy, as saying. "The drop in revenue is
reflective of lower commodity prices."

Weighing on the results was a $558 million negative swing in
Noble's metals and mining business, Bloomberg discloses. The unit
posted a loss of $229 million in 2015 compared with a profit of
$282 million in the previous year, and was hit by the continued
collapse in physical premium prices as well as weak demand,
according to Bloomberg. Noble expects the business to return to
profitability in 2016, Mr. Alireza said on the conference call,
adds Bloomberg.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2016, Moody's Investors Service has downgraded Noble
Group Limited's corporate family rating and senior unsecured bond
ratings to Ba3 from Ba1 and the provisional rating on its senior
unsecured medium-term note (MTN) program to (P)Ba3 from (P)Ba1.
The ratings are under review for further downgrade.

The TCR-AP on Jan. 11, 2016, Standard & Poor's Ratings Services
lowered its long-term corporate credit rating on Hong Kong-based
commodities trading company Noble Group Ltd. to 'BB+' from
'BBB-'.  At the same time, S&P lowered the long-term issue rating
on Noble's outstanding senior unsecured notes to 'BB' from
'BBB-'.

Standard & Poor's also lowered its long-term Greater China
regional scale rating on Noble to 'cnBBB' from 'cnBBB+' and on the
company's notes to 'cnBB+' from 'cnBBB+'.  The ratings remain on
CreditWatch with negative implications.


NOBLE GROUP: Lays Building Blocks for Survival
----------------------------------------------
Abheek Bhattacharya at The Wall Street Journal reports that
Noble Group has extended its survival. But restoring investors'
faith remains a long-term project.

The Journal relates that the embattled commodities trader's world
turned positive on Feb. 25, thanks to reports in the Financial
Times and Bloomberg that it is on track to refinance most or all
of a $1.2 billion revolving loan facility due in May, albeit at a
much higher interest rate than its current loan. Then came annual
results that showed the company having enough resources to pay
back short-term debt, the Journal says.

According to the Journal, Noble reported $2.2 billion in readily
accessible cash plus undrawn committed bank lines as of December.
Plus, the company said it will get $1 billion more cash by the end
of March, mostly proceeds from the sale of its remaining stake in
its agricultural unit. Accounting for outlays on bond buybacks and
maturing bonds, liquidity should be about $2.9 billion.

After months of the trader looking like it would struggle to meet
its obligations, this number seems comfortable, the Journal
states. As of December, debt due in a year was $2.5 billion, or
$2.2 billion today [Feb.25] after adjusting for the redeemed and
repurchased debt. A bulk of the debt -- the revolver -- is also
looking like less of a headache. The company said on Feb. 25 that
it had agreed on a term sheet for this facility with some bankers,
the Journal relates.

For Noble to impress creditors further, what counts is net
operating cash flow, the Journal notes. The roughly $600 million
it generated in the second half of 2015 is promising. The company
still needs to prove it can achieve this consistently, even as it
admits that commodities prices may be "lower for longer," the
Journal notes.

The Journal says the bigger caution remains Noble's assets. The
$1.2 billion write-down of coal assets and contracts the company
announced earlier last week were a long-overdue step in the right
direction, the Journal states.

But while the company stressed last week that its fair-value
write-downs are noncash, some bondholders did expect these
contracts to translate into cash down the road, said Andy DeVries
at CreditSights, the Journal relays. Even after the write-downs,
net gains on such fair-value contracts and derivatives equated to
96% of shareholder equity in December, compared with 90% at the
end of 2014. Expectations of further write-downs remain an
overhang on both the stock and the bonds, the Journal says.

Noble's crisis management has passed an important early stage. The
company's broader ordeal to reconnect with investors goes on, adds
the Journal.

                        About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2016, Moody's Investors Service has downgraded Noble
Group Limited's corporate family rating and senior unsecured bond
ratings to Ba3 from Ba1 and the provisional rating on its senior
unsecured medium-term note (MTN) program to (P)Ba3 from (P)Ba1.
The ratings are under review for further downgrade.

The TCR-AP on Jan. 11, 2016, Standard & Poor's Ratings Services
lowered its long-term corporate credit rating on Hong Kong-based
commodities trading company Noble Group Ltd. to 'BB+' from
'BBB-'.  At the same time, S&P lowered the long-term issue rating
on Noble's outstanding senior unsecured notes to 'BB' from
'BBB-'.

Standard & Poor's also lowered its long-term Greater China
regional scale rating on Noble to 'cnBBB' from 'cnBBB+' and on the
company's notes to 'cnBB+' from 'cnBBB+'.  The ratings remain on
CreditWatch with negative implications.



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


ANANDESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anandeshwar Industries
Private Limited continue to reflect its modest scale of operations
and below-average financial risk profile, marked by a modest net
worth and subdued debt protection metrics. These rating weaknesses
are partially offset by the promoters' extensive experience in the
industry, their established relationship with customers and
suppliers and funding support from them.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6        CRISIL B/Stable (Reaffirmed)
   Term Loan            100        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term driven by the extensive experience of the promoters and
established relationships with customers. The outlook could be
revised to 'Positive' if the company reports higher-than-expected
cash accruals while improving its working capital management and
thus improves its financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company report lower-than-expected accruals or there is further
deterioration in working capital management leading to pressure on
its liquidity and capital.

Update

AIPL's expected to record operating income of around INR320
million in 2015-16 (refers to financial year, April 1 to
March 31), year-on-year increase of around 10 per cent driven by
higher demand from company's existing customer base. Its operating
margin is expected to remain in the range of 14-14.5 percent in
2015-16, in line with operating margin of 14.7 per cent in 2014-
15.

AIPL's operations are working capital intensive, as reflected in
its high gross current assets (GCAs) of 302 days as on March 31,
2015 driven by its debtors & inventory requirement of 100 days &
200 days as on March 31, 2015; the GCAs were at 140 days as on
March 31, 2014. Owing to its working-capital-intensive nature of
operations, AIPL's fund based limits has remained highly utilized
at an average of 90-95 percent.

AIPL's financial risk profile remains weak, marked by high gearing
expected at over 5.3 times as on March 31, 2015, moderate interest
coverage ratio and net cash accruals to total debt (NCATD)
expected at around 1.9 times and 0.09 times respectively as on
March 31, 2015.  Weak financial risk profile of the company is
driven by heavy reliance of the company on external debt to fund
its working capital requirement and its low net worth base.
AIPL reported a profit after tax (PAT) of INR 2.0 million on net
sales of INR 292.0 million for 2014-15, as against a PAT of INR
2.3 million on net sales of INR441.7 million for 2013-14.

AIPL was incorporated in 2010 by Mr. Sanjeev Agarwal, Mr. Vikas
Bansal and Mr. D.K Singhal. The company is engaged in
manufacturing Kraft Paper, and manufacturing facility in Kanpur
(U.P).


ANURAG RESORT: ICRA Suspends 'D' Rating on INR14.53cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR14.53 crore long term fund based facilities of Anurag
Resort Private Limited. The suspension follows ICRA's inability to
carry out rating surveillance in the absence of requisite
information from the company.


ARCANJO CONSTRUCTIONS: CRISIL Rates INR50MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Arcanjo Constructions Private Limited (ACPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B/Stable
   Letter of Credit         20       CRISIL A4
   Bank Guarantee           20       CRISIL A4
   Cash Credit              50       CRISIL B/Stable

The ratings reflect ACPL's small scale of operations in the
intensely competitive civil construction business, geographical
concentration in revenue, and moderate financial risk profile
reflecting in average capital structure and stretched liquidity
driven by working capital-intensive operations. These weaknesses
are partially offset by the benefits that ACPL derives from its
promoter's extensive experience in the civil construction
industry.

Outlook: Stable

CRISIL believes ACPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if revenue grows significantly with stable
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if financial risk profile weakens due to
lower profitability and/or constrained working capital management
because of delays in project execution and stretched receivables.

ACPL was incorporated on October 04, 2004 by the Noronha family of
Goa. The company is engaged in civil construction, especially
roads for government. Currently, it has an order book of INR210
million as on January 31, 2016 to be executed over the next six
months.


B.B. STYRO: CRISIL Ups Rating on INR50MM Term Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
B.B. Styro Extrusion Private Limited (BBSEPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'. The rating on the short-term
facilities has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4 (Reaffirmed)

   Cash Credit           23.2      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit      20        CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           0.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             50        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in BBSEPL's business risk
profile because of healthy revenue growth and considerable
improvement in operating margin in 2014-15 (refers to financial
year, April 1 to March 31). Operating income increased by 19
percent to INR270.3 million in 2014-15 from INR227.8 million in
2013-14 driven by increase in the demand. Margin improved to 18.1
percent in 2014-15 from 9.6 percent in 2013-14 on account of lower
raw material cost and a decline in the prices of polystyrene.

The rating upgrade also factors improvement in the financial risk
profile because of improvement in gearing to 1.32 times as on
March 31, 2015, as against 2.00 times as on March 31, 2014, driven
by higher networth on account of equity infusion and moderate
accretion to reserves. The debt protection metrics continue to
remain stable with interest coverage ratio at 1.97 times and net
cash accrual to total debt ratio at 0.26 time in 2014-15. Gearing
and the debt coverage metrics are expected to improve further over
the medium term. Furthermore, the company has managed its working
capital cycle efficiently with gross current assets improved to 30
days as on March 31, 2015, from 58 days as on March 31, 2014.
Liquidity remains adequate because of efficient working capital
cycle and healthy cash accrual that is more than sufficient for
the debt repayment obligations.

The ratings continue to reflect BBSEPL's limited track record and
modest scale of operations, and exposure to risks related to
intense competition in the disposable kitchenware industry. These
weaknesses are partially offset by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes BBSEPL will continue to benefit over the medium
term from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' in case of a sustained
increase in the scale of operations and operating margin and
improvement in the capital structure. Conversely, the outlook may
be revised to 'Negative' if BBSEPL reports low revenue, or if its
financial risk profile weakens further, most likely because of an
increase in its working capital requirements or large, debt-funded
capital expenditure.

BBSEPL was incorporated in 2009, promoted by Mr. Kishan Goyal and
his brother Mr. Rohit Goyal in Howrah, West Bengal. The company
manufactures disposable polystyrene plates, trays, donas, and
bowls. Its plant is located in Domjur, Howrah, 25 kilometres from
central Kolkata. The plant has installed capacity of 1500 tonnes
per annum.


