TCRAP_Public/160308.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

            Tuesday, March 8, 2016, Vol. 19, No. 47


                            Headlines


A U S T R A L I A

ADVANCED TRAINING: First Creditors' Meeting Set For March 15
CAKES GALORE: First Creditors' Meeting Set For March 15
CONTINENTAL COAL: ASIC Restricts Firm From Issuing Prospectus
HOYTS GROUP: Moody's Affirms B2 CFR & Will Withdraw Rating
SINO AUSTRALIA: Court Appoints Ferrier Hodgson as Liquidator

TRAC CONSTRUCTION: Goes into Liquidation


C H I N A

CHINA AUTOMATION: Moody's Retains B1 CFR on 2015 Profit Warning
FANTASIA HOLDINGS: Moody's Retains B2 CFR on FY2015 Results
YANLORD LAND: Credit Profile Improved in 2015, Moody's Says


I N D I A

AMBUJ HOTEL: CRISIL Keeps INR312.9MM Loan B+ Rating on Watch Neg.
ANDHRA BARYTE: CRISIL Reaffirms 'D' Rating on INR81.5MM Term Loan
ANKIT METAL: ICRA Lowers Rating on INR414.03cr Term Loan to D
ASIAN THAI: CRISIL Assigns 'B' Rating to INR100MM LT Loan
BASS MINERALS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

BRILLIANT ALLOYS: CRISIL Cuts Rating on INR127.5MM Term Loan to D
DECOR PAPER: ICRA Reaffirms 'B/A4' Rating on INR24cr Loan
DELUX MECHANICAL: CARE Reaffirms B+ Rating on INR5.90cr Loan
DR SHAH: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
DURATEX EXPORTS: ICRA Assigns B/A4 Rating to INR15cr Loan

EBONY AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR140MM Loan
ESS EMM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
EUROSHINE JEWELLERY: CRISIL Puts B+ Rating on Withdrawal Notice
FPC PETRO: CRISIL Lowers Rating on INR120MM Loan to 'D'
G. M. KENJALE: CRISIL Lowers Rating on INR100MM LT Loan to B-

GEFAB FACADE: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
GRAINTECH FOODS: CARE Upgrades Rating on INR10.64cr Loan to 'B'
GLOBAL FARM: CARE Reaffirms B+ Rating on INR13.34cr LT Loan
GUJARAT HY-SPIN: CARE Revises Rating on INR32.24cr Loan to BB-
GVK POWER: CARE Downgrades Rating on INR2,400cr Loan to D

HI BLUE: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
HI-TECH FROZEN: ICRA Reaffirms 'B' Rating on INR10cr Loan
INDO AMERICAN: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
ISHWAR OIL: ICRA Reaffirms 'B' Rating on INR13cr LT Loan
JOYMAHAPROVU COLD: CARE Revises Rating on INR8cr LT Loan to B+

KAMAKHYA SHIVALIK: CARE Revises Rating on INR6cr Loan to B+
KANDUI INDUSTRIES: Ind-Ra Raises LT Issuer Rating From 'IND BB+'
KINGFISHER AIRLINES: Mallya Says He is not a Wilful Defaulter
KRISHNA COTTON: CRISIL Cuts Rating on INR140MM Cash Loan to B+
M. NAGI: CRISIL Lowers Rating on INR50MM Loan to 'D'

MB SPONGE: CARE Reaffirms B+ Rating on INR11.60cr LT Loan
MAXWELL AUTO: CARE Assigns B+ Rating to INR15.22cr LT Loan
MEENAMANI GANGA: CARE Assigns B+ Rating to INR50cr LT Loan
METHRA INDUSTRIES: CARE Reaffirms 'D' Rating on INR12.08cr Loan
MIR REALTORS: CRISIL Assigns B+ Rating to INR100MM LT Loan

MURUDESHWAR CERAMICS: CRISIL Reaffirms B+ Rating on INR772MM Loan
NEW CHUMTA: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
NOOR IMPEX: CRISIL Puts 'C' Rating on Notice of Withdrawal
NRU SPINNING: CRISIL Cuts Rating on INR48.5MM Cash Loan to 'D'
ODYSSEY ADVANCED: CRISIL Reaffirms B+ Rating on INR80MM Loan

OFFSHORE MARINETECH: CRISIL Reaffirms B+ Rating on INR45MM Loan
P. M. COT: CARE Reaffirms 'B' Rating on INR7.11cr LT Loan
PADMAVATI INFRASTRUCTURE: ICRA Reaffirms B Rating on INR2cr Loan
RAEBAREILLY ALLAHABAD: CARE Cuts Rating on INR215.08cr Loan to D
RISHABH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan

ROHIT FERRO: ICRA Lowers Rating on INR901.63cr Loan to 'D'
RPN ENGINEERS: CARE Reaffirms 'D' Rating on INR1.26cr LT Loan
SAMPURN AGRI: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SHELKE CONSTRUCTION: CRISIL Lowers Rating on INR70MM Loan to B+
SHITALPUR MOHINDER: CARE Assigns 'B' Rating to INR10.64cr Loan

SHIV COTTON: CARE Reaffirms B+ Rating on INR5.40cr LT Loan
SHREE LAXMI: CARE Reaffirms B+/A4 Rating on INR8.30cr Loan
SONA SYNTHETICS: CRISIL Cuts Rating on INR70MM Cash Loan to 'B'
SRI DURGA: ICRA Assigns B+ Rating to INR25cr Fund Based Loan
STERLING GATED: CARE Lowers Rating on INR60cr LT Loan to 'D'

SUPREME COLOUR: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
TARUNIKAA JEWELS: CRISIL Assigns B Rating to INR85MM Cash Loan
TIRUPATI SUGARS: Ind-Ra Raises LT Issuer Rating to 'IND BB+'
TRANS METALITE: CARE Assigns 'B' Rating to INR11.91cr Loan
TRINITY BUILDCON: CRISIL Assigns B Rating to INR568.5MM Loan

VEEJAY TERRY: CRISIL Cuts Rating on INR50MM Term Loan to B+
VM STAR: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
ZEN TOBACCO: CARE Revises Rating on INR5.50cr LT Loan to 'B'


N E W  Z E A L A N D

CENTURY CITY: Liquidation Ends, Creditors NZ$2 Million Short
DICK SMITH: New Zealand Creditors Face Big Shortfall


S I N G A P O R E

PUNJ LLOYD: Singapore Units File for Judicial Management
TIGER AIRWAYS: Singapore Airlines to Take Full Control of Carrier


X X X X X X X X

* BOND PRICING: For the Week Feb. 29 to March 4, 2016


                            - - - - -


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A U S T R A L I A
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ADVANCED TRAINING: First Creditors' Meeting Set For March 15
------------------------------------------------------------
John Morgan & Geoffrey Davis of BCR Advisory were appointed as
administrators of Advanced Training and Construction Pty Ltd on
March 4, 2016.

A first meeting of the creditors of the Company will be held at
Airport International Motel, 528 Kingsford Smith Drive, in
Brisbane, Queensland, on March 15, 2016, at 10:15 a.m.


CAKES GALORE: First Creditors' Meeting Set For March 15
-------------------------------------------------------
Anne Meagher and Terry Grant van der Velde of SV Partners were
appointed as administrators of Cakes Galore Pty Ltd on March 3,
2016.

A first meeting of the creditors of the Company will be held at
Burke & Wills Hotel, 554 Ruthven Street, in Toowoomba, Queensland,
on March 15, 2016, at 10:00 a.m.


CONTINENTAL COAL: ASIC Restricts Firm From Issuing Prospectus
-------------------------------------------------------------
The Australian Securities and Investment Commission has restricted
Continental Coal Limited from issuing a reduced content prospectus
until Feb. 26, 2017.

The decision means Continental Coal will not be able to rely on
reduced disclosure rules and must issue a full prospectus in order
to raise funds from retail investors.

ASIC's decision was based on Continental Coal's failure to inform
the market about:

   -- the completion of the sale by Business Rescue Practitioners
      in South Africa of Continental Coal's interests in its
      mining projects known as Vlakvarkfontein and Penumbra;

   -- the effect of that sale on the sale which Continental Coal
      had announced on Jan. 9, 2015, of its 74% interest in
      Continental Coal Limited (South Africa) (CCLSA) to Ivory
      Mint Holdings Corp; and

   -- Continental Coal not receiving payment of AUD2,000,000 in
      application monies from Ivory Mintprior to issuing
      400,000,000 shares to Ivory Mint (and other investors
      introduced by Ivory Mint) on 23 February 2015 under
      Continental Coal's supplementary prospectus dated
      Nov. 26, 2014.

Continental Coal has also failed to hold its Annual General
Meeting, and to lodge its financial, directors' and auditor's
report, for the 2014/2015 financial year.

ASIC Commissioner John Price said, 'A company's ability to use
reduced disclosure rules is predicated upon them meeting their
ongoing disclosure and financial reporting obligations.

'If this doesn't happen, ASIC will intervene so that companies
seeking to raise funds from retail investors are required to issue
a full prospectus. This ensures that current and potential future
shareholders are in a better position to assess a company's
prospects and financial position', Mr Price said.

Continental Coal has the right to appeal to the Administrative
Appeals Tribunal for review of ASIC's decision.
Background

Under the law, a listed company can offer securities using a
prospectus containing information relating only to the particular
offer itself.

ASIC has the power to prevent a company from relying on these
rules if they breach their continuous disclosure obligations or
their financial reporting obligations.

On Aug. 29, 2014, Continental Coal released a Prospectus for a
fully-underwritten non-renounceable Rights Issue of 9 shares for
every 1 share held to raise up to AUD35,176,172 (Rights Issue).

According to Continental Coal's Preliminary Final Report for the
end of the 2014/2015 financial year, Business Rescue Practitioners
were appointed in South Africa over CCLSA and some of its
subsidiaries on Nov. 20, 2014.

On Nov. 27, 2014, the Company released a supplementary prospectus
for the Rights Issue which stated that it had agreed to sell its
74% shareholding in CCLSA to a consortium headed by LSP Energy
(Pty) Ltd.

On Jan. 9, 2015, the Company announced that it had agreed to
revised terms for the sale of CCLSA with a new purchaser
consortium headed by Ivory Mint Holdings Corp and that Ivory Mint
Holdings Corp and investors introduced by them had subscribed for
400 million shares as part of the transaction.

On Feb. 25, 2015, Continental Coal announced that it was
proceeding with Ivory Mint in respect of the sale process and that
it looked forward to concluding the transaction over the coming
weeks.

A Western Australia-based director of Continental Coal Limited, Mr
Peter Neil Landau, has consented to interim asset preservation
orders over his personal assets, and the assets of Okap Ventures
Pty Ltd and Doull Holdings Pty Ltd (of which companies Mr Landau
is sole director), following an application by ASIC to the Federal
Court in Perth. Mr Landau consented to the orders on the basis
that the Defendants' rights are reserved and that they do not
accept the orders should have been made.

ASIC is continuing its investigation into Continental Coal,
including the use of investors' subscription monies at a time when
they were required by law to be held on trust.


HOYTS GROUP: Moody's Affirms B2 CFR & Will Withdraw Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the B2 Corporate Family
Rating for Hoyts Group Holdings LLC.  The rating outlook is
stable.  The rating will be withdrawn.

RATINGS RATIONALE

Hoyts B2 CFR is driven by Moody's expectations of an ongoing solid
business profile for the Hoyts businesses although with a highly
leveraged capital structure and operations in a mature market.
Moody's expects the key cinema and cinema advertising businesses
to continue to grow steadily at levels generally in-line with GDP,
and patronage growth broadly flat within such a mature market
structure.  As such, Moody's expects growth to be in the low
single-digits over the next few years, but with annual volatility
depending upon movie releases and content.  Moody's expects the
Group's adjusted debt/EBITDA to remain under the limit of 7x set
for the B2 rating.

Moody's notes that there hasn't been a significant change in
business environment of the company that is expected to have an
adverse effect on its performance in the foreseeable future.  The
company was acquired by ID Leisure International Capital in Dec
2014 and then sold to Wanda Cinema Line in October 2015.  As a
result, Hoyts Group has subsequently changed its financial year
end from June 30 to Dec. 31.

These ratings were affirmed and will be withdrawn:

  Hoyts Group Holdings LLC -- LT Corporate Family Ratings at B2;
   stable outlook

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.


SINO AUSTRALIA: Court Appoints Ferrier Hodgson as Liquidator
------------------------------------------------------------
Upon the application of Australian Securities and Investment
Commission, the Federal Court of Australia has ordered that Sino
Australia Oil and Gas Limited (SAO) be wound up on just and
equitable grounds and that Peter McCluskey, a Melbourne partner of
Ferrier Hodgson, be appointed as liquidator.

In ordering the wind up, Justice Davies found that there had been
substantial and serious misconduct and mismanagement in the
affairs of the company. Among other things, her Honour found that
SAO:

  -- had permitted prospectus documentation to be issued that
     contained significant false and misleading statements
     about contracts that were allegedly held by a subsidiary;

  -- had presented false and misleading statements in its
     prospectus documentation in relation to SAO's profit
     forecasts; and

  -- had contravened the continuous disclosure requirements by
     failing to disclose a significant profit downgrade.

ASIC's proceedings against SAO and its former chairman, Mr
Tianpeng Shao, are continuing.

SAO is the Australian holding company of a Chinese operating
company providing specialised drilling services to the oil and gas
industry. SAO was listed on the Australian Securities Exchange
Limited (ASX) on 12 December 2013 after raising nearly AUD13
million under an initial public offering (IPO).

In March 2014, ASIC obtained an injunction on an urgent basis
arising from concerns that SAO's Chairman, Mr Tianpeng Shao, was
attempting to transfer AUD7.5 million - representing almost the
entire cash held by SAO in Australia - to bank accounts in China
for purposes that were not disclosed, or not properly disclosed,
in SAO's prospectus documentation during the IPO. That injunction
was extended by the Court on a number of occasions thereafter (and
ultimately released by the court to the provisional liquidator).

In November 2014, ASIC commenced proceedings against SAO and its
former chairman, Mr Tianpeng Shao, seeking financial penalties
against SAO and a disqualification order against Mr Shao.

On 21 May 2015 the Federal Court ordered, on the application of
ASIC, that Mr McCluskey be appointed as provisional liquidator of
SAO and to make inquiries in relation to, among other things, the
business activities of SAO and its subsidiaries in China and
provide a report to the court. ASIC's application was made as a
result of concerns in relation to the accuracy  of  SAO's
prospectus disclosures during its IPO in respect of the drilling
and service contracts that SAO claimed to exist between its
Chinese operating subsidiary and oil companies in China.

It is the role of liquidators to investigate and report to
creditors about a company's affairs, realise a company's assets,
enquire into the failure of the company and possible offences by
people involved with the company and report them to ASIC and to
distribute proceeds of any realisation of the company's assets in
accordance with the priorities under the Corporations Act. ASIC
will monitor the liquidation process but will generally not become
involved in matters of commercial judgment by a liquidator.

                        About Sino Australia

Sino Australia Oil and Gas Limited is the Australian holding
company of a Chinese operating company providing specialised
drilling services to the oil and gas industry. SAO was listed on
the Australian Securities Exchange Limited (ASX) on Dec. 12, 2013,
after raising nearly AUD13 million under an initial public
offering (IPO).

In March 2013, ASIC obtained an injunction on an urgent basis
arising from concerns that SAO was about to transfer
AUD7.5 million -- representing almost the entire cash held by SAO
in Australia -- to bank accounts in China for purposes that were
not disclosed, or not properly disclosed, in SAO's prospectus
documentation during the IPO. That injunction was extended by the
Court on a number of occasions thereafter.

In November 2014, ASIC commenced proceedings against SAO and and
its former chairman, Mr Tianpeng Shao, seeking financial penalties
against SAO and a disqualification order against Mr Shao.


TRAC CONSTRUCTION: Goes into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Trac Construction
(QLD) Pty Ltd has gone into liquidation. Nigel Markey and Ann
Fordyce of Pilot Partners have been appointed liquidators of the
company on March 1, 2016, the report says.

According to the report, the liquidators are currently conducting
an investigation into the financial position of the company and
why it failed. The company had around 50 employees who were all
terminated before the closure of the company.

Trac Construction was reportedly once one of the top construction
companies in Australia with AUD200 million workbook and a
portfolio of apartment projects, Dissolve.com.au discloses.



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CHINA AUTOMATION: Moody's Retains B1 CFR on 2015 Profit Warning
---------------------------------------------------------------
Moody's Investors Service says China Automation Group Limited's
profit warning is credit negative, but has no immediate impact on
the company's B1 corporate family and senior unsecured bond
ratings.

The ratings outlook remains stable.

On March 1, China Automation announced that it expects a
consolidated net loss of RMB32.7 million to RMB182.7 million in
2015, compared with a consolidated net profit of RMB46.7 million
in 2014.

"China Automation's loss was mainly caused by non-recurring and
non-cash items, including the allowance for bad and doubtful debt
and impairment losses against its goodwill and intangible assets,
although these items had minimal impact on its adjusted EBITDA,"
says Chenyi Lu, a Moody's Vice President and Senior Analyst.

The loss is largely driven by: (1) an increase in the allowance
for bad and doubtful debt against account receivables aged over
two years; (2) impairment losses against the goodwill and
intangible assets related to its businesses in traction system and
industrial railway signaling; (3) losses from the early redemption
of the company's guaranteed notes; and (4) exchange losses from
the depreciation of the RMB.

The loss is partially offset by the gain from the disposal of its
76.7% equity interest in Beijing Jiaoda Microunion Technology
Company Limited (unrated), its railway signaling business, in June
2015.

The amounts written off as uncollectible account receivables were
relatively small as the company recovered the allowance amounts
for bad and doubtful debt.  The company wrote off RMB1.3 million
in 2014, RMB1.6 million in 2013 an RMB0.05 million in 2012, while
its allowances for bad and doubtful debt were RMB68.1 million in
2014, RMB59.7 million in 2013, and RMB71.8 million in 2012. It
recovered RMB33.0 million in 2014, RMB29.2 million in 2013, and
RMB8.2 million in 2012.

Moody's expects China Automation's adjusted debt/EBITDA will
remain around 4.0x-4.5x over the next 12-18 months, driven by: (1)
expected revenue of RMB1.5 billion from its continuing operations
in 2015 and flat revenue growth in 2016, underpinned by lower
exploration and production spending by its customers amid lower
global oil prices; and (2) an expected adjusted EBITDA margin of
13.5%, driven by cost controls, including headcount reductions.

