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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 15, 2016, Vol. 19, No. 52


                            Headlines


A U S T R A L I A

ACCOMCORP PTY: First Creditors' Meeting Set For March 21
ASIA MINERALS: First Creditors' Meeting Set For March 23
RTO SERVICES: Goes Into Administration
SAPPHIRE XII: Fitch Affirms 'BBsf' Rating on Class E Notes


C H I N A

CAR INC: Moody's Retains Ba1 CFR on 2015 Results
TEXHONG TEXTILE: Moody's Affirms Ba3 CFR, Outlook Now Stable


I N D I A

A. S. INDUSTRIES: CRISIL Suspends D Rating on INR32MM Term Loan
AEROSPACE ENGINEERS: CRISIL Assigns B+ Rating to INR50MM Loan
AMA INDIA: ICRA Reaffirms B+ Rating on INR9.50cr Loan
ANAND FROZEN: CRISIL Suspends B- Rating on INR49.9MM Term Loan
APS METALS: CRISIL Suspends B Rating on INR160MM Cash Loan

ASHRULY ENGINEERING: CRISIL Cuts Rating on INR37.5MM Loan to D
B.S. BUILDERS: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
BABA HEALTHCARE: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
BANJOSH ASSOCIATES: CRISIL Suspends 'B' Rating on INR60MM Loan
BEGORRA INFRASTRUCTURE: CRISIL Reaffirms B+ INR180M Loan Rating

DEV BHOOMI: CRISIL Suspend 'D' Rating on INR150MM Cash Loan
DORA INFRASTRUCTURES: CRISIL Reaffirms B Rating on INR50MM Loan
DSR AGROTECH: CRISIL Suspends B- Rating on INR62MM Term Loan
ENKEBEE INFRA: Ind-Ra Puts BB- LT Issuer Rating; Outlook Stable
FRONTIER WAREHOUSING: Ind-Ra Affirms BB+ Rating; Outlook Stable

GLOBAL INSTITUTE: ICRA Assigns B+ Rating to INR20cr LT Loan
H. S. JEWELS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
HKR ROADWAYS: Ind-Ra Cuts INR15,250MM Bank Loan Rating to 'IND B'
IDBI BANK: Moody's Affirms (P)B1 Sub. MTN Program Rating
INDIAN PULP: Ind-Ra Assigns 'D' Long-Term Issuer Rating

INO FLEX: ICRA Reaffirms 'B' Rating on INR4.28cr Term Loan
J AND J PRECISION: CRISIL Cuts Rating on INR150MM Cash Loan to B-
J. R. AGRITECH: CRISIL Suspends B- Rating on INR86MM Term Loan
JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan

JAY MAHAKALI: CRISIL Cuts Rating on INR45MM Cash Loan to B-
KASHYAP CONSTRUCTIONS: ICRA Suspends B+/A4 Rating on INR15cr Loan
KGN ELECTRICALS: ICRA Assigns B+ Rating to INR5cr Loan
KSHITIJA INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR15cr Loan
M/S DUSHASAN: CRISIL Suspends B+ Rating on INR7.4MM Term Loan

MADHAV OIL: ICRA Reaffirms B+ Rating on INR9.25cr Cash Loan
MAKSON NUTRITION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
MITTAPALLI AUDINARAYANA: CRISIL Cuts Rating on INR560MM Loan to B
P. B. COTTON: ICRA Reaffirms B Rating on INR7cr Cash Loan
PARK CONTROLS: ICRA Puts B+ Rating on Notice for Withdrawal

QUAZAR INFRASTRUCTURE: CRISIL Suspends B Rating on INR90MM Loan
RAHEE INFRATECH: CRISIL Reaffirms B- Rating on INR730MM Loan
RAMATIRTH POLYPACKS: CRISIL Assigns B- Rating to INR40MM Loan
RAMNIK POWER: CRISIL Reaffirms D Rating on INR130MM LT Loan
RCS STEEL: CRISIL Suspends D Rating on INR70MM Term Loan

S.K. SOLVEX: ICRA Reaffirms B Rating on INR8.50cr LT Loan
SAA VISHNU: Ind-Ra Assigns 'IND BB' Rating; Outlook Stable
SAISUDHIR INFRASTRUCTURES: ICRA Rates INR147.68cr Loan at 'D'
SANMATI EDIBLE: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
SATNAM INDUSTRIES: Ind-Ra Assigns 'IND B+' LT Issuer Rating

SHIV METALLICKS: CRISIL Suspends B+ Rating on INR120MM Loan
SHIV SAI: ICRA Assigns 'B+' Rating to INR8cr Cash Loan
SHREE BALAJI: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
SHREE KRISHNA: Ind-Ra Assigns 'IND B+' LT Rating to INR10MM Loan
SHUBHAM YARNS: CRISIL Assigns B+ Rating to INR100MM Cash Loan

SPONGE SALES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
STATE BANK: Moody's Affirms (P)Ba1 Rating on FC Sub. MTN Program
SUMOHAN ENGINEERS: CRISIL Cuts Rating on INR210MM Cash Loan to D
SUPER CONSTRUCTION: CRISIL Cuts Rating on INR85MM Term Loan to D
TWIN CITIES: CRISIL Cuts Rating on INR65MM Cash Loan to 'D'

V. M. STAR: CRISIL Reaffirms B+ Rating on INR150MM Loan
VIJAYASRI ORGANICS: CRISIL Cuts Rating on INR130MM Cash Loan to D
VIKRAM ARYA: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
VIPUL LIMITED: ICRA Reaffirms B+ Rating on INR45.12cr Loan
VYANKTESH CORRUGATORS: CRISIL Ups Rating on INR80MM Loan to B+


M A L A Y S I A

1MDB: Australian Journalists Investigating Scandal Arrested


N E W  Z E A L A N D

RAUKURA WAIKATO: Placed Into Liquidation


S O U T H  K O R E A

DAEWOO SHIPBUILDING: To Issue New Shares to Improve Finances


X X X X X X X X

* BOND PRICING: For the Week March 7 to March 11, 2016


                            - - - - -


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


ACCOMCORP PTY: First Creditors' Meeting Set For March 21
--------------------------------------------------------
Justin Denis Walsh and Adams Pauls Nikitins of Ernst & Young were
appointed as administrators of Accomcorp Pty Ltd on March 9, 2016.

A first meeting of the creditors of the Company will be held at
Sharks Events Centre, Corner of Musgrave and Olsen Avenues, in
Southport, Queensland, on March 21, 2016, at 11:00 a.m.


ASIA MINERALS: First Creditors' Meeting Set For March 23
--------------------------------------------------------
Martin Bruce Jones, Dermott McVeigh, Andrew Michael Smith and
Malcolm Field of Ferrier Hodgson were appointed as administrators
of Asia Minerals Corporation Ltd on March 11, 2016.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth, on
March 23, 2016, at 11:00 a.m.


RTO SERVICES: Goes Into Administration
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Rto Services Group
Pty Ltd has gone into administration. Richard Albarran, Blair
Pleash and Shahin Hussain were appointed administrators of the
company on February 9, 2016.

Dissolve.com.au says the private training company entered
administration together with the Australian Indigenous College,
Aspire College and Keystone College of which it is the manager.


SAPPHIRE XII: Fitch Affirms 'BBsf' Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has affirmed 14 tranches of two Sapphire series
transactions as well as five Bluestone Warehouse tranches of
residential mortgage-backed floating rate notes. The transactions
are securitisations of Australian non-conforming residential loans
originated by Bluestone Group Pty Limited. The full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement supports the relevant notes at their current ratings,
the agency's expectations of Australia's economic conditions, and
that the credit quality and performance of the underlying loans
remain within the agency's expectations.

Arrears are high across the transactions, as is common in the non-
conforming market. At 31 January 2016, 30+ days arrears levels
ranged between 4.8% (Bluestone WH) and 14.0% (Sapphire XII),
compared to Fitch's 3Q15 non-conforming low-documentation Dinkum
RMBS Index of 7.7%. Defaults and losses have been stable since
January 2014 and are still below Fitch's expectations. Losses were
covered by strong excess income available over the period.

The collateral underlying Sapphire XII and Sapphire XIII is highly
seasoned, with a weighted average (WA) seasoning of over nine
years. As a result, Fitch's calculated WA loan-to-value ratio
reduced significantly by between 9pp and 10pp after indexation was
applied. Loans in the Bluestone Mortgages Warehouse Trust are less
seasoned due to the inclusion of newly originated loans as the
transaction features an availability period.

RATING SENSITIVITIES
Unexpected increases in delinquencies, defaults, and losses would
be necessary before any negative rating action is considered on
the transactions' senior notes. The credit enhancement levels of
the senior notes can support multiples of the arrears levels
reported in the latest investor reports.

Available credit enhancement is expected to increase for Sapphire
XII and Sapphire XIII as the rated notes pay down, thereby
reducing sensitivities to combinations of increased delinquencies
and defaults. As a result, any negative rating action on these
transactions is considered very unlikely. The prospect for future
upgrades is however constrained by future concentration issues.
The rated notes can withstand additional defaults ranging from
6.3% to 73.5% of the current collateral pool at Fitch's breakeven
default and loss severity at their rating level.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Bluestone Group Pty
Limited (Bluestone) compared to its credit policy at the time of
underwriting. Fitch has checked the consistency and plausibility
of the information and no material discrepancies were noted that
would impact Fitch's rating analysis.

The rating actions are as follows:

Sapphire XII Series 2013-1 Trust (Sapphire XII):
AUD45.7 million Class A1 notes (AU3FN0021424) affirmed at 'AAAsf';
Outlook Stable;
AUD11.9 million Class A2 notes (AU3FN0021432) affirmed at 'AAAsf';
Outlook Stable;
AUD5.9 million Class B notes (AU3FN0021440) affirmed at 'AAsf';
Outlook Stable;
AUD6.8 million Class C notes (AU3FN0021457) affirmed at 'Asf';
Outlook Stable;
AUD4.6 million Class D notes (AU3FN0021465) affirmed at 'BBBsf';
Outlook Stable;
AUD2.6 million Class E notes (AU3FN0021473) affirmed at 'BBsf';
Outlook Stable; and
AUD2.0 million Class F notes (AU3FN0021481) affirmed at 'Bsf';
Outlook Stable.

Sapphire XIII Series 2014-1 Trust (Sapphire XIII):
AUD89.6 million Class A1 notes affirmed at 'AAAsf'; Outlook
Stable;
AUD26.1 million Class A2 notes affirmed at 'AAAsf'; Outlook
Stable;
AUD7.6 million Class B notes affirmed at 'AAsf'; Outlook Stable;
AUD7.4 million Class C notes affirmed at 'Asf'; Outlook Stable;
AUD4.8 million Class D notes affirmed at 'BBBsf'; Outlook Stable;
AUD2.7 million Class E notes affirmed at 'BBsf'; Outlook Stable;
and AUD2.1 million Class F notes affirmed at 'Bsf'; Outlook
Stable.

Bluestone Mortgages Warehouse Trust (Bluestone WH):
AUD158.4 million Class A notes affirmed at 'AAAsf'; Outlook
Stable;
AUD9.0 million Class B notes affirmed at 'AAsf'; Outlook Stable;
AUD10.8 million Class C notes affirmed at 'Asf'; Outlook Stable;
AUD7.6 million Class D notes affirmed at 'BBBsf'; Outlook Stable;
and
AUD5.2 million Class E notes affirmed at 'BB-sf'; Outlook Stable.



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


CAR INC: Moody's Retains Ba1 CFR on 2015 Results
------------------------------------------------
Moody's Investors Service says that CAR Inc.'s 2015 results do not
affect its Ba1 corporate family and senior unsecured ratings and
stable ratings outlook.

"CAR's 42% revenue growth in 2015 was below our expectation of
about 60% due to its slower-than-expected fleet expansion," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

CAR's 42% year-on-year revenue growth in 2015 reflects the growth
in its short-term and long-term rental revenues driven by fleet
growth, as well as its higher short-term rental utilization rate.

Moody's expects CAR's revenues to grow by 5%-15% year-on-year in
the next 12-18 months.

This slower revenue growth reflects a more modest pace of fleet
expansion, as the company aims to improve short-term rental
utilization in the face of greater competition from online
chauffeured car service providers.

"While CAR's debt leverage rose year-on-year in 2015, we expect
debt leverage to moderate as the company slows its fleet
expansion," says Ho who is also the Lead Analyst for CAR.

CAR's adjusted debt increased by about 127% to about RMB8.9
billion at end-2015 from end-2014, while its adjusted EBITDA grew
by about 64% over the same period.

As a result, its adjusted debt/EBITDA rose to about 3.3x in 2015
from 2.4x in 2014.

Nonetheless, Moody's expects CAR's revenue from new vehicles and a
more moderate fleet expansion will lower its debt leverage level
to the range of 2.8x-3.0x in the next 12 to 18 months, which
positions it in the Ba1 rating category.

CAR's improved EBITDA margin is credit positive, and Moody's
expects CAR will sustain the improvement in the next 12-18 months.

CAR's adjusted EBITDA margin -- including the sales of used
vehicles -- improved to 50%-55% in 2015 from 46.7% in 2014.

In addition, its gross margin -- including the sales of used
vehicles -- improved to 41.8% from 35.2% in 2014.

These increases reflect improvements in its selling, general and
administrative expenses as a result of operating leverage.

CAR's liquidity position is adequate.  Its unrestricted cash of
RMB2.0 billion at end-2015 was adequate to cover its short-term
debt of RMB1.2 billion.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry, published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China.  CAR listed on the Hong Kong Stock Exchange
in September 2014.

At Dec. 31, 2015, CAR had a total fleet of 91,179 company-owned
cars.  CAR commands a leading position in terms of fleet size,
revenue and network coverage.  In 2015, CAR reported net sales of
RMB5.0 billion.

At Dec. 31, 2015, CAR's key shareholders include Legend Holdings
(unrated; 23.5% stake); one of the world's largest car rental
companies; The Hertz Corporation (B1 stable; 10.2% stake); its
chairman, founder and CEO, Mr. Charles Lu (15.5% stake); and
private equity firm Warburg Pincus (11.0% stake).


TEXHONG TEXTILE: Moody's Affirms Ba3 CFR, Outlook Now Stable
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Texhong Textile Group Limited's Ba3 corporate family
and senior unsecured bond ratings.

Moody's has also affirmed both ratings.

                         RATINGS RATIONALE

"The outlook revision reflects Texhong's improved profitability as
the company has grown its revenue and improved its adjusted EBITDA
margin despite China's weak economic environment," says Chenyi Lu,
a Moody's Vice President and Senior Analyst.

Texhong's revenue grew by a modest 1.0% to RMB10.6 billion in
2015, mainly driven by a 10.5% increase in sales volume of yarn
but offset by lower average selling prices (ASPs).

The strong volume growth was supported by its diversified customer
base and extended product offerings.

Moody's expects revenue to grow by 5% per year in 2016 and 2017,
underpinned mainly by sales volume growth, and partially offset by
a modest decline in ASPs.

Its new yarn production capacities in Vietnam (B1 stable) and
Xinjiang are expected to commence commercial operations in 2Q 2016
and 3Q 2016, respectively.

Its adjusted EBITDA margin improved to 15.9% in 2015 from 10.1% in
2014, largely due to an improved reported gross margin of 18.0% in
2015 from 12.4% in 2014.

The improved gross margin was driven mainly by lower cotton input
costs and an improved product mix.

Moody's expects its adjusted EBITDA margin to remain stable at the
current levels over the next two years, supported by a relatively
stable gross margin.

