TCRAP_Public/160310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 10, 2016, Vol. 19, No. 49


                            Headlines


A U S T R A L I A

EARTHBORN HOMEWARES: Placed Into Liquidation
EASTCOAST PLUMBING: First Creditors' Meeting Set For March 17
GKS INVESTMENTS: First Creditors' Meeting Set For March 17
OTTER GROUP: Enters Receivership; Business Up For Sale
WAHROONGA DEVELOPMENT: First Creditors' Meeting Set For March 17


H O N G  K O N G

HUA HAN: Fitch Says Acceleration in Capex Plan May Raise Leverage


I N D I A

AADHI CARS: ICRA Suspends B Rating on INR7.50cr LT Loan
AJAY PROTECH: ICRA Upgrades Rating on INR15cr Loan to BB-
AMRAPALI SILICON: ICRA Revises Rating on INR300cr Loan to D
AMRITA DEVELOPERS: ICRA Suspends D Rating on INR12cr Loan
ANDHRA POLYMERS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating

ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr LT Loan
BAGPOLY INTERNATIONAL: ICRA Suspends B+/A4 Rating on INR33cr Loan
BIHANI ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan
CBS TECHNOLOGIES: CRISIL Assigns B+ Rating to INR32.5MM Loan
CHORUS LABS: ICRA Reaffirms B- Rating on INR4.0cr Cash Loan

CONSOLIDATED INTERIORS: ICRA Suspends C Rating on INR15.5cr Loan
D C METALS: CRISIL Lowers Rating on INR300MM Cash Loan to D
DEVSHREE SOLAR: Weak Financial Strength Cues ICRA SP3D Grading
ENCANA INTERNATIONAL: CRISIL Assigns B Rating to INR15MM Loan
ESGI GARMENTS: CRISIL Reaffirms B+ Rating on INR80MM Loan

GYPSUM STRUCTURAL: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
KUSHAL CHAND: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
MAHADEV IRON: CRISIL Assigns B- Rating to INR50MM Cash Loan
MAHENJU TEXTILES: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
MANDAR ROLLER: ICRA Assigns 'B' Rating to INR1.50cr Cash Loan

MANGALMURTI BIO-CHEM: ICRA Reaffirms B Rating on INR3.99cr Loan
NALARI FERRO: ICRA Lowers Rating on INR5.70cr Loan to B+
NEW - TECH: CRISIL Reaffirms 'D' Rating on INR250MM Cash Loan
PAC BIO: CRISIL Assigns 'D' Rating to INR50MM Cash Loan
PAEDIA HEALTH: ICRA Reaffirms B- Rating on INR11.45cr Term Loan

PRAGATI SAHAYOG: CRISIL Reaffirms B Rating on INR50MM Cash Loan
RCH ORTHOPAEDICS: CRISIL Assigns B+ Rating to INR38.5MM LT Loan
REED AND PICK: ICRA Suspends 'B' Rating on INR5cr Loan
SEGNO CERAMICS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
SHEEN INDIA: ICRA Suspends B Rating on INR26cr Capital Loan

SHREE GANESH: ICRA Suspends 'D' Rating on INR13.50cr Loan
SHREE SAIBABA: ICRA Reaffirms D Rating on INR29.51cr Term Loan
SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR735MM Cash Loan
SHRI AGRAWAL: Ind-Ra Affirms INR149MM Bank Loan at 'IND BB-'
SOUTH EAST ASIAN: Ind-Ra Cuts INR131.61MM Loan Rating to 'IND D'

SR FOILS: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
SRI RAMA: ICRA Reaffirms B- Rating on INR14.80cr Loan
SUHANI KNITFAB: ICRA Reaffirms 'B+' Rating on INR6.41cr Term Loan
SUMEDHA CONSTRUCTIONS: ICRA Suspends D Rating on INR7cr Loan
SUNRISE PROCESS: CRISIL Reaffirms 'B' Rating on INR30MM Loan

VATIKA TRACOM: CRISIL Assigns B+ Rating to INR80MM Cash Loan


I N D O N E S I A

INDONESIA: S&P Rates Cert. Issuance Under US$10BB Program 'BB+'


J A P A N

SHARP CORP: Hon Hai May Delay Bailout Amid Talks With Banks
TOSHIBA CORP: Canon Offers JPY700 Billion for Medical Unit


N E W  Z E A L A N D

HORVATH CONSTRUCTION: Faces Liquidation Over Unpaid Tax
NEW ZEALAND BAPTIST: Fitch Affirms 'B+' LT Issuer Default Rating
STONEWOOD HOMES: Chow Brothers Buy Stonewood Assets


S I N G A P O R E

DOLPHIN GEOPHYSICAL: Proof of Claims Deadline Set April 4


S O U T H  K O R E A

MONEUAL: Finance Ministry Enforces Measures Against Eximbank


S R I  L A N K A

CEYLON DOLLAR: Fitch Downgrades Fund Credit Quality Rating to B+


                            - - - - -


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


EARTHBORN HOMEWARES: Placed Into Liquidation
--------------------------------------------
Jacinda Tutty at The Courier-Mail reports that Earthborn Homewares
has shut its doors and gone to ground after becoming the latest
casualty of the retail downturn.

According to the report, the Queensland homewares chain put the
company into liquidation on March 7 and is closing the doors to
its final Indooroopilly store this week after shutting the seven
remaining non-franchisee outlets.

Following a meeting of members of Earthborn, chairman and founder
Philip Walker called in SV Partners David Stimpson and Terrence
Rose to liquidate the company, The Courier-Mail discloses.

The report says customers with gift vouchers have vented their
frustration on Facebook at the lack of communication from
Earthborn's directors who disconnected their phone lines and are
letting emails bounce back.

"They have shut down nationally from what I have heard, shut here
in Townsville also can't ring anyone to redeem a gift card,"
Facebook user Carol Landford posted, the report relays.  "They
have done a runner from their warehouse in Salisbury," Facebook
user Wayne Souter posted.

Staff at the Indooroopilly store were reportedly sent a letter
advising them to close with only days' notice triggering a 50 per
cent off sale over the weekend, according to The Courier-Mail.

The Queensland company was founded by Philip and Patricia Walker
21 years ago who started selling their ceramics to their local
market before expanding to more than 10 stores across Queensland.

Earthborn's Tweed Heads, Kawana and Harbour Town stores remain
open and are run by franchise owners who told The Courier Mail the
company was hit by "tough times" but they would continue trading
independent of the company.

The report relates that SV Partner's David Stimpson said
liquidators were still trying to get the "full picture" and work
through a list of creditors and the sale of stock to a "related
party" before they can say what the "actual story is".


EASTCOAST PLUMBING: First Creditors' Meeting Set For March 17
-------------------------------------------------------------
Barry Wight & Bruno A Secatore of Cor Cordis Chartered Accountants
were appointed as administrators of Eastcoast Plumbing Group Pty
Ltd, Eastcoast Plumbing Company Aust Pty Ltd, Eastcoast Asset
Company Pty Ltd, Eastcoast Plumbing & Electrical Supplies Pty Ltd,
and Roolis Developments Pty Ltd on March 4, 2016.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, Level 3, Bourke Place,
600 Bourke Street, in Melbourne, on March 17, 2016, at
11:00 a.m.


GKS INVESTMENTS: First Creditors' Meeting Set For March 17
----------------------------------------------------------
Matthew James Jess and Nathan Lee Deppeler of Worrells Solvency &
Forensic Accountants were appointed as administrators of GKS
Investments (Aust) Pty Ltd, trading as Australian Cable Reel
Company, on March 8, 2016.

A first meeting of the creditors of the Company will be held at
Bendigo Bank Theatre - The Capital, Ground Floor, 50 View Street,
in Bendigo, on March 17, 2016, at 10:30 a.m.


OTTER GROUP: Enters Receivership; Business Up For Sale
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Otter Group Pty
Ltd has entered receivership.  PPB Advisory has been appointed
receivers of the company.

Dissolve.com.au says expressions of interest are sought by the
receivers for the purchase of the company and its assets.

Otter Group had AUD27 million turnover before the receivership,
the report notes.

The nails, wire products and screws supplier will continue to
operate, the report says.


WAHROONGA DEVELOPMENT: First Creditors' Meeting Set For March 17
----------------------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
Wahroonga Development Pty Limited on March 7, 2016.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on March 17,
2016, at 10:00 a.m.



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


HUA HAN: Fitch Says Acceleration in Capex Plan May Raise Leverage
-----------------------------------------------------------------
Fitch Ratings says that Hua Han Health Industry Holdings Limited's
(Hua Han, BB-/Stable) leverage may rise substantially over the
next 6-12 months because it is bringing forward capex related to
hospitals it is building. However, Fitch expects the company to
remain in a net cash position, and therefore there is no impact on
the rating.

Fitch believes Hua Han has accelerated its hospital construction
and related equipment procurement in the first half of the
financial year ending June 2016 (1HFY16). Net cash declined to
HKD3.3bn at end-December 2015 from HKD6bn at end-June 2015, mostly
due to higher-than-expected capital expenditure. Fixed asset and
deposits for equipment purchases increased by HKD2.9bn in 1HFY16,
compared with Fitch's previous capex expectation of HKD800m in
FY16 and HKD2bn in FY17. Fitch expects capex to come down from
FY17 as some of the spending has been brought forward. The first
hospital that Hua Han is building, Liupanshui City Liang Dou
People's Hospital, will commence partial operation by June 2016
and full operation by end-2016.

Hua Han has three hospitals under planning and construction.
Currently there are no plans to expand beyond that, given the high
capital requirement and limited market opportunities. The
company's leverage profile and credit metrics may come under
pressure if the company announces more aggressive plans to invest
in hospitals.

Hua Han entered the medical services business in late 2014, and
management expects this to become the main growth driver going
forward. Revenue contribution from medical services rose to 43% of
total revenue in 1HFY16 from 12% in FY15. The medical services
segment has also expanded in 1HFY16 to include stem cell storage
as and hospital division upgrade, from supply chain management
previously. The EBIT margin of medical services remained at around
20% in 1HFY16 (22% in FY15). Fitch expects modest growth in supply
chain management in FY17-FY19 and new revenue streams to be
derived from the newly built hospitals.

Hua Han's pharmaceutical products business remains strong. EBIT
from the segment rose 9% yoy in 1HFY16 to CNY410m. Revenues
dropped by more than 30%, but this was more than offset by a fall
in distribution expenses via the base-price sales strategy
implemented in 2HFY15, which transferred the majority of
distribution costs to distributors in exchange for a discount in
the product sales price. Pharmaceutical revenue actually rose 9%
yoy in 1HFY16 if Hua Han applied the same base prices to the
revenue in 1H15.