BHAGIRADHA CHEMICALS: CRISIL Cuts Rating on INR215MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhagiradha Chemicals and Industries Limited (BCIL) to 'CRISIL B-
/Negative/CRISIL A4' from 'CRISIL BB/Negative/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           215       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL BB/Negative')

   Letter of Credit      220       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Long Term Loan        195       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL BB/Negative')

   Proposed Long Term      5       CRISIL B-/Negative (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Negative')

The rating downgrade reflects the significant weakening in the
BCIL's liquidity with significantly lower-than-expected
performance in third quarter of 2015-16 (refers to financial year,
April 1 to March 31) with the company reporting a cash loss of
INR16 million against CRISIL's expectation of cash profit. The
company's profitability would continue to remain under pressure
over the medium term on account of intensified competitive
pressures from Chinese players in key markets like Brazil. CRISIL
believes that the company cash accruals will be inadequate to meet
its maturing term debt obligations over the medium term and
improvement in its liquidity is contingent upon timely sanction of
proposed corporate loan or fund infusion from promoters.

There has also been a stretch in the company's working capital
cycle as reflected in an expected increase in its gross current
asset to around 240 days as on March 31, 2016 from 204 days as on
March 31, 2015. Subsequently, the bank limits of the company have
remained fully utilized over the last six months ended January
2016.

The ratings continue to reflect BCIL's stretched liquidity with
its cash accruals expected to be inadequate to meet its maturing
term debt repayment obligations and its large working capital
requirements. The ratings of the company are also constrained on
account of high degree of product concentration in its revenue
profile, its exposure to intense competition in the agrochemical
industry, and the susceptibility of its profitability margins to
volatility in raw material prices. These rating weaknesses are
partially offset by BCIL's promoter's extensive industry
experience, and its established relations with customers.

Outlook: Negative

CRISIL believes that BCIL's liquidity would remain stretched over
the medium term with cash accruals expected to be inadequate to
meet its maturing term debt repayment obligations. The ratings may
be downgraded if the company delays the servicing of its debt.
Conversely, the outlook may be revised to 'Stable' if BCIL
registers a sustained improvement in its profitability on the back
of reduction in overheads expenses resulting in improved
liquidity, or there is a sustained improvement in its working
capital management.

BCIL was set up by the late Mr. S. Koteswara Rao and Mr. D
Sadasivudu in 1993. The company manufactures herbicides,
insecticides, and pesticides at its unit in Cheruvukommupalem,
Ongole (Andhra Pradesh). The Managing Director of the company is
S.Chandra Sekhar.

BCIL reported a net profit of INR21 million on sales of INR2.2
billion for 2014-15, against a net profit of INR20 million on
sales of INR1.7 billion for 2013-14. It reported a net loss of
INR34 million on sales of INR1.1 billion for the nine months ended
December 31, 2015, as against a net profit of INR19 million on
sales of INR1.6 billion for the corresponding period of the
previous year.


BHAVIK POLYMERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhavik Polymers
(P) Ltd (BPPL) continues to reflect BPPL's below-average financial
risk profile, marked by modest networth, high gearing and weak
debt protection metrics. The rating also factors in the company's
modest scale of operations in the highly fragmented polyvinyl
chloride (PVC) pipe trading industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             75      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and established relationship with
Astral Poly Technik Ltd (ATPL).
Outlook: Stable

CRISIL believes BPPL will continue to benefit from its promoters'
extensive industry experience and steady relationship with ATPL
over the medium term. The outlook may be revised to 'Positive' if
BPPL significantly improves its financial risk profile most likely
through substantially better cash accruals or equity infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if considerably low cash
accrual, or large working capital requirements add to pressure on
liquidity.

Update

Revenues increased to INR 345.8 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR295.4 million the
previous year. For the three quarters through December 2015,
revenue was INR320 million. Profitability (2.8-3.3 percent in the
three years through 2014-15) and revenue are expected at 3.0-3.5
percent and INR400-450 million, respectively, over the medium
term.

Networth and total outside liabilities to tangible networth
(TOL/TNW) ratio (Rs.12.8 million and 6.23 times, respectively, as
of March 2015) are expected at INR 14-16 million and 6.40 times as
of March 2016. While modest accretion to reserve will drive
improvement in networth, the high TOL/TNW ratio will be because of
sizeable working capital debt. Interest coverage and net cash
accrual to total debt ratios are expected at 1.36 times and 0.03
time, respectively, due to low profitability and large debt.

Operations are working capital intensive, and liquidity is
moderate, with gross current assets of 148 days as of March 2015.
Cash accrual, expected at INR3.4 million for 2015-16, should,
however, be sufficient to service debt of INR1.7 million maturing
during the year. Bank line utilisation was high at 98 percent in
the 12 months through September 2015. Also the company has funding
support from promoters, who have infused INR 5 million of equity
2014-15.

Set up as a partnership firm, Bharat Traders, in 1983, BPPL and
was reconstituted as a private limited company in 2009. It is an
authorised distributor of ATPL's PVC pipes. BPPL is based in New
Delhi and is promoted by Mr. Charat Sharma and his family.


BSCPL GODHRA: CRISIL Reaffirms 'D' Rating on INR5.25BB Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of BSCPL Godhra
Tollways Limited (BGTL) continues to reflect ongoing delays by the
company in meeting its debt obligations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              5250     CRISIL D (Reaffirmed)

The delays are because of weak liquidity, driven by lower-than-
envisaged toll collection following a delay in commencement of the
entire project. Delay in receipt of right of way (ROW) from
National Highways Authority of India (NHAI) and approvals for
railway overbridges have resulted in an overall delay in the
project.

BGTL achieved provisional commercial operation date -1 (PCOD) on
October 31, 2013, for 78.271 kilometre (km) of the road stretch
out of a total of 87.102 km, and tolling was commissioned from
November 2013. PCOD-2 was achieved on September 25, 2015, for
7.196 km. The traffic build-up on the road stretch has been lower
than expected resulting in lower toll revenue and shortfall in
cash accrual for meeting debt repayment obligations. The project
is expected to achieve full COD by March 2016.

Toll revenue remains susceptible to volatility in traffic volumes.
However, the company benefits from the experience of its ultimate
parent, BSCPL Infrastructure Ltd (BSCPL) in executing engineering,
procurement, and construction (EPC) contracts for road projects.

BGTL is a special purpose vehicle (SPV) incorporated in January
2010 for implementing the conversion to four lanes of an 87.102 km
stretch on National Highway 59 from Godhra in Gujarat to the
border of Gujarat and Madhya Pradesh. The project has been awarded
by NHAI under the National Highways Development Programme Phase
III, and is to be executed on a design-build-finance-operate-and-
transfer basis. The project involves a capital outlay of INR7.5
billion to be funded in a debt-to-equity ratio of 70:30. The
concession period for the project is 27 years (including 30 months
for construction) with an annual premium payout to NHAI of INR78.3
million with a 5 per cent increment per year. Around 98.12
percent, or 85.467 km, of the total road stretch has been
completed as on September 30, 2015, while 1.635 km is pending. The
project was initially scheduled to be commercially operational in
April 2013, but the company has applied for multiple extensions;
it has now been granted further extension until March 2016.

BGTL is a subsidiary of BSCPL Infra Projects Ltd (99 percent
shareholding) and BSCPL (1 percent). BSCPL Infra Projects Ltd is a
wholly owned subsidiary of BSCPL, a Hyderabad-based construction
company with over three decades of experience in road
construction. BGTL has also awarded a fixed-time, fixed-price EPC
contract for the project to BSCPL.


CHANDAN TRADING: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR11.00 crore (enhanced from INR7.00 crore earlier) cash
credit facility of Chandan Trading Company Private Limited. ICRA
has withdrawn the short term rating of [ICRA]A4 assigned to the
INR7.00 crore fund based bank facilities (sub-limit of cash credit
limit) of CTCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit
   (Cash Credit)         11.00      [ICRA]B+ reaffirmed

   Fund Based Limit
   PCL/FBD/FBP            Nil       [ICRA]A4 withdrawn
      (revised from  INR7.00cr earlier)

The reaffirmation of the rating takes into account the weak
financial profile of the company as reflected by its thin margins,
stretched capital structure and weak debt coverage indicators and
CTCPL's concentrated clientele profile with single customer (CG
State Civil Supplies Corporation Ltd) accounting for around 68% of
total sales in 2014-15. The ratings also take into account the
intense competition in the business due to low entry barriers
resulting from its trading nature, thus exerting pressure on
margins. The company also remains exposed to the adverse price
fluctuations of the commodity, given fixed price nature of
contract awarded by the Government departments, leading to
susceptibility of profitability. ICRA also takes note of the
vulnerability of earnings to any fluctuations in availability and
prices of raw materials, which are influenced by the agro-climatic
conditions, crop harvest, changes in Government regulations.

The rating, however, favourably considers the long experience of
the promoters in agro commodities trading business, favorable
location of the company in Chhattisgarh with proximity to major
agro commodities cultivated in the region, mainly tamarind, chana
and maize, and steady revenue growth witnessed over the past few
years mainly driven by the contract received from CG State Civil
Supplies Corporation Ltd for supply of agro-commodity every year.

Incorporated in 2011, CTCPL is primarily engaged in trading of
chana, maize and tamarind; and other agro-products including
amchur, tora, kosra, mahua, amla, etc. The company was promoted by
the Somani family of Jagdalpur, Chhattisgarh. The promoters of
CTCPL had been engaged in agro trading business since 1988 through
a proprietorship firm namely, Chandan Trading Company (CTC), which
currently stands discontinued with the commencement of operations
of CTCPL from April 2011.

Recent Results
During 2015-16, CTCPL reported a turnover of around INR43 crore
till mid of November. The company reported a net profit of INR1.35
crore on an operating income of INR106.03 crore during 2014-15.


DHURIA RICE: ICRA Assigns 'B' Rating to INR7.50cr LT Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B on the INR7.50
crore (enhanced from INR6.00 crore) enhanced fund based bank
facilities of Dhuria Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Long Term             7.50         [ICRA]B; assigned

The rating reaffirmation takes note of the small scale of
operations, highly competitive nature of the rice milling industry
and the vulnerability of the firm's profitability to fluctuations
in raw material prices which has resulted in fluctuating operating
profit margins which is as a result of impact in the sales
realization and volume of rice. The high gearing of the firm,
arising out of substantial debt funding of working capital
requirements, coupled with low profitability, has resulted in the
firm's weak coverage indicators. Further, the rating continues to
factor in agro climatic risks, which can impact the availability
of the basic raw material. However this risk is partially offset
by the proximity of the mill to major rice growing areas which
results in easy availability of paddy. The rating also favorably
takes into account the extensive experience of the promoters in
the rice industry.

Going forward, the firm's ability to register revenue growth,
improvement in profitability and optimally managing the working
capital cycle its coverage indicators will be the key rating
sensitivities.

DRM was established in 1978 as a partnership firm with Ashok
Kumar, Krishna Devi and Surinder Kumar as partners. In the year
2007 partnership was re-constituted with Mr. Arun Kumar, Mr. Ashok
Kumar and Krishna Devi as partners. In 2012 the partnership firm
was reconstituted again with Mr. Ashok Kumar and Mr. Arun Kumar as
partners in equal ratios. DRM is engaged in the processing and
trading of non basmati rice in the domestic markets. The head
office as well as the manufacturing plant of the company is
located at Fazilka, Punjab with a milling capacity of 2 tonnes per
hour of paddy.