Moody's does not expect a significant decline in cotton prices in
a short period of time as prices declined significantly in China
(Aa3 negative) in 2011 and 2014, limiting negative gross margin
volatility.

At the same time, Moody's expects the company to maintain its
current favorable product mix.

Therefore, its adjusted EBITDA grew by 58.5% to RMB1.68 billion in
2015 from RMB1.06 billion in 2014.

"The stable outlook also reflects Texhong's improved financial
leverage, which is at a level that is in line with its Ba3
ratings," says Lu, who is also the Lead Analyst for Texhong.

Driven by improved earnings, Texhong's adjusted debt/EBITDA
improved to 4.0x in 2015 from 4.7x in 2014 despite a higher
adjusted debt level.

Its total adjusted debt grew by 32.7% to RMB6.67 billion at end-
2015 from RMB5.03 billion at end-2014, driven by higher capital
expenditure (capex) and a greater cash balance at end-2015 to
prepare for a debt repayment of about RMB1.0 billion in January
2016.

Moody's expects its adjusted debt/EBITDA to decline to about 3.5x
over the next two years, owing to expected positive cash flow from
operations and lower capex.

This level of leverage is in line with its Ba3 ratings.

The Ba3 ratings reflect Texhong's modest position in China's
fragmented yarn market.

The ratings also take into consideration the exposure of Texhong's
profit margins to market price fluctuations, including the
purchase price of raw materials and selling prices for yarn, the
latter of which are sensitive to end-user demand for downstream
apparel and textile products.

At the same time, the company's ratings are supported by Texhong's
diversified customer base, the steady apparel demand in China,
driven by steady growth in domestic consumption levels, and the
expected stable gross margin.

The expansion of Texhong's production facilities in Vietnam allows
the company to use more competitively priced cotton, which
improves its margins, given that the international cotton price is
generally lower than the price in China.

Texhong's liquidity position is weak.  At end-2015, the company
held cash and cash equivalents of RMB1.94 billion, pledged bank
deposits of RMB248 million, and unused committed banking
facilities of RMB564 million.

These liquidity sources and its expected operating cash flows of
around RMB0.9 billion over the next 12 months are insufficient to
cover its RMB1.66 billion in maturing debt, bills payable of
RMB2.11 billion and estimated maintenance capex of RMB200 million
over the next 12 months.

However, the company had around RMB0.7 billion in bills receivable
and RMB1.89 billion in inventory, mostly cotton, which is
marketable.  These can be discounted for cash to support its
liquidity position.

The ratings could be upgraded if Texhong continues to grow its
revenues and improves its liquidity profile, while maintaining its
profitability and stable financial profile.

Furthermore, Moody's will consider debt/EBITDA staying below 2.5x
and its EBITDA margin staying above 15% on a sustained basis as an
indication of a possible upgrade.

Texhong's ratings could be downgraded if: (1) the company adopts
an aggressive cotton-procurement strategy, increasing its exposure
to cotton-price fluctuations; (2) its debt remains elevated due to
aggressive capacity and downstream expansion and/or large working
capital deficits; (3) its profitability remains weak; and/or (4)
its liquidity deteriorates significantly.

Moody's would also consider a ratings downgrade if the company's
adjusted debt/EBITDA consistently exceeded 4.0x-4.5x and its
adjusted EBITDA margin stayed below 10% on a sustained basis.

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

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group Limited specializes in producing
core-spun yarn and textile products.

The company currently operates 15 yarn production bases: 12 in the
Yangtze River Delta and Shandong Province in China and three in
Vietnam.  Its chairman, Mr. Tianzhu Hong, holds an approximate 55%
stake in the company.



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


A. S. INDUSTRIES: CRISIL Suspends D Rating on INR32MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A. S. Industries (Haridwar).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL D
   Letter of Credit        3       CRISIL D
   Term Loan              32       CRISIL D

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

ASI, formed in 2010 and based in Noida (Uttar Pradesh), is a
partnership firm between Mr. Sunil Sharma and Mrs. Sunheri Sharma.
The firm manufactures aluminium die-casted auto components for
two-wheelers. Its manufacturing facility is in Bhegumpur (SIDCUL),
Haridwar (Uttarakhand).


AEROSPACE ENGINEERS: CRISIL Assigns B+ Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aerospace Engineers (AE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              50       CRISIL B+/Stable
   Bank Guarantee         20       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable

The ratings reflect the firm's large working capital requirements,
its modest scale of operations, and exposure to customer
concentration risk. These weaknesses are partially offset by the
extensive experience and technical expertise of the proprietor in
the aerospace engineering field and the firm's established track
record of execution of orders and the necessary quality
certifications.
Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from the proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the scale of operations and profitability, leading to
higher cash accrual along with improvement in working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the sales
and operating profitability decline significantly, or the working
capital requirements increase substantially, or it undertakes
large, debt-funded capital expenditure, leading to weakening of
the financial risk profile.

AE, a proprietorship firm established in 2002, manufactures and
supplies precision (metallic and non-metallic) aeronautical
components to defence and aerospace companies primarily in India.
The manufacturing unit is in Salem, Tamil Nadu, and Mr. R Sundaram
is the proprietor.


AMA INDIA: ICRA Reaffirms B+ Rating on INR9.50cr Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.95 Crore fund based bank facilities of AMA India Enterprises
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working capital
   Facilities             9.50        [ICRA]B+, Reaffirmed

   Term Loans             0.45        [ICRA]B+, Reaffirmed

ICRA's rating continues to take into account the modest scale of
operations along with low profitability margins and return
indicators of AIEPL. Further, the rating continues to be
constrained on account of its high working capital intensity and
the vulnerability of its profitability to foreign exchange
fluctuation risk. The rating however favourably takes note of the
financial and technical support available to the company from its
group companies - the company is a part of AMA Group, which has an
established presence globally for outfitting and maintaining off-
highway vehicles, agricultural and gardening machines.

The rating, however, is constrained by the company's weak
profitability and limited scale of operations. The company remains
exposed to fluctuation in foreign exchange rates. Going forward,
the company's ability to profitably scale up its operations as
well as diversify its customer and product profile would remain
key rating sensitivities.

Incorporated in 1999, AMA Enterprises India Private Limited
(AIEPL) is engaged in the manufacturing of tractor linkage spare
parts, such as linkage pin, hitch pin, Machine Trailer ball, Top
Link Assembly, washer etc. The company is part of a global
conglomerate - AMA Group*, which holds 75% stake in AIEPL with
balance being held by Mr. R.K. Magoo. The manufacturing process
for the products primarily involves various operations such as
cutting, forging, machining, electroplating. The group is engaged
in supplying components and equipment for outfitting and
maintaining off-highway vehicles, agricultural and gardening
machines.

Recent Results
The company reported a net profit of INR0.11 crore on an operating
income of INR17.92 crore in FY 2014-15, as against a net profit of
INR0.43 crore on an operating income of INR16.66 crore in the
previous year.


ANAND FROZEN: CRISIL Suspends B- Rating on INR49.9MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Anand
Frozen Foods (AFF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           43.2      CRISIL B-/Stable
   Term Loan             49.9      CRISIL B-/Stable

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

Incorporated in 2013 by Mr. Jitender Arora, Mr. Sanjeevpal Arora,
Ms. Manju Arora and Ms. Niru Arora, AFF is in the business of
processing of vegetables and fruits through the individually quick
frozen (IQF)-based method. Based at Kashipur, Uttarakhand, AFF has
a processing capacity of around 2 tonnes per hour and started
commercial operations in February 2014. The firm sells its
products under its brand Anand Fresh.


APS METALS: CRISIL Suspends B Rating on INR160MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of APS
Metals Private Limited (APS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            160      CRISIL B/Stable

   Letter of Credit       110      CRISIL A4

   Proposed Long Term
   Bank Loan Facility      40      CRISIL B/Stable

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

Based in New Delhi, APS was set up by Mr. Pradeep Kumar Gupta to
take over the business of Krishna Metal Co his partnership firm
with effect from November 1, 2010. APS took over the business of
Krishna Metal Co with effect from November 1, 2010. APS mainly
trades in non-ferrous metals and alloys, such as copper, brass,
zinc, and aluminium.


ASHRULY ENGINEERING: CRISIL Cuts Rating on INR37.5MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ashruly Engineering Private Limited (AEPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

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

   Cash Credit            37.5     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit       25       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         28       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term      4.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The downgrade reflects AEPL's overdrawn cash credit limit for more
than 30 consecutive days, driven by weak liquidity on account of
an operating loss.

AEPL has a modest scale, and working capital-intensive nature, of
operations, and a weak financial risk profile because of a modest
networth and weak debt protection metrics. However, the company
benefits from the extensive industry experience of its promoters
and their funding support.

Incorporated in 2007 in Pune, AEPL manufactures fabricated steel
and alloy components.  It is promoted by Mr. Nandkumar Gaikwad and
his wife, Mrs. Nandini Gaikwad.


B.S. BUILDERS: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B.S. Builders
(BSB) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect BSB's small scale of operations, as seen in
its top line of INR237.83 mil. in FY15 (FY14: INR227.71 mil.) and
weak financial leverage (total adjusted debt/operating EBITDAR) of
5.12x (0.07x).  The ratings also factor in its weak order book
position of 0.7x for FY16, and deterioration in its working
capital cycle to 51 days in FY15 (FY14: 34 days).

However, the ratings are supported by BSB's promoter's experience
of over two decades in civil construction works.  The ratings are
further supported by its satisfactory EBITDA margins, which came
in at 7.11% in FY15 (FY14: 6.13%) and interest coverage (operating
EBITDA/gross interest expense) of 2.52x (3.32x).  The agency also
factors in BSB's comfortable liquidity position, as evident from
its 59% average cash credit utilization during the 12 months ended
February 2016.

                       RATING SENSITIVITIES

Positive: A significant improvement in revenue, while improving
its credit profile, will be positive for the ratings.

Negative: A significant deterioration in EBITDA margins, leading
to weaker credit metrics, will be negative for the ratings.

                          COMPANY PROFILE

BSB was established as Bhim Sain Contractor in 1991, with
operations in civil construction works for roads as well as other
allied works.  In 2016, it changed its name to BSB.  Its head
office is located in Sangrur (Punjab).

BSB's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR40 mil. fund-based limits: assigned 'IND B+'/Stable/
      'IND A4'
   -- INR30 mil. non-fund-based limits: assigned 'IND A4'


BABA HEALTHCARE: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Baba Healthcare
Private Limited's (BHPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable. The agency has also upgraded
BHPL's INR150.00 million fund-based limits (increased from
INR90.00 million) to 'IND BB-'/Stable/'IND A4+' from 'IND B+'/'IND
A4'.

KEY RATING DRIVERS

The upgrade reflects BHPL's improved scale of operations on
account of rising sales, as seen in its revenue of INR695.68
million in FY15 (FY14: INR309.80 million). Its net leverage rose
to 4.59x in FY15 (FY14: 1.17x) due to improved absolute EBITDA,
while interest coverage was 1.49x (1.17x). The ratings also factor
in the company's moderate operating EBITDA margins of 3.06% in
FY15 (FY14: 4.73%) as well as its strong relationships with
customers and suppliers.

The upgrade factors in BHPL's comfortable liquidity profile, as
evident in its average working capital utilisation of around
91.00% during the 12 months ended February 2016.

RATING SENSITIVITIES

Positive: Improved profitability, leading to an improvement in its
overall credit profile, will be positive for the ratings.

Negative: Any fall in profitability, leading to deterioration in
credit metrics, will be negative for the ratings.

BHPL was incorporated in June 2009 by Dinesh Aggrawal. It is a
distributor for Patanjali Ayurved Limited.


BANJOSH ASSOCIATES: CRISIL Suspends 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Banjosh Associates (BA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           12.5      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     2.8      CRISIL B/Stable

   Term Loan             60.0      CRISIL B/Stable

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

BA was set up as a partnership firm in 2003 by Mr. Kamal Joshi and
his family and friends. The firm has a production and processing
unit for button mushrooms and for canning mushrooms at Kotdwar
(Uttarakhand). The unit became fully operational in February 2014.


BEGORRA INFRASTRUCTURE: CRISIL Reaffirms B+ INR180M Loan Rating
---------------------------------------------------------------
CRISIL's rating on the bank facility of Begorra Infrastructure and
Developers Private Limited (BIDPL) continue to reflect its modest
scale of operations in the fragmented civil construction industry,
working capital intensive nature of operations and below-average
financial risk profile marked by a small net worth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of BIDPL's promoters in the civil
construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            180      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BIDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly, while it improves its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
BIDPL reports low revenue or profitability, or its working capital
management deteriorates, or it undertakes any large debt funded
capital expenditure programme, constraining its financial risk
profile, particularly liquidity.

Incorporated in 2010 and based in Ranni (Kerala) BIDPL, undertakes
civil contracts, primarily roads and bridges for government
entities in Karnataka. The company is founded and managed by Mr.
Abraham Thomas.


DEV BHOOMI: CRISIL Suspend 'D' Rating on INR150MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Dev Bhoomi
Automobiles Pvt Ltd (DBAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL D

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

DBAPL was founded in 2005 by Mr. Amrish Kumar Oberoi. The company
was earlier operating an automobile dealership for HMIL (Hyundai
Motor India Ltd, in Dehradun (Uttarakhand).


DORA INFRASTRUCTURES: CRISIL Reaffirms B Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Dora
Infrastructures and Properties Private Limited (DIPIPPL) continue
to reflect its modest scale of operations in the fragmented civil
construction industry, working capital intensive nature of
operations and below-average financial risk profile marked by
small net worth and high gearing. These rating weaknesses are
partially offset by the extensive experience of DIPPL's promoters
in the civil construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          25      CRISIL A4 (Reaffirmed)

   Cash Credit             50      CRISIL B/Stable (Reaffirmed)

   Proposed Working
   Capital Facility        25      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DIPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly while it improves its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
DIPPL reports low revenue or profitability, or its working capital
management deteriorates, or it undertakes any large debt funded
capital expenditure programme, leading to weak financial risk
profile, particularly liquidity.

Incorporated in 2010 and based in Ranni (Kerala), DIPPL undertakes
civil contracts, primarily construction of buildings for various
government entities. The company is founded and managed by Mr.
Abraham Thomas.


DSR AGROTECH: CRISIL Suspends B- Rating on INR62MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
DSR Agrotech Private Limited (DSR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               62      CRISIL B-/Stable

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

Incorporated in 2011 in New Delhi, DSR is undertaking a project to
construct a warehouse in Sonepat (Haryana) that would be rented
out. The day to day operations are managed by Mr. Anil Dalmia.


ENKEBEE INFRA: Ind-Ra Puts BB- LT Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Enkebee Infra
(EI) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect EI's short operational track record as it
commenced operations only in May 2013.  The ratings are
constrained by the company's low revenue base of INR92 mil. during
FY15 (FY14: INR25 mil.) and its moderate liquidity profile leading
to more than 91% of utilization of the working capital limits over
the six months ended January 2016.

The ratings are also constrained by EI's being a partnership firm.

The ratings are supported by the company's partner Mr Niladri
Kumar Basu's more than two decades of experience in the
construction business.  The ratings are also supported by EI's
strong credit profile with interest coverage of 11x and net
leverage of 1.1x during FY15.  It does not have any long-term bank
debt hence there is no repayment risk attached to the company.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the revenue along with the
maintenance of the present credit metrics would lead to a positive
rating action.

Negative: A sustained decline in the EBITDA interest coverage will
be negative for the ratings.

                         COMPANY PROFILE

Kolkata-based, EI executes civil and structural projects.

The firm is managed by Niladri Kumar Basu, Dr Sulagna Basu and
Debjani Basu.  This is a family run business.