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


AADHI CARS: ICRA Suspends B Rating on INR7.50cr LT Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.50 crore
long term fund based facilities of Aadhi Cars Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


AJAY PROTECH: ICRA Upgrades Rating on INR15cr Loan to BB-
---------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]BB- from [ICRA]B+
for the INR1.35 crore term loan facility and INR15.00 crore fund-
based cash credit facility of Ajay Protech Private Limited. The
outlook on long term rating is "Stable". ICRA has also reaffirmed
an [ICRA]A4 rating to INR10.00 crore short-term non fund based
bank guarantee facility and INR3.00 crore (sublimit of Bank
guarantee) Letter of credit facility of APPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               1.35       Upgraded to [ICRA]BB-
                                      (Stable) from [ICRA]B+

   Cash Credit            15.00       Upgraded to [ICRA]BB-
                                      (Stable) from [ICRA]B+

   Bank Guarantee         10.00       [ICRA]A4; Reaffirmed

   Letter of Credit      (3.00)       [ICRA]A4; Reaffirmed
   (DP/DA up to 90 days)

The ratings upgrade takes into account the stable growth in
revenue over the period under study, increase in operating
profitability, strong order book position of INR398.14 crore as on
January 2016, emanating from geographical diversification which
provides revenue visibility in the near to medium term. The
ratings also favourably factors in the past experience of the
promoters in the civil construction business, status of "AA" class
contractor with Government of Gujarat as well as the reputed
client portfolio consisting of government and semi government
agencies.

The ratings, however remain constrained by high competitive
intensity in the government mandated construction segments given
the low complexity of work involved and low entry barriers in term
of qualifications required for the tender floated, sectoral
concentration risk is high as the company primarily focuses on
construction of roads and bridges and vulnerability of
profitability to raw material price variation, although the same
is mitigated to a large extent on account of the presence of an
escalation clause in the contracts. Further the ratings also
considers the APPL's financial profile characterized by stretched
capital structure, though majority (i.e. ~40%) of the debt
comprises of unsecured loans from promoters.

Incorporated in April 2011, Ajay Protech Private Limited is
involved in engineering, procurement and construction (EPC) of
roads and bridges. It is promoted by Mr. Amratlal, Mr. Arvindh and
Mr. Chandresh Patel. The company has received an "AA" class
contractor certificate in February 2012 from the Government of
Gujarat and has also received "Special Category I" certificate.
Currently the company is working on seventeen projects out of
which seven contracts are on a subcontract basis with an
outstanding order book position of INR398.14 crore.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR104.45 crore with profit after tax (PAT) of
INR1.15 crore.


AMRAPALI SILICON: ICRA Revises Rating on INR300cr Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR300 crore
term loans of Amrapali Silicon City Pvt Ltd (ASCPL) to [ICRA]D
from [ICRA]B assigned earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             300         [ICRA]D; Revised

The rating revision factors in the delays made by ASCPL in
servicing the debt obligations. This could be attributed to the
cash flow mismatches in the past primarily due to slowdown in
bookings and collections given poor demand scenario. ICRA notes
that while 'Silicon City' project is in final stages of
implementation, the smaller project 'Crystal Homes' exposes the
company to execution risk. Further the market risk for Crystal
homes remains high for the unsold area given the high supply in
the region. As a major part of project funding is envisaged from
customer advances the incremental bookings and collection
efficiency remain critical for successful implementation of the
projects. Going forward, the company's ability to timely service
the debt, realize advances from group companies, improve bookings
and adherence to the construction schedule will be amongst the key
rating sensitivities.

Incorporated in February 2010, ASCPL is a Special Purpose Vehicle
promoted by the Amrapali Group for developing a group housing
project called "Amrapali Silicon City" over 34.44 acre of plot in
Sector-76, Noida. The total saleable area in the project is 4.87
million square feet. ASCPL launched another project 'Crystal
homes' at 9 acre land adjacent to Silicon City in Q4, FY14. The
project is having a total saleable area of 1.04 million sqft.


AMRITA DEVELOPERS: ICRA Suspends D Rating on INR12cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D assigned to the
INR12.00 crore fund based facilities of Amrita Developers (Indore)
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Amrita Developers (Indore) Private Limited (ADIPL) was
incorporated in 2007 and is promoted by Mr. Ramesh Chand Jain and
his son, Mr. Prayank Jain. The company has constructed a 48 room
hotel with a restaurant, coffee shop, two banquet halls and a
marriage garden, on 1.91 hectares of land on MR-10 road in Indore
(Madhya Pradesh). The company is a part of Indore-based Sundaram
Group, which has been engaged in construction business in Indore
for the past three decades. Till date, the group has executed
various residential projects and now, it has forayed into hotel
industry through ADIPL.


ANDHRA POLYMERS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Andhra Polymers
Pvt Ltd's (APPL) 'IND BB+' Long-Term Issuer Rating to the
suspended category. This rating will now appear as 'IND
BB+(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

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

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

APPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR105 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'
-- INR90 million fund-based working capital limits: migrated to
    'IND BB+(suspended)'/'IND A4+(suspended) from 'IND BB+/'IND
    A4+'


ARUPPUKOTTAI SHRI: ICRA Reaffirms B Rating on INR20cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR5.32 crore (revised from INR11.27 crore) term loan
facilities, INR20.00 crore fund based facilities and INR12.65
crore (revised from INR6.70 crore) proposed facilities of
Aruppukottai Shri Ramalinga Spinners Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 outstanding on
the INR1.84 crore non-fund based facilities of the Company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Term
   Loans                   5.32        [ICRA]B/reaffirmed

   Long-term Fund
   based facilities       20.00        [ICRA]B/reaffirmed

   Long-term proposed
   facilities             12.65        [ICRA]B/reaffirmed

   Short-term Non-         1.84        [ICRA]A4/reaffirmed
   fund based facilities

The ratings continue to factor in the significant experience of
the promoters in the spinning industry and the continuous
financial support extended by the group company, Shri Ramalinga
Mills Limited (rated [ICRA]BB+ (stable)/[ICRA]A4+). The ratings
are, however, constrained by the decline in the operating income
on account of slowdown in export orders and the losses incurred in
FY15. The ratings are further constrained by the highly leveraged
capital structure and stretched debt metrics owing to the high
dependence on external borrowings to meet working capital
requirements and debt servicing obligations. The working capital
intensity continues to be high due to high levels of inventories
held. The ratings are further constrained by the Company's limited
scale of operations which restricts its financial flexibility and
pricing flexibility, given the highly fragmented structure of the
domestic spinning industry. Amid a sluggish demand scenario in the
current fiscal coupled with weak export scenario, the Company's
ability to protect its profit margins and generate healthy cash
flows becomes the key rating sensitivity.

Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited Company in June 1999 with an
object of establishing spinning and textile mills. ASRSPL is one
of the sister concerns of Shri Ramalinga Mills Limited. The
Company commenced its production in November 2003 and currently
operates as a cotton spinning unit in Aruppukottai, Tamil Nadu
with an installed capacity of 68,016 spindles.

Recent Results
ASRSPL reported a net loss of INR1.4 crore on an operating income
of INR90.5 crore for the financial year 2014-15 against a net
profit of INR4.1 crore on an operating income of INR96.6 crore for
the financial year 2013-14.


BAGPOLY INTERNATIONAL: ICRA Suspends B+/A4 Rating on INR33cr Loan
-----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR33.00 crore fund based and
non fund based facilities of Bagpoly International Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Bagpoly International Private Limited (BIPL) was established in
October 1994 and is promoted by Mr. Ved Prakash Mittal and his
family members. The company is engaged in manufacturing of
HDPE/LDPE/PP woven fabrics and bags, tarpaulins and covers. The
manufactured products find utility as industrial packaging
materials for fertilizers, cement, sugar, food grains, chemicals
etc. The company is having manufacturing facilities at Panipat
(Haryana), Kala Amb (Himachal Pradesh) and Alipur Khalsa (Haryana)
with total annual installed capacity of around 7,000 tonnes of
HDPE and 9,500 tonnes tonnes of LDPE.


BIHANI ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Bihani Enterprises. The rating reflects BE's weak
financial risk profile because of a weak capital structure and
debt protection metrics, and modest scale of operations in the
steel trading industry. These weaknesses are mitigated by
efficient working capital management and proprietor's experience
in the industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B+/Stable

Outlook: Stable

CRISIL believes BE will benefit from the proprietor's longstanding
experience. The outlook may be revised to 'Positive' in case of
significant ramp up in scale of operations and increase in
operating profitability, along with improvement in debt protection
metrics and prudent working capital management. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens due to decline in revenue and profitability, or
significant weakening of liquidity because of increased working
capital requirement.

BE was set up in 2001 as a proprietorship firm by Mr. Keshav
Bihani. The firm is an authorised and sole distributor of
galvanised plain sheet, galvanised corrugated sheet and cold-
rolled sheet exclusively for Tata Steel Ltd along with colour
coated sheets for Tata BlueScope Steel Ltd. The firm is located in
Jaipur.

Bihani Enterprises had profit after tax (PAT) of INR4.5 million on
net sales of INR2313.1 million in 2014-15 (refers to financial
year, April 1 to March 31), as compared to a PAT of INR4.5 million
on net sales of INR2059.6 million in 2013-14.


CBS TECHNOLOGIES: CRISIL Assigns B+ Rating to INR32.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of CBS Technologies Private Limited (CBSTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               6       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      1.5     CRISIL B+/Stable

   Bank Guarantee         20.0     CRISIL A4

   Cash Credit            32.5     CRISIL B+/Stable

The ratings reflect the company's small scale and working capital-
intensive nature of operations. The ratings also factor in the
intensely competitive and low operating profitability nature of
the industry in which CBSTPL operates. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.
Outlook: Stable

CRISIL believes CBSTPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
diversified product profile. The outlook may be revised to
'Positive' in case of significant improvement in scale of
operations and improved working capital management, leading to
higher-than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of more-than-expected debt-funded
capital expenditure, a decline in scale of operations, or an
increase in working capital requirement, leading to stretched
liquidity.

CBSTPL was originally set up in 1989 by Mr. Sanjay Kumar Agarwal
as a proprietorship concern, Comprehensive Business Solutions
(CBS). The firm provided facilitation for transportation and
selling of light diesel oil (LDO). It was reconstituted as a
private limited company in 2003 and Mrs. Seema Agarwal (wife of
Mr. Agarwal) joined the company. CBSTPL started its own
manufacturing operation for producing centrifuge cleansing
machines from its unit in Greater Noida in 2004. Currently it
manufactures centrifuge machines, bio toilets, enamelled wire, and
biomass reactors.