This level of leverage is in line with the parameters of its B1
rating category.  Despite the negative impact from weak global oil
prices, some headroom remains within the company's rating before
it breaches the downgrade trigger of adjusted debt/EBITDA
exceeding 5.0x-5.5x on a sustained basis.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

China Automation Group Limited specializes in providing safety
systems and control valves to the petrochemical industry and
traction systems to the railway industry in China.

The company began operations in 1999 and was listed on the Main
Board of the Stock Exchange of Hong Kong Limited in July 2007.
Its three founders collectively owned 44.62% of the company at
June 30, 2015.


FANTASIA HOLDINGS: Moody's Retains B2 CFR on FY2015 Results
-----------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's B2 corporate family rating and stable outlook are
unaffected by its moderate level of results for FY2015.

"The company has development exposures to tier-one and tier-two
cities and a growing recurring income stream from property
management, but its rating is constrained by its high leverage, as
reflected by a low revenue/debt ratio, which we expect will remain
pressured, given ongoing M&A activities," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

These acquisitions were undertaken either by Fantasia or Colour
Life Services Group Co., Limited (unrated, a 72%-owned subsidiary
of Fantasia), as it transforms into an asset-light business model.

Moody's conclusions were contained in a just-issued report, "2015
Results Support Fantasia's B2 Credit Profile".

"During 2015, the company displayed mixed credit metrics due to
margin compression but lower leverage.  Meanwhile, EBIT/interest
coverage declined to 1.9x from 2.2x in 2014, and the drop was
mainly due to the company's gross profit margin falling by 7.6
percentage points to 30.9% in 2015," says Lau.

The fall in the gross profit margin also offset the impact of
lower adjusted effective interest rates, which fell by 0.2%-0.3%
to 9.4% in 2015 under an active debt management program.

EBIT/interest coverage is projected in 2016 to remain at 2x to
2.2x, as the company's recurring income stream grows further,
while the contribution from higher-margin commercial sales likely
drops further.

Fantasia's leverage -- as measured by revenue/debt -- improved to
52% from 43% in 2014, driven by lower debt and modest revenue
growth.  More conservative capex spending reduced gross debt by 7%
year-on-year to RMB13.6 billion at end-2015.

On the other hand, revenue grew by 12% year-on-year to RMB8.2
billion, mainly reflecting the strong growth in income from its
property operations services, while growth in development income
remained flat year-on-year.

Contracted sales rose by 10.4% year-on-year to RMB11.2 billion in
2015, slightly ahead of its RMB11 billion target.  Moody's
estimates 60-65% of 2016 revenue is already secured by unbooked
sales, such that revenue/debt will remain at 52-54% in 2016.

Recurring income -- including from property rental, agency and
operation services, and hotel operations -- showed notable growth
of 108% year-on-year to RMB1.6 billion; or around 20% of total
revenue, up from 11% in 2014.

This was mainly due to the 2.5x jump in income from property
operation services to RMB 1.3 billion after accounting for Colour
Life's acquisition of Kaiyuan International.  Such a stream of
recurring income -- if we adjust for less predictable income
streams from agency and operation services, as well as hotel
operations -- provides adjusted interest coverage of 0.6x, up from
0.3x in 2014.  Moody's forecasts that this ratio will trend
towards 0.7x-0.8x in the coming 12-18 months.

Fantasia's improved liquidity profile -- after bond issuances --
meant greater financial flexibility for the further expansion of
its non-development business platforms in 2015.  It maintained a
healthy cash balance, including restricted cash, of RMB3.2 billion
(excluding Colour Life's cash on hand) in 2015, and lengthened its
debt maturity profile through the issuance of USD200 million in
senior unsecured notes in May 2015 and a total of RMB3.1 billion
in domestic corporate bonds in 2H 2015.

Moody's expects its liquidity profile to further improve,
following the completion of its RMB1.1 billion domestic bond
issuance in January 2016; and its cash-on-hand and operating cash
flow to be adequate for committed land premiums and short-term
debt obligations over the next 12 months.


YANLORD LAND: Credit Profile Improved in 2015, Moody's Says
-----------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
(Ba3 stable) credit profile improved in 2015 because of its strong
sales execution, prudent spending on land and prudent management
of debt.

"Yanlord's contracted sales increased significantly by 227% to
RMB28.9 billion in 2015, reflecting the company's strong brand
name and the improving market sentiment in the higher tier cities
in which it operates," says Dylan Yeo, a Moody's Analyst.

"As for liquidity, Yanlord's improved collections of cash from
contracted sales and lower land premium payments resulted in a
stronger liquidity position at end-2015," adds Yeo.

Backed by strong liquidity, Yanlord reduced debt by 8% to RMB18.3
billion at end-2015.  This achievement - together with a 41%
improvement in revenue recognition to RMB16.6 billion - resulted
in a substantial improvement in the company's key credit metrics.

Moody's analysis is contained in its just-released report titled
"Yanlord Land Group Limited: Credit Profile Improves After Strong
Operating Performance in 2015," and is co-authored by Yeo and
Victor Wong, a Moody's Associate Analyst.

Moody's report says that Yanlord's credit metrics are in line with
its Ba3 corporate family and senior unsecured debt ratings, and
the stable outlook on the company's ratings.

Yanlord's EBIT/interest coverage increased to 3.6x from 2.7x and
revenue/adjusted debt strengthened to 90.5% from 59.1% in 2015.
Both results are appropriate for its Ba3 ratings.

Moody's expects that Yanlord will continue its prudent approach
towards financial management, keeping growth on its gross debt
very low, with its strong presales and a strong liquidity
position.

EBIT/interest coverage and revenue/debt will likely improve to
3.6-4.0x and 95%-100% respectively in 2016, based on Moody's
expectation of stable revenue growth, lower onshore borrowing
costs and limited debt growth.

Moody's believes that Yanlord's contracted sales will likely
remain robust in 2016, because the company mainly operates in
higher tier cities with healthy underlying economic strength and
strong urbanization trends, such as Shanghai, Shenzhen, Nanjing,
Tianjin and Suzhou.

In addition, the company is well positioned to appeal to
increasingly affluent home upgraders because of its strong brand
name and quality products.

Moody's also says that Yanlord will face manageable margin
pressure over the next 12-24 months.  At end-2015, Yanlord
registered RMB22 billion in unrecognized revenue; an amount which
was broadly in line with its current gross margin levels.  Such
sales will be progressively recognized over the next 12-18 months.

Moody's report says that its unlikely that Yanlord's profit margin
will deteriorate significantly, because it: (1) relies on sales in
high tier cities; (2) demonstrates strong pricing power, as
supported by its strong brand name and quality products; and (3)
exhibits a strong liquidity position and is not under pressure to
destock.

At end-2015, Yanlord's gross margin remained healthy relative to
similarly rated peers, despite falling to 27.5% from 29.2% in 2014
due to changes in the product mix of its delivered properties.

Yanlord's cash balance increased by 167% to RMB17.6 billion in
2015 and covers 3x its short-term debt maturities of RMB5.8
billion.  The company's strong cash position provides it with the
flexibility to pay down its RMB2 billion bond maturing in May 2016
and the call on its USD bond due in 2018 to manage its foreign
currency exposure, if so intended.

Yanlord faces an increasing need to replenish its land bank due to
the step-up in sales volume since 2015, as well as its recent low
levels of acquisitions.  Moody's expects that Yanlord will remain
financially prudent and adopt a cautious approach towards its land
purchases.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1018893



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AMBUJ HOTEL: CRISIL Keeps INR312.9MM Loan B+ Rating on Watch Neg.
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ambuj Hotel and Real
Estate Private Limited remain on 'Rating Watch with Negative
Implications'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         120      CRISIL A4/Watch Negative
                                   (Remains on 'Rating Watch with
                                    Negative Implications')

   Overdraft Facility     320.1    CRISIL A4/ Watch Negative
                                   (Remains on 'Rating Watch with
                                   Negative Implications')

   Proposed Long Term     312.9    CRISIL B+/Watch Negative
   Bank Loan Facility              (Remains on 'Rating Watch with
                                   Negative Implications')

CRISIL had placed the ratings on negative watch on October 26,
2015, following an FIR (first information report) registered
against Ambuj and other firms alleging corruption in supply of
packaged drinking water in premium trains. The Central Board of
Investigation (CBI) has filed a charge sheet against Ambuj and
some other firms, alleging breach of Indian Railways guideline in
supply of the allotted quota of the Rail Neer brand of water
bottles, and the matter is sub-judice.

The trial court proceeding may have a negative impact on the
company's business, which has been unaffected so far. CRISIL is
monitoring the trial court proceeding, and is in discussion with
Ambuj's management for clarity on risk mitigating policies being
adopted by the company in case of adverse impact of the trial
court's order on the business and financial risk profiles.

The ratings continue to reflect Ambuj's susceptibility to
regulatory changes and to risks related to tender-based
operations. These rating weaknesses are partially offset by its
comfortable business risk profile, supported by promoters'
extensive experience in the railway catering segment, and long-
term customer contracts.

Ambuj, incorporated in 1984 in Varanasi, is promoted by Mr. Niraj
Singh and his family. It provides catering services to Indian
Railways, and operates a three-star hotel, Hotel Siddhartha, in
Varanasi.


ANDHRA BARYTE: CRISIL Reaffirms 'D' Rating on INR81.5MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Andhra Baryte
Corporation Private Limited continues to reflect instances of
delay by ABCPL in servicing its term debt obligations owing to
weak liquidity resulting from delay in commencement of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      68.5    CRISIL D (Reaffirmed)

   Term Loan               81.5    CRISIL D (Reaffirmed)

ABCPL also has below-average financial risk profile because of
highly leveraged capital structure and weak debt protection
metrics, and a concentrated supplier profile. Also, operations are
vulnerable to downturns in the end-user industry. However, the
company benefits from the promoter's experience in the mining
industry.

ABCPL, incorporated in 2008, is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and Andhra
Pradesh Mineral Development Corporation Ltd. Its operations are
managed by Mr. Rajamohan Reddy.

Loss of INR7.15 million was reported on operating income of
INR101.8 million in 2014-15 (refers to financial year, April 1 to
March 31) against a loss of INR15.0 million on operating income of
INR31.7 million in 2013-14.


ANKIT METAL: ICRA Lowers Rating on INR414.03cr Term Loan to D
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR414.03 crore* term loans, INR223.21 crore working capital term
loans, INR165.15 crore funded interest term loans, INR333.62 crore
cash credit and INR9.00 crore bank guarantee limits of Ankit Metal
& Power Limited from [ICRA]C+ to [ICRA]D. The bank guarantee
facilities of the company are also rated in the short term for
which ICRA has revised downwards the rating from [ICRA]A4 to
[ICRA]D. ICRA has also revised the short term rating assigned to
the INR135.02 crore Letter of Credit facilities of AMPL from
[ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           414.03       Downgraded to [ICRA]D
                                     from [ICRA]C+

   Working capital
   term loans            223.21      Downgraded to [ICRA]D
                                     from [ICRA]C+

   Funded Interest
   Term Loan             165.15      Downgraded to [ICRA]D
                                     from [ICRA]C+

   Cash Credit           333.62      Downgraded to [ICRA]D
                                     from [ICRA]C+

   Letter of Credit      135.02      Downgraded to [ICRA]D
                                     from [ICRA]A4

   Bank Guarantee          9.00      Downgraded to [ICRA]D
                                     from [ICRA]C+/[ICRA]A4

The revision in the ratings take into account the multiple
instances of devolvement of Letter of credit (L/C) facility which
have remained uncorrected for a period more than 30 consecutive
days. ICRA notes that this is as a result of the adverse financial
metrics of the company, given the continued loss making nature of
operations in the nine months of the current financial year,
leading to stretched liquidity position. ICRA notes that AMPL's
non-integrated nature of operations results in an adverse cost
structure and exposes the company's margins and cash flows to the
variability in the ferro alloy and raw material prices. ICRA also
notes that AMPL has come under the purview of a strategic debt
restructuring (SDR) programme, and the bankers are in the process
of implementation of the programme.

AMPL, promoted by the SKP group based out of Kolkata, West Bengal,
is engaged in the manufacturing sponge iron, iron ore pellets,
steel billets, TMT bars and wire rods from its integrated facility
located at Jorediah in West Bengal. The company's TMT bars are
sold in the market under the brand name of "Ankit". Apart from
manufacturing, AMPL is also engaged in trading in iron and steel
based products.

Recent results
AMPL recorded a net loss of INR193.27 crore on an operating income
of INR1147.69 in FY15. During FY14, the company had registered a
net loss of INR76.52 crore on an operating income of INR1475.70
crore. As per unaudited financial results, AMPL has registered a
net loss of INR199.07 crore on an operating income of INR740.46
crore in April-September 2015.


ASIAN THAI: CRISIL Assigns 'B' Rating to INR100MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Asian Thai Foods India Private Limited (ATFIPL).

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

The rating reflects the company's exposure to risks related to
ongoing project and weak financial risk profile because of high
gearing. These weaknesses are partially offset by promoters'
experience in marketing and distribution of packaged food and low
expected sales risks.
Outlook: Stable

CRISIL believes ATFIPL will benefit over the medium term from
promoters' entrepreneurial track record. The outlook may be
revised to 'Positive' if operations of proposed food processing
unit stabilise on time and higher-than-expected revenue and
profitability from it lead to healthy cash accrual. Conversely,
the outlook may be revised to 'Negative' if delays in commencing
operations or lower-than expected cash accrual during initial
phase puts pressure on liquidity.

ATFIPL is a subsidiary of Asian Thai Foods (P) Ltd and was
incorporated in January 2016. It is setting up a food processing
plant at Chaygaon, Kamrup, Assam, and is promoted by the Sharda
group, the Jaju group of Nepal, the Baid group headed by Mr.
Mulchand Baid, and the Agarwal group of Assam. The plant is
expected to have an installed capacity of 7875 MTPA for Instant
Noodles and 225 MTPA for Noodles Bhujia.


BASS MINERALS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B.A.S.S. Minerals
India Private Limited (B.A.S.S. Minerals) a Long-Term Issuer
Rating of 'IND B+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect B.A.S.S. Minerals' small scale operations and
volatile EBITDA margin.  Revenue was INR58 mil. in FY15 (FY14:
INR125 mil.) and margins ranged between 1.7%-6.4% during FY12-
FY15.  In FY15, the revenue halved on expiry of one of the major
contracts.  The contract has not been renewed so far.

The company's EBITDA interest cover was 33x at FYE15 (FYE14: 11x)
and net leverage was negative.  Ind-Ra expects EBITDA interest
cover to be around 2.3x in FY16 and the net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) to be around 2.5x as the
company has started using its bank facilities to support its
working capital.  These facilities were sanctioned in August 2015.

The ratings are supported by company's over 15-year-long track
record and the promoter's experience of two-decades in the barite
processing industry.

RATING SENSITIVITIES

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

Negative: A decline in the revenue and/or operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

Established in 1998, B.A.S.S. Minerals is an Andhra Pradesh based
company engaged in the processing of barite ores.  The company
receives barite lumps from Andhra Pradesh Mineral Development
Corporation through tenders valid for two years; it processes
these lumps into powder before selling it to the end users, which
are mainly oil drilling, chemical and paint manufacturing
companies.

B.A.S.S. Minerals' ratings are:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR40.0 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/ Short-term 'IND A4'
   -- INR10.0 mil. non-fund-based working capital limits:
      assigned 'IND A4'


BRILLIANT ALLOYS: CRISIL Cuts Rating on INR127.5MM Term Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Brilliant Alloys Private Limited (BAPL) to 'CRISIL D' from
'CRISIL B/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term       1.6    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Rupee Term Loan        127.5    CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects delays in servicing debt due to weak
liquidity, which is in turn caused by working capital-intensive
operations and insufficient accruals against repayment
obligations.

BAPL also has a small scale of operations in an intensely
competitive industry and below-average financial risk profile
because of high gearing. However, the company benefits from
promoter's extensive experience and funding support.

Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL
manufactures mild steel billets at its facility in Thirvannamalai,
Tamil Nadu.


DECOR PAPER: ICRA Reaffirms 'B/A4' Rating on INR24cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B and the short-
term rating at [ICRA]A4 assigned to the term loans, fund based
facilities, non-fund based facilities and proposed limits of Decor
Paper Mills Limited aggregating to INR24.00 crore.

The reaffirmation of ratings takes into account DPML's moderate
weak financial profile characterized by low profitability and cash
accruals, corporate guarantees extended for bank term loans
availed by group companies and its relatively high working capital
intensity of operations owing to high receivable days. The build-
up of debtors continues to strain the liquidity leading to
consistently high utilization of working capital limits. The
ratings also factor in the company's modest scale of operations
and moderate capacity utilisation levels and the highly
competitive business environment the company operates in. The
ratings also take into consideration, the susceptibility of the
company's profitability and cash flows to adverse fluctuations in
prices of raw materials and volatility in exchange rates. ICRA
however positively notes the long track record of the Group in the
kraft paper business, the company's established distributor
network and improvement in its capital structure and debt coverage
metrics on the back of scheduled repayment of debt and limited
capital expenditure undertaken in the last three years.

Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged
in the manufacturing of kraft paper which finds applications in
the packaging industry, especially for making corrugated boxes.
The company has its manufacturing unit located in Hyderabad having
a production capacity of around 40,000 MTPA of kraft paper of
various grades. The grades manufactured by the company include 12
BF, 14 BF, 16 BF, 18 BF, 20 BF, and 22 BF (BF stands for Burst
Factor and signifies the strength & quality of the paper) with
lower BF category paper i.e. 14 BF, 16 BF, and 18 BF paper forming
about 80% of its total production mix.

Recent Results
Based on provisional results for the nine month period ending
December 2015, the company reported a PAT of INR2.3 crore on an
operating income of INR62.7 crore. During FY 2014-15, the company
reported a PAT of INR1.4 crore on an operating income of INR64.8
crore.


DELUX MECHANICAL: CARE Reaffirms B+ Rating on INR5.90cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Delux Mechanical Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.90      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.60      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Delux Mechanical
Private Limited (DMP) continue to be constrained by its small
scale of operations with low net worth base, weak financial risk
profile marked by low profitability margins, weak debt coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained by the susceptibility of margins
to fluctuations in the raw material prices and presence of the
company in a highly competitive and fragmented industry. The
ratings, however, derive strength from the experienced management
team and moderate capital structure.