EI's ratings are:

   -- Long-Term Issuer rating: assigned 'IND BB-'/Stable
   -- INR10.0 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR50.0 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


FRONTIER WAREHOUSING: Ind-Ra Affirms BB+ Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Frontier
Warehousing Private Limited's (FWPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The agency has also affirmed
FWPL's INR345.05 mil. term loan at 'IND BB+' with a Stable
Outlook.

                         KEY RATING DRIVERS

The affirmation reflects FWPL's continued moderate scale of
operations as well as credit profile.  During FY15, revenue was
INR82 mil. (FY14: INR78 mil.), interest coverage was 1.6x (1.6x),
net leverage was 5.6x (5.6x) and EBITDA margins were 84.1%
(92.9%).

Ind-Ra expects the debt service coverage ratio to decline due to
the ballooning of term loan repayment with stagnant EBITDA
margins.

The ratings are, however, supported by the fact that the entire
rent collected by FWPL from lease rental is deposited in an escrow
bank account and the residual cash is available to the company
only after the debt service obligations have been met.

The ratings also benefit from the presence of debt service reserve
account with the bank where a total of debt obligations towards
term loan for three months are kept as reserve and if the entity
fails to repay its obligation, the bank uses this reserve to
service the obligations.

                       RATING SENSITIVITIES

Positive: Substantial improvements in the credit profile will be
positive for the ratings.

Negative: The cancellation of rental agreements leading to
substantial deterioration in the credit metrics will be negative
for the ratings.

                         COMPANY PROFILE

Incorporated in 2010, FWPL leases out its warehouse facility
located in Kolkata, West Bengal.  It is a subsidiary of Rasha Ind
Private Limited which owns 66.2% of the company.

Rasha Ind has multiple businesses including renting out
warehouses, operating a cold storage and undertaking engineering,
procurement and construction (EPC) contracts.  The majority of its
revenue is generated by its EPC business.

FWPL is managed by two of its directors -- Gautam Agarwalla and
Amit Agarwalla.


GLOBAL INSTITUTE: ICRA Assigns B+ Rating to INR20cr LT Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR20.00
crore fund based bank facilities of Global Institute of Medical
Science And Health Care (GIMSH).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based Term Loan      20.00         [ICRA]B+; Assigned

ICRA's rating factors in the nascent stage of the hospital
project, which Global Institute of Medical Science & Health Care
(GIMSH) is executing and risks associated with ability to complete
the project within the estimated costs and time. The execution of
the project is contingent upon the timely and adequately infusion
of funds by the promoters and financial tie-up. Also, attracting
and retaining reputed doctors in the view of heightened
competition, especially those who are willing to render services
for a charitable cause remains a challenge. The current team of
doctors at the existing hospital maintained by the promoter group
have been associated with it for a long time.

However, ICRA's rating factors in the long track record of the
management in the healthcare industry through their other hospital
situated at Jabalpur, Madhya Pradesh and their established
relations with various governmental and non-governmental
organizations (TPAs) such as CGHS, ESIC, CSMA, SBI and ICICI
Lombard etc. which will help in ensuring high occupancies after
the commencement of the hospital.

The ability of the company to complete the project within
estimated cost and time and timely infusion of funds by the
promoters will remain key rating sensitivities.

Incorporated in November 2011, GIMSH is a closely-held company
registered under section 25 (not for Profit Company) that is
setting up a 300-bed multi-speciality hospital in Jabalpur,
(Madhya Pradesh). The promoters of the company are Mr. Rajeev
Baderia and Mr. Saurabh Baderia, have extensive experience in the
healthcare sector and are currently running a 130-bedd hospital in
Jabalpur, Madhya Pradesh. They are also managing the affairs of
medical and engineering institutes (Institutes under Global Nature
Care Sangathan) located in Madhya Pradesh.


H. S. JEWELS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
H. S. Jewels Budaun Private Limited (HSJBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           70       CRISIL B+/Stable

   Proposed Term Loan     50       CRISIL B+/Stable

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

HSJBPL was formed and started its operations in August 2012. The
company is formed by Mr. Rachit Prakash Vaish and his family. It
is into jewellery business and has its show room in Budaun and
Moradabad (both in Uttar Pradesh). Company expects to commence
operations at Moradabad Showroom from December 2014.


HKR ROADWAYS: Ind-Ra Cuts INR15,250MM Bank Loan Rating to 'IND B'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded HKR Roadways
Limited's (HKRRL) INR15,250 million bank loan to 'IND B' from 'IND
BB+'. The Outlook has been revised to Stable from Negative.

PROJECT PROFILE

HKRRL is a special purpose company, incorporated to implement a
lane expansion (from two to four lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from Andhra Pradesh Road Development Corporation
(APRDC). Gayatri Projects Limited (GPL), along with its
subsidiary, Gayatri Infra Ventures Ltd owns 37% equity in HKRRL.
Out of the remaining 63% equity, Megha Engineering &
Infrastructures Ltd (IND A) owns 37% and DLF & its associates own
26%. The project cost is estimated at INR22,090 million, which is
being funded by a term loan of INR15,250 million, sponsor
contribution of INR2,300m and a grant of INR4,540 million from
APRDC.

KEY RATING DRIVERS

The downgrade reflects the severe shortfall in HKRRL's actual
revenue as compared with Ind-Ra's expectations for FY16. Revenue
underperformance stemmed from subdued traffic in the project
stretch due to a decline in sand mining (granite and sand),
construction related activities in Hyderabad and its periphery.

That being said, the 207km project stretch is part of the State
Highway 1, connecting the important districts of Hyderabad, Medak
and Karimnagar with the presence of various industrial/ commercial
units including coal mines, a cement plant, thermal power stations
and fertiliser plants in nearby areas.

The project received the provisional completion certificate on 30
May 2014 and partial tolling has been underway since 1 June 2014.
However, the final commercial operation date is being delayed
owing to the delays in land acquisition and the handover by APRDC.
The clearance delays from railway authorities for a rail over
bridge and rail under bridge construction had further protracted
the project completion. Additionally, the positive scope change
will be fully funded by APRDC estimated to be about INR6bn to be
paid in FY17.

In FY15, its first year of operations, HKRRL collected INR876.45
million from all the three toll plazas. In FY16 (up to 30
September 2015) HKRRL's operating revenue were INR580.43 million,
much below Ind-Ra's base case projections, thereby straining the
debt service coverage ratios.

Given the inadequate cash flows, the provisions for major
maintenance are affected. The first major maintenance expense is
likely to be carried out in FY19 and FY20.  Higher dependence on
the sponsor for operational expenses and lifecycle costs
constrains the rating. Owing to the shortfall in the toll
revenues, dependency of HKRRL on the sponsors has increased. As
part of the transaction, the sponsor has undertaken to fund any
shortfalls in the operation and maintenance cost.

A debt service reserve account equivalent to two quarters of debt
service amount has already been created out of the project cost.
The sponsor has also contributed the entire equity and has
undertaken to bridge any overruns in the project cost. The project
cost includes a contingency of about of INR626.6 million which
could provide some cushion in the event of project cost overruns.

RATING SENSITIVITIES

Negative: Substantial delays in the receipt of governmental grants
and inadequate traffic recovery resulting in stress on HKRRL's
debt service ability could result in a negative rating action.


IDBI BANK: Moody's Affirms (P)B1 Sub. MTN Program Rating
--------------------------------------------------------
Moody's Investors Service has affirmed IDBI Bank Ltd's Baa3/P-3
local currency and foreign currency bank deposit ratings.

The bank's Baa3 senior unsecured debt and (P)Baa3 senior unsecured
medium-term note (MTN) program ratings have also been affirmed.

In addition, Moody's has affirmed IDBI's baseline credit
assessment (BCA) and adjusted BCA of b1, as well as its
Counterparty Risk Assessment (CR Assessment) of Baa3(cr)/P-3(cr).

Moody's has also affirmed the bank's subordinated MTN rating of
(P)B1 and junior subordinate MTN program rating of (P)B2,
respectively.

The outlook on the long-term deposit and senior unsecured debt
ratings is stable.

The full list of the affected ratings is provided at the end of
the press release.

                         RATINGS RATIONALE

IDBI's asset quality is weak, with a gross nonperforming loan
ratio of 8.9% as at end-December 2015.

In addition, the bank has meaningful exposures to large
corporates, some of which show weak debt-servicing metrics.  These
exposures represent the key source of risk for the bank's asset
quality.

At the same time, with the bank's BCA being already positioned at
b1, its credit profile already factors in a significant amount of
asset quality stress.

The bank's buffers are weak on an absolute basis, with loan-loss
coverage at 63% and core equity tier 1(CET1) ratio at 7.84% at
end-December 2015.

Nevertheless, based on these measures, the bank is in line with
the other rated public sector banks.

It has been receiving capital on a consistent basis from the
government over the last few years, with the latest infusion of
INR22 billion provided in the quarter ending December 2015.

Driven by these ongoing capital infusions, we expect the bank's
CET1 ratio to be maintained at a level of at least 7.5%.  The
bank's loan book is not growing; the year-on-year change in
outstanding loans as of end-December 2015 was only 6%.  This
should also support the bank's capital ratios.

In addition, at the current BCA, the bank's funding and liquidity
profile are key supporting factors.

Despite facing significant challenges with respect to asset
quality, its deposit base has been very stable.

IDBI continues to record steady growth in its current and savings
(casa) deposits, with the average casa balance in the quarter
ending December 2015 increasing by 15% on a year-on-year basis.

Moody's continues to incorporate a very high level of systemic
support from the government.

IDBI is a public sector bank, with the Government of India (Baa3
Positive) holding a 80.16% stake.

We believe the government will provide a very high level of
support to all public sector banks, as problems at even a small
bank could lead to contagion risk for the other public sector
banks.

The government has announced that it is open to the possibility of
lowering its stake to below 50% in IDBI Bank.

If the government does lower its stake in such a manner, it would
warrant a relook at our support assumptions for IDBI Bank.

However, given the significant execution challenges involved,
Moody's is not factoring this scenario in its current support
assumptions.

                 WHAT COULD CHANGE THE RATINGS -- UP

An upward change in its BCA is possible if IDBI substantially
improves its profitability and Tier 1 capital position on an
internally generated basis or by accessing the capital markets
rather than relying on an equity infusion from the Indian
government.

Significant improvement in asset quality accompanied with a large
reduction in loan concentration risks will also lead to upward
pressure on its BCA.

               WHAT COULD CHANGE THE RATINGS -- DOWN

A further significant deterioration in asset quality, leading to
further deterioration in the bank's loan-loss coverage and capital
levels, could exert negative pressure on the BCA.

The current rating already factors in a very high level of
government support.  Hence, negative pressure on the bank's BCA
will likely translate to negative pressure on the supported
rating.

The principal methodology used in these ratings was Banks
published in January 2016.

Headquartered in Mumbai, IDBI had total assets of INR3.38 trillion
at end-December 2015.

IDBI's ratings are as follows, following Moody's rating action:

IDBI Bank Ltd

   -- Local and Foreign currency bank deposit ratings affirmed at
      Baa3/ P-3; outlook on the long-term deposit rating is
      stable
   -- Foreign currency senior unsecured debt rating affirmed at
      Baa3; outlook on the ratings is stable
   -- Foreign currency senior unsecured MTN program rating
      affirmed at (P)Baa3
   -- Foreign currency subordinate MTN program rating affirmed at
      (P)B1
   -- Foreign currency junior subordinate MTN program rating
      affirmed at (P)B2
   -- BCA and Adjusted BCA affirmed at b1
   -- CR Assessment affirmed at Baa3(cr)/P-3(cr)

IDBI Bank Ltd, DIFC Branch

   -- Foreign currency senior unsecured debt rating affirmed at
      Baa3; outlook on the ratings is stable
   -- Foreign currency senior unsecured MTN program rating
      affirmed at (P)Baa3
   -- Foreign currency subordinate MTN program rating affirmed at
      (P)B1
   -- Foreign currency junior subordinate MTN program rating
      affirmed at (P)B2
   -- CR Assessment affirmed at Baa3(cr)/P-3(cr)


INDIAN PULP: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indian Pulp &
Paper Pvt. Ltd. (IPPPL) a Long-Term Issuer Rating of 'IND D'.

                        KEY RATING DRIVERS

The ratings reflect IPPPL's tight liquidity leading to delays in
debt servicing for the 12 months ending February 2016.

                        RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within limits for three consecutive months would be
positive for the ratings.

                          COMPANY PROFILE

Kolkata-based IPPPL was incorporated in 2004 as Balaji Kagaz
Private Limited.  The company acquired Indian Paper Pulp Company
Ltd. in 2006 from the government of West Bengal.  Subsequently,
the name was changed to its present name.  The company
manufactures kraft paper and pulp.

IPPPL's ratings are:

   -- Long-Term Issuer Rating: assigned Long-term 'IND D'
   -- INR159.3 mil. fund-based working capital limits: assigned
      Long-term 'IND D'
   -- INR522.4 mil. long-term loans: assigned Long-term 'IND D'
   -- INR85.4 mil. non-fund-based working capital limits:
      assigned Short-term 'IND D'


INO FLEX: ICRA Reaffirms 'B' Rating on INR4.28cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating at [ICRA]B for the
INR7.28 crore long term fund based facilities of Ino Flex Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Term Loan              4.28        [ICRA]B; reaffirmed

   Fund Based Limits
   Cash Credit            3.00        [ICRA]B; reaffirmed

The ratings reaffirmation takes into account the healthy growth in
the operating income of the company (Rs 44.04 crore in 2014-15 vis
a vis INR11.8 crore during 8M FY 2013-14) and the stretched
liquidity position of the company as reflected by high utilization
of the working capital limits during the year.
The ratings continue to be constrained by the small scale and
limited track record of operations of the company. The ratings
also factor in the highly leveraged capital structure of the
company with gearing of 6.82 times as on March 31, 2015 and weak
coverage indicators. Further, the ratings also take into account
the vulnerability of company's profitability to fluctuations in
raw material prices and the high competitive intensity in the
packaging industry. However, the ratings favourably factor in the
long and established track record of promoters through presence of
group companies in packaging business and the favourable demand
prospects for the packaging industry in the domestic market driven
by increasing consumerism, fast growing retail sector, changing
lifestyle and rising demand from the rural sector.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining moderate
gearing levels and debt coverage indicators would remain the key
rating sensitivities.

Incorporated in November 2007, IFPL is promoted by Chordia Family
of Indore. It belongs to a well established group having long
standing of around two decades in packaging industry. The company
manufactures low-density polyethylene (LDPE) foils, aluminium
foils, laminates and pouches for pharmaceutical and food
packaging. The basic raw materials include aluminium foils,
polyester and blister foil which are procured from the local
markets.

Recent Results
In 2014-15, IFPL reported a net profit of INR0.19 crore on an
operating income of INR44.04 crore against a net loss of INR0.17
crore on an operating income of INR11.80 crore during 8 months
2013-14.


J AND J PRECISION: CRISIL Cuts Rating on INR150MM Cash Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
J and J Precision Industries (JJPI) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

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

The downgrade reflects sharp deterioration in the firm's liquidity
due to significant increase in advances to group entities. The
advances have increased to INR376 million currently from about
INR166 million as on March 31, 2014. Additionally, the firm's
business risk profile is expected to remain under pressure over
the medium term due to increasing competition in the memory chip
industry. Any further advances to group entities will remain a key
rating sensitivity factor over the medium term.