Book profit was INR1.15 million on net sales of INR127.97 million
for 2014-15 (refers to financial year, April 1 to March 31), as
against a book profit of INR2.35 million on net sales of INR99.64
million for 2013-14.


CHORUS LABS: ICRA Reaffirms B- Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
INR4.00 crore cash credit facility, INR0.20 term loan and INR3.05
crore unallocated limits of Chorus Labs Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to INR2.50
crore letter of credit and INR0.25 crore bank guarantee facilities
of CLL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B-; reaffirmed
   Term Loan             0.20        [ICRA]B-; reaffirmed
   Letter of Credit      2.50        [ICRA]A4; reaffirmed
   Bank Guarantee        0.25        [ICRA]A4; reaffirmed
   Unallocated Limits    3.05        [ICRA]B-; reaffirmed

The rating reaffirmation continues to remain constrained by the
weak financial profile of the company characterised by high
gearing of 1.52 times and stretched coverage indicators with
OPBITDA-to-Interest & Finance Charges of 1.66 times and Net Cash
Accruals-to-Total Debt of 7% as on 31st March, 2015 and decline in
operating income of the company by 49% in FY15 owing to shutdown
of plant for 6 months in FY15 on the back of closure notice
received from Karnataka State Pollution Control Board in April,
2014. The ratings are further constrained by the high customer
concentration with two customers contributing to more than 85% of
the total revenues in the last 3 years; high product concentration
with around 80% of the total sales contributed by Etolodac &
Diacerein APIs and small scale of operations of the company with
turnover of INR9.03 crore in FY15. ICRA notes that the company's
presence in the highly competitive and fragmented pharmaceutical
industry limits the pricing power of the company.

The ratings favourably factor in the extensive experience of
promoters in the pharmaceutical industry; manufacturing capability
to produce various Active Pharmaceutical Ingredients (API) and
healthy order-book position of INR21.37crore which provides
revenue visibility for medium term.

Going forward, the ability of the company to increase its scale of
operations while maintaining its profitability and managing its
working capital requirements would remain the key rating drivers
from credit perspective.

Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory, anti
fugal and anti bacterial Active Pharma Ingredients (APIs). Mr.
Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry. CLL's manufacturing facilities are
located in Bidar, Karnataka.

Recent Results
According to audited FY 2015 results, the company has achieved
operating income of INR8.47 crore with an operating profit of
INR1.00 crore and net profit of INR0.21 crore as against operating
income of INR16.68 crore with operating profit of INR1.67 crore
and net profit of INR0.38 crore for FY 2014.


CONSOLIDATED INTERIORS: ICRA Suspends C Rating on INR15.5cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]C and the [ICRA]A4 ratings outstanding on
the INR15.5 crore bank facilities of Consolidated Interiors
Limited (CIL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


D C METALS: CRISIL Lowers Rating on INR300MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
D C Metals (DCM) to 'CRISIL D' from 'CRISIL B/Stable'. The
downgrade reflects the firm's continuously overdrawn bank limits.
This was due to weak liquidity driven by low cash accrual.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            300      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The firm also has a modest scale of operations and a weak
financial risk profile marked by a high total outside liabilities
to tangible networth ratio, a modest networth, and weak debt
protection metrics. However, it benefits from the extensive
industry experience of its promoters.

Established in 1984, DCM, a partnership concern based in Mumbai,
trades in iron and steel products. It is promoted by the Bhansali
family, led by Mr. Keshrimal Bhansali and his brothers. The family
has been engaged in this line of business for over 70 years.


DEVSHREE SOLAR: Weak Financial Strength Cues ICRA SP3D Grading
--------------------------------------------------------------
ICRA has assigned its SP3D grading to Devshree Solar Lights
Private Limited (DSLPL). The grading indicates 'Moderate
performance capability' and 'Weak financial strength' of the
channel partner to undertake solar projects. The grading is valid
for a period of two years from Feb. 26, 2015 after which it will
be kept under surveillance.

Grading Drivers
Strengths

* Technically sound management with long experience in solar power
sector.
* Positive feedback from customers, suppliers and banker.

Risk Factors

* Small scale of operations with volatility in solar sales
witnessed due to erratic order inflow

*Large number of unorganized players indicating high level of
competition may lead to
pressure on margins.
* Elongated receivable leading to marginal fund flows operations

Fact Sheet
Year of Establishment : 2012
Registered Office Address : 105,FF, Metropolis Tower, Purani
Chungi, Ajmer
Road,Jaipur-302006

Incorporate in January 2016 as a private limited company, DSLPL
works as an integrator and supplier of wide range of solar energy
devices. DSLPL started its operation in the year 2012. The company
has its registered office located in Jaipur. The company has an
employee base of around 22 permanent employees.

Product Profile:

* Solar Street Lights
* CFL Lantern
* Solar Pump
* Solar Home Lighting
* Solar Water Heater
* Solar Power Plant

Till date, the company has executed around 4.18 MWp of solar
projects. DSLPL has an order book position of around 0.75 MWp
solar projects to be executed by March 2016.


ENCANA INTERNATIONAL: CRISIL Assigns B Rating to INR15MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Encana International (EI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable
   Foreign Letter of
   Credit                 35       CRISIL A4

The rating reflects EI's start-up nature of operations, and
average financial risk profile marked by high gearing. These
weaknesses are partially offset by promoters' extensive industry
experience and funding support.
Outlook: Stable

CRISIL believes EI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of timely stabilisation of
operations leading to healthy revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
delays in stabilisation of operations, or lower-than-expected
revenue or profitability, resulting in weakening of financial risk
profile.

EI was formed as a partnership firm in November 2014 by Mr.
Sukhritap Singh Ratof and Mr. Mohit Malhotra. The firm undertakes
flexo printing of self-adhesive stickers with bar codes at its
manufacturing facility in Baddi, Himachal Pradesh.


ESGI GARMENTS: CRISIL Reaffirms B+ Rating on INR80MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of ESGI Garments Private
Limited (ESGI GPL; part of the ESGI group) continue to reflect the
group's below-average financial risk profile because of high
gearing, weak debt protection metrics, and a modest net worth.
This rating weakness is partially offset by the group's moderate
business risk profile, supported by an established clientele and
extensive experience of its promoters in the leather industry.

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

   Foreign Bill Purchase    90      CRISIL A4 (Reaffirmed)

   Packing Credit           80      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       17      CRISIL A4 (Reaffirmed)

   Term Loan                 9      CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESGI GPL and SG Fashions. This is
because both the entities, together referred to as the ESGI group,
have a common management, significant operational linkages, and
fungible cash flows.
Outlook: Stable

CRISIL believes the ESGI group will continue to benefit over the
medium term from its established customer base and the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations along with sustainable improvement in profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of reduced off take by key customers, resulting
in lower-than-expected revenue, or weakening of working capital
management, or debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

Set up in 2012, Chennai-based ESGI GPL manufactures leather
apparel such as jackets, skirts, shorts, and trousers, which it
exports to the US and European region. SG Fashions, based in
Delhi, undertakes job work for ESGI GPL.


GYPSUM STRUCTURAL: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gypsum Structural
India Private Limited (GSIPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect GSIPL's small scale of operations, as seen in
its FY15 revenue of INR516m (FY14: INR397m) and tight liquidity,
with its fund-based working capital limits being overutilised  on
average during the 12 months ended February 2016. The ratings also
reflect the nature of GSIPL's business, which is highly
susceptible to changes in government regulations and the
availability of tenders/projects. Any adverse policy changes may
severely hamper its operations. Its current order book stands at
INR2,220 million.

However, the ratings are supported by GSIPL's comfortable credit
metrics, with interest coverage (operating EBITDA/gross interest
expense) of 5.90x in FY15 (FY14: 5.28x) and financial leverage
(total adjusted debt/operating EBITDAR) of 1.63x (0.92x). The
ratings further draw comfort from the company's long operational
record and its promoters' experience of over two decades in the
water sewerage and pipelines business.

RATING SENSITIVITIES

Positive: A substantial increase in revenue, along with easing of
liquidity pressure, would be positive for the ratings.

Negative: Further worsening of liquidity would be negative for the
ratings.

COMPANY PROFILE

GSIPL was established in 1993 and undertakes contract-based
construction work, mainly for organisations such as New Delhi
Muncipal Council, Delhi Jal Board and Indian Oil Corporation Ltd
('IND AAA') , along with various central and state government
bodies. It has executed several reputed pipeline projects for the
Delhi Jal Board (2012), Ircon International Limited (2013) and
others.

GSIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR40 million fund-based working capital limits: assigned
    Long-term 'IND BB-'/Stable; Short-term 'IND A4+'
-- INR20 million non-fund-based limits: assigned Short-term 'IND
    A4+'


KUSHAL CHAND: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kushal Chand
Private Limited's (KCPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. This rating will now appear as 'IND
B+(suspended)' on the agency's website. The agency has also
migrated the company's INR60m fund-based working capital limits to
'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+' and 'IND
A4'.

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 KCPL.

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


MAHADEV IRON: CRISIL Assigns B- Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Mahadev Iron and Steel Pvt Ltd (MISPL). The rating
reflects large working capital requirement, low net worth and weak
debt protection metrics because of low profitability. These
weaknesses are mitigated by the promoters' extensive experience
and established relationships with customers and suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B-/Stable
   Term Loan               9.4      CRISIL B-/Stable

Outlook: Stable

CRISIL believes MISPL will benefit from its long-standing presence
in the trading industry. The outlook may be revised to 'Positive'
if the financial risk profile improves significantly driven by
higher-than-expected revenue and profitability, with a better
capital structure. Conversely, the outlook may be revised to
'Negative' if a significant debt-funded capital expenditure or
significantly low cash accrual weakens the financial risk profile.

Ghaziabad (Uttar Pradesh)-based MISPL was established in 1980 by
Mr. Jugal Kishore Goel and Mr. Ajay Goel. It processes (including
decoiling of thermo-mechanically treated bars and its cutting) and
trades in steel, iron and its related products.

MISPL reported net profit of INR0.2 million on net sales of
INR183.8 million in FY 2014-15 against net profit of INR0.3
million on net sales of INR181.4 million in FY 2013-14.