Recent Results
DRM reported a net profit of INR0.06 crore on an operating income
of INR17.31 crore for 2014-15, as compared to a net profit of
INR0.07 crore on an operating income of INR24.32 crore for the
previous year.


E.M.S. MEMORIAL: CRISIL Assigns B Rating to INR100MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of E.M.S. Memorial Co-Op. Hospital & Research Centre
Ltd (EMS).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      100       CRISIL B/Stable

The rating reflects EMS's exposure to risks related to on-going
hospital 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 health care industry and
strategic location of the hospital.
Outlook: Stable

CRISIL believes that EMS will benefit from its promoters'
extensive experience. 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 occupancy levels 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 the year 2000, operates a primary care hospital at
Perambra in Kozhikode district of Kerala. It is setting up an
additional 150 bedded hospital. The company is promoted by Mr.
K.K.Balakrishnan and his associates.


FASTRACK COMMUNICATIONS: CRISIL Cuts Rating on INR550MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Fastrack Communications Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of Credit       350      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     550      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

The downgrade reflects recent instances of delay in servicing bank
debt. The delays were because of stretched liquidity owing to a
significant increase in the company's receivables cycle to around
3 months since November 2015.

Fastrack has a modest scale of operations in a highly competitive
mobile handset industry, along with low and volatile
profitability. However, the company has a moderate financial risk
profile because of low gearing and moderate net worth.

Fastrack was incorporated in February 2008 in Noida, Uttar
Pradesh. The company imports mobile phones from China and Taiwan,
and sells these in India under the Lemon brand. It commenced
operations in June 2008. Fastrack was founded by Mr. Sandeep
Mushran, Mr. M S Malik, and Mr. Gopal Kalra, to tap into
opportunities in the mobile handset segment in India. In June
2015, the company ventured into marketing of other electronic
products such as LED bulbs, LED TVs, and music systems under the
same brand.


GAYATRI DEVELOPWELL: ICRA Lowers Rating on INR13.50cr Loan to D
---------------------------------------------------------------
ICRA has revised its long term rating on the INR13.50 crore long
term bank facilities of Gayatri Developwell Pvt Ltd (GDPL) to
[ICRA] D from [ICRA] B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           13.50         [ICRA] D; Revised

The rating revision is driven by delays in debt servicing of the
bank sanctioned term loan. Going forward the ability of the
company to resolve its operational problems and demonstrate a
track record of timely debt servicing will be the key rating
sensitivity.

GDPL is part of the Agra based Gayatri group. Promoted by Mr. Hari
Om Dixit and Mr. Devendra Dixit, the group has executed row houses
and multi-storey apartment projects in Agra and Mathura over the
six to seven years. The company is executing a multi-storey
apartments project called Gayatri Manhar Gardens on Sikandra Bodla
road in Agra. Launched in end of 2012, the project consists of 168
two and three BHK flats. The project cost of INR37.25 crore is
being funded by term loan of INR13.5 crore, promoter contribution
of INR8.5 crore and balance customer advances. Apart from this,
the group has various other ongoing project included Gayatri Aura
which is large residential project in Greater Noida West, UP.


GOLD STAR: ICRA Lowers Rating on INR5.50cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.50 crore cash credit facility of Gold Star Steels (P) Ltd.
from [ICRA]B+ to [ICRA]D. ICRA has also revised downwards the
short term rating assigned to the INR3.00 crore non-fund based
bank facilities of GSSPL from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits
   (Cash Credit)           5.50       [ICRA]D downgraded

   Non-Fund Based Limits   3.00       [ICRA]D downgraded

The rating action takes into account the irregularity in debt
servicing by the company witnessed in the recent past consequent
to significant de-growth in its scale of operations as a result of
a sharp decline in the flow of orders from its group company,
Orissa Concrete & Allied Industries Ltd., which used to consume a
significant portion of GSSPL's produce in the past.

Incorporated in 1992, GSSPL is a closely held company belonging to
the Raipur-based Agarwal family. GSSPL has facilities for
manufacturing high tension steel (HTS) wire, inserts and insular
caps with annual capacities of 7,200 metric ton (MT), 50.00 lakh
units and 18.00 lakh units respectively. In the past, a
substantial portion of GSSPL's revenues used to be derived from
its group company, Orissa Concrete & Allied Industries Ltd.
(OCAIL). However, flow of orders from OCAIL has declined
significantly since 2014-15.


GOYAL AGRO: ICRA Assigns 'B' Rating to INR9.50cr Loan
-----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B on the INR9.50
crore fund based facilities and INR7.50 crore unallocated
facilities of Goyal Agro Foods.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        9.50       [ICRA]B; Assigned
   Long Term Unallocated    7.50       [ICRA]B; Assigned

ICRA's rating factors in the entity's modest scale of operations,
which coupled with the low value additive nature of business and
high competition in the industry, has resulted in low
profitability and weak debt coverage indicators. The rating also
takes into account the working capital intensive nature of the
rice milling business due to the need to maintain substantial
inventories. Further, the incremental working capital requirements
have been primarily funded through bank borrowings, leading to a
highly leveraged capital structure. The rating is also constrained
by agro climatic risks, which can affect the availability of paddy
in adverse conditions.

However, the rating is supported by the firm's long track record
of operations and the experience of the promoters in the rice
industry, proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
with rice being an important part of the staple Indian diet.
Going forward, the ability of the firm to increase its scale of
operations and sustain its profitability, while maintaining a
prudent capital structure and optimizing the working capital
intensity will be the key rating sensitivities.

Incorporated in 2007, GAF is a proprietorship concern engaged in
milling, processing and sorting of basmati rice. The concern also
engages into custom milling of paddy for government. The concern
has its plant at Moga (Punjab) with a milling capacity of 9 tonnes
per hour. The concern was primarily engaged in custom milling and
trading of rice till 2014. However from FY15 onwards, the company
has started selling to exporters as well.

Recent Results
The concern reported a net profit of INR0.28 crore on an operating
income of INR15.98 crore in FY15 as compared to a net profit of
INR0.16 crore on an operating income of Rs.2.70 crore in the
previous year.


HIRAMAN DEVELOPERS: ICRA Lowers Rating on INR7cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR7.0 crore
term loan of Hiraman Developers Private Limited from [ICRA]B+ to
[ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan Facility      7.0        [ICRA]D; Downgraded

ICRA has downgraded the ratings assigned to bank lines of HDPL due
to delays in servicing of debt obligations. The delays have
occurred because of stretched liquidity position of company, owing
to delay in its project in the backdrop of weak market scenario.
Going forward, regularization of debt servicing will be the key
rating sensitivity.

Hiraman Developers Private Limited is promoted by Mr. Hira Lal
Jain who has been in real estate business since 1982, dealing in
sale and purchase of land as well as execution of commercial and
residential complexes in Navi Mumbai and Udaipur. HDPL is
currently developing its first project which is a residential
project located in Udaipur for which land has been acquired and
construction have commenced.


IFMR CAPITAL: ICRA Assigns B- Rating to INR4.38cr Loan
------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]B-(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Phaenna 2015 backed by micro loan receivables
originated by Chaitanya India Fin Credit Private Limited
(Chaitanya), Intrepid Finance and Leasing Private Limited
(Intrepid), Light Microfinance Private Limited (Light) and
Sambandh Financial Services Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------

   PTC Series A1        28.65         [ICRA]BBB(SO)
   PTC Series A2         4.38         [ICRA]B-(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


JAGDAMBA CEREALS: CRISIL Reaffirms 'D' Rating on INR197.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jagdamba Cereals Udyog
Private Limited (JCUPL) continue to reflect the company's
overdrawn cash credit limit for more than 30 days consecutively,
because of weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          197.5      CRISIL D (Reaffirmed)

   Letter of Credit       2.5      CRISIL D (Reaffirmed)

   Proposed Long Term    20.0      CRISIL D (Reaffirmed)
   Bank Loan Facility

JCUPL also has large working capital requirement, and is exposed
to intense competition resulting in low profitability. However, it
benefits from its promoter's extensive experience in the food
grain processing business.

JCUPL, set up by Mr. Krishna Murari Choudhary in 2005 in Burdwan,
West Bengal, manufactures wheat products such as atta, maida,
suji, and wheat bran. It has capacity of 400 tonne per day.

Mr. Choudhary is the promoter of the Jagdamba group, and began
trading in rice, pulses, and flour in 1988. In 2003, he entered
the foodgrain processing business. Over the years, he has set up
three flour mills, one rice mill, and a polyfabs plant.


LAGAN ENGINEERING: CRISIL Cuts Rating on INR75MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lagan
Engineering Company Limited (LECL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Cash Credit            55       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit        5       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     45.8     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan              75       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by LECL in meeting its
term loan obligation on account of weak liquidity.

LECL has small scale of operations and large working capital
requirement. However, it benefits from its established position in
the jute industry.

LECL (formerly, The Lagan Jute Machinery Company Ltd) was acquired
by the Kajaria family in 2000 following divestment by the
Government of India. LECL is among a handful of jute mill machine
manufacturers in the organised sector. Its product profile
includes spreaders, carding and drawing machines, and spinning and
twisting frames. Its manufacturing facilities are in Hooghly and
it supplies largely to jute mills in West Bengal and Bangladesh.


M.P. ENTERTAINMENT: ICRA Suspends 'B' Rating on INR42cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B on the INR42.0
crore bank lines of M.P. Entertainment and Developers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MAHAVEER COTTS: CRISIL Reaffirms 'B' Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mahaveer Cotts
Strings Private Limited (MCSPL) continues to reflect MSCPL's
below-average financial risk profile, marked by small net worth
and weak debt protection metrics. The rating also factors in the
company's small scale and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of MCSPL's promoters in the cotton ginning
industry and their expected funding support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' if
MCSPL significantly increases its scale of operations and
profitability, leading to better-than-expected cash accruals and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
weakens further, most likely because of increased working capital
borrowings, or if any change in government policy adversely
impacts its operations.

MSCPL was set up in 2008 by Mr. Kamalchand Jain and his family.
The company, based in Bhikangaon district (Madhya Pradesh),
produces cotton bales by ginning and pressing raw cotton (kapas).