The rating reflects the firm's below-average financial risk
profile because of a modest net worth, high gearing, and weak debt
protection metrics. The rating also factors in exposure to
volatility in foreign exchange rates and exposure to risks related
to a presence in the low value-added and competitive memory chip
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's proprietor and its
moderate scale of operations.
Outlook: Stable

CRISIL believes JJPI 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 significant and
sustained improvement in revenue and margins, along with a better
capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in revenue and
margins, a stretched working capital cycle, or a further increase
in funding support to group entities, leading to pressure on the
financial risk profile, especially liquidity.

JJPI, established in 2013, is a proprietorship concern of Mr. Joit
Kumar Jain. The firm manufactures memory cards and other flash
memory devices such as pen drives. Mr. Jain has also been
associated with lighting and electrical appliance manufacturers
such as Cenzer Industries Ltd (rated 'CRISIL B-/Stable'). Its
manufacturing facility and administrative office are in Mapusa,
Goa.


J. R. AGRITECH: CRISIL Suspends B- Rating on INR86MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
J. R. Agritech Private Limited (JRAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            51       CRISIL B-/Stable
   Term Loan              86       CRISIL B-/Stable

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

JRAPL is an integrated cold chain providing cold storage
facilities for various fruits, vegetables, dry fruits and spices.
It was set up by the promoter Mr. Ravi Rathi and Mr. Munish
Chandra Jain in January 2013. The unit has been set up in Aligarh.


JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR10.00
crore cash credit facility and INR0.45 crore term loan facility of
Jainam Cables (India) Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility    10.00       [ICRA]B+ reaffirmed
   Term Loan                0.45       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account Jainam Cables (India)
Private Limited's (JCPL) relatively small scale of operations; the
intense competitive pressures in the fragmented copper wire
industry. The rating continues to remain constrained by the
company's weak financial risk profile characterized by thin profit
margins due to low value additive nature of operations and adverse
capital structure and weak coverage indicators. The rating also
continues to take into account the vulnerability of the company's
profitability to any adverse fluctuations in the raw material
prices.

The rating, however, favourably considers the long standing
experience of the promoters in the copper wire manufacturing
business, and the company's established customer base.

Incorporated in 2001, Jainam Cables (India) Private Limited (JCPL)
is engaged in the manufacturing of copper wires, aluminium wires
and copper cables. The manufacturing unit of the company is
located at Kathwada GIDC, Ahmedabad and has an annual production
capacity of 1800 MT of 0.3mm copper wires. The company was founded
by Mr. Harisingh Rajput, who started the business under a
proprietorship concern M/S Jainam Cable Industries. The entity was
converted in to a private limited company, Jainam Cables (India)
Private Limited w.e.f. 1st April 2012.

Recent Results
During FY15, JCPL reported an operating income of INR40.23 crore
and profit after tax of INR0.19 crore as against operating income
of INR33.76 crore and profit after tax of INR0.14 crore during
FY14. Further, in 9M FY16 (as per unaudited provisional
financials), JCPL reported operating income of INR33.07 crore and
profit before depreciation and taxes of INR0.43 crore.


JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jay Bhavani
Ginning Pressing And Oil Industries (JBGPOI) continues to reflect
JBPOI's modest scale of operations in the intensely competitive
cotton ginning industry. The ratings also factor in its weak
financial risk profile, marked by high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters and the
advantages it derives from the proximity of its unit to the
cotton-growing belt in Gujarat.

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

Outlook: Stable

CRISIL believes JBGPOI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if significant
improvement in scale of operations and profitability leads to
better-than-expected cash accrual and a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates, most likely because of
increased working capital borrowings or large debt-funded capital
expenditure, or if its operations are negatively impacted by any
change in government policies.

Update
JBGPOI's registered net sales of INR437 Mn. 2014-15 (refers to
financial year, April 1 to March 31) in line with previous
estimates, however, the top line is expected to decline in 2015-16
to INR359 Mn. on account of fall in finished goods prices. The
firm's operating margin remained stable at 1.8% in 2014-15 in line
with previous year and are expected to remain range bound at 1.7-
1.9% for 2015-16. JBGPOI reported profit of INR1.8 million for
2014-15 against profit after tax (PAT) of INR1.3 million for 2013-
14.

For the nine months ended December 31, 2015, the firm reported a
top line of INR190 Mn.

The firm's working capital cycle reflects a marginal improvement,
with gross current assets expected at 75-80 days over the medium
term. Its financial risk profile is expected to remain average
because of moderate gearing levels of 1.6 times as on March 31,
2016, and average debt protection metrics with interest coverage
expected of about 1.5 times for the year 2015-16. The net worth of
the firm is modest, expected at INR23-25 Mn. as on March 31, 2016.

Established in 2003, JBGPOI gins and presses cotton and extracts
cotton seed oil. It has manufacturing capacity of 200 bales per
day at Morbi (Gujarat). Operations are managed by Mr. Jatin J
Khakkar.


JAY MAHAKALI: CRISIL Cuts Rating on INR45MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jay Mahakali Industries (JMI) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Cash Term Loan         16       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     15       CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that the firm's liquidity
will remain constrained over the medium term because of low cash
accrual as against debt obligations. Any change in scale of
operations and profitability will remain a key rating sensitive
factor.

The rating reflects JMI's modest scale of operations in the highly
competitive cotton industry, and large working capital
requirement. The rating also factors in a below-average financial
risk profile because of average gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and
benefits derived from the proximity of its unit to the cotton-
growing belt in Gujarat.
Outlook: Stable

CRISIL believes JMI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
revenue while profitability and capital structure improve.
Conversely, the outlook may be revised to 'Negative' in case of a
considerable decline in revenue and profitability, deterioration
in working capital management, or large debt-funded capital
expenditure, weakening the financial risk profile, especially
liquidity.

Set up in 2013, JMI is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its facility in Kadi, Gujarat. It started commercial production
in October 2014.


KASHYAP CONSTRUCTIONS: ICRA Suspends B+/A4 Rating on INR15cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 rating assigned to
the INR15.0 crore long term and short term fund based facilities
of Kashyap Constructions Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


KGN ELECTRICALS: ICRA Assigns B+ Rating to INR5cr Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.00
crore fund based facilities of KGN Electricals. ICRA has assigned
a short term of [ICRA]A4 to the INR15.00 crore non-fund based
facilities of the firm.

                                Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based facilities         5.00      [ICRA]B+ assigned
   Non-fund based facilities    15.00      [ICRA]A4 assigned

The ratings assigned factor in the long standing presence of the
promoters in the electrical contract business and timely
completion of the orders in the past that support the growth
prospects. The ratings take into account the healthy relationship
that the promoter has built over the years with the government
agencies and the strong order book position that enhance the
revenue visibility going forward.

The ratings are, however, constrained by the small scale of
operations that limits operational and financial flexibility to an
extent and moderate bargaining power with the government agencies
that limit the pricing flexibility of the firm. The financial
profile has remained moderate, despite improvement during 9 months
2015-16, marked by low tangible net worth owing to low operating
accruals and drawings from the promoter in the past and stretched
liquidity position owing to sizeable amount of receivables
retained as retention money by the government agencies, in turn,
resulting in high utilisation of the existing working capital
limits.

KGN Electricals, established in 1993, is an electrical contractor
that executes projects for the government departments - Karnataka
Power Transmission Corporation Limited (KPTCL) and Bangalore
Electricity supply Company Limited (BESCOM). Mr. Mohammed Idrees
and Ms. Shahazadeebi are the current partners. The contract work
mainly involves procurement of materials from the vendors and
erection of substations and transmission lines among others before
handing over the projects to the customers. The firm has Super
Grade License from the Karnataka State Government based on the
quality of work done in the past.

Recent results
During 2014-15, the firm reported a net profit of INR1.1 crore on
an operating income of INR26.7 crore as against a net profit of
INR1.0 crore on an operating income of INR40.8 crore during 2013-
14. During 9 months 2015-16, the firm has reported a profit before
tax (PBT) of INR4.3 crore on an operating income of INR61.1 crore.


KSHITIJA INFRASTRUCTURE: ICRA Assigns 'B' Rating to INR15cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR15.00
crore term loan of Kshitija Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             15.00       Assigned at [ICRA]B

The assigned rating, favourably factors in the long standing
experience of promoters in development of residential real estate
projects, favourable location of the project"Laxmi Building" in
Byculla West with key regulatory approvals in place. The rating
is, however, constrained by the significant execution risks for
the company with the redevelopment project "Laxmi Building" under
construction and 43% of budgeted cost remaining to be incurred as
on August 2015; exposure to market risk with only ~36% of the
total saleable area of "Laxmi Building" booked as on August 31,
2015. Additionally, a significant part of the remaining project
funding is to be met from customer advances which are contingent
on timing of bookings and collections from customers. The rating
is further constrained by the exposure to the cyclicality inherent
in the real estate sector and competition from other ongoing
projects from established developers in the surrounding areas.

Incorporated in December 2000, Kshitija Infrastructure Private
Limited is a closely held private limited company, based out of
Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G.
Mehta who has an experience of more than a decade in the real
estate industry. The group has developed xx sq. ft. of real estate
space in Mumbai.


M/S DUSHASAN: CRISIL Suspends B+ Rating on INR7.4MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
Dushasan Jena (DJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4
   Cash Credit             2        CRISIL B+/Stable
   Term Loan               7.4      CRISIL B+/Stable

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

DJ was established as a partnership firm in 1985 by members of the
Jena family, based in Cuttack, Orissa. DJ has been in the handling
and transportation business since its inception. Currently, DJ is
operating as a consignment agent for Steel Authority of India
Limited (SAIL). Furthermore, the firm provides handling services
to J M Baxi & Company.


MADHAV OIL: ICRA Reaffirms B+ Rating on INR9.25cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR1.22 crore (reduced from INR2.04 crore) term loans facility and
INR9.25 crore cash credit facility of Madhav Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loan                  1.22        [ICRA]B+ reaffirmed

   Fund Based-Cash
   Credit                9.25        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Madhav Oil
Industries' (MOI) modest scale of operation with sole dependence
on group concern as well as financial profile characterized by low
profitability, leveraged capital structure with high working
capital utilization and weak debt protection indicators. ICRA also
takes note of the highly competitive and fragmented industry with
the limited value additive nature of operations which exerts
pressure on profitability. The rating further incorporates the
vulnerability of MOI's margins to any adverse movement in raw
material prices. Also, being a partnership firm, any substantial
withdrawal by the partners may have an adverse impact on the
capital structure of the firm.

The rating, however, considers the long experience of the partners
in the cotton industry as well as the favorable location of the
manufacturing unit, giving it easy access to high quality raw
materials.

Madhav Oil Industries (MOI) is a partnership firm established in
2010, engaged in the business of crushing and delinting
cottonseeds. Four partners, Mr. Saurinbhai Parikh, Mr.
Daksheshbhai Patel, Mr. Bhaveshbhai Patel and Mr. Ashishbhai
Trivedi manage the operation of the firm. The firm's manufacturing
facility is located at Kundal in Kadi, Gujarat. It has 16
expellers, six delinting machines, and one mini pressing machine
with an installed capacity to produce 2800 MTPA of cottonseeds
oil, 22000 MTPA of cottonseed oil cake and 1900 MTPA of linter
cotton. However, in FY16, the firm has stopped the delinting
operation and carried on only crushing operation. Madhav Oil
Industries has a group company named as Pashupati Cotton
Industries (PCI) (rated by ICRA at [ICRA]B/A4) established as
partnership firm in 1999. PCI is currently engaged in ginning and
pressing of raw cotton and trading of cottonseeds related
products. The entire sales of Madhav are routed through its group
concern Pashupati Cotton Industries.

Recent Results
In FY15, the firm reported an operating income of INR77.25 crore
and net profit of INR0.74 crore. Further, in FY16, the firm has
achieved sales of INR19.14 crore till the end of January 2016.


MAKSON NUTRITION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Makson Nutrition
Food (India) Private Limited (MNFIPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

MNFIPL's ratings reflect its small scale of operations along with
its moderate credit profile.  The company's revenue stood at
INR235 mil. in FY15 (FY14: INR132 mil.) along with interest
coverage of 2.1x (0.8x), financial leverage of 5.9x (22.3x) and
EBITDA margin of 42.8% (20.4%).

The ratings benefit from MNFIPL's tie up with Mondelez India Foods
Pvt Ltd (formerly Cadbury India limited) for manufacturing
Choclairs.

                       RATING SENSITIVITIES

Positive: Any improvement in the profitability leading to an
improvement in the credit metrics will be positive for the
ratings.

Negative: Any deterioration in the profitability leading to
deterioration in the overall credit metrics will be negative for
the ratings.

                          COMPANY PROFILE

MNFIPL is a closely held company which was promoted by Mr Rajendra
Patel and Smt Parul Patel in 2000.  It manufactures Choclairs for
Mondelez Foods India Private Limited (formerly Cadbury India
Limited).  The company's manufacturing unit is located in Raisen ,
Madhya Pradesh and has a capacity of 12,483 tonnes per annum.

MNFIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR7.5 mil. fund-based working capital limits: assigned
      'IND BB-'; Outlook Stable
   -- INR421.59 mil. Term Loans: assigned 'IND BB-'; Outlook
      Stable


MITTAPALLI AUDINARAYANA: CRISIL Cuts Rating on INR560MM Loan to B
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Mittapalli Audinarayana Enterprises Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Open Cash Credit       560      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects the substantial deterioration in
Mittapalli's capital structure, with a stretch in its working
capital cycle resulting in a sizeable increase in its total
indebtedness. There have also been instances of overutilization in
the company's bank limits, which were regularized within a week.
CRISIL believes that the company will need fresh capital from its
promoters, or will have to register a sustained improvement in its
working capital cycle, to alleviate the pressure on its balance
sheet.

There has been a stretch in the company's working capital cycle as
reflected in a sequential increase in its gross current assets
(GCAs) expected to be around 500 days as on March 31, 2016 from
256 days as on March 31, 2014. The GCAs increased on account of
substantial build-up of inventory, and larger credit period
extended by Mittapalli to its clients. The stretch in the working
capital cycle resulted in a sizeable increase in the company's
total indebtedness and the subsequent deterioration in its capital
structure ' the company's total outside liabilities to tangible
net worth (TOL/TNW) ratio is expected to increase to 5.4 times as
on March 31, 2016 from 3.5 times as on March 31, 2014.

The ratings continue to reflect Mittapalli's below-average
financial risk profile marked by its small net worth, high
gearing, and below average debt protection metrics. The ratings of
the company are also constrained on account of its large working
capital requirements, its exposure to intense competition and
regulatory risks in the tobacco industry, and the susceptibility
of its profitability margins to fluctuations in foreign exchange
rates. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the tobacco-
processing industry, and its established relationship with
customers.
Outlook: Stable

CRISIL believes that Mittapalli will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its working capital cycle, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or a stretch in its working capital
cycle.

Mittapalli was set up as a partnership firm in 1964 by Mr.
Mittapalli Rama Rao and his sons - Mr. Mittapalli Umamaheswar Rao
and Mr. Mittapalli Siva Kumar. The firm was reconstituted as a
private limited company in 2006. The company processes tobacco
leaves and is based in Guntur, Andhra Pradesh.