Going forward, the ability of the company to increase its scale of
operations, improvement in the profitability margins & overall
solvency position and efficient management of the working capital
requirements would remain the key rating sensitivities.

Ludhiana-based (Punjab) DMP was incorporated in May 2011 with an
objective of taking over the erstwhile business of proprietorship
firm Delux Mechanical Works (DMW) established in 2002. The
proprietor of DMW was Mr Rajesh Kumar. DMP is promoted and managed
by Mr Ajay Kumar, Mr Rajesh Kumar and Mr Vikas Kumar. The company
is engaged in the business of assembling of sewing machines and
manufacturing of related parts such as machines body, plates,
wheels, etc. The company sells the sewing machines under its own
brand names such as Cyra, Dishant, D.S.W, D.R.V, Rishav and
Sudhanshu. The company has its manufacturing unit located in
Ludhiana, Punjab, with aggregate installed capacity of 50
thousands machine bodies per month as on January 31, 2016. The
manufacturing process of the company is ISO 9001:2008 certified.

DMP reported a net loss of INR0.09 crore on a total operating
income of INR11.99 crore in FY15 (refers to the period April 01 to
March 31) as against the net loss of INR0.09 crore on a total
income of INR10.97 crore in FY14. In 10MFY16 (as per the unaudited
results), DMP achieved a total income of INR14.19 crore.


DR SHAH: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D.R. Shah
Construction Co. (DRSCC) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect DRSCC's small scale of operations and moderate
credit metrics.  Its FY15 revenue was INR72.13 mil. (FY14:
INR84.28 mil.), EBITDA interest coverage was 1.26x (1.38x), net
leverage was 4.57x (4.66x) and EBITDA margins were comfortable at
11.58% (11.12%).  The ratings also reflect its high regional
client concentration, as all its projects are executed within
Mumbai for the Maharashtra Housing and Area Development Authority
(MHADA) and the Municipal Corporation of Greater Mumbai (MCGM).

DRSCC's liquidity position is comfortable, as indicated by its 73%
average maximum utilization of working capital limits during the
12 months ended January 2016.  The ratings benefit from the
company's outstanding order book of INR195.3 mil. (2.7x of FY15
revenue) as at mid-February 2016 as well as its founder's
experience of over 30 years in the civil construction industry.

RATING SENSITIVITIES

Positive: A substantial improvement in its scale of operations
while maintaining profitability, leading to improved credit
metrics, will be positive for the ratings.

Negative: An overall deterioration in the company's credit profile
will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1982 by Mr. Dalichand Shah, DRSCC is a civil
contracting company that undertakes maintenance services for
hospitals, schools and residential buildings for government bodies
in Mumbai such as MHADA and MCGM.

DRSCC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR27.5 mil. fund-based working capital limits: assigned
      'IND B+'; Outlook Stable
   -- INR22.5 mil. non-fund-based working capital limits:
      assigned 'IND A4'


DURATEX EXPORTS: ICRA Assigns B/A4 Rating to INR15cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short term
rating of [ICRA]A4 to the fund-based limits and term loan of
Duratex Exports aggregating to INR15.0 crore.

The assigned ratings are constrained by the entity's small scale
of operations and weak financial profile characterized by
fluctuating margins, very high gearing levels and moderate debt
coverage indicators. The ratings are also tempered by the high
working capital intensity of operations owing to high receivable
days and inventory holding period resulting in high limit
utilisation. The assigned ratings also factor in the intense
competition from other domestic players and other low cost
producers like China resulting in limited pricing and bargaining
power. The ratings also take into consideration, the
susceptibility of the firm's profitability and cash flows to
adverse fluctuations in exchange rates, albeit partial hedging and
to volatility in input prices on account of high inventory holding
period. The ratings, however, favourably take into account the
experienced management of the firm with a long track record in
textile business, its locational advantage by the virtue of
proximity to raw material sources and its relationships with
wholesalers and garment manufacturers in the international
markets.

Duratex Exports is a partnership firm established in year 1997 for
export of shirting fabric manufactured by Durable Silk Mills
Limited, the flagship company of the group. The Duratex Group was
founded in early 1970s by Mr. Durga Prasad Agarwal. Subsequently
his two brothers namely Mr. Narendra Agarwal & Mr. Sanjay Agarwal
and his son Vikas Agarwal joined the business.
Till FY 2013-14, Durable Exports was essentially an exporting arm
of the group. In year 2014, the firm expanded its activity by
setting up a 30 lakh fabric manufacturing capacity targeting the
international markets. The total capex for setting up the facility
was around INR12 crore funded through a term loan of INR8.5 crore
and remaining INR3.5 crore through unsecured loans from promoters.

Recent Results
During FY 2015, the company reported Profit after Tax (PAT) of
INR0.07 crore on an operating income of INR10.57 crore. For FY
2014, the company has reported PAT of INR0.20 crore on an
operating income of INR10.8 crore.


EBONY AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Ebony
Automobiles Private Limited (EAPL) continues to reflect the
company's below-average financial risk profile because of small
networth, high total outside liabilities to tangible networth
ratio, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          40      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      25      CRISIL B+/Stable (Reaffirmed)

The rating also factors in geographical concentration in revenue
and intense competition in the automotive (auto) dealership
industry. These rating weaknesses are partially offset by
extensive experience of EAPL's promoter in the auto dealership
business.
Outlook: Stable

CRISIL believes EAPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company's financial risk profile,
especially liquidity, improves through substantial increase in
cash accrual or significant long-term fund infusion by promoter.
Conversely, the outlook may be revised to 'Negative' if stretch in
working capital cycle or low cash accrual leads to deterioration
in liquidity, or if the company undertakes a large debt-funded
capital expenditure programme, weakening its capital structure.

EAPL, promoted by Mr. Sanjay M, is an authorised dealer of
passenger vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Stable/CRISIL A1+') and Fiat India Automobiles Pvt Ltd in
Bengaluru. The company, incorporated in September 2010, commenced
operations in March 2011.

For 2014-15 (refers to financial year, April 1 to March 31),
EAPL's profit after tax (PAT) was INR9 million on operating income
of INR799 million, against PAT of INR1.2 million on operating
income of INR677.4 million for 2013-14.


ESS EMM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Ess Emm Enterprises
(Ess Emm) continues to reflect Ess Emm's below-average financial
risk profile because of a modest net worth, high total outside
liabilities to tangible networth ratio, and average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL B+/Stable (Reaffirmed)
   Channel Financing      185      CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's working capital-intensive
operations. These weaknesses are partially offset by partners'
extensive experience in the electrical goods trading business and
established relationship with customers and suppliers.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR122.4 million (as on March 31, 2015), extended to Ess Emm by
its partners, as neither debt nor equity as the loans are expected
to be retained in the business over the medium term.
Outlook: Stable

CRISIL believes Ess Emm will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if financial risk profile, especially
capital structure, improves because of better-than-expected
working capital management or capital infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates due to substantial increase in working
capital requirement, decline in revenue or profitability, or
significant capital withdrawal.

Established as a proprietorship in 1999 and reconstituted as a
partnership firm in November 2015, Ess Emm has five partners and
is the authorised dealer for electrical goods (cables, wires, and
switches) manufactured by Polycab Wires Pvt Ltd and Havells India
Pvt Ltd. Based in Bengaluru, the firm has branches in Secunderabad
and Chennai.


EUROSHINE JEWELLERY: CRISIL Puts B+ Rating on Withdrawal Notice
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Euroshine
Jewellery Works Private Limited (EJWPL) on 'Notice of Withdrawal'
for a period of 180 days at the company's request. The ratings
will be withdrawn at the end of the notice period, in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                         Amount
   Facilities          (INR Mln)  Ratings
   ----------          ---------  -------
   Post Shipment Credit    60     CRISIL A4 (Notice of
                                  Withdrawal)
   Pre Shipment Credit     40     CRISIL A4 (Notice of
                                  Withdrawal)
   Proposed Long Term      100    CRISIL B+/Stable (Notice of
   Bank Loan Facility             Withdrawal)

EJWPL (formerly, Hiraco Jewellery (India) Pvt Ltd) was established
in 2005 as a joint venture between Facet Group of Spain and RT
Star group. EJWPL manufactures and exports diamond-studded
jewellery.


FPC PETRO: CRISIL Lowers Rating on INR120MM Loan to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
FPC Petro Energy Private Limited (FPC) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      120       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Cash          65       CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by FPC in
servicing its debt. The delays have been caused by weakening of
the company's liquidity.

FPC has a high degree of customer concentration in its revenue
profile and a small net worth, which limits its financial
flexibility. Furthermore, it is exposed to intense competition in
the petrochemical-products trading industry resulting in low
profitability margins. However, the company benefits from its
promoters' experience in the petrochemical industry.

FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by
Mr. Surya Kumar Shikha. The company trades in petrochemical
products, mainly heavy aromatics and toluene, and is based in
Hyderabad.


G. M. KENJALE: CRISIL Lowers Rating on INR100MM LT Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of G. M. Kenjale Developers (GMKD) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

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

   Term Loan              100     CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in GMKD's liquidity
due to lower-than-expected bookings and customer advances, and
increase in project cost. Subdued demand for the project has
resulted in lower than expected bookings, thereby impacting
customer advances. Additionally the project completion has also
been delayed by almost two years due to certain pending approvals
and slow flow of advances. Time overrun has resulted in escalation
in the project cost thereby impacting liquidity. Moreover, with
the term loan repayments expected to commence from March 2016, the
firm's liquidity will be tested over the near to medium term.

The rating reflects exposure to risks related to completion,
funding, and saleability of GMKD's ongoing project and
susceptibility to inherent risks and cyclicality in the real
estate industry. These weaknesses are partially offset by
promoters' extensive experience.
Outlook: Stable

CRISIL believes GMKD's liquidity will remain under pressure due to
low customer advances and upcoming debt obligation. The outlook
may be revised to 'Positive' if substantial improvement in
bookings and timely receipt of customer advances result in a
better liquidity. Conversely, the outlook may be revised to
'Negative' if credit risk profile weakens because of continued
subdued response to project or weak flow of advances.

Established in 2010 as an equal joint venture by members of the
Kenjale and the Jain-Mehta families, GMKD is developing its maiden
project, Emirus, a residential-cum-commercial property, at Baner,
Pune. The project was launched in March 2013 and involves
development of a 2.5-hectare plot.


GEFAB FACADE: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gefab Facade
Solutions Private Limited (GFSPL) a Long-Term Issuer Rating of
'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect GFCPL's small scale of operations, weak credit
metrics, and moderate liquidity.  Its FY15 revenue was
INR159.2 mil. (FY14: INR165.2 mil.), net leverage (Ind-Ra total
adjusted net debt/operating EBITDAR) was 6.6x (4.5x), EBITDA
interest cover was 1.2x (1.8x) and EBITDA margin was 9.0% (11.6%).
The company used 93% of its working capital facilities during the
12 months ended December 2015.  Its gross working capital cycle
for FY15 was 436 days (FY14: 354 days).

Ind-Ra expects liquidity to remain moderate on its stretched
working capital cycle, which due to the nature of the business,
includes a longer gestation period.

The ratings however benefit from GFCPL's promoters' experience of
around three decades in the glass facade solutions and aluminum
fabrication businesses.  The ratings also consider the company's
moderate order book position of INR203.2 mil. as at end-January
2016.

RATING SENSITIVITIES

Positive: Substantial revenue growth, leading to a sustained
improvement in overall credit metrics, will be positive for the
ratings.

Negative: A decline in revenue or a rise in margin pressures,
leading to sustained deterioration in credit metrics, will be
negative for the ratings.

COMPANY PROFILE

Established in 2011, GFSPL offers glass facade solutions,
structural glazing work, aluminum composite panel cladding,
curtain walling, bolted glazing, patch fitting glass assemblies,
partitions, doors, windows, unplasticised polyvinyl chloride
fittings, aluminum joints, handrails, shower cubicles, sensor
operated doors, acoustic movable walls, revolving doors,
skylights, etc.

GFSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
   -- INR115.0 mil. fund-based working capital limit: assigned
      Long-term 'IND B'/Stable; Short-term 'IND A4'
   -- INR50.0 mil. non-fund-based working capital limit: assigned
      Short-term 'IND A4'


GRAINTECH FOODS: CARE Upgrades Rating on INR10.64cr Loan to 'B'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Graintech Foods (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.64      CARE B Revised from
                                            CARE D

Rating Rationale
The revision in the long-term rating of Graintech Foods (India)
Private Limited (GFPL) takes into account timely repayment
of interest and instalment of term loan from November 2015
onwards.The rating, further, revised on account of completion of
debt funded greenfield project and commencement of commercial
production.

The rating continues to remain constrained on account of nascent
stage of operations, financial risk profile marked by small scale
of operation, net losses in FY15 (refers to the period April 01 to
March 31) and leveraged capital structure.

The rating, however, continues to favourably consider the long
term agreement with Parle Biscuits Private Limited (PBPL)
for processing.

The ability of GFPL to increase its scale of operations with
improvement in profitability and solvency position would
remain the key rating sensitivities.

GFPL, incorporated in August 2010, was promoted by Mr Sharad
Agarwal and Ms Neelam Banka to setup a biscuit processing unit
(installed capacity: 57,600 Tonnes Per Annum; TPA) at Bhind
district of Madhya Pradesh. The project of the company comprises
setting up of two process lines for manufacturing of biscuits.
First process line of the project was completed in December, 2013
and started trial production. Furthermore, GFPL started commercial
production from the first line in April, 2014. The second line of
the project was completed inMay, 2015 and commercial production
from the same was started in June, 2015. The company incurred
total cost of INR34.17 crore towards the project funded through
term loan of Rs14.82 crore, equity share capital of INR3.93 crore
and the remaining though unsecured loans from the promoters.

GFPL entered into an agreement with PBPL to process biscuits
(Parle-G, Cream/ Funcenter and Cookies) on job work basis.
PBPL is one of the leading biscuit and confectionery manufacturing
company with a 40% share of the total biscuit market and a 15%
share of the total confectionary market in India. It has an
established distribution network with more than 1500 wholesalers,
catering to 33 lakh retail outlets directly or indirectly.
Additionally, there are 31 depots and Carry & Forward agents
supplying goods to the wide distribution network.

During FY15, GFPL reported a total operating income of INR6.42
crore (FY14: INR1.12 crore) with a net loss of INR4.39 crore
(FY14: net profit of INR0.05 crore).As per the provisional result
for 9MFY16, GFPL has reported TOI of INR12.81 crore.


GLOBAL FARM: CARE Reaffirms B+ Rating on INR13.34cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Global Farm Fresh Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.34      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.07      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Global Farm Fresh
Private Limited (GFFPL) continue to remain constrained by limited
track record and relatively small scale of operations, leveraged
capital structure including further deterioration as on March 31,
2015, moderate debt coverage indicators, working capital-intensive
nature of operations and presence in highly competitive and
fragmented food processing industry. The ratings also factor in
decline in profitability margins during FY15 (refers to the period
April 01 to March 31) despite increase in the total operating
income. The ratings, however, derive strength from experienced
promoter, location advantage, improvement in operating cycle and
healthy demand outlook for processed food.

The ability of the company to increase its scale of operations,
profitability margins and improve its capital structure are the
key rating sensitivities.

GFFPL was incorporated in 2010 and promoted by Mr Umapathi and his
relatives. The company is engaged in processing of mango pulp,
papaya pulp, guava pulp and pine apple pulp. The company
also undertakes job work from other companies. The company
procures its entire raw material (fruits and vegetables) from the
local market, ie, from local farmers and dealers. GFFPL sells its
products in Andhra Pradesh, Maharashtra, Telangana, Tamil Nadu and
Karnataka. The company started commercial operations from May
2012.

During FY15, GFFPL reported a PAT of INR0.13 crore on a total
operating income of INR42.68 crore compared with PAT of INR0.14
crore on a total operating income of INR31.59 crore in FY14.
Furthermore, as per the provisional financials for 10MFY16, the
company has reported sales of INR43.00 crore during the period.


GUJARAT HY-SPIN: CARE Revises Rating on INR32.24cr Loan to BB-
--------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Gujarat Hy-Spin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     32.24      CARE BB- Revised from
                                            CARE B+
   Long-term/Shortterm Bank
   Facilities                     1.60      CARE BB-/ CARE A4
                                            Revised from
                                            CARE B+ Reaffirmed

   Short-term Bank Facilities      0.18     CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Gujarat Hy-Spin Private Limited (GHSPL) was
primarily on account of improvement in capital structure and debt
coverage indicators along with moderate liquidity position during
FY15 (refers to the period April 1 to March 31). The ratings,
however, continue to remain constrained on account of its short
track record of operations with presence in the highly fragmented
textile industry, elongated working capital cycle, moderate
capital structure and debt coverage indicators.

The aforementioned factors far offset the benefits derived from
the experience of the promoters in the cotton industry through its
associate entities.

GHSPL's ability to increase its scale of operations, improvement
in profitability and capital structure in light of stiff
competition within the cotton yarn industry and efficient working
capital management are the key rating sensitivities.

GHSPL was incorporated as a private limited company on February
01, 2011 by Mr Maganbhai Parvadia and Mr Chandulal Parvadia. GHSPL
has two group concerns namely Gujarat Ginning & Oil Industry and
Paras Cotton. The former is engaged in cotton ginning, pressing
and crushing of oil seeds while the latter carries out trading of
cotton seeds and cotton bales. GHSPL has a spinning mill with an
installed capacity of 17,952 spindles or 3,582 MTPA as on March
31, 2015 for manufacturing of the cotton yarn having combed counts
yarn of 30 at its Gondal plant (Gujarat). GHSPL had started
commercial production from December, 2013.

As per the audited results for FY15, GHSPL reported net loss of
INR0.84 crore on a total operating income (TOI) of INR55.18 crore
as against net profit of INR0.22 crore on a total operating income
of INR12.42 crore. As per the provisional results for 10MFY16,
GHSPL registered a turnover of INR43.19 crore.


GVK POWER: CARE Downgrades Rating on INR2,400cr Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
GVK Power (Goindwal Sahib) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2400.00     CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     40.50     CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of GVK
Power (Goindwal Sahib) Limited (GPGSL) is on account of delays in
servicing of interest on term loans owing to delay in project
completion resulting in substantial cost and time overrun.