MANDEEP INDUSTRIES: ICRA Reaffirms 'B' Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR30.00
crore (enhanced from INR20.00 crore) cash credit facility and
INR1.25 crore (reduced from INR1.50 crore) term loan facility of
Mandeep Industries. ICRA has also reaffirmed the [ICRA]A4
(pronounced ICRA A four) rating assigned to INR5.00 crore (reduced
from INR15.00 crore) short-term fund based facility of MI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          30.00        [ICRA]B reaffirmed
   Term Loan             1.25        [ICRA]B reaffirmed
   Short Term Fund
   Based-Warehouse
   receipt financing     5.00        [ICRA]A4 reaffirmed

Rating Rationale

The ratings continue to remain constrained by MI's low
profitability due to low value additive nature of operations and
intense competition on account of fragmented industry structure;
and the firm's adverse capital structure and weak debt protection
metrics. The ratings also take into account the high working
capital intensity of the firm's operations and vulnerability of
MI's profitability to volatility in raw material prices which are
subject to seasonality and crop harvest. Further, MI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The ratings, however, favorably factor in the extensive experience
of partners and long track record of the firm's solvent extraction
business; favourable location of the firm giving it easy access to
quality raw materials; and healthy revenue growth witnessed in
FY15 over FY14.

Mandeep Industries (MI) was set up as a partnership firm in the
year 1973 by Talaviya family. The firm is engaged in producing
groundnut de-oiled cake (DOC) and groundnut oil from groundnut oil
cake. The extraction unit of the firm is located at Upleta in
Gujarat and has a processing capacity of 250 MT per day of oil
cake. Apart from processing of groundnut oil cake; MI is also
involved in trading of groundnut oil cake, groundnut de-oiled cake
and cotton seed oil depending on the crop season and availability
of raw material (oil cakes) from the oil millers.

Recent Results

In FY15, MI reported an operating income of INR147.63 crore and
profit after tax of INR1.82 crore as against an operating income
of INR108.79 crore and profit after tax of INR1.24 crore during
FY14. In 9M FY16 (provisional numbers), the firm reported an
operating income of INR118.10 crore and profit before depreciation
and tax of INR2.35 crore.


NEW ASIAN: ICRA Upgrades Rating on INR18cr LT Loan to C+
--------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]C+ from [ICRA]D
assigned to the fund based bank facility of INR7.00 crore and non-
fund based bank facility of INR18.00 crore of New Asian
Construction Company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit (CC)     7.00       Upgraded to [ICRA]C+
                                        from [ICRA]D

   Non-Fund Based           18.00       Upgraded to [ICRA]C+
   Limit (BG)                           from [ICRA]D

The rating upgrade factors in the regularization of debt servicing
obligations by the firm. Nevertheless, the rating continues to
remain constrained by the execution related delays on more than
30% of the outstanding order book and the stretched liquidity
position arising out of high outstanding receivables and advances
given to a group company. Moreover, the rating also remains
constrained by the small scale of operations, the partnership
nature of the entity, and the high sectoral, geographical and
client concentration risks, as 100% of the outstanding order book
is concentrated in the irrigation and dam segment in the
Ahmednagar District of Maharashtra, bagged from various divisions
of the Godavari Marathwada Irrigation Development Corporation
(GMIDC). However, the rating derives comfort from the firm's long
track record of more than four decades in the construction
industry and the strong outstanding order book of the firm
translating to 4.3 times the revenues book during FY15.

New Asian Construction Company (NACC) is a partnership firm
incorporated in 1967 to undertake construction of dams, power
houses, pump houses, canals and bridges. NACC is registered with
Government authorities in the A-1 category. The firm bids for
large scale irrigation projects through competitive bidding. NACC
is managed by Mr. Syed Abdur Rasheed and his two sons, Mr. Syed
Abdur Zubair and Mr. Syed Abdur Umair. Mr. Rasheed is a civil
engineer and has an extensive experience of 45 years in the
construction industry, particularly in the irrigation and dam
segment. The management has technical expertise, and is involved
in the daily operation of the business. A group company, New Asian
Infrastructure Development Private Limited (NAID), is developing a
7 MW hydro power project at the foot of the Nilwande Dam on the
Pravara River in Maharashtra, on a Build, Operate and Transfer
basis.

For the full year FY15, the company reported a net profit of
INR1.51 crore on a topline of INR36.14 crore, as compared to a net
profit of INR1.02 crore on a topline of INR31.99 crore during the
previous year. On a provisional basis, the company reported
revenues of INR15.65 crore during 9M FY16.


NOVEN LIFESCIENCES: ICRA Suspends 'B-' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- assigned to INR6.00 crore fund based
facilities of Noven Lifesciences Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Noven Lifesciences Private Limited is a closely held private
limited company which is in to manufacturing of veterinary Active
Pharmaceutical Ingredients (APIs) and its products find usage in
anthelmintics and analgesic therapeutic segment for veterinary.
The Company was incorporated in 1991 by Mr. G.R.Reddy and his
family members. During 2006, company has acquired land for
construction of manufacturing unit in Warangal, Andhra Pradesh and
later started research and development and market research on
various veterinary APIs. NLPL started its commercial production
during FY10 with installed capacity of 30MT of Oxyclozanide, 12 MT
of Closantel, 24 MT of Rafoxanide and 12MT of Xylazine Base.

During Q1 FY14, NLPL has expanded its installed capacity to 200 MT
of Oxyclozanide, which was funded by Rs.2.5 Cr of debt.


OM SHAKTHI: CRISIL Assigns 'D' Rating to INR50MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of OM Shakthi Exports (OM). The rating reflects instances
of over-utilization of OM's cash credit limit, continuously, for a
period beyond 45 days.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     50       CRISIL D

OM has a modest scale of operations in a highly competitive
granite mining and processing industry. The operation of the
company is working capital intensive. These rating weaknesses are
partially offset by the benefit OM derives from its promoter's
funding support.

Set up in 2013, OM is a partnership firm of Mr. Gulhatty Shekhar
and Mr.Raghunath Babu. The firm is engaged in mining, processing
and exports of granite blocks, slabs and tiles.


ORISSA CONCRETE: ICRA Lowers Rating on INR10.50cr Loan to D
-----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR10.50 crore fund-based bank facilities of Orissa Concrete &
Allied Industries Ltd. from [ICRA]B+ to [ICRA]D. ICRA has also
revised downwards the short term rating assigned to the INR8.00
crore non-fund based bank facilities of OCAIL from [ICRA]A4 to
[ICRA]D.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-Based Limits       10.50       [ICRA]D downgraded
   Non-Fund Based Limits    8.00       [ICRA]D downgraded

The rating action takes into account the irregularity in debt
servicing by the company consequent to significant de-growth in
its scale of operations as a result of a sharp decline in the flow
of orders from one of its major clients.

Incorporated in 1979, OCAIL is a closely held company belonging to
the Raipur-based Agarwal family. OCAIL has facilities at Raipur,
Chhattisgarh for manufacturing concrete sleepers with an annual
capacity of 4.25 lakh sleepers per annum. The company is
empanelled with Indian Railways for supply of concrete sleepers to
the South Eastern Central Railway (SECR) zone.


PARSHOTAM LAL: CRISIL Ups Rating on INR70MM Loan to B+
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Parshotam Lal & Co. (PLC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      30      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               25      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that PLC's business risk
profile will improve over the medium term on account of expansion
of milling capacity along with the addition of new customers.
Revenue was INR250 million for the eight months ended November 30,
2015, and is expected at INR380-400 million, with cash accrual of
over INR7 million, in 2015-16 (refers to financial year, April 1
to March 31). The upgrade also factors in the firm's improved
working capital management, leading to moderate dependence on
external funds, as reflected in the low bank limit utilisation at
an average of 68 percent during the 12 months through November
2015.

The rating reflects the firm's small scale of operations in a
highly fragmented industry and weak financial risk profile because
of high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
firm's partners in the rice industry.
Outlook: Stable

CRISIL believes PLC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in the
financial risk profile, driven most likely by large net cash
accrual owing to higher-than-expected revenue from the newly added
capacity or infusion of equity. Conversely, the outlook may be
revised to 'Negative' if there is significant deterioration in
liquidity due to more-than-expected increase in working capital
requirement, pressure on profitability, or delay in offtake from
the new capacity.

PLC was set up in 2006 as a partnership concern by Mr. Parshottam
Lal, Mr. Vishal Galhotra, Mr. Ravi Kumar, and Mr. Rajinder Rajan.
The firm mills rice, mainly basmati, at its plant in Ferozepur,
Punjab.


PEE GEE: CRISIL Reaffirms 'B' Rating on INR60MM Loan
----------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pee Gee
International (Delhi) [PGI] continues to reflect the firm's weak
financial risk profile because of high gearing and small networth,
and modest scale of operations in highly fragmented industry.
These weaknesses are partially offset by proprietor's extensive
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     60       CRISIL B/Stable (Reaffirmed)
   Cash Credit            60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PGI will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' in case of higher-than-expected sales coupled with
healthy profitability, or if capital infusion by proprietor
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if increase in working capital requirement
or withdrawal results in deterioration in financial risk profile.

Update

Operating income increased 5.88 percent year-on-year, to INR565.1
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR533.7 million. Growth in operating income is
expected to exceed 20 percent in 2015-16 due to incremental repeat
order from its customers. Scale of operations remains small in the
highly competitive aluminum scrap segment. Operating margin will
remain modest at 2 percent over the medium term due to trading
nature of business.

The operations are working capital intensive as reflected by gross
current assets of around 100 days, as on March 31, 2015. Inventory
of 35-40 days is usually not order-backed. This, along with
limited ability to pass on price increases to customers due to
intense competition, exposes PGI to volatility in raw material
prices. Also, since majority of raw material is imported, PGI is
exposed to forex risk, however it follows no specific hedging
policy. PGI though follows, replenishment model which partly
mitigates this risk. The firm extends credit of two months to
customers. Thus, PGI has moderate risk management policies.
Further, it usually gets low credit from its diversified supplier
base, thus leading to high dependence on bank lines as indicated
by almost full utilization of bank limits, with adhoc limits
availed, in last 10 months through December,2015.

Financial risk profile remains weak because of high gearing of 4
times as on March 31, 2015, mainly due to high dependence on bank
lines. Networth was small at INR32.2 million as on March 31, 2015,
which limits ability to absorb losses or deal with financial
exigencies. Also, interest coverage ratio was low at 1.29 times
for 2014-15. Due to low accretion to reserves, the financial risk
profile is expected to remain weak over medium term.

Set up as a proprietorship firm in 2002 by Mr. Gauri Shankar,
Delhi-based PGI trades in aluminium scrap and other metals.


RADHEY SHYAM: CRISIL Assigns B+ Rating to INR5MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Radhey Shyam & Sons (RSS) and assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the facilities. The ratings had
been suspended on January 13, 2016, as the firm had not provided
the necessary information required for a rating review. It has now
shared the requisite information, enabling CRISIL to assign
ratings to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit      111       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term      4       CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflects RSS's modest scale of operations in the
highly fragmented timber industry, low operating margin, a small
net worth, and a leveraged capital structure. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners, funding support received from
them, and comfortable debt protection metrics.