MAHENJU TEXTILES: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahenju
Textiles Private Limited (MTPL) continues to reflect MTPL's small
scale of operations in the highly fragmented textile industry,
working capital-intensive operations and weak financial risk
profile because of low networth and modest debt protection
metrics. These weaknesses are mitigated by the promoters'
extensive experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     37       CRISIL B+/Stable (Reaffirmed)

   Term Loan              23       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MTPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if scale of operations and profitability increase
significantly, or if sizeable equity infusion by promoters improve
liquidity and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if working capital cycle stretches or if
financial risk profile weakens due to escalation in cost of
proposed debt-funded capital expenditure.

MTPL, based out of Mumbai, incorporated in 1999, is promoted by
Mr. Suresh Jain and Mr. Gajendra Singh Rathore. The company knits
yarn used to manufacture fabric.


MANDAR ROLLER: ICRA Assigns 'B' Rating to INR1.50cr Cash Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B (pronounced ICRA B) rating to the
INR1.50 crore* fund based working capital facilities of Mandar
Roller Flour Mills Private Limited. ICRA has also assigned
[ICRA]A4 (pronounced ICRA A four) rating to the INR11.50 crore
short term non fund based facilities of MRFM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-
   based facilities
   Cash Credit           1.50         [ICRA]B Assigned

   Short-term non
   fund based           11.50         [ICRA]A4 Assigned

The assigned ratings take into consideration the long standing
experience of the promoters in the flour milling and related
businesses as well as the moderate capital structure and coverage
indicators characterized by low gearing. The ratings assigned are
however constrained on account of modest scale of operations, low
profitability, inherently low value adding nature of the pulse
processing business as well as high competitive pressures in the
business. ICRA also takes note of the low bargaining power of the
company as well as the vulnerability of margins to volatility in
raw material prices as reflected in the declining margins over the
years. Going forward increasing the scale of operations with
improvement in profitability and adequately managing working
capital cycle of the trading business remain the key rating
sensitivities.

Established in 1988, Mandar Roller Flour Mills Private Limited is
engaged in cattle feed production and trading of peas (chick peas
and dried peas). The company has installed capacity of 10800 MT
per annum for its cattle feed division with its plant located in
Shirwal, Satara. The promoters of the company have been associated
with the flour mill and related business since a long time.

Recent Results
The company has reported an operating income of INR13.4 crore and
PAT of INR0.1 crore during FY15 as against an operating income of
INR5.7 crore and PAT of INR0.01 crore during FY14.


MANGALMURTI BIO-CHEM: ICRA Reaffirms B Rating on INR3.99cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.99
crore* bank facilities of Mangalmurti Bio-Chem Private Limited
(MBPL) at [ICRA]B.

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

   Fund based Term
   loans                 3.99        [ICRA]B; reaffirmed

The rating reaffirmation factors in the long standing experience
of the promoters of Mangalmurti Bio-Chem Private Limited (MBPL) in
the fertilizer industry as well as the favourable demand scenario
for the granulated NPK mixture fertilizers over the medium to long
term. The rating however, remains constrained by the modest scale
of operations; leveraged capital structure owing to high debt
levels and weak debt coverage indicators and high working capital
intensity of operations. Given the modest accrual levels, the
liquidity position of the company has also remained tight as
evident by almost full utilization of working capital limits. The
rating also factors in the vulnerability of profitability margins
of the company to agro-climatic conditions, raw material prices
and regulatory risks, which are typical to the fertilizer
industry. Scaling up of revenues will remain critical in order to
generate sufficient accruals to service debt repayments due in the
near to medium term.

Mangalmurti Bio-Chem Private Limited (MBCPL) was established in
2011 and commenced commercial production of granulated NPK
(Nitrogen, Phosphorus, and Potassium) mixture fertilisers in
October 2012. MBPL is engaged in the manufacture of predominantly
three grades of granulated NPK mixture fertilisers, viz.,
20:10:10, 20:05:20 and 20:20:00 and soil nutrient-12:32:06
(denoting respective proportions of Calcium, Magnesium and
Sulphur). The promoters of the company have nearly a decade's
experience in the field of manufacture of fertilisers.
The manufacturing facility of the company is located at Mangrol,
Surat (Gujarat) and is equipped with an installed capacity of
18,000 metric tonnes per annum (MTPA).

Recent Results
During FY15, MBPL reported an operating income of INR9.51 crore
and a profit after tax of INR0.04 crore as compared to an
operating income of INR9.09 crore and profit after tax of INR0.03
crore during FY14.


NALARI FERRO: ICRA Lowers Rating on INR5.70cr Loan to B+
--------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.70 crore term loan and the INR3.25 crore cash credit
facilities of Nalari Ferro Alloys Private Limited from [ICRA]BB to
[ICRA]B+. ICRA has re-affirmed the [ICRA]A4 rating assigned to the
INR7.50 crore non-fund based bank facility of NFAPL. ICRA has also
revised downwards the long term rating from [ICRA]BB to [ICRA]B+,
while the short term rating has been re-affirmed at [ICRA]A4 to
the untied limit of INR0.55 crore of NFAPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit
    Term Loan               5.70        [ICRA]B+ downgraded

   Fund Based Limit
    Cash Credit             3.25        [ICRA]B+ downgraded

   Non Fund Based
   Limits Bank Guarantee    7.50        [ICRA]A4 re-affirmed

   Fund Based/Non           0.55        [ICRA]B+/[ICRA]A4
   Fund Based Limits                    downgraded/re-affirmed
   Untied Limit

The ratings primarily take into account the sharp increase in
NFAPL's contingent liability arising from sizeable corporate
guarantee extended by it to two of its group companies, one with a
weak credit profile. ICRA notes that the quantum of such corporate
guarantee is significant in relation to NFAPL's net-worth (12.57
times of the tangible net-worth of NFAPL as on
March 31, 2015). The ratings also consider the current slowdown in
the consuming steel industry, leading to weak demand as well as
realizations of ferro-alloys, which in turn is likely to adversely
affect the company's financial profile in the near to medium term.
The ratings continue to be constrained by NFAPL's dependence on
external sources of power, which negatively impacts its cost
structure because of the highly power intensive nature of the
ferro-alloy manufacturing process. The high customer concentration
risk, with NFAPL's top five customers contributing more than 60%
to total sales during 2014-15 and in the first half of the current
fiscal is another rating concern. However, the reputed client
profile reduces counterparty risk to an extent. Furthermore, the
stretched liquidity position of the company due to elongated
receivables on account of a high credit period offered to its
customers remains a credit concern.

The ratings, however, derive support from the experience of the
promoters in the ferro-alloy industry, and proximity of the
company's manufacturing unit to raw material sources, which
reduces supply risks and keeps inward freight costs low. The
ratings also derive comfort from the various fiscal incentives
extended to NFAPL for setting up its manufacturing facility in
Meghalaya, which the company would enjoy for an extended period
due to its capacity expansion in June, 2013. The ratings also
favorably factor in the company's conservative capital structure,
comfortable coverage indicators, and the successful commissioning
of the second furnace in June, 2013, which resulted in significant
revenue growth during 2014-15.

Going forward, the company's ability to manage its liquidity
efficiently along with performance of group companies would be
crucial as invocation of these corporate guarantees could further
put pressure on the liquidity of the company and will remain a key
sensitivity.

Incorporated in February 2001, NFAPL is engaged in manufacturing
ferro silicon with two 7.5 MVA submerged electric arc furnaces
(EAF), translating into a combined installed capacity of 11,200
TPA. The manufacturing facility is located at Byrnihat, Meghalaya.


NEW - TECH: CRISIL Reaffirms 'D' Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of New - Tech Steel and
Alloys Private Limited (New Tech) continue to reflect instances of
delay by the company in servicing its term debt; the delays have
been caused by weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           250       CRISIL D (Reaffirmed)

   Inland/Import
   Letter of Credit       50       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.8     CRISIL D (Reaffirmed)

   Term Loan             104.2     CRISIL D (Reaffirmed)

New Tech also has working capital-intensive operations and is
exposed to risks related to intense competition in the steel
industry. Moreover, it has a below-average financial risk profile.
However, the company benefits from its promoters' extensive
industry experience.

New Tech, incorporated on June 6, 2003, in Assam, is promoted by
Mr. Suresh Sharma. The company manufactures thermo-mechanically
treated bars, mild steel (MS) rolls, and MS ingots.


PAC BIO: CRISIL Assigns 'D' Rating to INR50MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities Pac Bio Fungbact Private Limited (PBFPL). The rating
reflects instances of delays in the repayment of term debt
obligation.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           50          CRISIL D
   Term Loan             43.3        CRISIL D

PBFPL has modest scale of operations and weak financial risk
profile marked by low net worth and modest debt protection
indicators. PBFPL however benefits from the extensive industry
experience of its promoters.

Gujarat based Pac Bio Fungbact Private Limited (PBFPL) was
incorporated in FY2009-10 as is engaged in manufacturing and sales
of fertilizers. PBFPL started its commercial operation in FY2012-
13 and is promoted by Mr. Babubhai Patel.


PAEDIA HEALTH: ICRA Reaffirms B- Rating on INR11.45cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- assigned to
the INR11.45 crore (revised from INR14.25 crore earlier) term
loans and the INR0.50 crore cash credit facilities of Paedia
Health Private Limited. ICRA has also re-affirmed the long-term
rating of [ICRA]B- to an untied limit of INR5.55 crore (revised
from INR2.75 crore earlier) of PHPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit
    Term Loan            11.45      [ICRA]B- re-affirmed

   Fund Based Limit
    Cash Credit           0.50      [ICRA]B- re-affirmed

   Untied Limit           5.55      [ICRA]B- re-affirmed

The re-affirmation of the rating takes into account the weak
financial profile of the company characterized by losses incurred
at net level during 2014-15 and the current financial year,
leading to depressed level of coverage indicators and small scale
of current operations due to low level of occupancy in its initial
years of operations. ICRA notes that internal cash accruals of the
company are limited in view of significant debt repayment
obligations, thereby remaining dependent on periodic equity
infusion for servicing the debt. Moreover, PHPL would be
undertaking part debt funded capital expenditure (capex) for
addition of new medical equipments, which in turn, is likely to
adversely impact the capital structure as well as debt coverage
indicators, going forward. ICRA notes that the company's ability
to attract and retain key consultants and doctors in the light of
increasing competition remains a concern. However, the
introduction of various senior doctors as well as consultants as
shareholders in the company mitigates the attrition risk to an
extent.

The rating, however, favorably considers the presence of
experienced promoters with an established track record in the
medical field, which strengthens business prospects for the
hospital, and positive demand outlook for the healthcare industry
in Bhilai, Chhattisgarh, due to the rising expenditure on
healthcare and the presence of a few multi-speciality hospitals in
the city. The introduction of a cardiology department in 2016-17
and tie-ups with various TPAs as well as corporate groups are
likely to augment the occupancy level of the hospital, going
forward.