P. B. COTTON: ICRA Reaffirms B Rating on INR7cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR7.00 crore cash credit facility and INR1.21 crore (reduced
from INR1.90 crore) term loan facility of P. B. Cotton & Oil
Industries. ICRA has also reaffirmed the long term rating of
[ICRA]B for the INR0.69 crore unallocated limits of PBCOI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.00        [ICRA]B reaffirmed
   Term Loan              1.21        [ICRA]B reaffirmed
   Unallocated Limits     0.69        [ICRA]B reaffirmed

The reaffirmation of the rating continues to take into account
weak financial risk profile of P.B. Cotton & Oil Industries
(PBCOI). It is characterised by low profitability, weak return
indicators and debt protection metrics coupled with moderate scale
of firm's operations as well as vulnerability of firm's
profitability to adverse movements in raw material prices which
are subject to seasonality and crop harvest. The rating also takes
into account the limited value additive nature of firm's
operations, the highly competitive and fragmented industry
structure given the low entry barriers as well as the exposure to
regulatory risks with regard to MSP for raw cotton and cotton
exports. ICRA also takes note of PBCOI's constitution as a
partnership concern and the risks inherent in a partnership firm
with respect to capital withdrawals and its potential impact on
credit profile as well as on continuity of organization.
The rating, however, continues to favorably take into account the
experience of the partners, the firm's favorable location in
Halvad, Gujarat- an area with easy availability of raw cotton and
the moderately diversified product profile due to presence in the
crushing operations.

P.B. Cotton & Oil Industries (PBCOI) was established as a
partnership firm in 2012 and is engaged in cotton ginning,
pressing and oilseeds crushing operations. The promoters of the
firm have past experience in cotton ginning and pressing industry
through their earlier association with other firms as partners or
as key operating personnel. The firm commenced oil crushing
operations from January 2013 and the cotton ginning and pressing
operations from October 2013.

Recent Results
For the year ended March 31, 2015, PBCOI reported an operating
income of INR32.50 crore and a profit before tax of INR0.20 crore
as against operating income of INR14.47 crore and profit before
tax of INR0.04 crore in FY14. Further, the firm has reported an
operating income of INR19.82 crore and profit after tax of INR0.19
crore during 9MFY16.


PARK CONTROLS: ICRA Puts B+ Rating on Notice for Withdrawal
-----------------------------------------------------------
ICRA has put the [ICRA]B+ rating assigned to the INR5.00 crore
fund based facilities on notice for withdrawal and withdrawn the
[ICRA]A4 rating assigned to the INR8.50 crore non-fund based
facilities and INR6.50 crore unallocated facilities of Park
Controls and Communications Private Limited as there is no amount
outstanding against the rated bank facilities.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits          5.00      [ICRA]B+ put on notice
                                        for withdrawal

   Non-fund based limits      8.50      [ICRA]A4 withdrawn

   Proposed facilities        6.50      [ICRA]A4 withdrawn

As per ICRA's 'Policy on Withdrawal of Credit Rating', the
[ICRA]B+ rating put on notice for withdrawal will be withdrawn
after one month from the date of this withdrawal notice.


QUAZAR INFRASTRUCTURE: CRISIL Suspends B Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Quazar
Infrastructure Private Limited (QIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             90      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      35      CRISIL B/Stable

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

QIPL, incorporated in 2011 in New Delhi by Mr. Badal Sharma,
undertakes civil construction activities for government entities
as well as private players.


RAHEE INFRATECH: CRISIL Reaffirms B- Rating on INR730MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rahee Infratech Limited
(RIL) continue to reflect RIL's weak liquidity on account of large
working capital requirement resulting in high utilisation of the
sanctioned bank limits. The rating also factor in high customer
concentration in RIL's revenue profile with most of its revenue
comes from Indian Railways. These weaknesses are partially offset
by promoter's extensive industry experience and its healthy order
book position providing good revenue visibility in the medium
term.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        1765      CRISIL A4 (Reaffirmed)
   Cash Credit            730      CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
    Bank Loan Facility    205      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RIL's liquidity will remain below average on
account of its working capital-intensive operations. The outlook
may be revised to 'Positive' in case of better liquidity led by
sustainable improvement in working capital management, healthy
accrual, or capital infusion. Conversely, the outlook may be
revised to 'Negative' in case of considerably low accrual or
stretch in working capital cycle or if the company undertakes a
large debt-funded capital expenditure.

RIL was set up in 1948 as a partnership firm named Ramchander
Heeralall for supply of fastenings to Indian Railways. In 1998,
the firm was reconstituted as a private limited company with the
current name. It has two main line of operations: construction and
fabrication business, and fastening business.


RAMATIRTH POLYPACKS: CRISIL Assigns B- Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ramatirth Polypacks Products Pvt Ltd (RPPPL).

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

The rating reflects RPPPL's start-up phase, leading to small scale
of operations in the highly fragmented industry driven by a weak
financial risk profile, because of estimated high gearing. These
rating weaknesses are partially offset by the promoters' extensive
managerial experience and their funding support.
Outlook: Stable

CRISIL believes RPPPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the scale of operations and profitability, along with
improvement in the working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
capital structure on account of a larger-than-expected, debt-
funded capital expenditure or less-than-expected cash accrual.

Incorporated in 2013, RPPPL is owned and promoted by Mr.
Kadsiddappa Ramatirth and Ms. Sahana Ramatirth. It is engaged in
manufacturing of polypropylene bags for cement and sugar
industries.


RAMNIK POWER: CRISIL Reaffirms D Rating on INR130MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ramnik Power
and Alloys Private Limited (RPAPL) continues to reflect instances
of delay by RPAPL in servicing its debt due to its weak liquidity,
resulting from large working capital requirements. Also, the
company's scale of operations is small. However, RPAPL benefits
from its promoter's extensive experience in the mining and
manganese trading segments, and its captive manganese ore mines,
which mitigate risks related to raw material availability.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    130       CRISIL D (Reaffirmed)

   Term Loan              90       CRISIL D (Reaffirmed)

RPAPL was founded in 2006 by Mr. Vyomesh R Trivedi. The company
manufactures silico manganese which is a raw material additive for
production of all grades of iron and steel.The capacity of the
ferro alloy plant is 6 mega volt amperes and the company has a 6-
megawatt, husk-based captive power plant. The company started
operations from September 2009.


RCS STEEL: CRISIL Suspends D Rating on INR70MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of RCS Steel
and Auto Private Limited (RCS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               70      CRISIL D

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

RCS was founded by Mr. Ramesh Chandra Sharma and his son, Mr.
Kunal Sharma, in 2010. The company is setting up a facility to
process HR steel coils which entails pickling, cutting and
slitting of HR coils; the unit will have a capacity of 0.25
million tonnes per annum (mtpa). The company began constructing
the unit in April 2011 and started commercial operations in
January 2013.


S.K. SOLVEX: ICRA Reaffirms B Rating on INR8.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR8.50 crore
fund based bank limits of S.K. Solvex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based Working
   Capital Limits        8.50         [ICRA]B; reaffirmed

ICRA's rating reaffirmation takes into account the muted top-line
growth of the company owing to sluggish demand of mustard edible
oil SKSPL's continued thin operating margins in FY2015. The
operating performance of the company remains vulnerable to
volatility associated with the edible oil (and related products)
industry including high competitive intensity and fragmentation,
competition from imports, fluctuations in product prices due to
linkage with global edible oil price movements and changes in
import duty differential between crude and refined oil; and agro-
climatic risks associated with availability of raw material. These
factors apart, the rating continues to be constrained by high
customer concentration and the company's weak financial risk
profile as reflected in weak capital structure, subdued
profitability margins and debt protection metrics.

The rating reaffirmation, however, favourably factors in the
promoter's significant experience and long track record in edible
oil business; long term supply contract with Adani Wilmar,
favourable location with proximity to the mustard seed belt in
Rajasthan; and favourable demand prospects for edible oil in
India.

Going forward, the ability of the company to improve its
profitability, diversify its customer base and manage its working
capital requirements efficiently will be the key rating
sensitivities.

SKSPL was incorporated in 2001 and is engaged in the manufacturing
of mustard oil and cake at its unit in Jaipur, Rajasthan. The
current seed crushing capacity of the oil mill is 36,000 metric
tonnes per annum (MTPA).

Recent Results
In 2014-15, the company reported a Profit After Tax (PAT) of
INR0.10 crore on a turnover of INR132.61 crore, as against a PAT
of INR0.08 crore on a turnover of INR131.31 crore in 2013-14.


SAA VISHNU: Ind-Ra Assigns 'IND BB' Rating; Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saa Vishnu Bakers
Private Limited (SVBPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect SVBPL's small scale of operations, as seen in
its revenue of INR137 mil. during FY15, as well as its limited
operational track record; the company started commercial
operations in 2011.

However, the ratings benefit from SVBPL's strong credit profile,
with interest coverage of 2.9x, net financial leverage of 2.3x and
operating margin of around 43.9% during FY15.  It has moderate
liquidity, with average working capital utilization of around 89%
during the 12 months ended January 2016.

The ratings also derive support from the over two decades of
experience of SVBPL's directors in food and related businesses.

                        RATING SENSITIVITIES

Positive: An improvement in its scale of operations, while
maintaining the credit profile, will be positive for the ratings.

Negative: Any deterioration in the scale of operations, along with
deterioration in its credit metrics, will be negative for the
ratings.

                          COMPANY PROFILE

Incorporated in 2009, SVBPL manufactures biscuits at its 46500mtpa
facility located in Kolkata.  The company is managed by Mr.
Dalmia, along with his family.  Key clients include Parle Biscuits
Pvt Ltd; the company recently started production for its own brand
named WERO.

SVBPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR40 mil. fund-based limits: assigned 'IND BB'/Stable
   -- INR101.3 mil. term loan 1: assigned 'IND BB'/Stable
   -- INR8.44 mil. term loan 2: assigned 'IND BB'/Stable
   -- INR8.5 mil. term loan 3:  assigned 'IND BB'/Stable


SAISUDHIR INFRASTRUCTURES: ICRA Rates INR147.68cr Loan at 'D'
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR161.1
crore long term fund based facilities of Saisudhir Infrastructures
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits         147.68        [ICRA]D Assigned

   Short term non-
   fund based limits     13.42        [ICRA]D Assigned

ICRA's rating factors in the continued delays by SSIL in servicing
its debt obligations. In FY15, there were several instances of LC
devolvements and BG invocations and consequently SSIL had opted
for Corporate Debt restructuring in August 2014. ICRA however
notes that after the moratorium on interest payments have expired
in April 2015 and further principal repayments have also commenced
in December 2015. However, there have been several instances of LC
devolvements and delays in repayment of the term loans in the
current financial year. The delays are on account of inability of
the company to win adequate orders, ramp up its operations and
generate adequate cash flows. ICRA however, notes that the
promoters have experience of over 15 years in the construction
industry and as on 31-5-2015, SSIL had an outstanding orderbook of
INR620 crore.

Saisudhir Infrastructures Ltd is a Hyderabad based construction
company incorporated in 1995. The company specializes in execution
of drinking water supply and waste water treatment contracts. In
FY12-FY15, the company had diversified into other areas like solid
waste management plants, power transmission, building construction
and irrigation. The company is promoted by Mr. D Sridhar Reddy.

In FY15, SSIL had an operating income of INR282.55 crore and PAT
of INR2.53 crore.


SANMATI EDIBLE: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR8.00 crore
fund based bank limits of Sanmati Edible Oils Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based Working
   Capital Limits        8.00         [ICRA]B; Reaffirmed

ICRA's rating continues to factor in the thin operating margins
and leverage capital structure of the company, which resulted in
subdued debt protection metrics for FY15. Although the firm
registered a strong top line growth of ~44% in FY15, its margins
declined further. The rating continues to factor in high business
risks associated with the edible oil (and related products)
industry including high competitive intensity as well as
fragmentation, vulnerability to competition from imports,
fluctuations in product prices due to linkage with global edible
oil price movements and changes in import duty differential
between crude and refined oil, and agro-climatic risks associated
with availability of raw material. These factors apart, the
ratings are also constrained by high customer concentration.
However, the rating favourably factors in the promoter's extensive
experience and long track record in edible oil industry,
established relations with customers such as Emami Biotech, and
Adani Wilmar, favourable location with proximity to the mustard
seed belt in Rajasthan, and favourable demand prospects for edible
oil in India.

The ability of the company to improve its profitability, diversify
its customer base and manage its working capital requirements
efficiently will be key rating sensitivities.

Sanmati Edible Oils was established as a partnership firm in 1992
by Jaipur-based (Rajasthan) Jain family. Later, the constitution
of the concern was changed to private limited company in March
1999 and named as Sanmati Edible Oils Private Limited (SEOPL).
SEOPL is engaged in the extraction of crude edible oil and De-
Oiled Cake (DOC) from mustard seeds as well as trading of crude
edible oil and DOC. The manufacturing facility of the company is
situated in Jaipur with a processing capacity of around 15,000
Metric Tonnes Per Annum (MTPA) as on March 31, 2015.
The key promoters of the company are, Mr. Suresh Chand Jain, Mr.
Suresh Kumar Jain and Mr. Ramesh Kumar Jain. The promoters have
also promoted S K Solvex Private Limited (rated [ICRA]B), which is
engaged in manufacturing of mustard oil and DOC, Sanjay Containers
Private Limited, engaged in the manufacturing of empty tin
containers and Shri Vikas Industries, engaged in the trading of
mustard oil and DOC.

Recent Results
In 2014-15, the company reported a Profit After Tax (PAT) of
INR0.02 crore on an Operating Income (OI) of INR132.02 crore, as
against a PAT of INR0.09 crore on an OI of INR91.88 crore in the
previous year.


SATNAM INDUSTRIES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Satnam Industries
(SI) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect SI's small scale of operations, as seen in its
revenue of INR298 mil. in FY15 (FY14: INR338 mil.) as well as its
moderate credit metrics, as seen in its interest coverage of 2x
(2x) and net financial leverage of 3.7 (2.4).  Its operating
margins were low at around 2.9% during FY15 (FY14: 2.7%).  The
ratings are further constrained by the partnership nature of the
business.

However, the ratings benefit from its founders' experience of over
two decades in the rice industry.

                       RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining credit metrics will be positive for the ratings.

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

                          COMPANY PROFILE

Incorporated in 2007, SI produces and processes rice at its
manufacturing unit in Chhattisgarh, which has an installed
capacity of 8mt per hour.  The company is managed by Mr Alok
Sundarni, along with his family.

SI's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR50 mil. fund-based limits: assigned 'IND B+'/Stable
   -- INR4.10 mil. term loan 1: assigned 'IND B+'/Stable
   -- INR15.5 mil. term loan 2: assigned 'IND B+'/Stable
   -- INR20 mil. non-fund-based limits: assigned 'IND A4'


SHIV METALLICKS: CRISIL Suspends B+ Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Shiv Metallicks Private Limited (SMPL).

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

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

SMPL, incorporated in 2004, manufactures sponge iron. It has a
manufacturing facility in Rourkela (Odisha). Its day-to-day
operations are managed by Mr. Mahesh Khaitan.


SHIV SAI: ICRA Assigns 'B+' Rating to INR8cr Cash Loan
------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore fund based cash credit facility and the INR4.0 crore non-
fund based bank limits of Shiv Sai Metal Products Private Limited.

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

   Non Fund Based
   Limit                 4.00       [ICRA] B+ assigned

The assigned rating takes into account SSMPPL's small scale of
current operations with limited utilization of its installed
capacity. ICRA notes its weak financial risk profile as reflected
by nominal profits and cash accruals from the core operation and
high working capital intensity as reflected by net working capital
to OI ratio of 32% as on March 31, 2015, adversely impacting the
liquidity position of the company. The rating also considers the
low value additive nature of its operations as well as the
presence of intense competition from large players as well as
small players in the unorganized sector, which exert pressures on
its profitability. The rating also takes into account the
vulnerability of its profitability to fluctuations in raw material
prices -- although mitigated to an extent by the presence of price
variation clause for aluminum prices in some of the contracts with
its customers.