Outlook: Stable

CRISIL believes RSS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significantly better-than-
expected cash accrual or substantial capital infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual or a substantial increase in working capital requirement,
leading to pressure on the firm's financial risk profile,
especially liquidity.

RSS was originally set up in 1995 as a proprietorship firm by Mr.
Radhey Shyam Gupta; this firm was reconstituted as a partnership
firm in April 2014 with the induction of the proprietor's son, Mr.
Parvesh Gupta. The firm trades in and processes timber logs
primarily imported from Malaysia and New Zealand. Its head office
is in New Delhi.


RANGANATHAN RAJESWARI: ICRA Assigns 'D' Rating to INR8.50cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR8.50
crore term loan facilities of Ranganathan Rajeswari Charitable
Trust.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   LT-Term loan facilities      8.50       [ICRA]D/Assigned

The assigned rating reflects recent delays by the Trust in
servicing its debt obligations owing to tight liquidity condition.
The rating remains constrained by high competition in the
education industry in Tamilnadu and the challenges in retaining
qualified and experienced staff which are critical to improve the
occupancy levels in the colleges. In addition to this, the ongoing
capital expenditure programme has stressed the cash flows and
thereby has impacted the servicing of the debt obligations by the
Trust in a timely manner. ICRA however, takes into consideration
the significant experience and the established track record of
promoters in education industry. Going forward, the Trust's
ability to improve its scale of operations while maintaining its
profit margins and manage its cash flow position would be critical
to timely servicing of its debt obligations.

Ranganathan Rajeswari Charitable Trust was established in 2006 to
impart professional education to students in Tamil Nadu. The trust
owns and manages Ranganathan Engineering College, Ranganathan
Architecture College and Ranganathan Polytechnic College situated
in Coimbatore, Tamil Nadu. The promoters of the trust are Dr. R.
Murugesan, Dr. P. Tamilarasi Murugesan, Mr. R. Karuna Boopathy,
Mrs. K. Tamilarasi, Mr. R. Subramanian, Mrs. B. Ezhilarasi and
Mrs. M. Praveena. The promoters have more than 30 years of
experience in the education sector.

Recent Results

In 2014-15, the Trust reported a PBT of INR2.1 crore on an
operating income of INR12.1 crore as against a PBT of INR2.0 crore
on an operating income of INR14.1 crore during 2013-14.


SAIDEEP CARS: CRISIL Assigns 'C' Rating to INR30MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long term bank
facilities of Saideep Cars Private Limited (SCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan        15       CRISIL C
   Cash Credit            25       CRISIL C
   Inventory Funding
   Facility               30       CRISIL C

The rating reflects SCPL's modest scale of operations and subdued
financial risk profile marked by modest net worth, high external
debt and weak debt protection metrics. The rating also reflects
stretched liquidity marked by low accruals against term debt
obligations. These rating weakness are partially offset by SCPL's
promoters' extensive experience in automobile dealership industry.

Incorporated in 2008, SCPL is promoted by Chopra family. The
company is dealer of passenger vehicle Renault India Pvt Ltd. in
Ahmednagar (Maharashtra). The company has 1 showroom in
Ahmednagar. The operations of the company are managed by Chopra
family.


SAKSHI AUTO: CRISIL Reaffirms D Rating on INR46.8MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sakshi Auto
Parts Private Limited (SAPL) continues to reflect instances of
delay by the company in servicing its term debt; the delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL D (Reaffirmed)

   Long Term Loan         33.2     CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     46.8     CRISIL D (Reaffirmed)

SAPL has a weak financial risk profile because of a below-average
capital structure and inadequate debt protection metrics. It also
has a small scale of operations. The company, however, benefits
from the promoters' extensive industry experience and their
continued funding support.

SAPL, incorporated in October 2011, was promoted by Mr. Jitendra
Gupta and Mrs. Premsheela Gupta. The company is engaged in
smelting and refining of battery scrap to recover lead. Its
manufacturing facility is in Shikrapur (Maharashtra) with
installed capacity of 3000 tonnes per month.


SAMBARI ENTERPRISES: CRISIL Assigns B+ Rating to INR55MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facility of Sambari Enterprises (SE).

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

The rating reflects SE's modest scale of operations in the
intensely competitive pharmaceutical industry. The rating also
reflects modest networth and high total outside liabilities to
tangible networth. These weaknesses are mitigated by the
promoters' experience, and established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes SE's business risk profile will remain stable over
the medium term, backed by its promoters' experience and
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if revenue grows
significantly while improving profitability, thus enhancing
financial risk profile. The outlook may be revised to 'Negative'
if financial risk profile or liquidity weakens due to lower-than-
expected cash accrual or significant stretch in working capital
cycle

SE, established in 1983 by Mr. Jyotindra Sambari and his father,
Mr. Gajanand Sambari, is a Goa-based firm that distributes drugs
of different Indian pharmaceutical companies to all major
hospitals and government institutions and retailers in Goa.


SAVLA FOODS: ICRA Upgrades Rating on INR20cr Loan to B+
-------------------------------------------------------
ICRA has Upgraded the long- term rating assigned to the INR19.7
crore term loans (reduced from earlier INR72.15 crore) ,Rs.5.00
crore long-term fund based facilities (enhanced from INR2.50
crores) and INR20 crore unallocated limits (interchangeable
between long term and short term) of Savla Foods and Cold Storage
Private Limited from [ICRA]B to [ICRA]B+. ICRA has also assigned
the short term rating of [ICRA]A4 (pronounced ICRA A four) to
INR0.50 crore non fund based limits of SFCSPL and INR20 crore
unallocated limits (interchangeable between long term and short
term) of SFCSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, term       19.70      [ICRA]B+; Upgraded
   loans                            from [ICRA]B

   Long-term, fund-
   based facilities       5.00      [ICRA]B+; Upgraded
                                    from [ICRA]B

   Short term non         0.50      [ICRA]A4; Assigned
   fund based
   facilities

   Unallocated Long      20.00      [ICRA]B+; Upgraded
   term/Short term                  from [ICRA]B [ICRA]A4;
                                    Assigned

The Long term rating upgrade takes into account the long standing
experience of the promoters in the cold storage industry and the
healthy operating profitability of the company driven by low
operating costs. The rating is, however, constrained by the small
scale of operations of the company, its moderate financial risk
profile characterised by high gearing of 2.1 times and moderate
debt coverage indicators and the high debt repayment obligations
of the company in relation to its cash accruals The rating also
factors in the high competitive intensity of the cold storage
industry.

Savla Foods and Cold Storage Private Limited ('SFCSPL') was
incorporated in the year 1992 and the company is engaged in the
business of running cold storage facilities. The company currently
owns cold storage facility at Turbhe, Navi Mumbai with a total
capacity of 3.25 million cubic feet (~27,500 MT) capable of
handling temperatures ranging from +22øC to -20øC. The storage has
advanced facilities such as repackaging, ripening and pre-cooling.
The company is promoted by the Savla family and is closely held.
The Savla family is the promoter of the Benzer group which apart
from cold storage has presence also in retail, manufacturing,
jewellery and real estate. The flagship company of the group is
Benzer Departmental Stores Private Limited which runs the Benzer
chain of retail stores. The Group owns and manages the Center One
mall in Vashi, Navi Mumbai.

Recent Results
SFCSPL reported a profit after tax (PAT) of INR2.4 crore on an
operating income of INR23.9 crore in 2014-15 as against a PAT of
INR0.4 crore on an operating income of INR21.2 crore in 2013-14.


SERWEL ELECTRONICS: ICRA Suspends 'D' Rating on INR36cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR36.00 crore fund based limits of Serwel Electronics Limited.
ICRA has also suspended the short term rating of [ICRA]D for the
INR20.00 crore non fund based facilities. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Serwel Electronics Limited (SEL), incorporated in 1997, is engaged
in design and manufacturing of auto transformers, distribution
transformers and power transformers. Auto transformers and
distribution transformers are manufactured up to a capacity of
5000 KVA. The manufacturing facilities are located at Hyderabad,
Pashamylaram (Andhra Pradesh) and Bangalore. The plant is equipped
with machinery and test equipments to conduct test as per IS: 5142
with an installed capacity of 50,000 units per annum.


SGC LOGISTIC: CRISIL Assigns B- Rating to INR150MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of SGC Logistic Solutions Limited (SGCLSL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B-/Stable

The ratings reflect the company's weak financial risk profile,
high working capital intensity and stretch in the liquidity. These
weaknesses are partially offset by the extensive experience of
SGSLSL's promoters in the transportation of goods, and its healthy
customer profile.
Outlook: Stable

CRISIL believes that SGCLSL will continue to benefit over the
medium term from its promoters' extensive experience in the
logistics business. The outlook may be revised to 'Positive' if
the company achieves higher-than-expected scale of operations,
operating margin, while improving upon its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if company's
financial risk profile deteriorates due to deterioration in its
working capital cycle or in case of significant decline in its
revenues or profitability.

Incorporated in 2006, SGCLSL is a company engaged in the
transportation of beer and liquor. The company's headquarters are
located in Delhi and has presence spread over to North East
states, Bihar, West Bengal, Maharashtra, Gujarat, Rajasthan,
Punjab, Haryana and agents all over India.


SHREE SHYAM: CRISIL Assigns 'B+' Rating to INR17.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Shyam Impex (SSI):

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           17.5      CRISIL B+/Stable
   Letter of Credit      42.5      CRISIL A4

The ratings reflect the firm's modest scale of operations in the
fragmented trading industry. The ratings also reflect its below-
average financial risk profile because of modest capital structure
and moderate debt protection metrics. These weaknesses are
partially offset by the proprietor's extensive experience in the
bearings business.

Outlook: Stable

CRISIL believes SSI will continue to benefit from the extensive
experience of the proprietor and established customer and supplier
relations, over the medium term. The outlook may be revised to
'Positive' if the scale of operations improves significantly along
with sustained profitability resulting in higher-than-expected
cash accrual, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if operating
margin declines or if there is a significant stretch in the
working capital cycle, weakening the financial risk profile,
particularly liquidity.

Set up in 2006 as a proprietorship firm, SSI, based in Mumbai,
trades in bearings. Mr. Ajay Agarwal is the proprietor of the
firm.


SIDDHIVINAYAK GINNING: CRISIL Cuts Rating on INR50MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Siddhivinayak Ginning Pressing (SGP) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan               25      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that SGP's business risk
profile will remain constrained because of decline in revenue to
INR300 million in 2015-16 (refers to financial year, April 1 to
March 31) from INR495 million the previous year. Revenue declined
because of poor availability of raw cotton. Operating margin
declined to 2.8 percent from 4.5 percent in 2014-15 due to decline
in cotton prices and increase in overhead expenses, and is
expected to remain at same level in 2015-16. The downgrade also
reflects deterioration in financial risk profile, particularly
capital structure, on account of significant capital withdrawal of
INR13 million during 2014-15.