Incorporated in 2005, PHPL currently operates a 125-bedded multi
speciality hospital, 'Sparsh Multispeciality Hospital', which
commenced operations in April 2014. The hospital is located in
Bhilai, Chhattisgarh. Prior to this, the company managed a 30-
bedded child super speciality hospital -- Sparsh Children Hospital
-- since 2007. However, the operations of SCH were discontinued
from January 2014.

Recent Results
PHPL reported a net loss of INR0.41 crore (provisional) during the
first nine months of 2015-16 on an operating income of INR12.03
crore (provisional), as against a net loss of INR2.24 crore on an
operating income of INR13.76 crore during 2014-15.


PRAGATI SAHAYOG: CRISIL Reaffirms B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Pragati Sahayog
Development Services (Pragati) continues to reflect its small
scale of operations, with regional concentration and modest
resource profile and the inherently weak credit risk profiles of
its borrowers. These rating weaknesses are partially offset by
Pragati's adequate corpus and its promoters' extensive experience
in development activities in rural areas.

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

Outlook: Stable

CRISIL believes Pragati will benefit from its promoters' extensive
experience and maintain adequate corpus over the medium term. The
outlook may be revised to 'Positive' if scale and diversity of
operations and resource profile improve substantially. Conversely,
the outlook may be revised to 'Negative' if decline in asset
quality or earnings profile leads to stress on its corpus.

Pragati is a Section 25 company promoted by the trustees of Samaj
Pragati Sahayog (SPS), a non-government organisation registered
under the Society Registration Act that mentors and promotes self-
help groups (SHGs). SPS is involved in formation of SHGs,
providing saving and credit linkages through SHG-bank linkage
programme, and organising training and livelihood programmes for
SHGs. Pragati was set up in 2012 to provide financial assistance
exclusively to SHGs formed by SPS. Pragati provides bridge finance
loans to SHGs comprising women farmers in drought-prone blocks of
Dewas and Khargone (both in Madhya Pradesh).

For 2014-15 (refers financial year, April 1 to March 31), Pragati
reported a surplus of INR0.3 million on a total income of INR4.5
million, against a surplus of INR0.7 million on a total income of
INR3.9 million for the previous year.


RCH ORTHOPAEDICS: CRISIL Assigns B+ Rating to INR38.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of RCH Orthopaedics (RCHO). The ratings reflect
the below-average financial risk profile because of aggressive
capital structure, and inadequate debt protection metrics, large
working capital requirement and exposure to risks related to
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by the experience of proprietor in the
orthopedics segment, and strong distribution network.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility       6.5       CRISIL B+/Stable
   Cash Credit             15.0       CRISIL B+/Stable
   Long Term Loan          38.5       CRISIL B+/Stable

Outlook: Stable

CRISIL believes RCHO will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of a substantial improvement
in the scale of operations, while sustaining its profitability and
improvement in the working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of a decline in
profitability, or any capital withdrawal or unanticipated
expenditure, leading to deterioration in the overall liquidity
profile.

RCHO was established in 2003 as a proprietorship concern by Mr.
Hemkumar Patel. The firm manufactures orthopaedics parts such as
hip, shoulder, and elbow joints which are implanted in the body.
The proprietorship concern has a facility at Kaman, Vasai'Bhiwandi
Road, with a manufacturing capacity of 7000 pieces per month.


REED AND PICK: ICRA Suspends 'B' Rating on INR5cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.00 crore
working capital facilities of Reed and Pick. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Reed & Pick (REED) is a partnership firm engaged in manufacturing
and export of home furnishing textiles like rugs, mats, durries,
towels, etc. The business was earlier being carried out under a
proprietorship firm by Mr. Kapil Aggarwal which was subsequently
reconstituted into the current partnership firm in 2010, with his
family members Mr. Sumit Aggarwal and Mrs. Neelam Garg as
partners. REED's manufacturing facillity is located in Panipat
(Haryana).


SEGNO CERAMICS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Segno Ceramics
Private Limited's (SCPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B+(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

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

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

SCPL's ratings are as follows:
-- Long-Term Issuer Rating migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR340 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'
-- INR90 million fund-based working capital limits: migrated to
    'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+' and
    'IND A4'


SHEEN INDIA: ICRA Suspends B Rating on INR26cr Capital Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR26.00 crore
working capital facilities of Sheen India Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2005 by Mrs. Geetica Kweera, Sheen India Private
Limited (SIPL) is engaged in the manufacturing and export of
garments for ladies and children to Spain, Switzerland, Hongkong,
etc. The company largely manufactures products in-house while some
portion is outsourced primarily during peak demand season. SIPL
currently has two manufacturing facilities in Noida (Uttar
Pradesh) which are equipped with a total of 300 sewing machines.


SHREE GANESH: ICRA Suspends 'D' Rating on INR13.50cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR13.50 crore long term fund based facilities of Shree Ganesh
Stampings Private Limited. ICRA has also suspended the short term
rating of [ICRA]D assigned to the INR2.00 crore short term non
fund based facilities of SGSPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Shree Ganesh Stampings Private Limited (SGSPL) was incorporated in
2010 by Mr. Anil Sali. The company is engaged in manufacturing of
electrical laminations (stampings) for electric motors,
transformer motors, switchgears and automobile components. The
company is part of the Ujwal Group which was established in 1994.
SGSPL was incorporated as it would specialize in manufacturing
stampings above 250 tonnes with the help of advanced high speed
presses. The company has an installed capacity of 12,000 MT and
began commercial production in FY2012. The company's manufacturing
unit is located in Ahmednagar. The company manufactures stampings
for Crompton Greaves Ltd. and Cummins India Ltd as end users.


SHREE SAIBABA: ICRA Reaffirms D Rating on INR29.51cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR54.84 crore fund based bank facilities of Shree Saibaba Sugars
Limited. The rating reaffirmation continues to take into account
the delays in debt servicing by the company on account of its
stretched liquidity position.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-
   based: Term Loan      29.51       [ICRA]D/Re-affirmed

   Long-term Fund-
   based: Cash Credit    25.33       [ICRA]D/Re-affirmed

Shree Saibaba Sugars Limited (SSSL) was incorporated on 9th March
2000 and commenced sugar crushing operations in SY (Sugar Year)
2006-07. The company's sugar factory is located near Ausa in the
Latur district of Maharashtra, and has a crushing capacity of 2500
TCD. The company is promoted and managed by Mr. Rajeshwar Bukey
and the shareholding is held by the promoters and the sugarcane
farmers (members) of the region. The company has a wholly-owned
subsidiary, Shree Saibaba Green Power Private Limited (SSGPPL),
which has setup a 5 MW solar power plant, commissioned in February
2013, in the vicinity of the SSSL's existing sugar factory in
Latur.


SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR735MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shreya Life Sciences
Private Limited (SLPL) continue to reflect delays by SLPL in
servicing its debt owing to liquidity constraints.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               735       CRISIL D (Reaffirmed)
   Letter of Credit          325       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        630.5     CRISIL D (Reaffirmed)
   Standby Line of Credit     50       CRISIL D (Reaffirmed)
   Term Loan                 119.5     CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan                40.0     CRISIL D (Reaffirmed)

The ratings also reflect susceptibility of SLPL's accruals to
intense competition in the pharmaceutical sector and to its
ability to scale up its operations in the overseas markets while
maintaining its profitability and working capital cycle. These
rating weaknesses are partially offset by its promoter's extensive
experience in the pharmaceuticals industry and its diversified
product portfolio.

SLPL was set up in 2001 by Mr. Sujit Kumar Singh. The company
manufactures and markets a wide range of pharmaceutical products,
such as tablets, capsules, liquid orals, and lozenges, across
diverse categories of medicine. Besides the domestic market,
Shreya also caters to the overseas markets, especially to Russia.


SHRI AGRAWAL: Ind-Ra Affirms INR149MM Bank Loan at 'IND BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Agrawal
Technical & Education Society's (SATES) INR92.8 million term loans
and INR149 million fund-based working capital facilities an 'IND
BB-' rating with a Stable Outlook. The agency has also assigned
its INR56.42 million term loans an 'IND BB-' rating with a Stable
Outlook. This increases the outstanding amount of its rated term
loans to INR149.22 million.

KEY RATING DRIVERS

The ratings are constrained by SATES' tight liquidity profile and
high debt burden. Its available funds (cash and unrestricted
investments) provide moderate financial cushioning to operating
expenditure (FY15: 21.06%) and debt (FY15: 19.52%). Its fee
collection period surged to 113 days in FY15 from 71 days in FY14
due to a delay in fee reimbursements under the Madhya Pradesh
state government's Tuition Fee Waiver Scheme, which is meant for
economically weak sections and reserved categories. Its
debt/current balance before interest and depreciation (CBBID) was
high at 5.16x in FY15.

The ratings are also constrained by SATES' consistently low debt
service coverage ratio (DSCR) over FY10-FY15 due to its high debt
service commitments; its DSCR stood at 0.89x in FY15 (FY14:
0.97x). Despite its DSCR remaining less than 1x during FY11-FY15,
SATES has been able to service its debt on time due to the
consistent support from its trustees in the form of unsecured
loans.

The ratings draw comfort from SATES' increasing operating margin,
which improved to 23.85% in FY15 from 13.64% in FY10, on higher
growth in operating income than in operating expenditure.

SATES has witnessed a 14.04% CAGR in total income over FY10-FY15.
Its revenues mainly came from tuition fees, as is the case for any
private institution. Tuition fees contributed on an average of
83.6% over FY10-FY15 to SATES' revenue, and increased at a CAGR of
14.34%. The other income recorded an average contribution of 16.4%
over FY10-FY15 and increased at a CAGR of 12.45%. Additionally,
stability in enrolment driven revenue partially offset the
concentration risk.

Staff costs (FY10-FY15: 15.04% CAGR), which include salaries and
staff welfare schemes, accounted for an average of 53.87% of
SATES' total expenditure over FY10-FY15. The second largest
contributor was other operating expenses (FY10-FY15: 5.43% CAGR)
accounting for an average of 29.27%, followed by interest payable
(average: 10.41%) and depreciation (average: 6.44%).

The ratings factor in SATES' solid market standing. The institutes
managed by SATES are among the first ISO 9001 certified institutes
in Madhya Pradesh. It is a part of the well-known Sagar Group of
Institutions, which has been operating in the education sector for
almost a decade. SATES has tie-ups with the International Business
Machines Corporation, Oracle Corporation, Bharat Heavy Electricals
Ltd. (IND AAA), etc. for the training and certification of its
students.