The rating, however, draws comfort from the repeat orders received
from existing clients, demonstrating the company's acceptable
product quality. In addition, the nature of SSMPPL's clientele,
who are primarily Government entities, reduces counterparty risks
to a large extent. The rating also considers the favorable demand
prospects for cables and conductors on account of initiatives
taken to increase power generation capacity in India, as well as
Transmission and Distribution (T&D) losses and rural
electrification.

Shiv Sai Metal Products Private Limited, incorporated in the year
2012, commenced its aluminum conductor manufacturing facility in
December, 2013 from Patna, Bihar. The product portfolio of the
company primarily includes Aluminium Conductor Steel Reinforced
(ACSR) and Double Paper Covering (DPC) aluminum wire and strip.
Other than the conductor manufacturing business, the members of
the Agarwal family are also engaged in the jewelry manufacturing
and retail business in Patna and Kolkata.

Recent Results
SSMPPL reported a net profit of INR0.23 crore on an operating
income of INR24.12 crore during FY2015, as compared to a net
profit of INR0.10 crore on an operating income of INR3.98 crore
during FY2014.


SHREE BALAJI: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Shree Balaji Ethnicity Retail Limited (SBERL's) at CRISIL
B+/Stable and assigned rating of CRISIL A4 on short term bank
facilities.

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

   Letter of Credit        40       CRISIL A4 (Reassigned)

   Proposed Long Term
   Bank Loan Facility      56.4     CRISIL B+/Stable (Reaffirmed)

   Term Loan               63.6     CRISIL B+/Stable (Reaffirmed)

CRISIL's rating on bank facilities of Shree Balaji Ethnicity
Retail Limited (SBERL's) continue to reflect its presence in the
highly competitive ready-made garment retailing industry and its
working-capital-intensive operations. The rating is also
constrained by the company's average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and a low interest coverage ratio. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters, its increasing number of showrooms across
India, and the established brands showcased in its stores. The
rating also factors in the financial support it gets from
promoters in the form of interest free unsecured loans.
Outlook: Stable

CRISIL believes that SBERL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its increasing number of showrooms across India. The outlook may
be revised to 'Positive' in case of sustained increase in the
company's topline and profitability, or an improvement in its
working capital cycle, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' if SBERL's financial risk
profile, particularly its liquidity, weakens, most likely because
of large working capital requirements or debt-funded capital
expenditure, or low cash accruals.

Incorporated in September 2011 as S J Retails Pvt Ltd, the
company's name was changed to SBERL in 2014-15. The company
retails ethnic wear (for women, men, and children) under the
retail chain, Ethnicity; it has a presence across Maharashtra,
Gujarat, Tamil Nadu, Andhra Pradesh and Karnataka.


SHREE KRISHNA: Ind-Ra Assigns 'IND B+' LT Rating to INR10MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Krishna
Educational & Charitable Society's (SKECS) INR66 mil. term loan
and INR10 mil. working capital facility a Long-term rating of
'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The rating is constrained by SKECS's tight liquidity profile and
high debt burden.  Its available funds (cash and unrestricted
investments) at FYE15 (year end March) stood at INR0.64 mil., with
limited financial cushion to debt (0.79%) and operating
expenditure (2.16%).  Also, the society's collection period
increased to 52 days in FY15 from two days in FY13 due to pending
fee receivables (INR6.59 mil.).  Its high debt/current balance
before interest and depreciation (CBBID) was 5.53x in FY15 coupled
with a low cover available for debt servicing (0.88x) and interest
servicing (1.26x).  However, it has been continuously financially
supported by through unsecured loans from trustees.

The rating is also constrained by SKECS's limited demand
flexibility and modest size.  Its headcount base expanded only at
a 4.92% CAGR during FY11-FY15.  The society's consistent 100%
acceptance also indicates limited demand flexibility.  Fee
receipts fell to lowest INR45.27 mil. in FY15 from INR58.81 mil.
in FY14.

The rating is supported by the society's sustained track record of
positive operating margins (FY15: 35.41%) and the 2.74% yoy
increase in total approved intake and headcount in FY15 on account
of the introduction of several new courses.

Ind-Ra expects the debt/CBBID, debt service coverage ratio and
interest service coverage ratio to improve on a sustained
improvement in CBBID in the absence of any major borrowing plans.
Also, the demand flexibility and size of operations are likely to
increase on back of total increased approved intake and
introduction of new courses.

During FY11-FY15, fee income was the key driver of the society's
revenue with an average contribution of 97.74%.  Staff cost was
the key expenditure driver with an average contribution of 27.38%.
In FY15, the society's operating margin and current balance margin
stood at 35.41% and negative 23.63%, respectively.

                       RATING SENSITIVITIES

Positive: Improvements in the liquidity and a sustained
improvement the operating margins could be positive for the
rating.

Negative: Any unexpected fall in student demand coupled with a
disproportionate increase in the debt in relation to operating
income and increased fee receivable leading to tighter liquidity
could be negative for the rating.

                          COMPANY PROFILE

SKECS was established in 2008 under Societies Registration Act,
1860.  It was set up by Mr. Rakesh Kumar Gupta, Mr. Rajiv Mangla,
Mr. Vicky Singhal and Mr. Anoop Bansal.

The society operates two institutes in Barnala, Punjab, namely
Aryabhatta Group of Institutes and Aryabhatta College that offer
courses in various disciplines, such as engineering, management,
along with other graduation courses.


SHUBHAM YARNS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Shubham Yarns (SY). The rating reflects SY's
exposure to intense competition in the fragmented cotton yarn
trading segment and geographically concentrated revenue profile.
These rating weaknesses are offset by the benefits SY derives from
extensive experience of the proprietor in the textile industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SY will maintain its business risk profile
over the medium term, backed by its proprietors' extensive
industry experience. The outlook may be revised to 'Positive' if
SY demonstrates higher-than-expected growth in accruals, backed by
stable profitability leading to improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected growth in revenues and margins or if
there is elongation of the working capital cycle, thereby
impacting the financial risk profile of the firm.

Shubham Yarns (SY) was established in 1997 as a proprietorship
concern by Mr. Bhupendra Jain to carry out the business of trading
of cotton yarn. The concern's operations are based out of Mumbai,
Maharashtra where it caters to demand of various local fabric
manufacturers.


SPONGE SALES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sponge Sales
India Private Limited (SSIPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect SSIPL's low EBITDA margin of 2.42% in FY15
(FY14: 3.32%) as inherent in the trading business.  The ratings
also factor in the company's moderate credit metrics in FY15, with
financial leverage (total adjusted debt/operating EBITDAR) of
1.22x (FY14: 4.58x) and interest coverage (operating EBITDA/gross
interest expenses) of 1.24x (1.00x) as well as its moderate
liquidity position, as evident from the 94.56% average utilization
of its fund-based limits during the 12 months ended January 2016.

The ratings are, however, supported by the approximately three-
decade-long experience of SSIPL's promoters in the sponge iron
business as well as the scale of its operations, given that it
recorded revenue of INR1,337.11 mil. in FY15 (FY14: INR1,275.04
mil.).  The ratings are further supported by SSIPL's net working
capital cycle of negative 20 days in FY15 (FY14: negative 30
days).

                        RATING SENSITIVITIES

Positive: A boost in operating profitability, resulting in
improvement in its credit metrics, will be positive for the
ratings.

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

                          COMPANY PROFILE

SSIPL was incorporated in 1994; it supplies raw materials to major
sponge iron producers across India and to induction furnace and
arc furnace facilities in north India.  Its head office is located
in New Delhi and its manufacturing facility is located in Mandi
Gobindgarh, Punjab.

SSIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR100.00 mil. fund-based limits: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR150.00 mil. non-fund-based limits: assigned 'IND A4+'


STATE BANK: Moody's Affirms (P)Ba1 Rating on FC Sub. MTN Program
----------------------------------------------------------------
Moody's Investors Service has affirmed State Bank of India's (SBI)
local and foreign currency deposit ratings of Baa3/P-3.  The
ratings on the bank's senior unsecured debt and senior unsecured
medium term note (MTN) program -- issued out of the London Branch
-- of Baa3 and (P)Baa3 have also been affirmed.

In addition, Moody's has affirmed SBI's baseline credit assessment
(BCA) of ba1 and its adjusted BCA of ba1.

Moody's has also affirmed the ratings for the banks' foreign
currency subordinated MTN and foreign currency junior subordinate
MTN program of (P)Ba1 and (P)Ba2.

The rating for the bank's preferred stock (non-cumulative) of
B1(hyb) has been affirmed.

The bank's Counterparty Risk Assessment (CR Assessment) of
Baa3(cr)/P-3(cr) is also affirmed.

All other short-term program ratings have been affirmed at
(P)P-3.

The outlook on the bank's long-term deposit and senior unsecured
debt (issued out of the London Branch) is positive.

                        RATINGS RATIONALE

SBI has struggled with poor asset quality since 2011, when the
rate of GDP growth in India (Baa3 positive) fell to under 9%.  In
particular, high corporate leverage and stalled infrastructure
projects led to rising levels of non-performing loans (NPLs) and
restructured loans.

Nevertheless, given the amount of bad loans that SBI has
recognized over the years, Moody's believes the bank's asset
quality will not come under significant pressure.

The key remaining asset quality challenges for SBI is its exposure
to highly leveraged corporate groups that remain classified as
standard assets, despite the groups showing weak debt-to-EBITDA
and interest coverage ratios.  Part of this issue was addressed by
the asset quality review conducted by the Reserve Bank of India in
December 2015.  The review pushed SBI to reflect some of this
exposure in its NPLs.

Following the review, SBI's reported NPL ratio increased to 5.1%
at Dec. 31, 2015, from 4.25% at March 31, 2015.  Moody's expects
SBI to register a gross NPL ratio of around 6.0% for the year-
ending March 31, 2016.

Moody's points out that beyond the recognition of the remaining
stressed exposure, SBI's underlying asset quality should
stabilize.  For example, SBI's new impaired loans formation rate
has fallen since quarter ended December 2014 -- except for the
quarter ended Dec. 31, 2015, -- and at a faster pace than other
Indian public sector banks.  In addition, SBI has shown a greater
bias towards better rated Indian corporates in its new loan
originations.

A key weakness of SBI's credit profile is its thin loss absorbing
buffers.  In December 2015, he bank's reported provisioning
coverage was at 65% down from 69% at end-March 2015 -- a level
which is much lower than similarly rated global peers.  Given the
uncertainty surrounding the corporate asset quality, credit cost
will continue to remain high and pose as a key drag on the bank's
profitability levels until NPL formation rate comes down further.

Despite the pressure on its profits, Moody's expects that SBI can
maintain its capitalization levels, such that its CET1 ratio will
register around 9.0%-9.5% for the fiscal year ending 31 March
2017, because of its strong core earnings (pre-provisioning
profits) compared to other public sector banks, which should help
the bank absorb potential provisioning expenses.  Furthermore, the
bank has access to internal and external sources of capital,
including capital infusion from the Government of India.

The affirmation of the ratings also take into account SBI's strong
liquidity and funding position.  As the largest bank in India by
assets and deposits, SBI accounts for around 16% of system loans
and 17% of system deposits as of end-June 2015.  The bank has a
nationwide reach, through 16,377 bank branches and 55,768 group
ATMs.  Moody's expects these factors to reinforce SBI's long-
running competitiveness in terms of its franchise, funding and
liquidity positions.

                 WHAT COULD CHANGE THE RATINGS - UP

SBI's deposit ratings and ratings of senior unsecured debt issued
out of the London branch, could be upgraded if India's sovereign
rating of Baa3 is upgraded.

                WHAT COULD CHANGE THE RATINGS - DOWN

SBI's BCA could face downward pressure if: (1) its NPL ratio
increases substantially from current levels; and/or (2) if its
core earnings fall and impacts its ability to support an increase
in credit costs.

Additionally, any indications that support from the Government of
India has diminished or that additional capital requirements may
arise beyond the government's budgeted amount could put the bank's
ratings under pressure.

Any downward changes in the sovereign's ceilings could also affect
the bank's ratings.

The principal methodology used in these ratings was Banks
published in January 2016.

Taking into account today's announcement on SBI's ratings, the
bank's ratings are:

State Bank of India

  Local currency deposit rating affirmed at Baa3/P-3; outlook on
   the long-term rating is positive
  Foreign currency deposit rating affirmed at Baa3/P-3; outlook
   on the long-term rating is positive
  Other short-term program rating affirmed at (P)P-3
  Foreign currency senior unsecured MTN program rating affirmed
   at (P)Baa3
  Foreign currency subordinated MTN program rating affirmed at
   (P)Ba1
  Foreign currency junior subordinate MTN program rating affirmed
   at (P)Ba2
  Pref. stock (non-cumulative) rating affirmed at B1(hyb)
  BCA and Adjusted BCA affirmed at ba1
  CR Assessment affirmed at Baa3(cr)/P-3(cr)
  State Bank of India, Hong Kong Branch
  Foreign currency senior unsecured MTN program rating affirmed
    at (P)Baa3
  Foreign currency subordinated MTN program rating affirmed at
   (P)Ba1
  Foreign currency junior subordinate MTN program rating affirmed
   at (P)Ba2
  Other short-term program rating affirmed at (P)P-3
  CR Assessment affirmed at Baa3(cr)/P-3(cr)

State Bank of India, London Branch

  Foreign currency senior unsecured debt rating affirmed at Baa3;
   outlook on the senior unsecured debt rating is positive
  Foreign currency senior unsecured MTN program rating affirmed
   at (P)Baa3
  Foreign currency subordinated MTN program rating affirmed at
   (P)Ba1
  Foreign currency junior subordinate MTN program rating affirmed
   at (P)Ba2
  Other short-term program rating affirmed at (P)P-3
  CR Assessment affirmed at Baa3(cr)/P-3(cr)

State Bank of India, Nassau Branch

  Foreign currency senior unsecured MTN program rating affirmed
   at (P)Baa3
  Foreign currency subordinated MTN program rating affirmed at
   (P)Ba1
  Foreign currency junior subordinate MTN program rating affirmed
   at (P)Ba2
  Pref. stock (non-cumulative) rating affirmed at B1(hyb)
  Other short-term program rating affirmed at (P)P-3
  CR Assessment affirmed at Baa3(cr)/P-3(cr)

State Bank of India, headquartered in Mumbai, reported total
consolidated assets of INR 28.25 trillion at Dec. 31, 2015.


SUMOHAN ENGINEERS: CRISIL Cuts Rating on INR210MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sumohan Engineers Private Limited (SEPL) to 'CRISIL D/ CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'. The downgrade reflects
instances of cash credit account remaining overdrawn for more than
30 days owing to stretch in working capital cycle and, therefore,
weakening in liquidity.


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

   Cash Credit            210      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

SEPL has a below-average financial risk profile, marked by modest
networth, high gearing and weak debt protection metrics. The
company also has large working capital requirements and is exposed
to intense competitive pressure. However, it benefits from its
promoter's extensive industry experience.

SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family.
The company fabricates engineering and capital goods. It also
undertakes engineering, procurement, and construction contracts.
The company is based in Hyderabad, Telangana.


SUPER CONSTRUCTION: CRISIL Cuts Rating on INR85MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Super
Construction Co. - Mumbai (SCC) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     55       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              85       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects delays by SCC in debt servicing because of
its weak liquidity.

The rating also reflects SCC's exposure to risks associated with
the completion, funding and salability of its ongoing projects.
The rating also reflects the firm's susceptibility to inherent
risks and cyclicality in the Indian real estate industry.