Incorporated in 1998, GVK Power (Goindwal Sahib) Limited (GPGSL)
is a wholly owned subsidiary of GVK Energy Limited, which in turn
is the subsidiary of GVK Power and Infrastructure Limited (GVKPIL)
the flagship company of the GVK group. GPGSL is implementing a 540
MW (2*270MW), coal-fired thermal power project at Goindwal Sahib,
District Tarn Taran, Punjab. Ministry of Coal (MoC) had earlier
allotted Tokisud (North block) coal mine, Jharkhand with mineable
reserves of 51.97 million (mn) tonne to GPGSL for development on
captive basis for its power plant. GPGSL has executed an amended
and restated power purchase agreement (PPA) (for 25 years) with
Punjab State Power Corporation Limited (PSPCL) on May 26, 2009 for
the sale of entire electricity to be generated through a two-part
tariff structure.  The original scheduled Commercial Operation
Date (COD) of the project was February 01, 2013 as per the
facility agreement with lenders which was postponed to May 01,
2013, April 01, 2014, December 01, 2014, November 1, 2015 and then
to January 31, 2016. However, the company achieved COD for Unit 01
on February 18, 2016 and is further expecting to achieve COD for
Unit II by February 29, 2016. The delay was primarily on account
of de-allocation of Tokisud coal block and delay in receiving the
railway notification for commencement of trail run.


HI BLUE: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of HI Blue Interiors Private Limited (HBIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Long Term Loan         20       CRISIL B/Stable

The rating reflects the company's working capital-intensive, and
nascent stage of, operations. These weaknesses are partially
offset by the extensive experience of HBIPL's promoters in the
hardware trading segment.
Outlook: Stable

CRISIL believes HBIPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue and
accretion to reserves, and efficient working capital management
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative' if significant decline in revenue and
profitability, increase in working capital requirement, or debt-
funded capital expenditure weakens financial risk profile.

Incorporated in 2015, HBIPL operates a hardware store in
Vijayawada where it sells interior items such as plywood, MDF,
veneer, laminates, wall papers, window dressing, bath accessories,
and carpets. Operations are managed by Mr. Surendranath.


HI-TECH FROZEN: ICRA Reaffirms 'B' Rating on INR10cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
the INR1.8 crore (reduced from INR2.3 crore) term loan and
INR10.00 crore (enhanced from INR5.0 crore) fund-based limits of
Hi-Tech Frozen Facilities Private Limited.

The rating re-affirmation takes into account HTFFPL's weak
financial profile characterized by thin profitability & cash
accruals and the highly competitive business environment. The
rating is also constrained by HTFFPL's modest liquidity profile as
reflected in the consistently high utilization of working capital
limits. The ratings also take into consideration the
susceptibility of the company's profitability and cash flows to
adverse fluctuations in prices of traded products. The ratings,
however, favourably factor in longstanding experience of the
company's promoter in the cold storage business and improvement in
its capital structure on the back of scheduled repayment of debt &
limited capital expenditure undertaken in the last three years.

Hi-Tech Frozen Facilities Private Limited (HTFFPL) was
incorporated by Mr. Vijay Shah for setting up a frozen & cold
chain facility in Surat, Gujarat. The cold chain facility
commenced operations in FY 2010-11 and has an installed cold
storage capacity of 10,000 MT. The company also has two
refrigerated trucks of 7 MT and 9 MT capacities for transporting
the farm produce to cold storage facility and then to the
consumption centers. The cold storage facility was set up under
the aegis of the "Integrated Cold Chain Infrastructure Project
Scheme" launched by the Ministry of Food Processing Industries,
Govt. of India under which financial assistance in the form of
grant-in-aid @ 50% of the total cost of plant and machinery and
technical civil works is given to the company (subject to a
maximum grant of INR10.00 crore). HTFFPL received a total grant of
INR7.20 Cr under the scheme.

Recent Results
During FY 2014-15, the company reported Profit before Tax (PAT) of
INR0.15 crore on an operating income of INR33.5 crore. During the
period 2013-14, the company reported profit after tax of INR0.10
crore on a turnover of INR27.8 crore.


INDO AMERICAN: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Indo American
Electricals Limited's (IAEL) 'IND D' Long-Term Issuer Ratings to
the suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

IAEL's ratings:

   -- Long-Term Issuer Rating: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'
   -- INR450 mil. fund-based limits: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'
   -- INR69.5 mil. long-term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'


ISHWAR OIL: ICRA Reaffirms 'B' Rating on INR13cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR0.51
crore (reduced from INR0.77 crore) term loan and the INR13.00
crore (enhanced from INR8.00 crore) long-term fund based cash
credit facility of Ishwar Oil Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Cash Credit    13.00        [ICRA]B reaffirmed

   Long Term Fund
   Based- Term Loan      0.51        [ICRA]B reaffirmed

The rating reaffirmation continues to be constrained by the firm's
weak financial risk profile characterized by low profitability,
aggressive capital structure and weak coverage indicators owing to
the high dependence on working capital facilities. The rating also
takes into account the limited value addition in the cottonseed
crushing business, the highly fragmented and competitive nature of
the industry and the vulnerability of firm's profitability to
movements in cottonseed prices which are subject to seasonality
and crop harvest. The rating also considers potential adverse
impact on net worth and gearing levels in case of any substantial
withdrawal from capital account given the constitution as a
partnership firm.

The rating however continues to favourably factor in the
longstanding experience of the promoters in the cotton industry
and the favourable location of the firm's plant with respect to
raw material procurement.

Ishwar Oil Mill (IOM) was established in 2012 by Mr. Ashok Gamdha
and Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake as
well as trading of cotton bales. The firm markets crude cottonseed
oil in loose form to bulk dealers and cottonseed oil cake as
cattle feed to dairies. IOM operates from its plant located in
Rajkot, Gujarat with a total installed capacity of crushing ~113
MT of cottonseeds per day.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR68.06 crore and a profit after tax of INR0.42 crore
as compared to an operating income of INR45.57 crore and a profit
after tax of INR0.25 crore in FY 2014.


JOYMAHAPROVU COLD: CARE Revises Rating on INR8cr LT Loan to B+
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Joymahaprovu Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating of Joy Mahapravu Cold Storage Private
Limited (JMCSPL) takes into cognizance growth in the total
operating income, moderate operating profitability margins,
comfortable capital structure and satisfactory debt service
coverage indicators. However, the rating continues to remain
constrained by its small scale of operation, regulated nature of
business, seasonality of business with susceptibility of the
vagaries of nature, risk of delinquency in loans extended to
farmers and competition from other local players.

The rating, however, continues to draw comfort from long track
record of operations, experience of the promoters in the same
business and proximity to potato-growing area.

The ability of JMCSPL to improve its scale of operations with
improvement in profitability margins and effective working capital
management would be the key rating sensitivities.

JMCSPL was incorporated on June 1996 for setting up a cold storage
facility by the Dhawa family of Paschim Medinipur, West Bengal.
JMCSPL is engaged in the business of providing cold storage
services for potatoes to local farmers and traders on rental basis
with an aggregate storage capacity of around 8,000 metric ton per
annum (MTPA). The cold storage is located at Paschim Medinipur
district of West Bengal. Besides providing cold storage facility,
the company also provides interest bearing advances to farmers and
traders for potato farming and storing purposes against potato
stored.

The board of JMCSPL comprises four directors, belonging to the
promoter's family & relative. The day-to-day operations of the
company are being managed by Mr Samar Dhawa (MD, Age 47 years),
with adequate support from the other co-directors.


KAMAKHYA SHIVALIK: CARE Revises Rating on INR6cr Loan to B+
-----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Kamakhya Shivalik Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.00      CARE B+ Revises from
                                            CARE BB-

   Short-term Bank Facilities     1.25      CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating of Kamakhya Shivalik
Enterprises Private Limited (KSEPL) takes into account significant
decline in the total operating income (TOI) and GCA levels with
resultant deterioration in debt coverage indicators in FY15
(refers to the period April 1 to March 31).

The ratings continue to remain constrained on account of KSEPL's
financial risk profile marked by thin profit margins and
leveraged capital structure. The ratings, further, continue to
remain constrained by working capital intensive nature of
operations, limited bargaining power vis-…-vis the principal
tractor manufacturers and dependency of tractor demand on
agriculture output as well as availability of credit.
The ratings, however, continue to take into account the vast
experience of the promoters in the tractor Industry and
authorized distributorship of Eicher, Swaraj and Fiat tractors.
The ability of KSEPL to increase its scale of operations with
efficient management of working capital and improvement in
profitability as well as capital structure remains the key rating
sensitivities.

Jaipur-based (Rajasthan) KSEPL was incorporated in February 2004
by Mr Vikram Agarwal. KSEPL is the authorized distributor for
tractors of Eicher Motors Limited (Eicher), Swaraj Enterprise
(Swaraj), division of Mahindra and Mahindra Limited, and New
Holland Fiat (India) Private Limited (Fiat). For Eicher and
Swaraj, KSEPL is an exclusive distributor of tractors for
Rajasthan region and for Fiat, in five districts in Rajasthan,
namely, Jaipur, Sawai Madhopur, Dausa, Tonk and Karauli.
Presently, the company has distribution network of 30 dealers
across Rajasthan.

During FY15, KSEPL reported a total operating income of INR34.75
crore (FY14: INR50.75 crore) with a PAT of INR0.04 crore
(FY15: INR0.17 crore). During 10MFY16, KSEPL reported a total
operating income of INR14.00 crore.


KANDUI INDUSTRIES: Ind-Ra Raises LT Issuer Rating From 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kandui Industries
Pvt Ltd.'s (KIPL) Long-Term Issuer Rating to 'IND BBB-' from 'IND
BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects KIPL's continuously improving credit profile.
In FY15, its revenue grew by 13.7% yoy to INR1,513 mil. (FY14:
INR1,330 mil.), while gross interest coverage (EBITDA/gross
interest expenses) and net leverage (net debt/EBITDA) improved to
3.4x (2.2x) and 2.2x (2.6x), respectively.

The growth was led by higher master batch manufacturing capacity,
which rose to 24,000 tons per annum (tpa) in FY15 from 21,000tpa
in FY14, along with improved capacity utilization to 99.67% in
FY15 from 96.90% in FY14, and higher average realizations.  The
higher realizations also resulted in margin expansion to 8.2% in
FY15 from 7.7% in FY14 and were led by an increase in value-added
master batch sales, sales to the textile sector and export sales.
Ind-Ra expects KIPL's EBITDA margins to improve further in FY16,
given the continued increase in the proportion of textile master
batches (FY16 estimate: 30%; FY15: 20%) compared with master
batches for the plastic and packaging industry in its overall
sales mix.

The ratings continue to reflect KIPL's comfortable liquidity,
evident from its working capital utilization of around 77.61% for
the 12 months ended December 2015.

KIPL has almost completed its planned capex of INR69.6 mil., which
is likely to become operational by FYE16.  This capex will enable
it to further increase its share of value-added products, but will
not increase its existing capacity.  It is likely to be funded
through term debt of INR52 mil., along with equity and internal
accruals of INR29.6 mil.  The company has already raised INR40
mil. through promoter funding by way of unsecured loans and
internal accruals.  The term loans will be used to fund the
remaining capex and repay INR10.4 mil. to the promoters, as this
was an additional contribution by them.  Ind-Ra expects KIPL's
credit profile to improve further from FY17, once its upgraded
facility operates for a full year and profitability improves, led
by the introduction of high-margin value-added products.

The ratings are supported by the over four-decade-long experience
of KIPL's sponsors in the domestic plastics industry, especially
in the manufacture of woven sacks.

However, the ratings remain constrained by the risks related to
the commodity nature of KIPL's products and forex fluctuations.

RATING SENSITIVITIES

Positive: Substantial revenue growth and sustained margin
expansion, leading to net leverage being sustained below 2.0x,
could be positive for the ratings.

Negative: A decline in EBITDA margins, leading to the leverage
being sustained above 3.0x, could be negative for the ratings.

COMPANY PROFILE

Established in 2006, KIPL manufactures master batches for the
plastic and textile industries.  In FY15, KIPL's total debt of
INR313.58 mil. consisted of working capital debt of INR209.6 mil.
(66.84%), term loans of INR72.26 mil. (23.04%) and unsecured loans
of INR31.72 mil. (10.12%).

KIPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BBB-' from 'IND
      BB+'; Outlook Stable
   -- INR124.2 mil. term loans (increased from INR79.7 mil.):
      upgraded to 'IND BBB-/Stable' from 'IND BB+'
   -- INR190 mil. fund based limits (increased from INR170 mil.):
      upgraded to 'IND BBB-/Stable' from 'IND BB+'
   -- INR120 mil. non-fund-based working capital limits
      (increased from INR97.5 mil.): upgraded to 'IND A3' from
      'IND A4+'


KINGFISHER AIRLINES: Mallya Says He is not a Wilful Defaulter
-------------------------------------------------------------
The Times of India reports that Vijay Mallya, the former United
Spirits Ltd (USL) chairman, said it was unfortunate he was singled
out as a wilful defaulter when larger borrowers who owe much more
to the banks have not been done so.

The report relates that in a statement late on March 6, he said a
sustained "hysterical campaign" in the media against him lately
ensured he became the "poster boy" of all the banks' non-
performing assets.

"In fact, banks have NPA's of Rs. 11 lakh crores and have
borrowers who owe much more than the amount allegedly owed by
Kingfisher Airlines to the banks - a fact never alluded to or
widely reported by the media as in my case," the report quotes Ms.
Mallya as saying.

TOI notes that Mr. Mallya's statement came a day before the Debt
Recovery Tribunal's (DRT) expected order on state-owned State Bank
of India's application seeking the lender's first right on the $75
million pay out from Diageo to him under a sweetheart deal.

A consortium of banks, led by SBI, has been trying to recover
their exposure to the now-defunct Kingfisher Airlines which is
about Rs 6,300 crores, TOI notes.

"I feel the time has come to clarify my position in order to avoid
this relentless attack on my reputation," he explained, adding he
was not a borrower or a judgement defaulter.

TOI adds that SBI also moved the Karnataka High Court earlier this
month, seeking the arrest of Mallya, impounding of his passport
and a full disclosure of his assets and liabilities.

According to the report, the former liquor baron, who resigned as
USL chairman late February, said he was trying to reach a one-time
settlement with the banks and had three meetings and follow-up
calls recently.

"The payments from Diageo Plc to myself are towards my personal
non-compete obligations globally except in the UK. In effect, I
have given up my interests in the spirits business globally at
considerable cost," according to the statement cited by TOI.
"The truth about Kingfisher Airlines and its financial stress due
to external factors has been reported by State Bank of India to
the Reserve Bank of India in their letter dated 31st January
2012."

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at
theoperating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete erosion
of KFAL's net worth, leading to its weak financial risk profile.
Presently, the company does not carry out any commercial
operations.


KRISHNA COTTON: CRISIL Cuts Rating on INR140MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Krishna Cotton Company (KCC; part of the Geeta group) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan           1.4    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      57.6    CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of the group's liquidity,
with low cash accrual and a stretched working capital cycle
resulting in full utilisation of its bank limit. There have also
been instances of overdrawn limits, which get regularised within a
week. CRISIL believes the group will need fresh capital infusion,
or will have to improve its working capital cycle in a sustained
manner, to alleviate the pressure on its liquidity.

The working capital cycle has been significantly stretched as
reflected in an increase in gross current assets (GCAs) to an
expected 152 days as on March 31, 2016, from 111 days as on March
31, 2014. GCAs increased on account of a stretched receivables
cycle and build-up of inventory. Consequently, the bank limit
remained fully utilised over the 12 months through January 2016.

The ratings reflect the Geeta group's below-average financial risk
profile because of high gearing and below-average debt protection
metrics. The ratings also factor in vulnerability to changes in
government regulations, and exposure to intense competition in the
cotton ginning industry resulting in low profit margins, which are
also susceptible to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of the group's promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KCC and Geeta Cotton Company Private
Limited (GCC). This is because both the entities, together
referred to as the Geeta group, have common promoters, are in the
same line of business, and have operational linkages.
Outlook: Stable

CRISIL believes the Geeta group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustained
improvement in the working capital cycle, or considerably better
liquidity on the back of sizeable equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant weakening in the group's
capital structure most likely because of a stretched working
capital cycle or large debt-funded capital expenditure.

GCC was originally set up as a proprietorship firm in 1983 by Mr.
K Nagnath Patel; this firm was reconstituted as a private limited
company in 2013. KCC was set up as a proprietorship concern by Mr.
Patel in 2006. Both the entities primarily undertake ginning and
pressing of raw cotton. The group also has crushing units to
extract de-oiled cake and oil from cotton seeds. The manufacturing
facilities of both the entities are in Bhainsa, Telangana.


M. NAGI: CRISIL Lowers Rating on INR50MM Loan to 'D'
----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M. Nagi Reddy and Company (MNRC) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          35      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Overdraft Facility      50      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

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

   Secured Overdraft       20      CRISIL D (Downgraded from
   Facility                        'CRISIL B+/Stable')

The rating downgrade reflects instances of the firm's cash credit
account being overdrawn for more than 30 days. The overdrawn
account was because of weakening of liquidity due to a stretched
working capital cycle.

MNRC has a below-average financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The firm has large working capital requirements, high degree of
project concentration in its order book, and is exposed to intense
competition in the construction industry. However, the firm
benefits from its partners' extensive experience in the
construction industry.

MNRC, set up as a partnership firm in 1973, is engaged in
construction of buildings. The firm primarily caters to state
government entities in Andhra Pradesh. The firm currently has four
partners ' Mr.M. Nagi Reddy, Mr.M. V. Rama Reddy, Mr.M. Sai Kiran
and Mrs. N. Suryavathi.


MB SPONGE: CARE Reaffirms B+ Rating on INR11.60cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
MB Sponge And Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.60      CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of MB Sponge and Power Limited
(MBSPL) continues to be constrained by small scale of operations
with low profitability margins, lack of backward integration
vis-a-vis volatility in raw material prices coupled with low
capacity utilization, stiff competition due to fragmented nature
of the industry with presence of many unorganized players and
working capital intensive nature of business. The rating, however,
continues to draw comfort from the experience of the promoter,
strategic location of the plant and satisfactory profitability
margins.

Going forward, the ability of the entity to improve its scale of
operations & sustaining its profitability margins and effective
working capital management would be the key rating consideration.