RATING SENSITIVITIES

Positive: Strong headcount growth (FYE15: 6,183) on the back of
rising affiliation with industries, along with an improvement in
DSCR and liquidity profile, could trigger a positive rating
action.

Negative: Further deterioration in its financial profile, along
with a disproportionate increase in debt, resulting in weak
coverage and leverage ratios, could lead to a negative rating
action.

COMPANY PROFILE

Registered under the Madhya Pradesh Society Registration Act,
1973, SATES was set up by Mr. Sanjeev Agarwal in June 2002. It
manages four institutes: Sagar Institute of Research and
Technology (SIRT), Sagar Institute of Research and Technology
Pharmacy (SIRT - P), Sagar Institute of Research, Technolgy and
Science (SIRTS) and Sagar Institute of Research, Technology and
Science - Pharmacy (SIRTS - P). The institutes offer courses in
engineering, management and pharmaceuticals.


SOUTH EAST ASIAN: Ind-Ra Cuts INR131.61MM Loan Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) downgraded South East Asian
Education Trust's (SEAET) INR131.61 million bank loans (increased
from INR107.84 million) and INR48.50 million working capital
facilities to Long-term 'IND D' from 'IND BB-'. The Outlook was
Stable.

KEY RATING DRIVERS

The downgrade reflects irregularities in principal repayment from
December 2015 to February 2016 due to stretched liquidity
resulting from a delay in tuition fee reimbursement from
government for the reserved candidates. The company utilised
nearly 100% of working capital facilities during FY15-FY16.

RATING SENSITIVITIES

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

COMPANY PROFILE

SEAET was established in 2000 in Bangalore and is registered under
the Indian Trust Act of 1882. It runs 10 educational institutes,
offering various programmes in engineering, arts, science,
commerce, nursing, law, management and computer applications.


SR FOILS: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S.R. Foils &
Tissue Limited (SRFAT) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended SRFAT's ratings on 22 July 2015.


SRFAT's ratings:

- Long-Term Issuer Rating:  'IND D(suspended)'; rating withdrawn
-- INR402.7 million term-Loan: Long-Term 'IND D(suspended)';
    rating withdrawn
-- INR1,920 million fund-based limits: Long-Term 'IND
    D(suspended)'; rating withdrawn
-- INR1,430 million non-fund based limits: Short-Term 'IND
    D(suspended)'; rating withdrawn


SRI RAMA: ICRA Reaffirms B- Rating on INR14.80cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
INR5.00 crore (revised from INR3.00 crore) cash credit facility,
INR7.20 crore term loan and INR14.80 crore (revised from INR16.80
crore) unallocated limits of Sri Rama Educational Trust.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B-; reaffirmed
   Term Loan             7.20       [ICRA]B-; reaffirmed
   Unallocated Limits   14.80       [ICRA]B-; reaffirmed

The reaffirmation of rating is constrained by the stretched
liquidity position of the trust on account of delay in receipt of
reimbursements from Andhra Pradesh government towards Arogyasree
(hospital revenue) & tuition fees of the students covered under
fee reimbursement scheme resulting in consistent overutilization
of working capital limits; decline in revenues owing to lower
tuition fees received by the trust and accumulated losses
resulting in negative capital fund. The rating also takes into
account decline in operating profitability of the trust from
44.79% in FY14 to 29.13% in FY15 on account of increase in
employee expenses.

The rating, however, favourably factors in established presence of
the medical college with 100% occupancy for the MBBS and PG course
owing to shortage of medical seats in the state of Andhra Pradesh.
The rating also favourably factors in the increased scale of
operations of the trust from FY2014 onwards on account of increase
in the number of MBBS and PG seats coupled with increased hospital
revenue.

Going forward, the ability of the trust to increase its scale of
operations while maintaining its profitability and managing its
working capital requirements would remain the key rating drivers.

Sri Rama Educational Trust was established in 2000 by Mr. Alluri
Murthy Raju. The trust runs Maharajah Institute of Medical
Sciences in Vizianagaram District of Andhra Pradesh and is
affiliated to Dr. NTR University of Health Sciences, Vijayawada,
Andhra Pradesh. It started operations in 2003 by offering gradute
medical course (MBBS). Gradually over the years courses in
nursing, paramedical sciences and post graduate medical courses
were introduced. As part of the medical institute, the trust also
runs a 760 bed hospital which includes both inpatient and
outpatient facilities. The hospital has the departments of
surgery, orthopedics, ENT, ophthalmology, medicine, pediatrics,
obstetrics and gynecology department. It houses a diagnostic
laboratory and pharmacy. It also has a casualty emergency service
with ambulance facility intensive care unit, five fully
functioning operation theatres and a labour room complex.

Recent Results
According to audited FY 2015 results, the trust has achieved
revenue receipts of INR46.96 crore with operating surplus of
INR13.68 crore and net surplus of INR6.86 crore as against
operating income of INR49.39 crore with operating surplus of
INR22.12 crore and net surplus of -Rs. 1.74 crore for FY 2014.


SUHANI KNITFAB: ICRA Reaffirms 'B+' Rating on INR6.41cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
Rs.9.42 crore long term fund based bank facility of Suhani Knitfab
Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits
   Term Loan               6.41        [ICRA]B+;reaffirmed

   Fund based limits
   Cash Credit Facility    2.00        [ICRA]B+; reaffirmed

   Fund based limits
   Unallocated             1.01        [ICRA]B+ ; reaffirmed

The ratings continue to factor in the company's small scale of
operations in a highly fragmented industry with low entry
barriers. The rating is further constrained by weak profitability
margins along with the aggressive debt-funded capacity expansion
undertaken by the company.
However, the rating also considers the long standing experience of
the promoter in the textile business and the easy access to raw
material suppliers and customers by virtue of its presence in
Surat.

Suhani Knitfab Private Limited was incorporated in March 2014 and
company commenced commercial production of grey knitted fabrics
(nylon and polyester) from November, 2014. The knitted fabrics
manufactured largely find an application in the manufacturing of
garments such as dresses, sarees etc for women.
Recent Results:
As per its audited results for 5M's FY15 SKPL reported profit
after tax (PAT) of INR0.01 crore on operating income of INR4.41
crore during previous fiscal year.


SUMEDHA CONSTRUCTIONS: ICRA Suspends D Rating on INR7cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR7.00 crore long term fund based facilities of Sumedha
Constructions Projects. ICRA has also suspended the short term
rating of [ICRA]D assigned to the INR1.00 crore short term non
fund based facilities of Sumedha. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Established in 2010, Sumedha is civil contractor engaged in
construction of canals, dams, land development, land filling,
excavation work and controlled blasting. The firm is promoted by
Mr. Sandeep Mokadam. Currently there are five government projects
related to irrigation projects and three private projects related
to excavation work are under execution.


SUNRISE PROCESS: CRISIL Reaffirms 'B' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunrise Process
Equipments (SPE) continue to reflect the firm's modest scale of,
and working capital-intensive, operations and below-average
financial risk profile because of modest net worth, high gearing,
and subdued debt protection metrics. These weaknesses are
partially offset by proprietor's extensive experience in
manufacturing equipment used in pharmaceutical and chemical
segments.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable (Reaffirmed)

   Letter Of Guarantee    17.5     CRISIL A4 (Reaffirmed)

   Letter of Credit       17.5     CRISIL A4 (Reaffirmed)

   Packing Credit          2.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.1     CRISIL B/Stable (Reaffirmed)

   Term Loan               9.4     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SPE will continue to benefit over the medium term
from proprietor's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustainable
growth in revenue, while maintaining operating margins and
improving capital structure. Conversely, the outlook may be
revised to 'Negative' if revenue or margins declines, or working
capital cycle gets further stretched, or if large, debt-funded
capital expenditure results in deterioration in financial risk
profile.

Established in 1998 as a proprietorship concern by Mr. N
Chaudhari, SPE manufactures machinery and equipment for the
pharmaceutical and chemical sectors at its unit in Thane,
Maharashtra.


VATIKA TRACOM: CRISIL Assigns B+ Rating to INR80MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Vatika Tracom Private Limited (VTPL). The rating
reflects VTPL's weak financial risk profile because of weak
capital structure and modest scale of operations in the steel
trading industry. These weaknesses are mitigated by established
relationship with the principal and extensive experience of
promoters.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable
   Working Capital
   Term Loan              15        CRISIL B+/Stable

Outlook: Stable

CRISIL believes VTPL will benefit from its promoters' longstanding
experience. The outlook may be revised to 'Positive' in case of
significant ramp up in scale of operations and increase in
operating profitability, along with improvement in debt protection
metrics and prudent working capital management. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens owing to decline in revenue and profitability, or
significant weakening of liquidity because of increased working
capital requirement.

VTPL was incorporated in 2013 by the Jaipur-based Bihani family.
The company is an authorised and sole distributor of hot-rolled
sheets for Tata Steel in Rajasthan. The company is being promoted
by Mr. Keshav Bihani and his father, Mr. Om Narayan Bihani.

Vatika Tracom Private Limited had profit after tax (PAT) of INR2.7
million on net sales of INR859.9 million in 2014-15 (refers to
financial year, April 1 to March 31), as compared to a PAT of
INR2.5 million on net sales of INR869.3 million in 2013-14.



=================
I N D O N E S I A
=================


INDONESIA: S&P Rates Cert. Issuance Under US$10BB Program 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
foreign currency rating to a proposed global sukuk trust
certificate issuance under the US$10 billion rated sukuk program
of the Republic of Indonesia through Perusahaan Penerbit SBSN
Indonesia III (PPSI-III).  The issuer is a fully owned special
purpose vehicle of the Republic of Indonesia (BB+/Positive/B;
axBBB+/axA-2) established solely for issuing foreign-currency-
denominated Sharia-compliant securities of Indonesia in
international markets.

The rating on the proposed sukuk trust certificates reflects the
long-term foreign currency rating on Indonesia because the
transaction fulfills the five conditions of S&P's criteria for
rating sukuk:

   -- Indonesia will provide sufficient and timely contractual
      obligations for the repayment of the periodic distribution
      amounts (in the Ijara leg of the transaction) and the
      principal amount (through the purchase undertaking of the
      underlying assets);

   -- Indonesia's obligations are irrevocable and unconditional;

   -- These obligations will rank pari passu with Indonesia's
      other general financial obligations;

   -- Indonesia will undertake to cover all the costs related to
      the transaction through the payment of supplementary lease
      for the benefit of the issuer; and

   -- Although investors may be exposed to residual assets risks
      under a total loss event scenario, S&P assess as remote the
      risks that such a scenario jeopardizes the full and timely
      repayment of the trust certificates.  S&P's assessment is
      based on its opinion that the occurrence of the total loss
      event is remote, given the structure of the underlying
      assets which comprise a diversified portfolio of government
      assets located in Indonesia.  S&P's view could be subject
      to revision, including in case the structure of the
      portfolio of the underlying assets changes.