SCC, set up in 1981, undertakes real estate development in and
around Mumbai. The firm is owned and managed by Mr. Haribansh
Singh and his family. The firm's office is in Navi Mumbai.
Currently, SCC is developing a residential real estate project in
Kharghar, and two slum rehabilitation projects (one each in Bandra
and Wadala in Mumbai). In addition, the firm is also setting up a
hotel in Panvel.


TWIN CITIES: CRISIL Cuts Rating on INR65MM Cash Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Twin Cities Steel Re-Rolling Mills Private Limited (TCSPL) to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Corporate Loan         24.2     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

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

TCSPL has a modest scale of operations, large working capital
requirements, and is exposed to intense competition in the steel
industry. It, however, benefits from the extensive industry
experience of the promoters.

TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.


V. M. STAR: CRISIL Reaffirms B+ Rating on INR150MM Loan
-------------------------------------------------------
CRISIL's rating on the long-term bank facility of V. M. Star (VMS)
continues to reflect VMS's below-average financial risk profile
marked by its small net worth, high total outside liabilities to
tangible net worth ratio, and below-average debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Purchase-
   Discounting
   Facility              150       CRISIL B+/Stable (Reaffirmed)

The rating is also constrained by the firm's modest scale of
operations, its large working capital requirements, and its
exposure to intense competition in the diamond trading segment
resulting in its modest profitability margins. These rating
weaknesses are partially offset by the extensive experience of the
firm's partners in the diamond industry, and its established
relations with customers.
Outlook: Stable

CRISIL believes VMS will continue to benefit over the medium term
from the extensive industry experience of its promoters and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in its scale of operations and profitability margins or if there
is an improvement in its capital structure on the back of sizeable
equity infusion from the partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or a significant deterioration in its
capital structure caused most likely because of a stretch in its
working capital cycle.

VMS, set up as a partnership firm in 1993, trades in diamonds. The
firm currently has two partners - Mr. Mahesh Adani and Mr. Vasant
Doshi. The firm is based in Mumbai, Maharashtra.


VIJAYASRI ORGANICS: CRISIL Cuts Rating on INR130MM Cash Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vijayasri Organics Limited (VOL) to 'CRISIL D/CRISIL D'  from
'CRISIL B+/Stable/CRISIL A4'.

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

   Cash Credit           130       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      150       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan        170       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    145       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

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

VOL has large working capital requirements, high degree of
customer concentration in its revenue profile, and is exposed to
intense competition in the bulk drugs manufacturing industry.
However, the company benefits from the extensive experience of its
promoters in the pharmaceutical industry.

VOL was set up in 2005 by Mr. S V J Raju, Mr. K V Rama Rao, and
Mr. Prakash Reddy. The company manufactures bulk drugs and drug
intermediates. Its manufacturing unit is in Visakhapatnam (Andhra
Pradesh).


VIKRAM ARYA: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vikram Arya
Food Products Private Limited (VAFPL) continues to reflect the
company's limited track record in the biscuit manufacturing
industry and weak financial risk profile. These rating weaknesses
are partially offset by benefits derived from low demand risk
because of a long-term offtake agreement with Surya Food & Agro
Ltd (SFAL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             10      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      85      CRISIL B+/Stable (Reaffirmed)

   Term Loan              105      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VAFPL will maintain its stable business risk
profile over the medium term supported by its contract with SAFL.
The outlook may be revised to 'Positive' in case of a higher-than-
expected ramp up in sales, leading to a substantial increase in
cash accrual. Conversely, the outlook may be revised to 'Negative'
in case of significant delays in stabilising operations.

Incorporated in 2011, VAFPL is setting up a plant for contract
manufacturing of biscuits for SAFL (PriyaGold brand). The company
is managed by Mr. Prashant Tayal, Mr. Saurabh Tayal, and Mr.
Narender Kumar.


VIPUL LIMITED: ICRA Reaffirms B+ Rating on INR45.12cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of Vipul Limited at
[ICRA]B+ for its INR70 crore long term debt programme INR30 crore
fund based limits, INR45.12 crore non-fund based limits and
INR4.88 crore unallocated limits. ICRA has also assigned the long
term rating of [ICRA]B+ to the INR40.0 crore Non-Convertible
Debentures (NCD) Programme of Vipul. ICRA also has a [ICRA]B+
rating outstanding for the INR32.0 crore NCD Programme of Vipul.

                               Amount
   Facilities               (INR crore)     Ratings
   ----------                -----------    -------
   Long Term Debt                70.00      [ICRA]B+ (Reaffirmed)
   Fund Based Facilities         30.00      [ICRA]B+ (Reaffirmed)
   Non-Fund Based Facilities     45.12      [ICRA]B+ (Reaffirmed)
   Unallocated                    4.88      [ICRA]B+ (Reaffirmed)
   Non-Convertible Debentures    40.00      [ICRA]B+ (Assigned)

The ratings action for Vipul factors in the launch of luxury group
housing project in Sector 53, Gurgaon by the name of "Vipul
Aarohan". The company launched Phase I of the said project in
December 2015 and the same has received adequate bookings until
now, though the collections have been modest and will be dependent
on execution progress going forward. The rating continues to draw
comfort from its established track record in NCR as well as its
experienced management, low approval risk for its on-going
projects and moderate geographical concentration risk with
presence across four cities (Gurgaon, Ludhiana, Bhubaneswar and
Faridabad).

However, the rating is constrained due to Vipul's weak financial
profile marked by moderate sales and collections in 9M FY2016 in
its on-going projects and deterioration in its debt coverage
indicators owing to significant rise in debt employed (from
INR144.3 crore as on March 31, 2014 to INR299.9.0 crore as on
December 31, 2015) to fund the in-progress projects and
investments in group companies. In addition, Vipul has significant
debt repayments in the near to medium term which leads to high
refinancing risks in the event of inadequate bookings and
collections. However, ICRA takes comfort from the company's past
track record of refinancing its debt. The rating continues to be
constrained on account of construction delays witnessed in some of
its on-going projects reflecting execution risks, which is further
accentuated by large scale of its operations spread across various
geographies and segments. Moreover, the rating also factors in the
exposure to market risk for the unsold area (~1.38 mn sq.ft), risk
of which is further accentuated in the backdrop of real estate
slowdown given that a large part of the cost is expected to be
funded from customer advances.

Going forward, ability to maintain healthy bookings in its on-
going projects as well as timely customer collections and project
execution; and change in debt profile towards long term debt
coupled with reduction in debt will be amongst the key rating
sensitivity factors.

Vipul Limited (Vipul), formerly known as Vipul Infrastructure
Developers limited, has completed various residential and
commercial projects in the National Capital Region (NCR),
Bhubaneswar, Ludhiana and Dharuhera region. The company was
incorporated in 1991 and is listed on Bombay Stock Exchange and
Madras Stock Exchange. Further the shares of the company are also
permitted to trade on National Stock Exchange. Vipul is promoted
by Mr. Punit Beriwala, who has 25 years of experience in the
Indian Real Estate. Mr. Beriwala is ably supported by his
qualified and experienced staff in the decision making. Vipul has
already delivered about six million square feet (sq. ft) and is
presently working on an area of about ten million sq. ft through
its various projects which include integrated township, villas,
independent floors and apartments.

Recent Results
In FY15, the company reported a net loss of INR6.58 crore on an
operating income (OI) of INR234 crore compared to PAT of INR3.17
crore on an OI of INR270 crore a year ago. During 9M FY16, the
company reported a net profit of INR0.63 crore on an operating
income (OI) of INR148.10 crore.


VYANKTESH CORRUGATORS: CRISIL Ups Rating on INR80MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vyanktesh Corrugators Private Limited (VCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable while reaffirming the short term ratings is
reaffirmed to 'CRISIL A4'.

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

   Letter of Credit       32.5     CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's expectation of sustained
improvement in VCPL's credit risk profile backed by healthy
revenue growth and sustenance of improved operating profitability.
The upgrade also reflects CRISIL's expectation that VCPL will
maintain its healthy financial risk profile that is marked by low
gearing, average debt protection metrics and moderate liquidity.

VCPL over the last three years ended March 31, 2015 increased its
revenue at compounded annual growth rate (CAGR) of over 20 per
cent to INR404 million and maintain the operating profitability at
7 percent , marked by higher demand from existing customers,
sourcing efficiency, strong volume growth, and the benefits of the
capital expenditure (capex) undertaken by VCPL over the past few
years. CRISIL believes that the VCPL will continue to witness
healthy growth in its revenue while maintaining its profitability
at 7 to 8 per cent over the medium term backed by addition of new
capacities, strong demand growth and its operating efficiency.

The improvement in operating profitability and in turn cash
accruals has resulted in limited dependence of the company on
external debt, thereby improving its gearing to 0.87 times as on
March 31, 2015, as against 1.0 times as on March 31, 2014. The
management also maintains above average liquidity as a matter of
policy.

The ratings continues reflect established clientele of VCPL in the
packaging industry alongwith its comfortable financial risk
profile and the benefits it derives from the assured availability
of raw materials from its associate concern. These rating
strengths are partially offset by moderate scale of operations in
a highly fragmented industry and vulnerability of operating
profitability to volatility in raw material prices.
Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a considerable
increase in the company's scale of operations and profitability
while it tightens its working capital cycle, leading to
significant improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if there is a decline in VCPL's
margins or a substantial increase in its working capital
requirements, resulting in deterioration in its financial risk
profile, particularly its liquidity.

Incorporated in 1996 as a part of the Packing People group, VCPL
manufactures corrugated boxes using kraft paper; it is based in
Ujjain (Madhya Pradesh). The company is promoted by Bangur family.



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


1MDB: Australian Journalists Investigating Scandal Arrested
-----------------------------------------------------------
The Wall Street Journal reports that a television reporter and
cameraman with the Australian Broadcasting Corp. were briefly
detained in Malaysia after attempting to interview Prime Minister
Najib Razak while he campaigned ahead of a coming state election
in the Borneo state of Sarawak.

On assignment for the weekly current-affairs program Four Corners,
reporter Linton Besser and cameraman Louie Eroglu were detained in
Kuching, the capital of Sarawak, late Saturday
[March 12] and released Sunday [March 13] morning, the ABC
reported, the Journal relates.  Their passports were seized and
they have been told not to leave Malaysia, according to the
report.

"They have not been charged with any offense," an ABC spokesperson
said March 13. "They have been released on bail."

According to the Journal, Australian Foreign Minister Julie Bishop
said Australia's government is raising the matter with Malaysian
authorities.

"Australia supports freedom of speech, we support the role of
journalists in reporting news around the world, and so we will do
what we can to get to the bottom of this issue and make
representations at the highest levels within the Malaysian
government," she said on local television March 14, the report
relays.

Malaysian police said the two men were detained after crossing a
security cordon while trying to interview Mr. Najib. A report
lodged against the crew by a local security officer described them
as being "aggressive," according to a police statement cited by
the Journal.

"Both of them were subsequently arrested for failing to comply
with police instructions not to cross the security line," Sarawak
Criminal Investigation Department chief Dev Kumar said in a
statement, adding that the case is being investigated under laws
prohibiting the obstruction of public servants in the discharge of
their duties, according to the Journal. He also said the pair has
been instructed to report back to police on March 14.

The Journal relates that Gordon Tang, one of the lawyers acting
for the two journalists, on March 13 said his clients denied
crossing a security line and approaching Mr. Najib in an
aggressive manner. Mr. Tang said his clients complied with a
police request to leave the area after attempting to put their
questions to the prime minister. He also said the men's passports
were returned on Sunday afternoon March 13.

Malaysia's police chief, Khalid Abu Bakar, said prosecutors will
determine what action will be taken, adds the Journal.

According to the Journal, the television crew is in Malaysia
researching a story on corruption, including allegations
surrounding Malaysian state-investment fund 1Malaysia Development
Bhd., known as 1MDB, the advisory board of which is chaired by Mr.
Najib. An executive producer at Four Corners, Sally Neighbour,
wrote on her verified Twitter account March 13 that the crew was
trying to question Mr. Najib over "a corruption scandal," the
Journal relates.

Pressure on Mr. Najib has grown since The Wall Street Journal
reported last year that government investigators had found
hundreds of millions of dollars had entered his personal bank
accounts via banks, companies and other entities linked to 1MDB.
The probe didn't name the source of the funds or say what happened
to the money.

Mr. Najib, 62 years old, has denied wrongdoing or taking money for
personal gain, the Journal notes. The 1MDB fund also has denied
wrongdoing or taking money for personal gain, and has said it is
cooperating with investigations, the report says. Malaysia's
attorney general said the funds were a legal political donation
from Saudi Arabia and that most of the money was returned,
according to the Journal.

The Journal notes that the arrests came days after both the U.S.
State Department and United Nations Human Rights Council
separately issued statements expressing concerns over a crackdown
on media and free speech in Malaysia. Access to the The Malaysian
Insider, a news portal, remains blocked by the Malaysian
government after it published reports on the 1MDB controversy, the
report says.

The Journal says Malaysia's foreign ministry responded to the
criticism from the U.S. by saying in a statement that, "While
Malaysia upholds freedom of speech and right to information, such
freedom and right must be exercised responsibly and with
accountability."

The Journal meanwhile reports that Malaysia's auditor general
submitted a long-awaited report into 1MDB to a parliamentary
committee on March 11. It was classified as secret under
Malaysia's Official Secrets Act to prevent any leaks to the media,
the panel's chairman said, the Journal adds.

                            About 1MDB

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

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

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

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

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



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


RAUKURA WAIKATO: Placed Into Liquidation
----------------------------------------
Kelsey Wilkie at Stuff.co.nz reports that a taxpayer-funded
Waikato social services provider that is at the centre of a
Serious Fraud Office investigation due to financial management
concerns has been placed into liquidation by its trustees.

Stuff.co.nz relates that the Raukura Waikato Social Services
Trust, tasked with providing whanau support, non-violence
programmes, youth justice services and budgeting advice under the
Government's Whanau Ora scheme, was initially suspended for 60
days last year after a Ministry of Social Development (MSD) probe
revealed questionable practices. It was then shut down after
police launched a separate inquiry with issues relating to
financial management, the report relays.

Stuff.co.nz says the investigation, which continues, is now being
handled by the Serious Fraud Office.

A hearing regarding the liquidation of the trust was held at the
High Court in Hamilton on March 14, Stuff.co.nz notes.

According to Stuff.co.nz, trustees Tonga Maioha Kelly, Cilla
Ruruhira Henry and Huirama Matahi, who were represented by
solicitor Peter Jefferies, had applied for the trust to be placed
into liquidation.

"We're in a situation where we are dealing with an issue and
that's it," the report quotes Kelly as saying.

The organisation was working with eight ministry clients when it
was suspended -- providing care services for two, counselling for
three and whanau support for three. New arrangements had been put
in place for two clients and work was in progress for the other
six.



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


DAEWOO SHIPBUILDING: To Issue New Shares to Improve Finances
------------------------------------------------------------
The Korea Herald reports that Daewoo Shipbuilding & Marine
Engineering is expected to issue additional new shares worth
KRW600 billion ($507 million) this year, as part of efforts to
improve its capital base, according to the listed shipbuilder's
main creditor Korea Development Bank on March 14.

According to the report, a KDB official said the new share
issuances will most likely be allotted to the state-run creditor
bank and the company's employees, much like the last time the
shipbuilder issued new shares worth KRW460 billion to KDB and
employees of Daewoo Shipbuilding last December.

The Korea Herald relates that the new share issuances worth about
1 trillion won in total through third-party allotments is part of
the creditor bank's plan to inject KRW4.2 trillion liquidity into
the shipbuilder, which has been suffering operation and financial
losses amid the global slowdown.