MBSPL incorporated in September 10, 2004, was promoted by the
Agarwal family of West Bengal, with Mr Shankarlal Agarwal being
the main promoter. The company commenced operations in March
2006. MBSPL is engaged in the manufacturing of sponge iron at its
plant located at Burdwan with a current installed capacity of
60,000 metric tonne per annum (MTPA) and trading of iron & steel
related products like iron ore fines, TMT bars, G.I Wires, Steel
Round, M.S Wire, M.S Angle, etc.

Besides, MBSPL also acts as a commission agent for selling tyres
and D.I. pipes, which accounted for about 6.63% of the total
operating income in FY15 (refers to the period April 1 to
March 31).

In FY15 (A), the company has reported a total operating income of
INR69.80 crore (as against INR48.16 crore in FY14) and PAT INR0.64
crore (as against PAT of INR2.09 crore in FY14). Furthermore, the
company has maintained to have achieved total operating income of
INR47.61 crore during 10MFY16.


MAXWELL AUTO: CARE Assigns B+ Rating to INR15.22cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the long term bank facilities of
Maxwell Auto Components Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.22      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Maxwell Auto
Components Private Limited (MAC) is constrained by the company's
small scale & nascent stage of operations with lower capacity
utilization, working capital intensive nature of operations,
financial profile marked by net losses incurred in FY15 (refers to
the period April 1 to March 31) & weak coverage indicators and
highly fragmented & competitive industry.

The rating, however, derives strength from experience of the
promoter, moderate overall gearing levels and MAC's strong
relationship with reputed clients.

Going forward, the ability of the company to increase its scale of
operations & report profits while prudently managing its working
capital requirements would be the key rating sensitivities.

MAC is an ISO 9001:2008 certified private limited company promoted
by Mr A Chandresekaran and incorporated on December 9, 2011. MAC
has started its commercial production from August 19, 2013, and it
is a medium size foundry engaged in the manufacturing of grey iron
and SG iron castings catering to the automobile industry,
transmission equipment's, heavy machinery industries and pump
industry. The manufacturing facility of the company is located at
Coimbatore with installed capacity of 9,600 TPA as on December 31,
2015. The day-to-day activities are looked after by Mr A
Chandresekaran (Managing Director) along with qualified and
experienced professionals.

During FY15, the company reported a net loss of INR2.1 crore on a
total income of INR28.3 crore.


MEENAMANI GANGA: CARE Assigns B+ Rating to INR50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Meenamani
Ganga Builders LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       50       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities Meenamani Ganga
Builders LLP (MGPL) is constrained by residual project execution
risk with significant dependence on customer advances to execute
the projects, nascent stage of construction of project leading to
risk associated with timely completion, cyclical nature of the
real estate industry, and limited geographical diversification
with concentration in the Pune region.

The rating derives support from the experienced and qualified
promoters having long track record in the residential real
estate sector in Pune, locational advantage of the projects,
receipt of all required approvals, completion of financial
closure and investment in group entities generating revenue from
the projects.

The ability of the firm to execute the construction activities as
per the schedule thereby, enabling timely inflow of the
receivables and sell the remaining inventory at envisaged rates
are the key rating sensitivities.

MGBL is flagship enterprise of Goel Ganga Developments Group with
Mr Umesh Goel and his two sons Mr Annuj Goel and Mr Ankit Goel as
partners. The Goel Ganga Developments group has been into real
estate for more than three decades and executed construction
projects totalling more than 60 lakh square feet (lsf) and nearly
50 lsf are in the pipeline. Apart from construction of residential
and commercial complexes, the group has substantial interests in
other sectors like hospitality, warehousing, etc.

MGBL is executing a residential cum commercial project named
'Ganga Fernhill' with total saleable area of 3.44 lsf located at
Undri, Pune. The project commenced on October 1, 2015, and is
expected to be completed by September 2018. The residential
project will have 4 buildings with about 14 floors, comprising of
1BHK, 1.5 BHK and 2 BHK flats.

MGBL entered into a development agreement with the G.G.L.B.
Estates (landlord where the project is planned) on November 6,
2015, for development of land. As per the agreement, MGBL has to
share ~19% of gross revenue of residential project and have to
give about 20.25% of the developed commercial area to the
landlord. The remaining area is available to MGBL for sale.


METHRA INDUSTRIES: CARE Reaffirms 'D' Rating on INR12.08cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Methra
Industries India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.08      CARE D Reaffirmed

Rating Rationale

The rating to the bank facilities of Methra Industries Private
Limited (MIPL) continues to factor in the ongoing delays in
meeting the debt obligations, owing to the tight liquidity
position arising out of the net losses incurred by the company.

Methra Industries India Private Limited (MIIPL) was established on
April 12, 2010 by Mr P Venkatesan and Mrs Saraswathy Venkatesan
with the objective of manufacturing concrete blocks (Autoclaved
Aerated Blocks) which are ecofriendly under the brand name "CELL O
CON" using German technology. In addition to the manufacture of
AAC blocks, MIIPL also trades in gypsum material which is used in
plastering of building. Before promoting this company, the
promoter was engaged in undertaking government contract works
through different entities. Presently the Methra Group operates
through Methra Infratech Pvt. Ltd., (MIPL) in Bangalore and Methra
Constructions Consortium India Pvt Ltd.(MCCIPL), Chennai, both
engaged in real estate. All the companies are managed by the
promoters themselves.

The key clients of MIIPL are CasaGrande, Amaraprakash, Shobha
Realities, Mallees Constructions, Appasamy Realities,
SPRRG, Virgo, Alliance etc. located in South India.

The key raw material, lime is purchased from Jodhpur, Rajasthan.
All the other materials are sourced in South India from the large
manufacturers of cement, Gypsum etc.

As per the Audited results, the company has incurred net loss of
INR0.96 crore on total operating income of INR15.89 crore in FY15
compared to the net loss of INR3.19 crore on total operating
income of INR16.05 crore in FY14 (refers to the period April 1 to
March 31).


MIR REALTORS: CRISIL Assigns B+ Rating to INR100MM LT Loan
----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to long-term bank
facility of Mir Realtors Private Limited (MIRRPL; part of MIR
group).

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

The rating reflects MIR group's exposure to risks related to
project implementation and saleability of the on-going projects.
The rating also reflects its below-average financial risk profile
marked by high gearing and low networth levels. These rating
weaknesses are partially offset by promoters' extensive industry
experience and established regional presence in Kerala.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MIRRPL with its group company MIR
Builders and Developers Pvt Ltd (MIRBDL). This is because the two
companies, together referred to as the MIR group, have business
and financial linkages and a common management.
Outlook: Stable

CRISIL believes that MIR group will continue to benefit, over the
medium term, from the extensive experience and established track
record of its promoters in Kerala's real estate industry. The
outlook may be revised to 'Positive' if MIR group reports higher
than expected customer advances and sale of its projects, thus
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if there are any delays in the
implementation of its upcoming project leading to cost overruns
and significant decline in realisations, or if the MIR group
contracts more-than-expected debt, weakening its financial risk
profile.

Incorporated in the year 2006, MIRRPL is engaged primarily in
residential real estate development in Kerala. Incorporated in the
year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun Kumar.


MURUDESHWAR CERAMICS: CRISIL Reaffirms B+ Rating on INR772MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Murudeshwar Ceramics
Limited (MCL) continue to reflect MCL's exposure to intense
competition in the tiles industry and its stretched liquidity
because of large working capital requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        19.5      CRISIL A4 (Reaffirmed)
   Cash Credit          772        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     387        CRISIL A4 (Reaffirmed)

These weaknesses are mitigated by the benefits that MCL derives
from its established market position, improved revenue diversity
owing to increased focus on retail sales, and continued financial
support from its promoters.
Outlook: Stable

CRISIL believes MCL will benefit over the medium term from its
established market position in South India and support from
promoters. The outlook may be revised to 'Positive' if liquidity
improves significantly on a sustainable basis through increase in
cash accrual and control on working capital cycle. Conversely, the
outlook may be revised to 'Negative' if pile up in stock or delay
in realisation of receivables constrains liquidity, or additional
debt-funded capital expenditure or time or cost overrun in project
weakens financial risk profile.

Incorporated in 1983, MCL is a publicly listed company. It
manufactures glazed ceramic floor tiles, vitrified porcelain, and
natural granite slabs. The company is promoted by Mr. R N Shetty
and his family. It markets its products under the brand, Naveen.


NEW CHUMTA: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated New Chumta Tea
Company Limited's (NCTCL) 'IND BB+' Long-Term Issuer Rating with a
Stable outlook to the suspended category.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

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

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

NCTCL's ratings:

   -- Long Term Issuer rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR26.4 mil. long-term loan: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR93 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR5.5 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'
   -- Proposed INR33.7 mil. long-term loan: 'Provisional
      IND BB+'; rating withdrawn as the company did not proceed
      with the instrument as envisaged
   -- Proposed INR41.4 mil. fund-based limits: 'Provisional IND
      BB+'; rating withdrawn as the company did not proceed with
      the instrument as envisaged


NOOR IMPEX: CRISIL Puts 'C' Rating on Notice of Withdrawal
----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Noor Impex
Pvt Ltd (NIPL) on 'Notice of Withdrawal' for 180 days at the
company's request. The ratings will be withdrawn on completion of
the notice period. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank loans.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          55       CRISIL C (Notice of Withdrawal)
   Letter of Credit     75       CRISIL A4 (Notice of Withdrawal)

NIPL was incorporated in 2010 by members of the Latiwala family to
take over operations of a sole proprietorship concern, Noorani Saw
Mill. The promoters have been in the timber trading industry for
five decades. NIPL has six sawing mills in Gandhidham.


NRU SPINNING: CRISIL Cuts Rating on INR48.5MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities NRU
Spinning Mills Limited (NRU) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           48.5      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit       8.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan        36.9      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term     1.9      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by NRU in
servicing its debt; the delays have been caused by weak liquidity
arising out of insufficient generation of cash accrual against
debt obligation.

Moreover, NRU has a weak financial risk profile, with small
networth, high gearing, and average debt protection metrics, and
modest scale of operations in the highly fragmented textile yarn
industry. These rating weaknesses are mitigated by the promoters'
extensive experience in the textile industry.

Set up in 1995, NRU manufactures cotton yarn. The company is
promoted by Mr. Devadass and family.


ODYSSEY ADVANCED: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL has reaffirmed the rating on the long term bank facilities
of Odyssey Advanced Telematics Systems (OATS) at 'CRISIL
B+/Stable' and has assigned 'CRISIL A4' on the short term bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         19       CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Reaffirmed)

   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)

The ratings on the bank facilities of Odyssey Advanced Telematics
Systems (OATS) continues to reflect OATS's modest scale of
operations in the highly competitive civil construction industry,
working capital-intensive operations, and subdued financial risk
profile, because of high gearing and modest debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoter and
established relationship with customers.
Outlook: Stable

CRISIL believes OATS will continue to benefit over the medium term
from its promoter's extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' in case of a significant increase in the firm's scale
if operations, along with an improvement in its working capital
cycle and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenue
and profitability, stretched working capital cycle, or large debt-
funded capital expenditure, thereby weakening the financial risk
profile, particularly liquidity.

OATS, set up in 1993, is a proprietorship concern of Mr. Debasis
Ray. It undertakes civil construction works for steel and
aluminium industries. The firm also provides operations and
maintenance services for the telecommunications sector.


OFFSHORE MARINETECH: CRISIL Reaffirms B+ Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Offshore Marinetech
Private Limited (OMPL) continue to reflect OMPL's average
financial risk profile, marked by a small net worth, constrained
bargaining power because of its small scale of operations, and
exposure to intense competition.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         55       CRISIL A4 (Reaffirmed)

   Cash Credit            45       CRISIL B+/Stable (Reaffirmed)

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

These rating weaknesses are partially offset by the extensive
experience of OMPL's promoters in the offshore drilling industry
and the company's established clientele.
Outlook: Stable

CRISIL believes that OMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' in case of significant increase in OMPL's revenue and
net cash accruals, along with significant improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in revenue or profitability,
or any significant debt-funded capital expenditure (capex),
constraining the company's liquidity.

OMPL was established in 2007 by Mr. K S Pai. It is an engineering,
procurement, and construction (EPC) company, and undertakes
mechanical, piping, structural, and erection and installation work
for onshore and offshore projects. The company also undertakes
ship-repair work, chiefly for Indian Naval Dockyard. OMPL has
manufacturing units at Rabale, Navi Mumbai, and Mumbai (all in
Maharashtra).


P. M. COT: CARE Reaffirms 'B' Rating on INR7.11cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
P. M. Cot Fibers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.11      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of P.M. Cot Fibers
(PMCF) continues to remain constrained on account of thin profit
margins, leveraged capital structure and weak debt coverage
indicators during FY15 (refers to the period April 1 to March 31).
The rating is further constrained due to susceptibility of profit
margins to cotton price fluctuations, seasonality associated with
the cotton industry and the firm's presence in the highly
fragmented cotton ginning and pressing industry with limited value
addition resulting into working-capital intensive nature of
operations coupled with limited financial flexibility owing to
partnership nature of constitution.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton ginning business coupled
with location advantage in terms of proximity to the cotton
growing regions in Gujarat. The rating also takes into account
successful completion of debt funded capex during FY15 and
consequent stabilization of operations.

PMCF's ability to increase its scale of operations coupled with
improvement in profit margins while managing fluctuation in
profitability in light of the volatile raw material prices and
improvement in the capital structure as well as liquidity profile
remain the key rating sensitivities.

Barwani-based (Madhya Pradesh) PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field
project in the field cotton ginning & pressing of cotton bales and
cotton seeds. PMCF operates from its sole manufacturing facility
located in Barwani (Madhya Pradesh) with proposed installed
capacity of 25,000 MTPA for cotton bales.

During 3 months of operations in FY15, PMCF achieved a TOI of
INR6.75 crore and PAT of INR0.02 crore. During 10MFY16
(Provisional), PMCF achieved TOI of around INR11.42 crore.


PADMAVATI INFRASTRUCTURE: ICRA Reaffirms B Rating on INR2cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR2
crore (reduced from INR3 crore) fund-based bank facilities and its
short term rating of [ICRA]A4 on the INR9.90 crore (enhanced from
INR8.50 crore) non fund-based bank facilities of Padmavati
Infrastructure Company.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Facilities        2.00       [ICRA]B; reaffirmed
   Non-Fund Based Facilities    9.90       [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the satisfactory pace
of execution of orders from different state DISCOMs, along with
the firm's satisfactory order book position which gives revenue
visibility over the medium term, with pending order book of ~INR41
crore as on January 2016 (~2.2 times of operating income in 2014-
15). The ratings continue to be constrained by PIC's modest scale
of operations given its limited operational history; slow approval
process of the state power utilities, high geographic
concentration risks and the high working capital intensity of
PIC's operations owing to stretched receivables. The ratings,
however, favourably factor in the adequate experience of PIC's
partners in the power transmission industry, their established
relationships with various suppliers and the limited price risk
for the firm owing to the order-backed procurement of all the
major raw materials required to complete the order.

The ability of the firm to scale up its operations while
maintaining its profitability and manage its working capital
requirements efficiently will be the key rating sensitivities.

Incorporated in October 2012, PIC is a partnership firm involved
in the erection of poles and transformers along with the setting
up of overhead and underground cables for state power utilities of
Uttar Pradesh and Uttarakhand (UPCL). The partners have been
involved in the power industry as suppliers of transmission
equipment such as wires and cables for state power utilities for
the last ten years. At present, PIC is (i) installing a sub-
station for Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL) at
Kailavan location and (ii) improving power distribution systems in
Sambhal (PVVNL order) and Meerut (PVVNL order).

Recent Result
In FY15, PIC reported a net profit of INR0.57 crore on an OI of
INR19.23 crore, as against a net profit of INR0.48 crore on an OI
of INR17.17 crore in the previous year.


RAEBAREILLY ALLAHABAD: CARE Cuts Rating on INR215.08cr Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Raebareilly Allahabad Highway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     215.08     CARE D Revised from
   (Senior Debt)                            CARE BB

   Long-term Bank Facilities
   (Sub-Debt)                     10.00     CARE D Revised from
                                            CARE BB

Rating Rationale
The revision in the rating assigned to the bank facilities of
Raebareilly Allahabad Highway Pvt Ltd (RAHL) takes into account
delays in servicing interest during construction due to delays in
fund infusion by the promoters as well as cost overrun leading to
weak liquidity position.

RAHL is a special purpose vehicle (SPV) promoted by a consortium
of VIL Ltd with 82.56% stake andM/s Vijai Constructions
(partnership firm of the promoters of VIL Ltd) with 17.44% stake
to undertake two-laning of Raebareilly - Allahabad section
from km 82 to km 188.60 of NH-24B in Uttar Pradesh under NHDP
phase IV(A) on Design Build Finance Operate and Transfer (DBFOT)
(toll) basis. As per the Concession Agreement (CA) signed between
NHAI and RAHPL on March 31, 2011, the concession period is 16
years (including a construction period of 540 days) from the
appointed date (which is July 18, 2012). The initial scheduled
project completion date (SPCD) for the project was January 9, 2014
and the originally estimated project cost was INR356.29 crore.
However, due to delays in land acquisition, clearances and debt
disbursal, the project has witnessed delays and cost overruns. The
company has been granted an extension in SPCD till September 2016
by NHAI.

As per the LE report for January 2016, physical progress on the
project was measured at 56.76%, whereas financial progress stood
at 60.81%.


RISHABH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rishabh
Industries (RI) continues to reflect the firm's modest scale of
operations, working-capital-intensive operations, exposure to
customer concentration risk, and the firm's below-average
financial risk profile, marked by aggressive gearing, modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of RI's
proprietor in the lighting industry and the fund support extended
by him.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from its proprietor's experience in the lighting industry.
The outlook may be revised to 'Positive' in case RI cash accruals
increase through significant and sustained improvement in its
revenue and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the firm's revenue and margins adversely
affecting its cash accruals, or through further stretch in its
working capital cycle or if the concern undertakes any debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

RI is a proprietorship concern of Mr. Mayur Jain. The firm
manufactures compact fluorescent lamps and has been operating for
more than a decade. Mr. Mayur Jain took over RI's management in
2013. He manages its day-to-day operations along with his father,
Mr. Joit Kumar Jain.