The rating reflects SGP's modest scale of operations in the
competitive cotton-ginning industry, small networth, and
susceptibility of profitability to volatility in cotton prices and
the regulatory framework governing the industry. These weaknesses
are partially offset by extensive industry experience of SGP's
partners and their established relationships with customers and
suppliers.

Outlook: Stable

SGP will continue to benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm registers substantial
improvement in revenue and maintains operating profitability,
resulting in healthy cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of low cash accrual, stretched working
capital cycle, or large debt-funded capital expenditure.

SGP was set up in 2012 as a partnership firm by Mr. Ashok M
Agrawal, Mr. Sunil M Agrawal, Mr. Pankaj Subhash Agrawal, Mr.
Pawan Subhash Agrawal, and Mr. Piyush Ashok Agrawal. The firm gins
and presses cotton at its unit at Chopda in Jalgaon. It began
commercial operations in October 2012 and operations are managed
by Mr. Pawan Subhash Agrawal.


SINGHAL CLEARING: CRISIL Assigns B- Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Singhal Clearing and Forwarding Services Pvt
Ltd (SCFSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B-/Stable
   Term Loan              22.5      CRISIL B-/Stable

The rating reflects the company's below-average financial risk
profile because of small net worth, high gearing, and subdued debt
protection metrics, and small scale of operations in highly
fragmented and competitive industry. These weaknesses are
partially offset by the extensive experience of SCFSPL's promoter
and established relationship with major clients.
Outlook: Stable

CRISIL believes SCFSPL will continue to benefit over the medium
term from promoter's extensive experience. The outlook may be
revised to 'Positive' if the company achieves significant and
sustained improvement in revenue while improving profitability
margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability margins declines
sharply, working capital cycle gets stretched, or the company
undertakes a larger-than-expected debt-funded capital expenditure
programme, resulting in deterioration in financial risk profile.

SCFSPL is a Delhi-based entity established in 2002 by Mr. Manish
Singhal as a proprietorship firm, and reconstituted as a private
limited company in 2006. It provides logistics services by acting
as carrying and forwarding agent, and also offers stockist
services to Cadbury, PepsiCo, Haldirams, Priya Gold, and Perfetti.

SCFSPL reported net profit of INR1.7 million on net sales of
INR292.7 million in FY 2014-15 against net profit of INR1.3
million on net sales of INR231.6 million in FY 2013-14.


SNEHAL ENTERPRISES: CRISIL Reaffirms B+ Rating on INR210MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Snehal
Enterprises (SE) continues to reflect the firm's weak financial
risk profile because of a weak capital structure, and working
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the rice industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            210       CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing    130       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a sustained
increase in scale of operations with improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in working capital
management, or lower-than-expected profitability, or substantial
debt-funded capital expenditure, resulting in deterioration in
financial risk profile, particularly liquidity.

Update
Revenue grew by around 24 per cent year-on-year to INR1447.50
million in 2014-15 (refers to financial year, April 1 to March
31); revenue was INR909.50 million in the six months through
September 2015. CRISIL expects a 10-15 percent revenue growth in
2015-16 to INR1650-1700 million. Operating margin was around 3.6
percent in 2014-15 against around 3.1 percent expected earlier.
The margin is expected to remain weak in the vicinity of 3.5 to 4
percent.

Financial risk profile remain weak because of a small net worth of
INR11.40 million as on March 31, 2015, a decline from INR26.90 a
year earlier due to capital withdrawn by members. The net worth is
expected to improve gradually due to steady accretion to reserves.
Total outside liabilities to tangible net worth ratio was high at
3.07 as on March 31, 2015, and is expected to remain at 2.70-3.00
times over the medium term. Debt protection metrics too were weak
with interest coverage and net cash accrual to total debt (NCATD)
ratios at 1.17 times and of 0.01 times, respectively, in 2014-15.
CRISIL believe these metrics will remain weak over the medium term
at 1.3-1.4 times and 0.03-0.04 times, respectively over the near
term.

Liquidity remains stretched due to working capital-intensive
operations as indicated by high inventory and receivables of
around 123 days and 54 days, respectively, as on March 31, 2015.
Inventory days were higher mainly because of seasonal paddy
procurement. Due to highly working capital-intensive operations,
bank lines were utilized at high levels over the past year.
Liquidity is however supported by unsecured loans of INR 140.50
million from promoters and net cash accrual of around INR 8-8.5
million against nil repayment obligations.

Set up in 2007, SE is a Hindu Undivided Family (HUF), owned and
managed by Mr. Nitin Jain. The firm trades in various agricultural
commodities including rice, paddy, and bardana in the local
markets of Punjab and Delhi. It is based in Amritsar.


SOLACE ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Solace Engineers
(Mktg.) Private Limited (SEPL) continue to reflect SEPL's small
scale of operations in the highly fragmented engineering industry,
and large working capital requirement due to stretched
receivables.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by its promoters' extensive
industry experience and its healthy financial risk profile because
of comfortable capital structure.
Outlook: Stable

SEPL will continue to benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's working capital cycle,
particularly receivables, improves, and if revenue is higher than
expected while operating profitability remains stable. Conversely,
the outlook may be revised to 'Negative' in case of increase in
working capital requirement on account of stretch in receivables,
leading to higher dependence on external debt, or if operating
margin declines, adversely impacting cash accrual.

SEPL, incorporated in 1988 and promoted by Vadodara-based Ghosh
family manufactures pharmaceutical machinery such as sifters, post
bin blenders, tablet auto coaters, fluid bed processors, and rapid
mixer granulators.

For 2014-15 (refers to financial year, April 1 to March 31), its
profit after tax (PAT) was INR5.2 million on net sales of INR165.9
million, against PAT of INR6.1 million and net sales of INR129.4
million the previous year.


SRI BALAJI: CRISIL Assigns 'B' Rating to INR35MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Balaji Tech (SBT).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Secured Overdraft
   Facility               35        CRISIL B/Stable
   Proposed Working
   Capital Facility        2.5      CRISIL B/Stable
   Letter of Credit        2.5      CRISIL A4
   Bank Guarantee          7.5      CRISIL A4
   Drop Line Overdraft
   Facility               22.5      CRISIL B/Stable

The ratings reflect SBT's below-average financial risk profile,
because of high gearing and weak debt protection metrics. The
ratings also factor in modest scale of, and working capital
intensity in, operations, and customer concentration in revenue.
These rating strengths are partially offset by the promoter's
extensive experience and established relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes SBT will continue to benefit over the medium term
from its established customer base and the promoters' extensive
experience in the valves industry. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability, and
efficient working capital management result in a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower demand for products or significant increase in
raw material prices results in lower-than- expected profitability;
or if any large, debt-funded capital expenditure or stretch in
working capital cycle weakens financial risk profile.

Set up in 2004, SBT manufactures valves, bushes and sleeves. The
operations of the firm are managed by Mr. Suresh Kumar. The firm
is located in Chennai.

Profit after tax (PAT) and total revenue were INR5.7 million and
INR48.3 million, respectively, for 2014-15 (refers to financial
year, April 1 to March 31) as against INR1.3 million and INR49.1
million for 2013-14.


SRI GAYATHRI: CRISIL Assigns B Rating to INR200MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Gayathri Cashews (SGC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     100      CRISIL B/Stable
   Cash Credit            200      CRISIL B/Stable

The rating reflects SGC's modest scale of operations in the highly
competitive cashew industry and susceptibility of its operating
margin to volatility in cashew prices. The rating also factors in
the firm's weak financial risk profile because of high total
outside liabilities to tangible net worth ratio and modest debt
protection metrics. These weaknesses are mitigated by its
promoter's extensive industry experience and its established
supplier and customer relationships.
Outlook: Stable

CRISIL believes SGC will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if considerable increase in revenue and
profitability leads to higher cash accrual and thus resulting in
an improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the revenue or profitability
declines, or the working capital management weakens, or if there
is large, debt-funded capital expenditure, leading to weakening of
the financial risk profile, particularly liquidity.

Established as a partnership firm in 2003, SGC trades in raw
cashew nuts and processes cashew kernels. The Cuddalore (Tamil
Nadu) based firm is promoted and managed by Mr. C Ramesh.

SGC, reported a profit after tax (PAT) of INR2.7 million on net
sales of INR869 million in 2014-15 (refers to financial year,
April 1 to March 31) against PAT of INR1.5 million on net sales of
INR707 million in 2013-14.


SRI PRIYANKA: ICRA Reaffirms 'B' Rating on INR17.57cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR17.57 crore fund based limits and INR7.43 crore unallocated
limits of Sri Priyanka Agro Enterprises Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          17.57        [ICRA]B; reaffirmed

   Unallocated Limits     7.43        [ICRA]B; reaffirmed

The rating reaffirmation is constrained by dip in sales of the
company in FY15 owing to lower availability of rice bran; low
capacity utilization at ~40% during FY15 and ~33% in 7mFY16; and
low operating margins and return indicators in the oil processing
business owing to intense competition, threat from substitute
products and low value additive nature of operations. The rating
is further constrained by price and availability of raw material
being exposed to agro-climatic risks; and susceptibility of profit
margins to volatility in edible oil prices due to its linkage with
international edible oil prices. The rating reaffirmation however
takes comfort from the long-standing experience of the promoters
in the edible oil business; proximity of the company to raw
material by virtue of being located in Andhra Pradesh; and
favourable demand prospects for rice bran oil due to its
positioning as a healthy alternative to other oil varieties, easy
availability and competitive pricing to soya, sunflower and olive
oil.

Going forward, the company's ability to improve its capacity
utilization, profitability while managing liquidity would be the
key rating sensitivity.

Sri Priyanka Agro Enterprises Private Limited was incorporated in
the year 1990 and is involved in extraction and refining of rice
bran oil. The plant is located in Chandra Sekhara Puram village in
Nellore district in Andhra Pradesh. The solvent extraction
capacity is 200MT/day while the oil refining capacity is 50MT/day.

Recent Results
For FY15, the company reported net profit of INR0.68 crore on an
operating income of INR59.87 crore, as against net profit of
INR1.06 crore on an operating income of INR61.56 crore during
FY14.


SRI RAVI: ICRA Suspends 'B' Rating on INR7cr Loan
-------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR7.00 crore (including unallocated limit of INR2.00 crore) fund
based limits of Sri Ravi Gold Palace. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Sri Ravi Gold Palace is established as a partnership firm in
February, 2013 by Mr. Ravi Kumar and other family members. The
firm is engaged in sale of gold and silver ornaments through a
single store with a total area of 857 sqft located in a shopping
mall owned by the promoter in Chirala in Prakasam district of
Andhra Pradesh. The total cost of setting up the store including
initial inventory funding is INR6.75 crore funded by cash credit
of INR5.00 crore and the remaining is partner's contribution. The
operations of the firm commenced in April, 2013.