The rating on the sukuk is based on draft documentation.  Should
final documentation differ substantially from the draft version,
S&P could change the rating on the sukuk.  This report does not
constitute a recommendation to buy, hold, or sell the
certificates.  Standard & Poor's neither structures sukuk
transactions nor provides opinions with regards to compliance of
the proposed transaction with Sharia.



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


SHARP CORP: Hon Hai May Delay Bailout Amid Talks With Banks
-----------------------------------------------------------
Jiji Press report that Taiwan's Hon Hai Precision Industry Co. may
delay until next week the signing of a deal to acquire struggling
Sharp Corp., due to ongoing talks with Sharp's two main creditor
banks over the firm's potential future losses.

In the wake of the recent revelation of Sharp's contingent
liabilities totaling about JPY350 billion, Hon Hai, also known as
Foxconn Technology Group, is discussing a possible review of
support for Sharp with the two banks -- Mizuho Bank and Bank of
Tokyo-Mitsubishi UFJ, sources said on March 8, Jiji Press relays.

Jiji Press relates that the major Taiwanese contract electronics
manufacturer is asking the banks for a certain level of support to
help to prepare for possible future losses from the contingent
liabilities, the sources said.

Under the circumstances, there could be a delay in Hon Hai's
official decision on the Sharp bailout, and the conclusion of the
deal may be delayed to next week from within this week as
currently envisioned, according to the sources.

Still, the basic bailout framework that calls on Hon Hai to invest
JPY489 billion in Sharp will be maintained, the sources, as cited
by Jiji Press, said.

Of the JPY350 billion in contingent liabilities, tens of billions
of yen are expected to actually become losses, the sources said,
Jiji Press relays.

According to Jiji Press, Hon Hai is at odds with Sharp and the two
banks over the amount of potential losses from the contingent
liabilities that should be reflected in the bailout plan for
Sharp, the sources said, adding that they are discussing the
matter.

The sources said that to prepare for possible future losses, Hon
Hai is asking Mizuho and Tokyo-Mitsubishi UFJ to accept a cut in
the price at which the firm would buy preferred Sharp shares held
by the banks from the currently planned JPY100 billion or to set a
new line of credit for Sharp, Jiji Press reports.

Contingent liabilities are potential liabilities that may become
financial obligations depending on uncertain factors such as
lawsuit results and accounting changes, the report notes.

Jiji Press meanwhile reports that Mizuho and Tokyo-Mitsubishi UFJ
have started talks with other financial institutions on
refinancing their JPY510 billion in syndicated loans to Sharp that
are due at the end of this month, the sources said.

The interest rate on the refinanced loans would likely be set at a
level lower than that on the outstanding loans, the sources said.

Sharp submitted a list of JPY350 billion in contingent liabilities
to Hon Hai on Feb. 24, the day before the Japanese firm decided to
accept Hon Hai's bailout offer, the report notes.

To examine the list, Hon Hai put off its conclusion of the bailout
deal with Sharp that had been slated for Feb. 26, adds Jiji Press.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

The TCR-AP reported on Nov. 6, 2015, that Standard & Poor's
Ratings Services said that it has lowered its long-term corporate
credit and debt ratings on Japan-based electronics company Sharp
Corp. to 'CCC+' from 'B-' and its short-term corporate credit and
commercial paper program ratings on the company to 'C' from 'B'.
S&P has also lowered its long-term corporate credit rating on
overseas subsidiary Sharp International Finance (U.K.) PLC to
'CCC+' and the rating on its commercial paper program to 'C'.  The
outlook on the long-term corporate credit ratings on both
companies is negative.


TOSHIBA CORP: Canon Offers JPY700 Billion for Medical Unit
----------------------------------------------------------
Bloomberg News reports that Canon Inc. is the leading contender to
win the bidding for Toshiba Corp.'s medical unit with an offer
exceeding JPY700 billion ($6.2 billion), sources said March 9.

The offer puts it ahead of rival bids from Fujifilm Holdings Corp.
and a grouping of Konica Minolta Inc. and Permira Holdings Ltd.,
according to the report.

Toshiba is to consider all three proposals at a board meeting
today, March 9, the sources said, Bloomberg relates.

Bloomberg notes that Toshiba said in a statement that it is not
the source of the report and that it will hold a board meeting.

According to Bloomberg, Toshiba is selling assets to help pay for
the fallout of the biggest accounting scandal in its 140-year
history that prompted writedowns and departure of executives.

President Masashi Muromachi is selling the medical unit, cutting
jobs and considering a reorganization of its PC and TV operations
as the company forecasts a record loss for the fiscal year ending
March 31, Bloomberg relates.

Toshiba Medical Systems, the nation's largest medical equipment
company, makes diagnostic imaging systems such as MRI, X-ray and
ultrasound equipment. The health care division, which includes
medical equipment and other businesses that Toshiba does not plan
to sell, had sales of JPY409.5 billion in the 12 months ended
March 2015 and operating income of JPY23.9 billion, according to
data compiled by Bloomberg.

                     About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Feb. 12, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating by three notches to B2 from Ba2.  Moody's has also
downgraded Toshiba's subordinated debt rating by 4 notches to Caa2
from B1, and affirmed its short-term rating of Not Prime.
At the same time, B2 CFR and long-term senior unsecured bond
ratings, as well as its Caa2 subordinated debt rating remain under
review for further downgrade.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating two
notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term ratings
on Toshiba on CreditWatch with negative implications, where S&P
placed them Dec. 22, 2015, when it lowered the long-term corporate
credit rating.  S&P has affirmed its short-term corporate credit
and commercial paper ratings on Toshiba.

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



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


HORVATH CONSTRUCTION: Faces Liquidation Over Unpaid Tax
-------------------------------------------------------
Marty Sharpe at Business Day reports that a large Hawke's Bay
building company behind major subdivisions in Napier is facing
possible liquidation over unpaid taxes.

Inland Revenue has filed an application in the High Court in
Napier to liquidate Horvath Construction, according to Business
Day.

A statement of claim filed by the department stated that the
company had been served a statutory demand on November 9 last year
to pay NZ$71,306.78 in unpaid GST, income tax, PAYE and
superannuation and Kiwisaver contributions, the report notes.

The company neglected to pay, so the department presumed it to be
insolvent and unable to pay its debts, the report relays.

Horvath Construction was founded in 2002 by Adam and Leanne
Horvath.  Trading as Horvath Homes, the company developed and
built houses in Napier's Te Awa subdivision, south of Napier Boys
High School.  The company also built seven two-bedroom Housing New
Zealand homes in the Napier suburb of Maraenui in 2013.

In 2010 the company partnered with Hastings District Council in a
failed eco-housing pilot scheme' Best Home, that saw one house
built in Havelock North, the report recalls.  The scheme was
canned after the council spent NZ$198,428 over three years.

The company was also in partnership with the council to build a
medium-density housing subdivision at the site of the council's
former nursery on Fitzroy Avenue, the report says.

The project, announced in 2013, included retro-fitting an existing
two-storey art deco home and turning it into an energy efficient
home, as well as a mix of single and two-storey homes on 11 new
sections, the report notes.

Two houses had been built to date and the council was now seeking
tenders to build the remainder, the report relays.

An associated company, Horvath McCarthy Group Limited, is also
facing an application for liquidation, the report discloses.  Its
directors are the Horvaths and Scott McCarthy.

A statement of claim filed with the High Court states the company
is indebted to Unison lines company for NZ$28,348.94 for a solar
electricity system installed in 2014.

Both applications are set to be heard later this month.

Horvath Homes and the directors could not be contacted.


NEW ZEALAND BAPTIST: Fitch Affirms 'B+' LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed New Zealand Baptist Savings &
Development Society Inc's (NZBS) Long-Term Issuer Default Rating
(IDR) at 'B+'. The Outlook has been revised to Positive. At the
same time, Fitch has assigned NZBS a Viability Rating of 'b+',
Support Rating (SR) of '5' and Support Rating Floor of 'No Floor'.

KEY RATING DRIVERS
IDRs AND VR
The revised Positive Outlook reflects improvements in the NZBS's
risk appetite, particularly around its risk controls since
becoming a licensed deposit taker in 2015. NZBS has expanded its
management team, introduced new risk limits and implemented a
greater separation of duties during the underwriting process.
Despite the improvement, Fitch still considers NZBS's overall risk
appetite as weaker relative to other small New Zealand (NZ) based
lenders which, along with its low levels of capitalisation, act as
constraints on the ratings. The society's asset quality remains
stable and its funding and liquidity profile is sound.

Fitch considers the society not an aggressive lender although its
underwriting standards could be viewed as more aggressive as it
provides loans to churches, a segment which is traditionally
perceived to be of higher risk by traditional lenders. In
addition, pricing on these loans do not necessarily reflect the
borrowers' risk as the terms are similar to residential mortgages.
NZBS's risk appetite is reflective of its purpose as a charitable
lender and is partly mitigated by the low loan/value ratios (LVR)
across the portfolio.

The society's capital is low in absolute terms and weak relative
to other NZ based non-bank deposit taking (NBDT) institutions
rated by Fitch, which leaves the capital base susceptible to any
shocks that could lead to impairments or losses. The society
currently has limited sources of new capital outside of internal
capital generation which Fitch considers low due to its low profit
motives.

Fitch expects NZBS's asset quality to remain stable with low
levels of loan impairments in FY16, reflecting the society's
business model and work out procedures. Given its business model,
Fitch believes the society is unlikely to take aggressive recovery
action in difficult circumstances. The low impairment ratios are
therefore not fully reflective of the credit and concentration
risk. Its 10 largest borrowers accounted for 35% of total loans
which is significantly higher than other non-bank deposit takers.

NZBS's lending activities are fully funded by a combination of
church and household deposits. Households account for about half
of NZBS's. Fitch expects deposits reinvestment rates to remain
high at around 90% in FY16. The society does not have access to
the Reserve Bank of New Zealand's repo facility.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Ratings and Support Rating Floors of NZBS reflect that
while support from the New Zealand sovereign is possible, it
cannot be relied upon. NZBS is not captured under the Open Bank
Resolution Scheme however Fitch views the existence of such a
framework, which allows for the imposition of losses on depositors
and senior debt holders when a deposit-taking institution has
failed, as an indication of a reduced propensity for the sovereign
to support its banks.