ROHIT FERRO: ICRA Lowers Rating on INR901.63cr Loan to 'D'
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR901.63 crore term loans, INR506.16 crore working capital term
loans and INR751.37 crore fund based limits of Rohit Ferro Tech
Limited (RFTL) from [ICRA]B to [ICRA]D. ICRA has also revised the
short term rating assigned to the INR352.63 crore non-fund based
limits of RFTL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           901.63       Downgraded to [ICRA]D
                                     from [ICRA]B

   Working capital
   term loans           506.16       Downgraded to [ICRA]D
                                     from [ICRA]B

   Fund based limits    751.37       Downgraded to [ICRA]D
                                     from [ICRA]B

   Non-fund based
   Limits               352.63       Downgraded to [ICRA]D
                                     from [ICRA]A4

The revision in the ratings take into account the multiple
instances of devolvement of Letter of credit (L/C) facility which
have remained uncorrected for a period more than 30 consecutive
days. ICRA notes that this is as a result of the adverse financial
metrics of the company, given the continued loss making nature of
operations in the nine months of the current financial year,
leading to stretched liquidity position. ICRA notes that RFTL's
non-integrated nature of operations results in an adverse cost
structure and exposes the company's margins and cash flows to the
variability in the ferro alloy and raw material prices. ICRA also
notes that RFTL has come under the purview of a strategic debt
restructuring (SDR) programme, and the bankers are in the process
of implementation of the programme.

RFTL is promoted by the SKP group based out of Kolkata, West
Bengal. It commenced its Ferro-alloy manufacturing facility at
Bishnupur Industrial complex of WBIDC in 2003, initially with two
number 7.5 MVA furnaces. Over the years, the company has
established additional capacities of three numbers of 9 MVA
furnaces in the same complex. In FY 2008, RFTL expanded its
operations into Odisha by setting up four 16.5 MVA furnaces in
Jajpur. Additionally, it commissioned six 9 MVA furnaces in Haldia
in West Bengal, which is a 100% EOU for exporting Ferro Alloys
from the country. The total manufacturing facility of the company
as on date is of 162 MVA.

Recent results
RFTL recorded a net loss of INR352.82 crore on an operating income
of INR1875.42 in FY15. During FY14, the company had registered a
net loss of INR228.6 crore on an operating income of INR2486.68
crore. As per unaudited financial results, RFTL has registered a
net loss of INR295.72 crore on an operating income of INR1336.55
crore in April-September 2015.


RPN ENGINEERS: CARE Reaffirms 'D' Rating on INR1.26cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of RPN
Engineers Chennai Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1.26      CARE D Reaffirmed
   Short term Bank Facilities     4.87      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of RPN Engineers
Chennai Private Limited factors in the ongoing delays in servicing
the debt obligations of the company owing to the tight liquidity
position arising out of delay in collections from the railway
authorities.

RPN Engineers Chennai Private Limited (RPN) was established as a
proprietorship firm (M/s. Lookmans Engineering Contractors) in
1995 by Mr P K Luqmman Basha and was reconstituted into a
private limited in May 1999 in Chennai. RPN is engaged in the
business of civil and mechanical constructions like laying of
pipes for state and central government agencies and contract work
for the Indian railways.

RPN has achieved a PAT of INR0.08 crore on a total operating
income of INR4.43 crore in FY15 (refersto the period April 1 to
March 31) as compared with a PAT of INR0.3 crore on a total
operating income of INR13.22 crore in FY14.


SAMPURN AGRI: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sampurn Agri
Ventures Pvt. Ltd. (SAVPL) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SAVPL's lack of operational track record as
the company started commercial operations in April 2015.

The ratings draw comfort from SAVPL's being part of Nasa Agro
group, which has a strong presence in the power sector.

The ratings are supported by SAVPL's promoters having over two
decades' experience in the agriculture sector, and the company's
strong client base, which includes Punjab State Power Corporation
Ltd and Haryana Land Reclamation and Development Corporation Ltd.

RATING SENSITIVITIES

Negative: Lower-than-expected revenue and operating profit will be
negative for the ratings.

Positive: Successful stabilization of operations, along with
achieving its projected revenue, will be positive for the ratings.

COMPANY PROFILE

SAVPL was incorporated as a private limited company in 2006, to
set up a project for the co-generation of power and bio
fertilizers, at village Panchanwali, Fazilika, Punjab.  On
Dec. 23, 2011, the Punjab government sanctioned SAVPL's proposed
project as a mega project.

The project aims to use paddy straw, which is a hazardous
agricultural waste, to produce renewable energy in the form of
biogas.  The residue that comes out is then used to develop
manure, phospho compost, azolla weed and other such elements in
organic farming.

SAVPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
   -- INR20 mil. fund-based working capital limits: assigned
      'IND B'/Stable and 'IND A4'
  -- INR80 mil. term-loan limits: assigned 'IND B'/Stable


SHELKE CONSTRUCTION: CRISIL Lowers Rating on INR70MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shelke
Construction (SC) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          60      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit             70      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects SC's strained liquidity because of large
unrelated investments and continuous capital withdrawals, leading
to significant reliance on creditors and ad hoc bank limits to
fund working capital requirement. SC had invested more than INR100
million in related entities and in real estate as on March 31,
2015. Additionally, its proprietor withdrew INR51 million over the
five years through 2014-15 (refers to financial year, April 1 to
March 31), constraining its financial flexibility and liquidity.

The ratings reflect SC's modest scale of operations in a
fragmented industry, geographic concentration in revenue profile,
and below-average capital structure because of continuous capital
withdrawal. The ratings also factor in significant unrelated
investments constraining the firm's liquidity. These weaknesses
are partially offset by proprietor's extensive experience in the
civil construction industry, the firm's healthy order book
providing revenue visibility, and adequate operating efficiency.
Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if its liquidity improves
significantly led by reduced investments in unrelated businesses,
substantial cash accrual, and retention of profits in the firm.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens due to large capital
withdrawal, increased investments in unrelated businesses, decline
in cash accrual, or stretch in working capital cycle.

SC was set up as a proprietorship firm by Mr. Babanrao Dagadu
Shelke in 1995. The Pune-based firm constructs barrages, canals,
and dams in Maharashtra. It is registered as a Class 1 contractor
with the Public Works Department, Pune.


SHITALPUR MOHINDER: CARE Assigns 'B' Rating to INR10.64cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shitalpur
Mohinder Kalimata Himghar Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.64      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Shitalpur Mohinder
Kalimata Himghar Pvt. Ltd. is constrained by small scale of
operations with net loss during FY13-FY15 (refers to the period
April 1 to March 31) coupled with short track record of
operations, regulated nature of business, seasonality of business
with susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, competition from other local players,
working capital intensive nature of business and high leverage
ratios. The aforesaid constraints are partially offset by the
experience of the promoters and proximity to potato-growing area.

The ability to increase its scale of operations with improvement
in profit margins coupled with improvement in capital structure
and ability to manage its working capital effectively are the key
rating sensitivities.

SMKHPL was incorporated on May 6, 2011, by Mr Tarun Kanti Ghosh,
Mr Arun Ghosh, Mr Bimalendu Ghosh, Mr Biswanath Das and Mr
Krisnachandra Nayek of Hooghly West Bengal to provide cold
storage services with the facility being located at Dhaniakhali,
Hooghly, West Bengal. The company commenced commercial operation
since April 2012. SMKHPL is currently engaged in the business of
providing cold storage facility at the same location primarily for
potatoes and is operating with a storage capacity of 198,450
quintals. Besides providing cold storage facility the unit also
works as a mediator between the farmers and marketers of potato,
to facilitate sale of potatoes stored and it also provides
interest bearing advances to farmers for farming purposes of
potato against potato stored.

Mr Tarun Kanti Ghosh (MD) looks after the day-to-day operations of
the unit.

As per the audited results of FY15, SMKHPL reported a PBILDT of
INR1.24 crore (PBILDT of INR1.31 crore in FY14), net loss of
INR0.19 crore (net loss of INR0.25 crore in FY14) and GCA of
INR0.42 crore (GCA of INR0.41 crore in FY14), on a total operating
income of INR2.91 crore (total operating income of INR2.95 crore
in FY14). During 9MFY16, the management is stated to have achieved
a total operating income of INR 2.18 crore.


SHIV COTTON: CARE Reaffirms B+ Rating on INR5.40cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Shiv
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.40      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shiv Cotton
Industries (SCI) continues to remain constrained on account of
fluctuating total operating income (TOI), thin profit margins,
leveraged capital structure and moderate debt coverage indicators.
The rating continues to remain constrained on account of its
constitution as a partnership firm, its working capital intensive
nature of operations and vulnerability of profits to fluctuations
in the raw material prices along with government regulations for
price and supply of cotton.

The rating, however, continues to derive benefits from the vast
experience of partners in the cotton industry and location
advantage.

The ability of SCI to increase the scale of operations along with
an improvement in profit margins and capital structure while
managing its working capital requirements is the key rating
sensitivity.

SCI was established in November 2011 as a partnership firm by 12
partners for setting up of new ginning and pressing unit with the
installed capacity of 7,668 MT per annum. The manufacturing
plant is situated at Babara (District: Amreli), Gujarat. SCI
commenced its operations from July 2012 onwards.

During FY15, SCI reported PAT of INR0.04 crore on a TOI of INR
47.32 crore as against PAT of INR 0.04 crore on a TOI of INR55.76
crore during FY14. During 9MFY16 (Provisional), SCI has achieved a
TOI of INR38.40 crore.


SHREE LAXMI: CARE Reaffirms B+/A4 Rating on INR8.30cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Laxmi Pulse Rice & Roller Flour Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           8.30      CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shree Laxmi Pulse
Rice & Roller Flour Mills (SLPM) continue to remain constrained on
account of its weak financial risk profile marked by thin
profitability, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations
along with constitution as a partnership firm, presence in a
highly regulated and fragmented agro trading and processing
industry with low entry barriers and exposure to the
volatility associated with raw material prices. The rating
reaffirmation also factors in decline in the total operating
income, improvement in capital structure, debt coverage indicators
and liquidity position during FY15 (refers to the period April 1
to March 31).

The ratings, however, continue to derive benefits from the vast
experience of the partners in agro trading and processing
industry.

The ability of SLPM to increase its scale of operations with
improvement in profitability, capital structure and working
capital requirement would be the key rating sensitivity.

SLPM is Dahod-based partnership firm established in 1981. It is
mainly engaged in the processing and milling of various agro-based
products like wheat flour, maida, sooji, rawa, bran, etc, with an
installed capacity of 200 metric tonne per day (MTPD) as on March
31, 2015. The firm markets its products under brand name
'UgatoSuraj', 'Charminar', 'Double King' 'Apple' 'Strawberry' and
'Mango'. SLPM is promoted by Mr Rameshchandra H Shah and Mr
Kishanchandra H Shah holding 50% profit sharing ratio each in the
firm. In addition to this, the promoters of SLPM have interest in
the same line of business through their other business concerns,
Shree Balaji Pulses Mills based out at Dahod which is engaged in
trading of agro-based commodities.


SONA SYNTHETICS: CRISIL Cuts Rating on INR70MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sona Synthetics to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

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

   Long Term Loan         20       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects deterioration in Sona Synthetics's credit
profile, marked by an elongation in working capital cycle and
lower cash accruals. While the firm's net sales are expected to
remain stable at over INR 400 million for 2015-16 (refers to
financial year, April 1 to March 31); the firm's working capital
requirements are expected to increase with expected gross current
asset (GCA) days of over 260 days as on March 31, 2016 as against
GCA days of 220 days as on March 31, 2015, emanating primarily
from increased inventory. Increasing working capital requirements
will enhance firm's dependence on external borrowings, leading to
higher interest costs. Further, Sona Synthetics's continues to
fully utilise its working capital bank limit for the twelve months
ended December 2015. CRISIL believes that the level of operating
profitability and subsequent cash accruals along with the extent
of promoter fund support will remain key monitorables over the
medium term.

The ratings continue to reflect Sona Synthetics's below-average
financial risk profile, marked by high gearing and below-average
debt protection measures; and the firm's modest scale of
operations in a highly fragmented synthetic yarn and fabrics
industry. These rating weaknesses are partially offset by the
extensive experience of Sona Synthetics' partners in the synthetic
fabric industry.
Outlook: Stable

CRISIL believes that Sona Synthetics will continue to benefit over
the medium term from of its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the firm
achieves higher-than-expected revenue and net cash accruals
coupled with significant improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if Sona Synthetics' liquidity deteriorates further,
most likely because of a large, debt-funded capital expenditure
programme, or if the firm's operating margin or working capital
cycle deteriorate significantly.

Set up as a partnership firm in 1999 by Mumbai (Maharashtra)-based
Mr. Nathalal Shah and family, Sona Synthetics manufactures
synthetic yarn and fabrics, including embroidered fabrics. The
firm has its factory at Bhivandi in Thane district, near Mumbai.


SRI DURGA: ICRA Assigns B+ Rating to INR25cr Fund Based Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR25.00
crore* (Rs. 25.00 crore enhanced from INR10.00 crore) fund based
facilities Sri Durga Enterprises. ICRA has [ICRA]B+ rating
outstanding on the Rs.10.00 crore fund based facilities of
Sri Durga Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            25.00      [ICRA]B+ assigned/outstanding

The credit strengths and concerns of Sri Durga Enterprises remain
the same as highlighted in ICRA's Rationale issued in
February'2016 available at the following link:

http://www.icra.in/Files/Reports/Rationale/Sri%20Durga%20-R-
22022016.pdf

Sri Durga Enterprises (SDE), established in the year 2003, is
engaged in the trading of Paper and Paper boards such as coated
and uncoated boards, Art boards, Triplex boards etc. SDE is an
authorised dealer of ITC Paper Boards and Speciality Paper
division in Coastal Andhra region. All the products are procured
from the manufacturing units of ITC located at Bhadrachalam, Kovai
and Bollaram units depending upon the availability of the products
and requirement from the clients. SDE is promoted by Mr. Pothuri
Srinivas Kumar and Smt. Pothuri Madhuri Devi who have been in the
business for more than a decade.


STERLING GATED: CARE Lowers Rating on INR60cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the ncd issue of Sterling
Gated Community Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Instruments-
   Non-Convertible Debentures      60       CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating of Sterling Gated Community Pvt Ltd
(SGCPL) is on account of the on-going delays in interest
servicing due to delay in launch of the project. The requisite
approvals have got delayed and the project remains unlaunched and
hence company has not booked any sales till date.

SGCPL is a special purpose vehicle (SPV) formed by Mr Ramani
Sastri and Mr Shankar Sastri, who have more than 30 years
experience of developing real estate projects in Bangalore and
founders of the Sterling group. The Sterling group has an
experience in developing apartments, villas and commercial
complexes across Bangalore. The Sterling developers group till
date has developed over 28 projects in total.

SGPCL is developing a real estate apartment project in Whitefield,
Bangalore. The project is residential project with total 147 units
of 3BHK and 4BHK configurations, planned over a part of larger
land parcel owned by an associate company, Sterling Urban
development Pvt Ltd (SUDPL). The project, which is in a pre-
approval stage, is a Joint Development with SUDPL as the land
owner with a share of 25% in revenue and the balance 75% with
SGCPL as developer of the project. The remaining land of SUDPL is
being developed as Villa Grande project comprising total 250
villas with Phase-I completed and Phase-II ongoing.

Credit Risk Assessment
On-going delays in interest servicing

SGCPL has availed debt of INR60 crore for the project in the form
of non-convertible debentures and the coupon payments for the same
were supposed to begin from June 2015. The company had anticipated
to start booking sales by December 2014 after receiving the
requisite approvals. However, the receipt of approvals got delayed
and the project remains unlaunched with company having not booked
any sales till date. The company had approached the debenture
holders to grant extension of time for payment of first coupon due
on June 30, 2015. Accordingly, the company had received extension
of six months upto December 2015 for servicing interest. However,
the company has not paid interest payments (including interest
accrued for earlier quarters) which were due in December 2015 and
the ongoing delay was confirmed by the debenture trustee. The
company has now approached the debenture holders for further
extension for interest servicing and also principle redemption
which is being considered.


SUPREME COLOUR: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Supreme Colour Roofing
and Decking Private Limited continue to reflect its working-
capital-intensive operations and below-average financial risk
profile, marked by low net worth and below-average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the roofing
solutions industry.

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

   Letter of Credit        50      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      33.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan               24      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Supreme will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
substantial revenue growth and improvement in cash accruals,
leading to a better financial risk profile, especially liquidity.
Conversely, the outlook may be revised to 'Negative' if Supreme
registers low revenue and cash accruals, or if its working capital
cycle stretches significantly, or if it undertakes a large debt-
funded capital expenditure programme, weakening its financial risk
profile, especially its liquidity.

Incorporated in 2011, Supreme manufactures multi-colour steel
roofing and cladding, decking, purlins, and accessories. The
company's manufacturing facility is in Indore (Madhya Pradesh).
Its operations are managed by Mr. Akhtar Hussain.


TARUNIKAA JEWELS: CRISIL Assigns B Rating to INR85MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tarunikaa Jewels (TJ). The rating reflects TJ's
exposure to risks related to implementation of its project for
setting up a retail jewellery showroom. This rating weakness is
partially offset by its partners' extensive experience in the
retail jewellery industry.

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------                ---------    -------
   Proposed Cash Credit Limit   85        CRISIL B/Stable
   Proposed Term Loan           15        CRISIL B/Stable

Outlook: Stable

CRISIL believes TJ will benefit from promoters' funding support
and advantageous location of its showroom. The outlook may be
revised to 'Positive' if the project is completed within the
projected time and cost, or if demand and profitability are more
than expected, resulting in substantial accrual, and consequently,
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of time or cost overrun adversely
impacting financial risk profile.

TJ, a partnership firm promoted in 2015, is setting up a retail
showroom for gold and diamond jewellery in Gaya, Bihar. It is
likely to commence commercial operations in April 2016.


TIRUPATI SUGARS: Ind-Ra Raises LT Issuer Rating to 'IND BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Tirupati Sugars
Limited's (TSL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating upgrade reflects the likely improvement in TSL's
interest coverage over FY16-FY17, on account of interest
subvention on its soft loans worth INR440m taken in September and
October 2015 from the central and Bihar governments in order to
clear arrears to farmers.  These soft loans have a one-year
moratorium and a five-year repayment period.  TSL recorded 70%
revenue growth in FY15 via liquidation of stocks amid softer sugar
pricing, which led to a leaner net cash cycle compared with
previous years (FY15: 153 days; FY14: 416 days; FY13: 306 days),
and positive cash flow from operations (INR257m).