STP LIMITED: ICRA Reaffirms B- Rating on INR24cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the
INR24.00 crore fund-based bank facilities and INR2.00 crore non
fund-based bank facilities of STP Limited. ICRA has also
reaffirmed its short-term rating of [ICRA]A4 on the INR9.00 crore
non fund-based bank facilities of STPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           24.00       [ICRA]B-; reaffirmed
   Bank Guarantee         2.00       [ICRA]B-; reaffirmed
   Letter of Credit       9.00       [ICRA]A4; reaffirmed

ICRA's rating reaffirmation takes into account the continued
under-utilization of the plant capacity and under-absorption of
fixed overheads in the past few years, which has kept the margins
at low levels. Although, the operating profits of the company have
increased in FY15 compared to the previous year, the debt coverage
indicators remain weak and the company remains reliant on timely
infusion of funds by the promoter company. The liquidity level of
STPL is subdued on account of its high working capital intensity
led by stretched debtor collection period and need to maintain a
high level of inventory.

However, the ratings positively factor in the extensive track
record of STPL of over seven decades in the manufacturing of
waterproofing and protective coatings, its established presence
across various parts of the country, and financial support by the
holding company.

The ability of the company to increase its sales leading to a
sustained improvement in its profitability, so as to reduce
dependence on external funding will be the key rating
sensitivities. Timely funding support from the holding company to
meet the interim funding requirements will be a key rating
monitorable.

Incorporated in 1935, STPL is a part of the Turner Morrison group,
and is engaged in the manufacture and supply of waterproofing
products, corrosion protection products, and construction
chemicals. The company has its manufacturing facilities in Chennai
(Tamil Nadu), Goa, Jamshedpur (Jharkhand), Kosi (Uttar Pradesh)
and Sipaigachi (West Bengal).

Recent results

STPL reported an Operating Income (OI) of INR129.74 crore and a
Net Loss of INR4.07 crore in FY15 as compared to an OI of
INR131.14 crore and a net loss of INR3.88 crore in the previous
year.

During the nine month period ended December 31, 2015, the company,
on a provisional basis, reported an OI of INR111.87 crore.


SUKHMANI SHIKSHAN: CRISIL Assigns B+ Rating to INR134MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Sukhmani Shikshan Sansthan (SSS).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      134       CRISIL B+/Stable

The rating reflects high off-take risk of SSS' newly established
school marked by limited track record of operations. The rating
also factors in company's average financial risk profile marked by
high gearing. These rating weaknesses are partially offset by the
benefits the society receives through the funding support of its
promoters.

Outlook: Stable

CRISIL believes that SSS will continue to benefit over the medium
term from its promoters' experience in education sector and the
funding support provided by them. The outlook may be revised to
'Positive' if SSS registers an improvement in its scale of
operations and operating profitability resulting in higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if SSS generates low cash accruals on account of low
occupancy or declining profitability or if it undertakes any
larger-than expected debt-funded capital expenditure programme
leading to deterioration in liquidity.

SSS, incorporated as a society is engaged in providing primary and
secondary education through its school 'Kings & Queen World
School' located at Bithoor Road, Kanpur (Uttar Pradesh). The
society is managed by its key promoter Mr. Manminder Singh.

SSS reported a net surplus of INR16 million on operating income of
INR41.6 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net deficit  of INR2 million on operating
income of INR17.8 million for 2013-14.


T.K. INTERNATIONAL: ICRA Assigns 'B-' Rating to INR4.63cr Loan
--------------------------------------------------------------
ICRA has assigned a rating of [ICRA] B- to the INR9.50 crore long
term bank facilities of T.K. International Limited.  ICRA has also
assigned a rating of [ICRA] A4 to the INR0.50 crore short term
bank facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   CC/OD                 4.63        [ICRA] B-; assigned
   Bank Guarantee        0.50        [ICRA] A4; assigned
   Term Loan             4.43        [ICRA] B-; assigned
   Unallocated           0.44        [ICRA] B-; assigned

The assigned rating takes into account the significant experience
of more than 30 years of TK's promoters in the hospitality
industry and the company's diversified revenue streams through two
operational properties, three leased properties, ticketing
business and time share business of the company. The company owns
two hotels -- one each in Puri and Shimla, which have been
operational since 1985 and 1999 respectively, which provide a
visibility of revenue generation over the medium term.

The ratings are however constrained due to the modest scale of
operations of the company, comparatively low levels of operating
profitability and stretched liquidity on account of capex and
advances extended to group companies. Revenues have remained at
~Rs 25 crore over the last four years with the two owned
properties contributing ~Rs 15 crore every year. Given the
seasonality of demand in these locations, average occupancy levels
have been only ~50%. Losses in the associated businesses, mainly
time share division, has resulted in a comparatively low OPBDITA
margin of ~15-20% over the last four years. Over the last three
years, the company has undertaken significant capex and has also
provided funding support to other related entities (~Rs 5 crore as
on 31 March 2015), which has stretched the liquidity of the
company leading to slight overutilization of the available working
capital limits and dependence on ad-hoc limits. Further, the
company has plans of additional capex in the next year for which
additional bank funding is proposed. With already significant
levels of interest payments expected to increase in the near term,
the company's liquidity is expected to remain stretched. Going
forward, the ability of TK to improve its RevPars over an expanded
scale and improve its coverage indicators and liquidity position
in the light of the ongoing capex would be the key rating
sensitivity going forward.

TK, incorporated in 1982, is engaged in the development and
managing of hotels and resorts and is currently managing two owned
hotels and three leased hotels. The company's first hotel started
operations in 1985 in Puri, and in 1999 commenced operations of
its resort in Shimla. The company also operates 3 leased
properties in Ratnagiri, Odisha awarded by the Department of
Tourism under PPP model with an aggregate of 43 rooms. TK also has
additional revenue streams from time share customers and ticketing
business.


TRUWOODS PRIVATE: ICRA Reaffirms B+ Rating on INR12.20cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
INR6.50 crore (Revised from INR5.50 crore) fund based limits and
short-term rating of [ICRA]A4 assigned to INR12.20 crore (Revised
from INR8.20 crore) non fund based limits of Truwoods Private
Limited. ICRA has also re-affirmed the short-term rating of
[ICRA]A4 assigned to the INR1.30 crore (Revised from INR0.30
crore) unallocated limits of TPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund
   based limits           6.50      [ICRA]B+ Re-affirmed

   Short-term non-
   fund based limits     12.20      [ICRA]A4 Re-affirmed

   Un-allocated limits    1.30      [ICRA]A4 Re-affirmed

The rating reaffirmation continues to be constrained by the
company's small scale of operations and low profitability metrics
owing to limited value addition in the trading business; and
vulnerability to raw material prices and exchange rate
fluctuations. The rating is further constrained by moderate
gearing and coverage indicators; and stiff competition faced by
the company from upcoming substitutes like Medium Density Fibre
(MDF) and particle boards coupled with the fragmented nature of
the plywood manufacturing industry. The rating reaffirmation
however takes comfort from the long-standing experience of the
management in the plywood industry resulting in an extensive
dealer and distribution network across India.

Going forward, the firm's ability to improve its scale of
operations, profitability and effectively manage its working
capital requirement would be the key rating sensitivity.

Incorporated in 2001 as a private limited company, Truwoods Pvt.
Ltd. is engaged in manufacturing of plywood and Veneers. The
company is part of the Deccan Group, which has a history of about
two decades in the plywood business. The other group companies
include Deccan Veneers Pvt. Ltd., Maxworth Plywoods Pvt. Ltd.,
Alphine Panels Pvt. Ltd., and Indus Tropics Ltd; all involved in
the plywood and veneer related business. TPL has its veneer and
plywood manufacturing facility in Visakhapatnam, Andhra Pradesh.

Recent Results

For FY15, the firm reported net profit of INR0.01 crore on an
operating income of INR53.33 crore, as against net profit of
INR0.23 crore on an operating income of INR49.02 crore during
FY14. For 7MFY16 (provisional), it has reported an operating
income of INR31.75 crore.


UMAXE PROJECTS: CRISIL Ups Rating on INR55MM Cash Loan to B-
------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Umaxe
Projects Private Limited (UPPL) from 'CRISIL B/Stable/CRISIL A4'
to 'CRISIL D/CRISIL D' and simultaneously upgraded the ratings to
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL A4 (Revised from
                                   'CRISIL A4' to 'CRISIL D'
                                   simultaneously upgraded
                                   to 'CRISIL A4')

   Cash Credit             55      CRISIL B-/Stable (Revised
                                   from 'CRISIL B/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B-/Stable)

The revision in ratings takes into account the continuous over
drawls in the fund based limits for over 30 days during 2014-15.
However, the ratings reassigned factor in no over drawls in the
fund based limits in the recent past and liquidity support from
the new management in the form of equity infusion.

The ratings continue to reflect the small scale of operations in
the construction industry along with average financial risk
profile marked by high TOLTNW. These rating weaknesses are
partially offset by the healthy outstanding order book with the
company.

Outlook: Stable

CRISIL expects UPPL to maintain its business profile backed by its
healthy order book. The outlook may be revised to 'Positive' if
UPPL significantly improves its scale of operations along with
capital structure while maintaining its profitability leading to
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case the company reports lower-than-
expected cash accruals or in case there is deterioration in its
working capital cycle, leading to further stretch in the company's
liquidity.

Incorporated in 2007, Umaxe Projects Private Limited (UPPL) was
being managed by Mr. Sanjay Garg. In September 2014, Mr. Garg was
joined by Mr. Harpal Singh Gambhir, an industrialist as the
Director and Mr. S.K. Chhabra, a Chartered Accountant, as Chief
Executive Officer. The company based out of Delhi is engaged in
the construction activities which include civil construction
mainly for government projects and also participate in the
projects for builders.



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


1MALAYSIA DEVELOPMENT: Panel Advises Continuing Probe Into Najib
----------------------------------------------------------------
Tom Wright at The Wall Street Journal reports that a Malaysian
regulatory body Feb. 24 recommended the nation's antigraft agency
push ahead with a probe into transfers of millions of dollars into
Prime Minister Najib Razak's bank accounts, despite a decision by
the nation's chief prosecutor last month to clear him of
wrongdoing.

The Journal relates that the Malaysian Anti-Corruption Commission,
an independent agency, had asked the nation's attorney general to
file criminal charges against Mr. Najib over $14 million he
received in his accounts in 2014 and 2015 via entities linked to
troubled state investment fund 1Malaysia Development Bhd., or
1MDB, according to a person familiar with the matter.

The commission had also been in the process of investigating a
deposit of $681 million made in 2013 into another account held by
Mr. Najib from a shell company based in the British Virgin
Islands, the Journal says.