RATING SENSITIVITIES
IDRs AND VR
An upgrade in NZBS's IDRs and VR will be driven by ongoing
improvements in its risk appetite or meaningful increase in
capitalisation. Fitch expects positive trends in loan and asset
growth which should reduce concentration risk over the next 12-24
months.

The Positive Outlook on the rating could be revised to Stable if
the society loses momentum in the development of its risk
framework and improved risk appetite.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the New
Zealand government to provide timely support.

The rating actions for NZBS are as follows:

Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook revised
to Positive from Stable;
Short-Term Foreign-Currency IDR affirmed at 'B';
Viability Rating assigned at 'b+';
Support Rating assigned at '5'; and
Support Rating Floor assigned at 'NF'.


STONEWOOD HOMES: Chow Brothers Buy Stonewood Assets
---------------------------------------------------
Property magnates the Chow Brothers and Corporate finance
specialist Clint Webber have bought the troubled Stonewood Homes
business assets (third largest house building company in NZ) --
both the national franchise rights and the Christchurch franchisee
-- from receivers KordaMentha for an undisclosed sum.

The Chow brothers have a proven business track record, having
built a NZ$200 million portfolio of commercial buildings in
Auckland, Wellington and Rotorua in just 18 years with 200
employees working for the group between Auckland Wellington.

"Stonewood complements our office, retail, accommodation, and car
park property portfolio," said John Chow in Christchurch on
March 9.

Between them, the Chow's and Webber's have extensive experience
financing and managing complex restructures and with the Chow
Group's solid cash flow, it makes this opportunity "a logical
fit."

The brothers, and Mr Webber are committed to turning Stonewood
around and regaining customer and supplier trust. "This purchase
signals our clear intention to repair recent damage to the brand
and to re-establish the Stonewood brand nationally on a very firm
footing," says John. Stonewood is a major player in Canterbury,
where it is the region's second largest residential home builder.

This morning [March 9], the Chow brothers and Mr Webber met with
all 44 remaining employees and offered them new contracts on
similar terms. "While we still have quite a process to work
through with the receivers, our next step will be to engage
urgently with customers with uncompleted homes. It's vital we
provide certainty for customers who have been affected. We have a
management team of eleven here in Christchurch to seal the deal
but we ask for tolerance from affected parties" reiterated Mr
Webber.

"Clint, John and I have young children and we know the stresses of
family life. Having your new home plans put at risk from factors
out of your control is hugely worrying for parents, and of course
our elderly customers, so we will prioritise according to
individual needs." says Michael.

The Chow brothers and Mr Webber are no strangers to big
challenges. "There's a huge task ahead where we need to work with
suppliers, tradespeople and franchisees to repair relationships.

"We also need to talk with Master Build to ensure build guarantees
are honoured, and engage with local district councils to ensure
building consent processes run smoothly."

Michael Chow said he and his brother, and Mr Webber were keenly
aware of the profoundly negative downstream commercial
implications from Stonewood's collapse for countless businesses -
directly and indirectly - throughout the Canterbury region.

"It's critically important the brand survives in order to
reinstate confidence in the region's rebuild and overall recovery
effort.

"As well-capitalised businessmen, with scale and proven commercial
success across numerous market sectors, we are well positioned to
deliver what the Canterbury market in particular needs right now.

"This is our first major investment into Christchurch and we
predict it won't be our last. We like what we see in the new
Christchurch."

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

On Feb. 22, 2016, Grant Graham and Neale Jackson of KordaMentha
were appointed Joint Receivers and Managers of all of the assets
and undertaking of Stonewood Homes Ltd, Stonewood Homes New
Zealand Ltd, Sterling Homes (Christchurch) Ltd, Holmfirth Group
Ltd and Holmfirth Properties Ltd. The Receivers are now in control
of the assets and undertaking of these companies.



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



DOLPHIN GEOPHYSICAL: Proof of Claims Deadline Set April 4
---------------------------------------------------------
Tan Hwee at The Business Times reports that the liquidation of
Singapore-based Dolphin Geophysical Pte Ltd has commenced and the
preliminary signs are the proceeds may fall far short of the
outstanding liabilities of the Singapore business unit of the now
bankrupt Norwegian seismic player, Dolphin Group ASA.

According to the report, the process in Singapore officially
kicked off after the appointment of the liquidators from Moore
Stephens, Mick Aw and Neo Keng Jin, was confirmed at a Feb. 24
creditors' meeting.

This came just over two months after the Norway-based parent,
Dolphin Group, filed for bankruptcy. The Moore Stephens
liquidators have through an advertised notice on March 6 edition
of The Business Times, called on the creditors of Dolphin
Geophysical to step forward with their claims on or before
April 4, 2016.

BT understands Dolphin Geophysical has limited assets being
disposed of, including some IT (information technology) and
computer equipment and office furniture.

The preliminary expectation is that the Singapore outfit will run
into a deficiency in excess of SGD200 million after deducting
realisable assets against liabilities, BT notes.

BT says the largest creditor of Dolphin Geophysical, said to be a
Norwegian bank, has filed a claim for secured and unsecured debts
in excess of US$140 million against Dolphin Geophysical.

The unidentified Norwegian bank is believed to be DNB, which has
also been named as the biggest bank lender to Dolphin Group ASA,
the report states.

Besides over US$140 million of bank loans, the outstanding
liabilities of Dolphin Geophysical are also said to comprise trade
payables and outstanding employer central provident fund
contributions tied to the January 2016 salaries already paid out
to the now-retrenched staff, according to BT.

The employer CPF contributions were held back after the
liquidation process commenced, although the January salaries for
the 160 to 170 employees let go on the winding up of the Singapore
business unit, were already paid, BT relates citing informed
source.

Dolphin Geophysical is understood to be mainly running the asset-
light data processing operation in support of its Norwegian
parent's core seismic acquisition and interpretation services for
the upstream oil and gas sector.



====================
S O U T H  K O R E A
====================


MONEUAL: Finance Ministry Enforces Measures Against Eximbank
------------------------------------------------------------
Park Hyong-ki at The Korea Herald reports that the Ministry of
Finance and Strategy has enforced a disciplinary measure against
57 employees of the Export-Import Bank of Korea for extending bad
loans to Moneual and causing losses for the state-run bank,
according to Korea Eximbank on March 9.

"The bank's internal auditors have been notified of the measure by
the Finance Ministry against those employees, and the bank is
following necessary procedures," the report quotes a spokesperson
for Korea Eximbank as saying.  "We, however, cannot yet reveal on
the level of the disciplinary measure."

The Finance Ministry declined comment, the Korea Herald notes.

According to the report, Eximbank has incurred losses of around
KRW100 billion from extending loans to Moneual, a start-up that
manufactured robot vacuum cleaners, but defaulted on the loans in
the early 2000s.

The Korea Herald says Moneual was recognized as one of Korea's
hottest and innovative start-ups, receiving various awards from
government agencies, which led it to easily receive loans from
financial institutions.

However, the company was caught cooking its books by falsifying
its sales and account receivables, making it look like it was
achieving solid growth through overseas sales. It was revealed
that the company was exporting its products to its ghost shell
company overseas, and recording it as an increase in account
receivables.

The country's financial regulators have strengthened its oversight
of banks' export financing units, including that of Eximbank.
Woori Bank was among the few local banks back then that refused to
lend money to Moneual after discovering irregularities in
Moneual's account receivables, the Korea Herald states.

Korea-based Moneual Inc. manufactures robot vacuum cleaner.

Moneual, a venture firm known for manufacturing robot vacuum
cleaners and baking machines, filed for court receivership on Oct.
20, 2014, declaring itself incapable of paying the matured export
bonds worth KRW500 billion to NongHyup Bank and Korea Industrial
Bank, according to The Korea Herald.


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


CEYLON DOLLAR: Fitch Downgrades Fund Credit Quality Rating to B+
----------------------------------------------------------------
Fitch Ratings has downgraded Ceylon Dollar Bond Fund's Fund Credit
Quality Rating to 'B+' from 'BB-' and affirmed the Fund Volatility
Rating at 'V5'.

The rating action follows Fitch's downgrade of Sri Lanka's Issuer
Default Ratings (IDR) to 'B+' from 'BB-'; and assignment of a
Negative Outlook on the IDR. The ratings on several Sri Lanka
banks were also downgraded following the sovereign rating
downgrade. (see "Fitch Downgrades Sri Lanka to 'B+'; Outlook
Negative" dated 29 February 2016 and "Fitch Takes Rating Actions
on Sri Lanka Financial Institutions on Sovereign Downgrade" dated
2 March 2016 at www.fitchratings.com).


KEY RATING DRIVERS
The fund is rated based on a target portfolio, which comprises of
four US dollar bonds that are issued by the government of Sri
Lanka and three licensed banks in Sri Lanka - all of which are now
rated 'B+'.

As of 2 March 2016, the fund had invested in three of the four
issuances in the target portfolio (representing 73% of the
portfolio). The rest of the funds are placed in US dollar deposits
with Deutsche Bank Sri Lanka, a branch of Deutsche Bank AG (A-
/Stable/F1). The fund will invest up to 3% of its assets in US-
dollar fixed deposits in a licensed commercial bank in Sri Lanka.

RATING SENSITIVITIES
A further downgrade of the ratings on the Sri Lankan sovereign or
the banks in which the fund has invested its assets, especially
the banks whose issues are not government guaranteed, could lead
to a downgrade of the Fund Credit Quality Rating.

The ratings are sensitive to material changes in the credit
quality or market risk profile of the fund. A weakening in the
liquidity inherent in the fund or changes to liquidity provisions
- such as the manager's ability to borrow against the net assets
of the fund or its ability to delay redemptions - would be viewed
as negative. Changes in exchange-control regulations that could
increase transfer and convertibility risks for the fund would also
be viewed as negative.

Fitch has capped the fund's rating at that of the Sri Lankan
sovereign (B+/Negative), given its expected material exposure to
the Sri Lankan sovereign. Therefore upside potential for the fund
rating is limited.

To maintain the bond fund ratings, CAM will provide Fitch with
portfolio information, including details of the portfolio's
holdings and credit quality. Fitch closely monitors the credit
composition of the portfolio, the credit counterparties used by
the manager, and the overall market risk profile of the
investments.


                             *********

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.



                 *** End of Transmission ***