The company's EBITDA margins deteriorated to 10.7% in FY15 (FY14:
17%) as average sugar realizations fell by 4% yoy owing to
domestic sugar stockpiles and pressure to sell sugar in order to
clear sugarcane farmers' dues.  However, Ind-Ra expects its EBITDA
margins to improve over FY16-FY17 on account of rising domestic
sugar prices from 2HFY16, consistently improving percentage of
sugar recovery from sugarcane (10MFY16: 9.81%, FY15: 9.56%; FY14:
9.46%), improving by-product prices (prices of molasses and
bagasse in 10MFY16 were INR2879/ton and INR1500/ton, respectively,
compared with INR1100/ton and INR2332/ton, respectively, in FY15)
and EBITDA accretion from the 10MW co-gen plant, which management
expects to commence operations in FY17.

TSL's net financial leverage (adjusted debt/EBITDA) improved
moderately to 5x in FY15 (FY14: 5.9x) and the agency expects this
to remain high in the short-to-medium term.  TSL has total debt
maturities of INR223 mil. and INR244 mil. in FY17 and FY18,
respectively, and these may require refinancing.  The company's
total debt decreased to INR1615 mil. at FYE15 from INR1878 mil. at
FYE14 due to improvement in its net cash cycle.  Its liquidity
position has remained comfortable, as reflected by the 75% average
utilization of its fund-based limits during the 12 months ended
January 2016.

The ratings also draw comfort from support from the Bihar
government through excise duty reimbursements and cash subsidies
for sugarcane procurement (INR21.75/quintal in 2015-2016) as well
as reductions in sugarcane cess and zonal development council
commissions.

However, the ratings continue to reflect the vulnerability of
sugar companies to government policies on cane pricing.  In
addition, TSL remains exposed to cyclical risks in the sugar
industry, along with climatic conditions and price fluctuations
for other crops that determine acreage and sugar production.  The
ratings also remain constrained by the industry's working capital
intensive operations and high fluctuations in sugar prices.

RATING SENSITIVITIES

Positive: An improvement in profitability and/or lowering of debt
levels, resulting in sustained improvement in gross interest
coverage above 2.5x, could lead to a positive rating action.

Negative: A decline in profitability coupled with unexpected debt-
led capex, resulting in sustained deterioration of its credit
metrics, will be negative for the ratings.

COMPANY PROFILE

TSL is a sugar manufacturing unit established in 1936.  The
company's sugar unit is located in Bagaha, West Champaran
District, Bihar and has a crushing capacity of 7,000 tonnes per
day.  TSL registered 70% yoy revenue growth in FY15, with revenue
of INR3 bil.  Its FY15 EBITDA was INR 318 mil. and net income was
INR6 mil.

TSL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB+' from 'IND
      BB'; Outlook Stable
   -- INR1570 mil. fund-based limits: upgraded to Long-term 'IND
      BB+'/Stable from 'IND BB' and affirmed at Short-term 'IND
      A4+'
   -- INR434 mil. term loans (reduced from INR667 mil.): upgraded
      to 'IND BB+'/Stable from 'IND BB'


TRANS METALITE: CARE Assigns 'B' Rating to INR11.91cr Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Trans Metalite India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.91      CARE B Assigned
   Short term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Trans Metalite
India Limited (TMIL) factors in small and fluctuating scale of
operations with low net worth base, leveraged capital structure
and working capital intensive nature of operations. The rating is
further constrained by low order book position, presence in the
highly fragmented and competitive industry with dependence on
construction and infrastructure sector. The ratings, however, draw
comfort from the experienced promoters along with moderate
profitability margins. Going forward, the ability of the company
to increase its scale of operations while improving its capital
structure along with the ability of the company to execute the
contracts on time and manage its working capital requirements
shall be the key rating sensitivities.

New Delhi-based Trans Metalite (India) Limited (TMIL), a closely
held public limited company was incorporated in 1993 by Mr Vikas
Jalan and Ms Roopali Jalan. The company is an authorized
distributor of solar road studs for TATA Power Solar System
Limited since inception. In 2009 the company ventured into road
and civil construction business which includes repairing of
potholes for various government entities such as Public Works
Department of Delhi (PWD), Municipal Corporation of Delhi (MCD),
New Delhi Municipal Corporation (NDMC), Jaipur Development
Authority), in Delhi-NCR region and Rajasthan. In FY15 (refers to
the period April 1 to March 31), 97% of the total sales are
generated from its civil construction business and the remaining
3% from sale of solar road studs. The company gets contracts
through tendering and bidding process. The tenure of the contracts
ranges from 36 months to 48 months.

In FY15 (refers to the period April 1 to March 31), TMIL has
achieved a total operating income (TOI) of INR4.47 crore with
PBILDT and profit after tax (PAT) of INR0.87 crore and INR0.06
crore respectively as against TOI of INR6.63 crore with PBILDT and
PAT of INR0.84 crore and INR0.14 crore respectively in FY14.
During 8MFY16, the company has achieved a total operating income
of INR4.00 crore.


TRINITY BUILDCON: CRISIL Assigns B Rating to INR568.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Trinity Buildcon (India) Private Limited (TBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             568.5     CRISIL B/Stable

The ratings reflect TBPL's exposure to sales risk associated with
current project and constrained financial flexibility owing to
start-up nature of project. These weaknesses are partially offset
by strong promoter entity and experienced management.
Outlook: Stable

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

Trinity Buildcon India Pvt. Ltd. (TBPL) is part of of Mayar Group
which was formed in 1948. Trinity is currently developing
independent villas at Haiely Road, New Delhi.


VEEJAY TERRY: CRISIL Cuts Rating on INR50MM Term Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Veejay
Terry Products Limited (VTPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

   EPCG Guarantee (ST)      5      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Letter of Credit        20      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Rupee Term Loan         50      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that VTPL's
liquidity will be constrained over the medium term due to tightly
matched net cash accrual vis-a-vis debt obligation. This is mainly
because of lower-than-expected turnover amid unfavorable market
condition. Despite increase to 10.5 percent in 2014-15 (refers to
financial year, April 1 to March 31), volatile raw material prices
are expected to constrain operating profitability over the medium
term. Large debt contracted to fund capital expenditure to
increase overall spindleage weakened gearing to 1.50 times as on
March 31, 2015, from 0.63 time in the previous year. However,
gearing is likely to improve with debt repayment over the medium
term.

The ratings reflect VTPL's modest scale of operations in a highly
fragmented industry and susceptibility of operating margin to
volatility in raw material prices. These weaknesses are partially
offset by promoter's extensive experience in the yarn spinning
industry and average financial risk profile.
Outlook: Stable

CRISIL believes VTPL will continue to benefit over the medium term
from promoter's extensive experience. The outlook may be revised
to 'Positive' in case of significant increase in scale of
operations and profitability, while improving net cash accrual and
capital structure. Conversely, the outlook may be revised to
'Negative' if cash accrual is considerably low, working capital
management weakens, or business risk profile deteriorates due to
continued losses and decrease in orders.
Set up in 1987 by Mr. J Vijaya Kumar as VKL Textiles Pvt Ltd and
renamed VTPL in 1995, the Coimbatore-based company manufactures
cotton yarn and polyester cotton blended yarn.


VM STAR: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned V.M.Star (VMS) a
Long-Term Issuer rating of 'IND B+'.  The Outlook is Stable.  The
agency also assigned VMS' INR150 mil. foreign documentary bill
purchase a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect VMS's moderate scale of operations and weak
credit metrics.  Revenue was INR705 mil. in FY15 (FY14:548),
EBITDA interest coverage was 1.6x (1.4x) and net financial
leverage (adjusted net debt/operating EBITDA) was 5.5x (FY14:
6.9x).  EBITDA margin fluctuated between 3.5% and 4.3% during
FY12-FY15 on account of currency fluctuations and fluctuations in
the prices of diamonds as the company exports cut and polished
diamonds.

The revenue is likely to increase in FY16 on increased orders.
Revenue grew at a CAGR of 23.20% over FY12-FY15 and was INR541
mil. in 8MFY16.  The EBITDA margin is likely to remain stable in
FY16.

The ratings also factor in the company's tight liquidity position
with the fund-based facilities being fully utilized over the 12
months ended January 2015.

The ratings are supported by the promoter's over three decades of
experience in the diamond trading business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line leading to a
sustained improvement in the overall credit metrics will lead to a
positive rating action.

Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 1993, VMS is a partnership firm engaged in the
trading of diamonds.  It is promoted by Mr. Mahesh N Adani and Mr
Vasant R Doshi.


ZEN TOBACCO: CARE Revises Rating on INR5.50cr LT Loan to 'B'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Zen Tobacco Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of Zen
Tobacco Private Limited (ZTPL) is primarily on account of cash
losses leading to erosion of net worth, deterioration in capital
structure and debt coverage indicators along with modest liquidity
and elongated of working capital cycle during FY15 (refers to the
period April 1 to March 31). The rating continues to remain
constrained on account of its modest scale of operations,
leveraged capital structure, weak debt coverage indicators
and working capital intensive nature of operations. The rating is
further constrained due to the susceptibility of business
operations to adverse changes in government regulations and
seasonality associated with the raw material availability and
susceptibility of its profitability to volatility in the raw
materials prices.

The rating, however, derives strength from the established
operational track record of over a decade and the vast experience
of the promoters in the tobacco industry, established sourcing
arrangements with tobacco vendors for the procurement of raw
materials and wide distribution network for its products.

Increase in the scale of operations along with an improvement in
profitability while mitigating the fluctuation in raw material
prices and better working capital management are the key rating
sensitivities.

Ahmedabad-based ZTPL was established in the year 2003. The main
products of ZTPL are chewing tobacco (Zarda). Mr Rashmin
Manjithia, Managing Director, manages the day-to-day operations of
ZTPL. The company markets its products under the brand 'Mazaa',
'Hero' and 'Eagle' across India. Its plant, located at Ahmedabad
had a total installed capacity of 1,400 metric tonnes per annum
(MTPA) of chewing tobacco as on March 31, 2015.

As per the audited results for FY15, ZTPL reported net loss of
INR2.44 crore on a total operating income (TOI) of INR23.43 crore
as against net loss of INR2.49 crore on a total operating income
of INR23.56 crore. As per the provisional results for 10MFY16,
ZTPL registered a turnover of INR22.05 crore.



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


CENTURY CITY: Liquidation Ends, Creditors NZ$2 Million Short
------------------------------------------------------------
BusinessDesk reports that the liquidators of former bankrupt Terry
Serepisos's Century City group have completed their wash-up of the
property development, retailing and sports management businesses
with about NZ$2 million owing to unsecured creditors, having
concluded there were no voidable transactions that could have been
challenged.

According to BusinessDesk, liquidators Jeremy Morley and
John Fisk of PricewaterhouseCoopers have sought to have the 13
companies removed from the register of companies, noting in their
final report that their work had been made "somewhat more
difficult given the poor state and age of records."

BusinessDesk says Mr. Serepisos had lived the high-life of a
property developer, with luxury homes and sports cars, the licence
for the Wellington Phoenix football team and sponsorship of the
2009 Wellington Cup at Trentham racecourse that saw him rubbing
shoulders with Prime Minister John Key among others. His address
at the time was given as 11 Robieson St in the upmarket Wellington
suburb of Roseneath, but according to Companies Office records for
Titanium Trust Management, which lists Serepisos as sole
shareholder and director, he now lives in the more modest suburb
of Miramar.

At the time of his bankruptcy in September 2011, his portfolio of
about 150 residential properties and more than six commercial
buildings was valued at NZ$232.5 million with debts totalling
NZ$204 million. He was discharged from bankruptcy in October 2014,
BusinessDesk discloses.

As recently as September last year, the liquidators had indicated
there were a number of potential recovery actions related to
potentially insolvent and related-party transactions, but in their
final report they said investigations had thrown up no voidable
transactions or matters that warranted further investigation,
according to BusinessDesk.

BusinessDesk notes that secured creditors including ANZ
New Zealand, Allied Finance, South Canterbury Finance, and Marac
Finance were able to claw back some of their funds through the
sale of property and discharge their claims, and little was left
over for the liquidators. The only secured creditor still
registered was Executive Laundry (Wellington), with a claim
against Century City Accommodation.

Century City Football had held the A-League licence for the
Wellington Phoenix club, which was relinquished to the Football
Federation Australia in September 2011.

According to BusinessDesk, the liquidators report shows the
football company had seven preferential claims from unsecured
creditors amounting to NZ$276,241 relating to unpaid wages and
GST, and 11 from non-preferential unsecured creditors owed about
NZ$1.6 million. Neither group got what they were owed. The Inland
Revenue Dept had a claim for unpaid GST of NZ$60,391 against
Century City Investments, while the remaining unsecured creditors
were owed smaller amounts, BusinessDesk notes.


DICK SMITH: New Zealand Creditors Face Big Shortfall
----------------------------------------------------
Fiona Rotherham at BusinessDesk reports that the receivers' first
report on the failed Dick Smith Electronics NZ chain has estimated
there is likely to be a net loss of nearly NZ$98 million to
priority creditors even before the costs of selling assets are
considered.

Ferrier Hodgson was appointed receiver and manager of the
Australian company and its related subsidiaries in early January
and said last month that it was closing all 62 stores in New
Zealand and around 300 in Australia progressively over the next
seven weeks.

That decision followed an unsuccessful sales process where,
despite receiving a significant amount of expressions of interest,
the receivers said no acceptable offers had resulted for either
the company as a standalone business or all of the group,
BusinessDesk relates.

Nearly 3,000 staff lost their jobs as a result, including 430 in
New Zealand, says BusinessDesk.

According to BusinessDesk, the receivers' first report for local
holding company DSE (NZ) lodged with the Companies Office says the
chain owed NZ$137 million (AUD127 million) to secured lenders
including Westpac Banking Corp and the National Australia Bank,
with the debt cross-collateralised across the whole group's
assets.

That means returns to New Zealand creditors are dependent on
what's realised within other entities of the group rather than
just the New Zealand operation, BusinessDesk notes.

A further NZ$5.6 million is owed to New Zealand-based secured
creditors, which are mainly IT and telco companies, including
Apple Sales New Zealand and Spark NZ.

Priority creditors, which include employee claims and Inland
Revenue are owed NZ$3.4 million and unsecured creditors, comprised
predominantly of trade creditors and suppliers, are owed NZ$11.6
million.

BusinessDesk relates that the report said at this date a related
party loan of NZ$11.2 million is also payable by the New Zealand
company to Dick Smith Holdings and a contingent claim of NZ$45,871
in respect of a rental bond guarantee liability issued by the
secured lenders may be called upon at a later time.

In terms of assets, the company had NZ$5.9 million worth of plant
and equipment but the company records didn't include intellectual
property and trademarks as an asset, BusinessDesk relays.

At the date of the receiver's appointment, the company had three
bank accounts with NZ$2.1 million with a further point of sale
float over its New Zealand stores of NZ$55,650 and cash in transit
of NZ$739,849, according to BusinessDesk.

BusinessDesk says the receiver is continuing to collect total
debts of NZ$5.4 million but was unable to provide an estimate of
the realisable value. Related party receivables from Dick Smith
Electronics Pty Ltd were NZ$14.4 million but the recovery of that
amount was uncertain.

As the receivers are currently undertaking a fire-sale of stock as
the stores close, they were unable to estimate how much will be
realised from the current inventory of NZ$32.8 million.

The receivers said it wasn't practical to estimate a completion
date for the receivership at this time, adds BusinessDesk.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.



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


PUNJ LLOYD: Singapore Units File for Judicial Management
--------------------------------------------------------
Bloomberg News reports that Punj Lloyd's Singapore units filed for
judicial management on Feb. 17 after creditors rejected one of the
two subsidiaries' debt restructuring plans, as some oil and rail
projects bled losses and attempts to diversify into other business
areas backfired.

Unsecured creditors would get zero to half-a-cent on the dollar
recovery based on liquidation scenario analyses on Dec. 22,
according to court documents seen by Bloomberg. The builder's
financial strains provide a window into why Indian banks are
scaling back lending as their stressed assets reach a 14-year
high, Bloomberg says.

Bloomberg says Central bank governor Raghuram Rajan has given
lenders until March 2017 to boost provisions, as soured loans
threaten to hamper economic growth after 11 state-run banks
incurred losses last quarter.

A group of lenders has placed restrictions on Punj Lloyd's
investments to monitor its cash flow under a "corrective action
plan", according to court documents obtained by Bloomberg. It's
difficult to gauge the level of stressed assets from "corporates
draining cash in poor investments," Bloomberg quotes Mehul
Sukkawala, Singapore-based lead analyst for South Asia corporate
ratings at Standard & Poor's, as saying. "In many cases, it's
investments which seemed to make sense at the time of making
investment, though due to the change in commodity cycle or
economic environment or regulations, start registering losses."

"The company will work closely with the judicial manager, once
appointed by the court, to solicit support" for a revised
restructuring plan, Punj Lloyd said in an e-mailed reply to
Bloomberg on Feb. 18.

The potential recovery for creditors under the new plan is being
assessed, it said, Bloomberg says. The New Delhi-based group
intended to restructure SGD30 million of debt owed to banks and
unsecured creditors at Sembawang Engineers and Constructors and
S$176 million at Punj Lloyd, according to their restructuring
documents.

Creditors voted down the first, prompting the company to pull the
second, Bloomberg reports citing a Jan 18 company filing. The
interests of creditors outside the Punj Lloyd group were not
seriously taken care of in the proposals, said Soon Wei Min, a
director at Singapore-based Mirador Building Contractor in
Singapore, which has taken legal steps to recover its dues,
Bloomberg relays. The defaulter had money but had chosen to settle
inter-company debt ahead of suppliers, he added.

"Of course, we'll be glad if Punj Lloyd Pte comes up with a better
plan," Bloomberg quotes Berry, a spokesman who goes by one name at
Top Zone Construction & Engineering, one of the creditors, as
saying. "We had wanted to support the scheme of arrangement but we
couldn't beat the majority who opposed it. It's better to recover
some money than nothing at all."

Punj Lloyd's units in Singapore bought a US$55 million Gulfstream
G650 jet in 2008 and invested US$41 million to develop a coal-mine
in Indonesia 2011, both part-funded by loans from the parent
company, Bloomberg recalls. The aircraft was sold to the parent
for SGD50 million in late 2014 to settle the loans, while the coal
mine may be sold to repay debt, according to the restructuring
documents cited by Bloomberg. "Punj Lloyd does not regret these
investments," the company said in the e-mail. "Both the
investments have economic value which would be unlocked in due
course."