Last month, however, Attorney General Mohamed Apandi Ali cleared
Mr. Najib of wrongdoing, the Journal recalls. Regarding the $14
million deposit, Mr. Apandi said the prime minister hadn't been
aware of the transfers and hadn't given his approval for them, the
Journal says.

According to the Journal, Mr. Apandi also said the $681 million
deposit was a legal donation from Saudi Arabia's royal family. The
attorney general said all but $61 million of the money had been
returned to the Saudis five months later. He said Malaysia
therefore wouldn't ask for cooperation from foreign countries that
are investigating the transfers and 1MDB, the fund Mr. Najib set
up in 2009 to foster economic growth. Mr. Apandi also told the
antigraft commission to drop its investigation.

Attempts to contact Mr. Najib on Feb. 24 were unsuccessful, the
Journal notes. He has denied wrongdoing or taking money for
personal gain. The 1MDB fund has denied wrongdoing and said it
will cooperate with probes. After the attorney general's findings,
Mr. Najib urged the country to put the scandal behind it.

The Malaysian Anti-Corruption Commission, however, asked for a
review of the attorney general's decision by an oversight panel
that advises on recommendations rejected by the attorney general,
the Journal relates. On Feb. 24, the antigraft agency in a
statement said the panel had suggested it should resubmit its
investigation papers about the $14 million deposit, the Journal
says.

The Journal relates that person familiar with the matter said it
had done so because the panel agreed with the anticorruption
agency's recommendation that Mr. Najib face criminal charges in
the matter.

The agency's statement also said the panel, whose members are
appointed by the prime minister, had advised the agency to
continue with its probe of the $681 million deposit into Mr.
Najib's account and to ask the attorney general for assistance in
obtaining information from overseas, the Journal relays.

According to the Journal, the oversight panel said in a statement
Feb. 24 it had made recommendations to the antigraft agency but it
didn't go into details.

The panel's decision, while not binding on the attorney general,
adds to pressure on Mr. Najib's government to allow the antigraft
agency to continue its investigation of the transfers. Attempts to
reach Mr. Apandi weren't successful, the Journal notes.

An earlier Malaysian government investigation found the deposits
that entered Mr. Najib's accounts did so via banks, agencies and
companies linked to 1MDB, the state fund, The Wall Street Journal
reported in July.

SRC International Bhd., a former unit of 1MDB, was the source of
the $14 million deposit, documents from the probe showed. The
money moved via a company that carried out charity work for 1MDB,
they showed. SRC today is part of Malaysia's finance ministry,
which Mr. Najib also heads, the Journal notes.

The Journal relates that documents from the earlier probe also
showed that the $681 million entered Mr. Najib's account from
Tanore Finance Corp., a shell company in the British Virgin
Islands.

That probe led to a series of other investigations in Malaysia,
including by the antigraft body, the Journal states.  Critics,
including members of the opposition, said Mr. Najib's government
has moved to stymie the probes. Mr. Najib hasn't commented on this
accusation. On Feb. 23, a parliamentary committee looking into
allegations of graft at 1MDB said it would delay until early March
a meeting scheduled for last week to scrutinize a report by the
nation's auditor general on the fund's activities, according to
the Journal.

Authorities in the U.S., Switzerland, Singapore, Abu Dhabi and
Hong Kong, meanwhile, have pushed ahead with investigations into
the matter, said people familiar with those probes, the Journal
relays.  Switzerland's attorney general complained last month that
the decision by Malaysia's attorney general regarding the
antigraft body's probe could hinder its own investigation. The
Swiss body said losses to Malaysia related to the 1MDB scandal
could total $4 billion, the Journal discloses.

                             About 1MDB

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

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

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

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

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



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


MARAC INSURANCE: S&P Affirms, Withdraws BB+ Rating
--------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
withdrawn its 'BB+/Stable/--' insurer financial strength and
issuer credit ratings on MARAC Insurance Ltd., at the request of
the company.


STONEWOOD HOMES: Receivers Hopeful of Sale
------------------------------------------
KordaMentha partner Grant Graham -- ggraham@kordamentha.com --
recently-appointed receiver of Stonewood Homes Ltd and Stonewood
New Zealand Ltd (the master franchisor of the Stonewood Group), is
hopeful that the business and assets may be sold as a going
concern.

"While it is very early in the process for us, we are aware that
prior to receivership, a company recapitalisation process was well
advanced. We are hopeful that this interest can be converted into
a sale of the business and assets in the short term.  Clearly,
this would be in the best interests of all affected parties,
including the 85 staff," he said.

Stonewood Homes Ltd currently has 110 houses in various stages of
construction.

"We are mindful that this is an anxious time for the owners of
these homes and that they want to know where to from here.
Therefore, we are working as quickly as possible to conclude a
detailed status review of each build.  This will take time to
complete, but we believe we will be able to update owners on
progress by the end of this week," Mr Graham said.

Mr Graham also noted that in addition to the companies' secured
debt; unsecured creditors are understood to be owed approximately
$15 million.

"We intend to communicate with creditors in the next 48 hours,
once an accurate picture of the companies' financial position is
ascertained," he said.

Grant Graham and Neale Jackson of KordaMentha have been appointed
as receivers to Stonewood Homes New Zealand Limited, and sister
companies Stonewood Homes Limited and Sterling Homes Limited. The
appointment was requested by the companies' director.

Stonewood Homes New Zealand Limited is the master franchisor for
the Stonewood Homes network. Stonewood Homes Limited holds the
Stonewood franchise for Christchurch.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Moody's Puts B1 Ratings on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the Government of Papua New
Guinea's ("PNG") B1 local currency and foreign currency issuer
ratings on review for downgrade.

The review for downgrade is driven by:

   1. The impact of the further fall in oil prices on government
revenue, fiscal deficits and rising debt; and

   2. A likely structural shift to lower economic growth given the
increasingly uncertain outlook for commodity-related investments.

RATINGS RATIONALE

RATIONALE FOR THE REVIEW FOR DOWNGRADE

FIRST DRIVER -- DETERIORATING FISCAL AND DEBT METRICS

Lower oil prices and weather-related disruption to gold production
led to weaker-than-expected revenue in 2015, and we expect
pressures on revenue to continue through 2016. Although
expenditure cuts in 2016 have been announced in response, the
glidepath towards a balanced budget in 2020 is undermined by a
further softening of prices for PNG's commodity exports. In
particular, we now assume oil prices -- which are correlated to
prices for liquefied natural gas (LNG) -- will average $38 per
barrel between 2016 and 2018, while the government assumes a much
higher average of around $60 over the same period. As such, we do
not expect fiscal deficits to consolidate enough to arrest the
rise in government debt, which the government estimates at 34.7%
of GDP in 2015, up from a low of 23.6% in 2011.

A turnaround in PNG's fiscal performance will be dependent on
further expenditure restraint as funding conditions deteriorate.
The expenditure outlook is muddled by elections scheduled for 2017
given the backdrop of poor institutional strength and moderate
domestic political risks. Interest rates on government debt have
remained at multi-year highs, eroding debt affordability with
interest payments projected to double as a share of revenue in
2016 as compared to 2013.

SECOND DRIVER -- WEAKER PROSPECTS FOR ECONOMIC GROWTH

The persistence of low commodity prices places at risk the
feasibility of investments that would further monetize the
country's ample natural resource endowment. In addition,
consequently lower receipts from existing wells and mines will
also lower household income growth and the ability of the
government to stimulate growth.

Real GDP growth averaged 9.1% between 2010 and 2015, one of the
highest rates recorded among B-rated countries. Much of the robust
performance was attributed to the development of the PNG LNG
Project, which helped to double nominal GDP over a relatively
short period of time between 2009 and 2014. Although there are
similarly large projects in advanced stages of planning, including
an expansion of the PNG LNG Project and the construction of a
second LNG installation, their incremental impact on growth is
likely to be comparatively smaller.

The government's ability to rebalance the economy to non-
extractive sectors will also face challenges. Uncertain weather
patterns, such as El Ni¤o, could stymie both mining and
agricultural production. The lack of suitable infrastructure, low
human capital, and persistent law and order issues weigh on the
economy's ability to improve productivity and attract investments
in tourism and manufacturing.

ELEMENTS OF THE REVIEW FOR DOWNGRADE

During the review period, we will evaluate the government's
ability and willingness to respond to the continued pressure on
revenue. In addition, we will consider the impact of weaker growth
on contingent risks to the government's balance sheet. We also aim
to more fully assess the pipeline of investments against the
backdrop of the structural shift in commodity prices, which in
turn will determine PNG's medium-term prospects for growth.
Finally, we will appraise external risks related to the continued
pressure on the country's foreign exchange reserves and associated
currency depreciation despite the restoration of the current
account surplus in the balance of payments. As many of these
negative trends have been precipitated by the global shock
represented by lower commodity prices, PNG's credit profile will
be compared against other commodity-dependent countries with
similar ratings.

WHAT COULD MAKE THE RATING GO UP

An upgrade is unlikely given the review for downgrade. However,
the prospect of government fiscal deficits and debt levels being
contained through policy action, as well as of an improvement in
reserve adequacy could support the rating at a B1 level.

WHAT COULD MAKE THE RATING GO DOWN

Triggers for a negative rating action include the conclusion that:
(1) the fiscal position will continue to deteriorate, leading to a
further rise in government debt; (2) there is a material risk of
worsening investor confidence leading to a rapid rise in interest
rates and further worsening of debt affordability; and (3) further
declines in official international reserves are likely. As these
negative trends have been precipitated in part by the global shock
represented by lower commodity prices, PNG's credit profile will
be compared against other commodity-dependent countries with
similar ratings.

COUNTRY CEILINGS

PNG's long-term foreign currency (FC) bond ceiling at Ba3 and its
long-term FC deposit ceiling at B2 remained unchanged. The short-
term FC ceilings also remain unchanged at Not Prime. These
ceilings act as a cap on ratings that can be assigned to the FC
obligations of entities other than the government that are
domiciled in the country.

The Ba2 local currency (LC) country risk ceiling is also
unchanged.

GDP per capita (PPP basis, US$): 2,470 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 13.3% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.7% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -8.3% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 16.4% (2014 Actual) (also known as
External Balance)

External debt/GDP: 110.1% (2014 Actual)

Level of economic development: Low level of economic resilience

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

On 24 February 2016, a rating committee was called to discuss the
rating of the Papua New Guinea, Government of. The main points
raised during the discussion were: The issuer's economic
fundamentals, including its economic strength, have materially
decreased. The issuer's fiscal or financial strength, including
its debt profile, has materially decreased. The issuer has become
more susceptible to event risks. Other views raised included: The
issuer's institutional strength/ framework, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The systemic risk in which the issuer operates
has not materially changed.



                             *********

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
to be reliable, but is not guaranteed.

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



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