The listed parent sank deeper in the red in the nine-months
through Dec. 31, with gross borrowings at INR78 billion against
INR7.3 billion cash, Bloomberg discloses. In Singapore, it lost
SGD20.7 million building a petrochemical plant for Jurong
Aromatics Corp. and faced late-delivery penalties on subway,
waterworks and prison projects due to higher material costs,
Bloomberg discloses citing court documents.


TIGER AIRWAYS: Singapore Airlines to Take Full Control of Carrier
-----------------------------------------------------------------
Channel NewsAsia reports that flagship carrier Singapore Airlines
(SIA) is set to take full control of Tiger Airways, with its offer
for the shares it does not already own in the budget airline
closed on March 4.

SIA launched its takeover offer for Tiger Airways on Nov 6 last
year, with the intention of delisting and privatising the budget
carrier, CNA relates.

On Feb 5, SIA's stake in Tiger Airways rose to more than 90%, the
level required for delisting, the report discloses.

On Feb 26, SIA announced that it now owns, controls or has agreed
to acquire more than 95.6% of the budget carrier, a level which
allows for the compulsory acquisition of all of the airline's
outstanding shares, according to CNA.

CNA relates that SIA said shareholders who did not respond to the
offer will receive a letter on the compulsory acquisition of their
shares in due course.

"Singapore Airlines would like to thank Tiger Airways shareholders
who found our offer compelling. With full ownership of Tiger
Airways, we will be able to fully integrate it within the SIA
Group, strengthening Tiger Airways' future growth prospects," the
report quotes SIA CEO Goh Choon Phong as saying.

Tiger Airways Holdings is a Singapore-based airline company.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Feb. 29 to March 4, 2016
-----------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.18
AUSDRILL FINANCE PTY      6.88    11/1/2019   USD        70.60
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.61
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD        69.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
BOART LONGYEAR MANAG      7.00     4/1/2021   USD        39.88
CML GROUP LTD             9.00    1/29/2020   AUD         0.99
CRATER GOLD MINING L     10.00    8/18/2017   AUD        15.00
CROWN RESORTS LTD         6.35    4/23/2075   AUD        75.50
EMECO PTY LTD             9.88    3/15/2019   USD        50.00
EMECO PTY LTD             9.88    3/15/2019   USD        49.50
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        52.85
FMG RESOURCES AUGUST      6.88     4/1/2022   USD        54.43
IMF BENTHAM LTD           6.52    6/30/2019   AUD        72.00
KBL MINING LTD           12.00    2/16/2017   AUD         0.28
KEYBRIDGE CAPITAL LT      7.00    7/31/2020   AUD         0.69
LAKES OIL NL             10.00    3/31/2017   AUD         6.50
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD         5.13
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD         3.99
NEWCREST FINANCE PTY      5.75   11/15/2041   USD        73.36
ORIGIN ENERGY FINANC      4.00    9/16/2074   EUR        67.00
ORIGIN ENERGY FINANC      3.00     4/5/2023   EUR        73.58
STOKES LTD               10.00    6/30/2017   AUD         0.40
SUNLAND CAPITAL PTY       7.55   11/25/2020   AUD        73.88
TREASURY CORP OF VIC      0.50   11/12/2030   AUD        66.25


CHINA
-----


BANGBU CITY INVESTME      5.78    8/10/2017   CNY        56.27
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        40.01
CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY        36.85
CHANGSHA HIGH TECHNO      7.30   11/22/2017   CNY        71.10
CHANGSHU CITY OPERAT      8.00    1/16/2019   CNY        64.50
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        40.34
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY        38.30
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        48.55
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY        50.06
CHANGZHOU WUJIN CITY      6.22     6/8/2018   CNY        74.00
CHAOYANG CONSTRUCTIO      7.30    5/25/2019   CNY        75.00
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.50
CHONGQING HECHUAN UR      6.95     1/6/2018   CNY        72.14
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        72.17
CHONGQING JIANGJIN H      6.95     1/6/2018   CNY        73.40
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.90
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY        61.00
CHONGQING YUXING CON      7.29    12/8/2017   CNY        72.50
DANDONG CITY DEVELOP      6.21     9/6/2017   CNY        71.00
DANYANG INVESTMENT G      6.30     6/3/2016   CNY        39.64
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        71.47
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY        70.50
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        52.94
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD        55.00
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        71.45
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY        68.16
GRANDBLUE ENVIRONMEN      6.40     7/7/2016   CNY        70.21
GUILIN ECONOMIC CONS      6.90     5/9/2018   CNY        73.00
GUOAO INVESTMENT DEV      6.89   10/29/2018   CNY        68.75
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        40.50
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY        41.26
HEBEI RONG TOU HOLDI      6.76     7/8/2021   CNY        73.61
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        39.90
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY        41.20
HUAIAN CITY URBAN AS      7.15   12/21/2016   CNY        40.37
HUAIAN QINGHE NEW AR      6.79    4/29/2017   CNY        71.27
HUZHOU MUNICIPAL CON      7.02   12/21/2017   CNY        73.48
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        50.57
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY        49.95
JINING CITY CONSTRUC      8.30   12/31/2018   CNY        64.91
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        40.04
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY        37.69
LEQING CITY STATE OW      6.50    6/29/2019   CNY        78.00
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        41.13
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY        44.69
LINAN CITY CONSTRUCT      8.15     3/9/2018   CNY        73.00
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        51.30
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY        50.56
LONGHAI STATE-OWNED       8.25    12/2/2017   CNY        73.99
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        60.92
LUOHE CITY CONSTRUCT      6.81    3/30/2017   CNY        61.28
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        40.30
NANTONG STATE-OWNED       6.72   11/13/2016   CNY        39.98
NINGBO CITY ZHENHAI       6.48    4/12/2017   CNY        70.10
NINGDE CITY STATE-OW      6.25   10/21/2017   CNY        41.01
NINGHAI COUNTY CITY       8.60   12/31/2017   CNY        74.79
NONGGONGSHANG REAL E      6.29   10/11/2017   CNY        72.24
OCEAN RIG UDW INC         7.25     4/1/2019   USD        42.00
OCEAN RIG UDW INC         7.25     4/1/2019   USD        41.00
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        40.70
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY        41.01
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        71.07
QINGDAO CITY CONSTRU      6.19    2/16/2017   CNY        70.98
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        38.36
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY        40.40
QUNSHAN HUAQIAO INTE      7.98   12/30/2018   CNY        65.78
SHANDONG SHANSHUI CE      6.20    5/12/2017   CNY        50.40
SHANGHAI REAL ESTATE      6.12    5/17/2017   CNY        70.57
SHAOYANG CITY CONSTR      7.40    9/11/2018   CNY        74.02
SHENGZHOU HOTEL CO L      9.20    2/26/2016   CNY       100.30
SICHUAN DEVELOPMENT       5.40   11/10/2017   CNY        71.06
TAIZHOU CITY CONSTRU      6.90    1/25/2017   CNY        40.37
TIGER FOREST & PAPER      5.38    6/14/2017   CNY        74.72
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        68.00
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY        71.38
URUMQI STATE-OWNED A      6.48    4/28/2018   CNY        74.00
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.17
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY        50.56
WUXI HUISHAN SOFTWAR      9.00    3/19/2016   CNY        60.35
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.20
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY        41.24
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        66.06
XIANGYANG CITY CONST      8.12    1/12/2019   CNY        64.14
XIANYANG CITY CONSTR      7.90    12/9/2017   CNY        76.30
XINJIANG SHIHEZI DEV      7.50    8/29/2018   CNY        72.34
XINXIANG INVESTMENT       6.80    1/18/2018   CNY        73.20
XUZHOU XINSHENG CONS      7.48     5/8/2018   CNY        79.00
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        50.37
YANGZHOU ECONOMIC DE      5.80    5/12/2016   CNY        49.58
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY        49.97
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        38.54
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY        40.16
YANZHOU HUIMIN URBAN      8.50   12/28/2017   CNY        54.58
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        74.60
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY        72.86
YINCHUAN URBAN CONST      6.28     3/9/2017   CNY        50.41
YIYANG CITY CONSTRUC      8.20   11/19/2016   CNY        41.44
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        71.00
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY        69.82
ZHANGJIAGANG JINCHEN      6.23     1/6/2018   CNY        61.95
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        61.72
ZHUCHENG ECONOMIC DE      6.40    4/26/2018   CNY        60.16
ZHUCHENG ECONOMIC DE      7.50    8/25/2018   CNY        40.72
ZIBO CITY PROPERTY C      5.45    4/27/2019   CNY        50.44
ZOUCHENG CITY ASSET       7.02    1/12/2018   CNY        41.94


INDONESIA
---------


BERAU COAL ENERGY TB      7.25    3/13/2017   USD        27.75
BERAU COAL ENERGY TB      7.25    3/13/2017   USD        25.58
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.25
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD        59.73
INDONESIA TREASURY B      6.38    4/15/2042   IDR        72.97
PERUSAHAAN PENERBIT       6.10    2/15/2037   IDR        78.50


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017   USD        13.50
BLUE DART EXPRESS LT      9.30   11/20/2017   INR        10.15
BLUE DART EXPRESS LT      9.50   11/20/2019   INR        10.29
BLUE DART EXPRESS LT      9.40   11/20/2018   INR        10.22
COROMANDEL INTERNATI      9.00    7/23/2016   INR        15.75
GTL INFRASTRUCTURE L      4.03    11/9/2017   USD        29.75
JAIPRAKASH ASSOCIATE      5.75     9/8/2017   USD        69.56
JCT LTD                   2.50     4/8/2011   USD        33.63
JSW STEEL LTD             4.75   11/12/2019   USD        67.25
PRAKASH INDUSTRIES L      5.25    4/30/2015   USD        20.13
PYRAMID SAIMIRA THEA      1.75     7/4/2012   USD         1.00
REI AGRO LTD              5.50   11/13/2014   USD         1.68
REI AGRO LTD              5.50   11/13/2014   USD         1.68
SVOGL OIL GAS & ENER      5.00    8/17/2015   USD        19.88


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017   JPY        32.38
AVANSTRATE INC            5.55   10/31/2017   JPY        37.00
ELPIDA MEMORY INC         0.70     8/1/2016   JPY         8.25
ELPIDA MEMORY INC         0.50   10/26/2015   JPY         8.38
ELPIDA MEMORY INC         2.03    3/22/2012   JPY         8.25
ELPIDA MEMORY INC         2.29    12/7/2012   JPY         8.25
ELPIDA MEMORY INC         2.10   11/29/2012   JPY         8.25
SHARP CORP/JAPAN          1.60    9/13/2019   JPY        78.75
SHARP CORP/JAPAN          2.07    3/19/2019   JPY        85.61
TAKATA CORP               0.58    3/26/2021   JPY        71.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
2014 KODIT CREATIVE       5.00   12/25/2017   KRW        30.95
DONGBU STEEL CO LTD       5.00     3/9/2018   KRW        95.05
DOOSAN CAPITAL SECUR     20.00    4/22/2019   KRW        40.54
KIBO ABS SPECIALTY C      5.00    1/31/2017   KRW        32.66
KIBO ABS SPECIALTY C      5.00    3/29/2018   KRW        29.91
KIBO ABS SPECIALTY C     10.00    8/22/2017   KRW        27.15
KIBO ABS SPECIALTY C     10.00     9/4/2016   KRW        39.84
KIBO ABS SPECIALTY C      5.00   12/25/2017   KRW        29.65
KIBO ABS SPECIALTY C     10.00    2/19/2017   KRW        37.53
LSMTRON DONGBANGSEON      4.53   11/22/2017   KRW        30.53
PULMUONE CO LTD           2.50     8/6/2045   KRW        67.31
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    1/15/2018   KRW        30.76
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    2/11/2018   KRW        30.31
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    3/12/2018   KRW        30.07
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00    1/30/2019   KRW        27.16
SINBO SECURITIZATION      5.00   10/30/2019   KRW        19.15
SINBO SECURITIZATION      5.00    7/24/2017   KRW        31.23
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    7/24/2018   KRW        29.16
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00    5/27/2016   KRW        42.07
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     6/7/2017   KRW        23.24
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00     7/8/2017   KRW        32.43
SINBO SECURITIZATION      5.00    6/29/2016   KRW        38.47
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/29/2018   KRW        28.66
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    6/27/2018   KRW        29.37
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    9/26/2018   KRW        28.43
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/18/2019   KRW        26.77
SINBO SECURITIZATION      5.00    3/14/2016   KRW        57.44
SINBO SECURITIZATION      5.00    8/16/2016   KRW        34.31
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00    8/16/2017   KRW        32.02
SINBO SECURITIZATION      5.00   12/25/2016   KRW        33.12
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/1/2017   KRW        31.47
SINBO SECURITIZATION      5.00    10/5/2016   KRW        35.02
SINBO SECURITIZATION      5.00    10/5/2016   KRW        33.37
SINBO SECURITIZATION      5.00   12/13/2016   KRW        34.23
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2018   KRW        27.49
SINBO SECURITIZATION      5.00   12/23/2017   KRW        29.67
SINBO SECURITIZATION      5.00    3/13/2017   KRW        33.30
SINBO SECURITIZATION      5.00    1/29/2017   KRW        33.72
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/21/2017   KRW        33.57
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    2/27/2019   KRW        26.99
SINBO SECURITIZATION      5.00    8/31/2016   KRW        35.40
SINBO SECURITIZATION      5.00    7/26/2016   KRW        36.16
TONGYANG CEMENT & EN      7.30    6/26/2015   KRW        70.00
TONGYANG CEMENT & EN      7.50    4/20/2014   KRW        70.00
TONGYANG CEMENT & EN      7.30    4/12/2015   KRW        70.00
TONGYANG CEMENT & EN      7.50    9/10/2014   KRW        70.00
TONGYANG CEMENT & EN      7.50    7/20/2014   KRW        70.00
U-BEST SECURITIZATIO      5.50   11/16/2017   KRW        31.74
WISE MOBILE SECURITI     20.00   12/14/2018   KRW        71.81


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026   LKR        66.63


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35    2/20/2024   MYR        71.02
BANDAR MALAYSIA SDN       0.35   12/29/2023   MYR        71.52
BIMB HOLDINGS BHD         1.50   12/12/2023   MYR        71.94
BRIGHT FOCUS BHD          2.50    1/22/2031   MYR        68.23
BRIGHT FOCUS BHD          2.50    1/24/2030   MYR        71.10
LAND & GENERAL BHD        1.00    9/24/2018   MYR         0.22
SENAI-DESARU EXPRESS      0.50   12/31/2038   MYR        67.36
SENAI-DESARU EXPRESS      0.50   12/31/2042   MYR        73.21
SENAI-DESARU EXPRESS      0.50   12/30/2039   MYR        69.16
SENAI-DESARU EXPRESS      0.50   12/31/2040   MYR        70.50
SENAI-DESARU EXPRESS      0.50   12/30/2044   MYR        75.37
SENAI-DESARU EXPRESS      0.50   12/31/2041   MYR        71.82
SENAI-DESARU EXPRESS      0.50   12/31/2043   MYR        74.40
SENAI-DESARU EXPRESS      1.35    6/30/2028   MYR        59.50
SENAI-DESARU EXPRESS      1.35   12/29/2028   MYR        58.33
SENAI-DESARU EXPRESS      1.10    6/30/2022   MYR        73.88
SENAI-DESARU EXPRESS      1.15   12/30/2022   MYR        72.52
SENAI-DESARU EXPRESS      1.15    6/30/2023   MYR        70.95
SENAI-DESARU EXPRESS      1.15   12/29/2023   MYR        69.43
SENAI-DESARU EXPRESS      1.15    6/28/2024   MYR        67.95
SENAI-DESARU EXPRESS      1.15   12/31/2024   MYR        66.49
SENAI-DESARU EXPRESS      1.15    6/30/2025   MYR        65.08
SENAI-DESARU EXPRESS      1.35   12/31/2025   MYR        65.18
SENAI-DESARU EXPRESS      1.35    6/30/2026   MYR        63.98
SENAI-DESARU EXPRESS      1.35   12/31/2026   MYR        62.87
SENAI-DESARU EXPRESS      1.35    6/30/2027   MYR        61.73
SENAI-DESARU EXPRESS      1.35   12/31/2027   MYR        60.64
SENAI-DESARU EXPRESS      1.35    6/29/2029   MYR        57.15
SENAI-DESARU EXPRESS      1.35   12/31/2029   MYR        55.98
SENAI-DESARU EXPRESS      1.35    6/28/2030   MYR        54.79
SENAI-DESARU EXPRESS      1.35   12/31/2030   MYR        53.60
SENAI-DESARU EXPRESS      1.35    6/30/2031   MYR        52.44
UNIMECH GROUP BHD         5.00    9/18/2018   MYR         1.07


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD        22.75
BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD        22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.78    5/18/2018   USD        50.71
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD         3.19
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        26.59
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD        25.88
BLD INVESTMENTS PTE       8.63    3/23/2015   USD         7.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        20.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD        17.49
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        19.50
BUMI INVESTMENT PTE      10.75    10/6/2017   USD        17.27
ENERCOAL RESOURCES P      6.00     4/7/2018   USD        10.38
GOLIATH OFFSHORE HOL     12.00    6/11/2017   USD         8.50
INDO INFRASTRUCTURE       2.00    7/30/2010   USD         1.88
NEPTUNE ORIENT LINES      4.40    6/22/2021   SGD        71.00
ORO NEGRO DRILLING P      7.50    1/24/2019   USD        60.63
OSA GOLIATH PTE LTD      12.00    10/9/2018   USD        62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.20
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD        48.00
OTTO MARINE SERVICES      7.00     8/1/2016   SGD        75.00
SWIBER CAPITAL PTE L      6.50     8/2/2018   SGD        54.13
SWIBER CAPITAL PTE L      6.25   10/30/2017   SGD        64.50
SWIBER HOLDINGS LTD       7.13    4/18/2017   SGD        69.00
SWIBER HOLDINGS LTD       7.75    9/18/2017   CNY        65.63
TRIKOMSEL PTE LTD         5.25    5/10/2016   SGD        20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017   SGD        20.00


THAILAND
--------

G STEEL PCL               3.00    10/4/2015   USD         3.74
MDX PCL                   4.75    9/17/2003   USD        37.75


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.00
DEBT AND ASSET TRADI      1.00   10/10/2025   USD        48.75




                             *********

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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