"New shares will be issued as planned, albeit not immediately
because we do not want (fresh) funds to become 'idle money,'" the
report quotes a KDB official as saying. The shipbuilder's recent
new share issues in December, he added.

"The rest of the KRW3.2 trillion will be injected into Daewoo
Shipbuilding through loans."

Of the KRW3.2 trillion debt financing, the creditor bank, which
has a more than 40 percent stake in Daewoo Shipbuilding, plans to
swap 1 trillion won loan into equities, the report relates. This
is expected to increase KDB's shares in the company. KDB did not
retain any advisors for the new issues last year.

The Korea Herald notes that the creditor's plan comes after the
company held a shareholders' meeting last week and agreed to
expand its new share issues following last December when it raised
KRW460 billion through third-party allotments to prevent capital
erosion.

The report relates that analysts said that it would be much more
important for Daewoo Shipbuilding to improve its cash flow from
financial activities than trying to seek an operation turnaround
given that it has to meet its short-term obligations next year
amid a high debt ratio.

"There is a possibility for the company to see a turnaround this
year, but there is low chance that it can (immediately) improve
its finances through cash flow from operations," the Korea Herald
quotes Kim Hyun, an analyst at Shinhan Investment, as saying.
"Without new shares and additional liquidity, the company will
unlikely see its shares rebound."

Last year, the shipbuilder suffered an operation loss of
KRW5.5 trillion, with net loss of KRW5.1 trillion. Its
consolidated debt ratio stands at around 4,300 percent. The new
share issues are expected to decrease its debt ratio to less than
2,000 percent, analysts, as cited by the Korea Herald, said.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



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


* BOND PRICING: For the Week March 7 to March 11, 2016
------------------------------------------------------

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


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019    USD       70.52
AUSDRILL FINANCE PTY      6.88    11/1/2019    USD       70.68
BARRICK PD AUSTRALIA      5.95   10/15/2039    USD       70.76
BOART LONGYEAR MANAG      7.00     4/1/2021    USD       40.13
BOART LONGYEAR MANAG      7.00     4/1/2021    USD       40.13
CML GROUP LTD             9.00    1/29/2020    AUD        0.98
CRATER GOLD MINING L     10.00    8/18/2017    AUD       23.00
EMECO PTY LTD             9.88    3/15/2019    USD       54.00
EMECO PTY LTD             9.88    3/15/2019    USD       55.50
FMG RESOURCES AUGUST      8.25    11/1/2019    USD       73.27
FMG RESOURCES AUGUST      6.88     4/1/2022    USD       60.02
FMG RESOURCES AUGUST      8.25    11/1/2019    USD       73.52
FMG RESOURCES AUGUST      6.88     4/1/2022    USD       59.93
IMF BENTHAM LTD           6.52    6/30/2019    AUD       72.00
KBL MINING LTD           12.00    2/16/2017    AUD        0.30
KEYBRIDGE CAPITAL LT      7.00    7/31/2020    AUD        0.68
LAKES OIL NL             10.00    3/31/2017    AUD        4.05
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD        5.13
MIDWEST VANADIUM PTY     11.50    2/15/2018    USD        3.99
NEWCREST FINANCE PTY      5.75   11/15/2041    USD       75.45
NEWCREST FINANCE PTY      5.75   11/15/2041    USD       75.45
ORIGIN ENERGY FINANC      4.00    9/16/2074    EUR       64.73
STOKES LTD               10.00    6/30/2017    AUD        0.37
TREASURY CORP OF VIC      0.50   11/12/2030    AUD       65.52


CHINA
-----

CHANGCHUN CITY DEVEL      6.08     3/9/2016    CNY       40.12
CHANGCHUN CITY DEVEL      6.08     3/9/2016    CNY       39.17
CHANGSHA HIGH TECHNO      7.30   11/22/2017    CNY       72.34
CHANGSHA HIGH TECHNO      7.30   11/22/2017    CNY       74.60
CHANGZHOU INVESTMENT      5.80     7/1/2016    CNY       40.46
CHANGZHOU WUJIN CITY      5.42     6/9/2016    CNY       50.20
CHINA GOVERNMENT BON      1.64   12/15/2033    CNY       76.99
CHONGQING HECHUAN UR      6.95     1/6/2018    CNY       73.00
CHONGQING JIANGJIN H      6.95     1/6/2018    CNY       73.40
CHONGQING NAN'AN DIS      6.29   12/24/2017    CNY       62.49
DANDONG CITY DEVELOP      6.21     9/6/2017    CNY       71.10
DATONG ECONOMIC CONS      6.50     6/1/2017    CNY       70.35
DRILL RIGS HOLDINGS       6.50    10/1/2017    USD       54.94
DRILL RIGS HOLDINGS       6.50    10/1/2017    USD       57.00
ERDOS DONGSHENG CITY      8.40    2/28/2018    CNY       71.50
GRANDBLUE ENVIRONMEN      6.40     7/7/2016    CNY       70.53
GUOAO INVESTMENT DEV      6.89   10/29/2018    CNY       69.00
HANGZHOU XIAOSHAN ST      6.90   11/22/2016    CNY       40.91
HEBEI RONG TOU HOLDI      6.76     7/8/2021    CNY       74.50
HEBEI RONG TOU HOLDI      6.76     7/8/2021    CNY       72.50
HEILONGJIANG HECHENG      7.78   11/17/2016    CNY       41.00
HUAIAN CITY URBAN AS      7.15   12/21/2016    CNY       40.39
JIANGSU HUAJING ASSE      5.68    9/28/2017    CNY       50.55
KUNSHAN ENTREPRENEUR      4.70    3/30/2016    CNY       40.03
KUNSHAN ENTREPRENEUR      4.70    3/30/2016    CNY       39.12
NANJING NANGANG IRON      6.13    2/27/2016    CNY       50.10
NINGHAI COUNTY CITY       8.60   12/31/2017    CNY       70.50
NONGGONGSHANG REAL E      6.29   10/11/2017    CNY       72.28
OCEAN RIG UDW INC         7.25     4/1/2019    USD       43.00
OCEAN RIG UDW INC         7.25     4/1/2019    USD       45.00
PANJIN CONSTRUCTION       7.70   12/16/2016    CNY       41.12
QINGZHOU HONGYUAN PU      6.50    5/22/2019    CNY       40.31
SHANDONG SHANSHUI CE      5.44    1/21/2016    CNY       46.90
SHANGHAI REAL ESTATE      6.12    5/17/2017    CNY       71.96
SHENGZHOU HOTEL CO L      9.20    2/26/2016    CNY      100.46
TAIZHOU CITY CONSTRU      6.90    1/25/2017    CNY       70.39
TONGLIAO CITY INVEST      5.98     9/1/2017    CNY       68.00
WUXI COMMUNICATIONS       5.58     7/8/2016    CNY       50.62
WUXI COMMUNICATIONS       5.58     7/8/2016    CNY       50.26
WUXI HUISHAN SOFTWAR      9.00    3/19/2016    CNY       60.43
XIANGTAN JIUHUA ECON      6.93   12/16/2016    CNY       41.25
YANGZHOU ECONOMIC DE      6.10     7/7/2016    CNY       50.45
YANGZHOU URBAN CONST      5.94    7/23/2016    CNY       40.35
YIJINHUOLUOQI HONGTA      8.35    3/19/2019    CNY       74.62
YUNNAN INVESTMENT GR      5.25    8/24/2017    CNY       71.98


INDONESIA
---------

BERAU COAL ENERGY TB      7.25    3/13/2017    USD       27.75
BERAU COAL ENERGY TB      7.25    3/13/2017    USD       26.01
GAJAH TUNGGAL TBK PT      7.75     2/6/2018    USD       62.50
GAJAH TUNGGAL TBK PT      7.75     2/6/2018    USD       61.37
INDONESIA TREASURY B      6.38    4/15/2042    IDR       73.61
PERUSAHAAN PENERBIT       6.10    2/15/2037    IDR       71.21


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017    USD       15.25
BLUE DART EXPRESS LT      9.30   11/20/2017    INR       10.10
BLUE DART EXPRESS LT      9.40   11/20/2018    INR       10.16
BLUE DART EXPRESS LT      9.50   11/20/2019    INR       10.23
COROMANDEL INTERNATI      9.00    7/23/2016    INR       15.68
GTL INFRASTRUCTURE L      4.03    11/9/2017    USD       30.00
INCLINE REALTY PVT L     10.85    8/21/2017    INR        6.57
JAIPRAKASH ASSOCIATE      5.75     9/8/2017    USD       72.34
JCT LTD                   2.50     4/8/2011    USD       35.00
JSW STEEL LTD             4.75   11/12/2019    USD       72.30
PRAKASH INDUSTRIES L      5.25    4/30/2015    USD       20.00
PYRAMID SAIMIRA THEA      1.75     7/4/2012    USD        1.00
REI AGRO LTD              5.50   11/13/2014    USD        1.71
REI AGRO LTD              5.50   11/13/2014    USD        1.71
SVOGL OIL GAS & ENER      5.00    8/17/2015    USD       22.88


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017    JPY       32.13
AVANSTRATE INC            5.55   10/31/2017    JPY       37.00
ELPIDA MEMORY INC         0.70     8/1/2016    JPY        8.00
ELPIDA MEMORY INC         0.50   10/26/2015    JPY        8.13
ELPIDA MEMORY INC         2.03    3/22/2012    JPY        8.00
ELPIDA MEMORY INC         2.10   11/29/2012    JPY        8.00
ELPIDA MEMORY INC         2.29    12/7/2012    JPY        8.00
SHARP CORP/JAPAN          1.60    9/13/2019    JPY       68.88
TAKATA CORP               0.58    3/26/2021    JPY       71.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017    KRW       30.77
2014 KODIT CREATIVE       5.00   12/25/2017    KRW       30.77
DOOSAN CAPITAL SECUR     20.00    4/22/2019    KRW       40.09
HANA FINANCIAL GROUP      3.95    5/29/2045    KRW      483.40
KIBO ABS SPECIALTY C     10.00    2/19/2017    KRW       37.28
KIBO ABS SPECIALTY C     10.00    8/22/2017    KRW       26.71
KIBO ABS SPECIALTY C      5.00    3/29/2018    KRW       29.72
KIBO ABS SPECIALTY C     10.00     9/4/2016    KRW       39.62
KIBO ABS SPECIALTY C      5.00   12/25/2017    KRW       29.47
KIBO ABS SPECIALTY C      5.00    1/31/2017    KRW       32.63
LSMTRON DONGBANGSEON      4.53   11/22/2017    KRW       30.36
PULMUONE CO LTD           2.50     8/6/2045    KRW       71.39
SINBO SECURITIZATION      5.00   10/30/2019    KRW       19.20
SINBO SECURITIZATION      5.00     6/7/2017    KRW       23.15
SINBO SECURITIZATION      5.00    2/27/2019    KRW       26.80
SINBO SECURITIZATION      5.00    2/27/2019    KRW       26.80
SINBO SECURITIZATION      5.00    6/27/2018    KRW       29.17
SINBO SECURITIZATION      5.00    6/27/2018    KRW       29.17
SINBO SECURITIZATION      5.00    7/24/2017    KRW       31.07
SINBO SECURITIZATION      5.00    7/24/2018    KRW       28.96
SINBO SECURITIZATION      5.00    7/24/2018    KRW       28.96
SINBO SECURITIZATION      5.00    6/29/2016    KRW       37.21
SINBO SECURITIZATION      5.00    5/27/2016    KRW       40.40
SINBO SECURITIZATION      5.00    5/27/2016    KRW       40.40
SINBO SECURITIZATION      5.00    7/26/2016    KRW       35.64
SINBO SECURITIZATION      5.00    7/26/2016    KRW       35.64
SINBO SECURITIZATION      5.00    1/29/2017    KRW       33.67
SINBO SECURITIZATION      5.00    2/21/2017    KRW       33.37
SINBO SECURITIZATION      5.00    2/21/2017    KRW       33.37
SINBO SECURITIZATION      5.00    8/16/2016    KRW       34.17
SINBO SECURITIZATION      5.00    8/16/2017    KRW       31.84
SINBO SECURITIZATION      5.00    8/16/2017    KRW       31.84
SINBO SECURITIZATION      5.00    3/13/2017    KRW       33.12
SINBO SECURITIZATION      5.00    3/13/2017    KRW       33.12
SINBO SECURITIZATION      5.00    8/29/2018    KRW       28.46
SINBO SECURITIZATION      5.00    8/29/2018    KRW       28.46
SINBO SECURITIZATION      5.00     2/2/2016    KRW       70.68
SINBO SECURITIZATION      5.00    3/14/2016    KRW       53.17
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00    9/26/2018    KRW       28.23
SINBO SECURITIZATION      5.00     7/8/2017    KRW       32.25
SINBO SECURITIZATION      5.00     7/8/2017    KRW       32.25
SINBO SECURITIZATION      5.00     6/7/2017    KRW       23.15
SINBO SECURITIZATION      5.00    10/5/2016    KRW       34.85
SINBO SECURITIZATION      5.00    10/5/2016    KRW       33.21
SINBO SECURITIZATION      5.00    3/18/2019    KRW       26.57
SINBO SECURITIZATION      5.00    3/18/2019    KRW       26.57
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00    10/1/2017    KRW       31.29
SINBO SECURITIZATION      5.00   12/25/2016    KRW       32.97
SINBO SECURITIZATION      5.00    3/12/2018    KRW       29.87
SINBO SECURITIZATION      5.00    3/12/2018    KRW       29.87
SINBO SECURITIZATION      5.00   12/13/2016    KRW       34.06
SINBO SECURITIZATION      5.00    8/31/2016    KRW       35.23
SINBO SECURITIZATION      5.00    8/31/2016    KRW       35.23
SINBO SECURITIZATION      5.00    1/30/2019    KRW       26.98
SINBO SECURITIZATION      5.00    1/30/2019    KRW       26.98
SINBO SECURITIZATION      5.00   12/23/2018    KRW       27.29
SINBO SECURITIZATION      5.00   12/23/2018    KRW       27.29
SINBO SECURITIZATION      5.00   12/23/2017    KRW       29.49
SINBO SECURITIZATION      5.00    1/15/2018    KRW       30.57
SINBO SECURITIZATION      5.00    1/15/2018    KRW       30.57
SINBO SECURITIZATION      5.00    2/11/2018    KRW       30.11
SINBO SECURITIZATION      5.00    2/11/2018    KRW       30.11
TONGYANG CEMENT & EN      7.30    4/12/2015    KRW       70.00
TONGYANG CEMENT & EN      7.50    4/20/2014    KRW       70.00
TONGYANG CEMENT & EN      7.50    7/20/2014    KRW       70.00
TONGYANG CEMENT & EN      7.30    6/26/2015    KRW       70.00
TONGYANG CEMENT & EN      7.50    9/10/2014    KRW       70.00
U-BEST SECURITIZATIO      5.50   11/16/2017    KRW       31.55
WISE MOBILE SECURITI     20.00   12/14/2018    KRW       71.02


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026    LKR       66.94


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35   12/29/2023    MYR       70.79
BANDAR MALAYSIA SDN       0.35    2/20/2024    MYR       70.28
BIMB HOLDINGS BHD         1.50   12/12/2023    MYR       71.62
BRIGHT FOCUS BHD          2.50    1/22/2031    MYR       67.35
BRIGHT FOCUS BHD          2.50    1/24/2030    MYR       70.14
LAND & GENERAL BHD        1.00    9/24/2018    MYR        0.23
SENAI-DESARU EXPRESS      0.50   12/31/2038    MYR       68.98
SENAI-DESARU EXPRESS      0.50   12/31/2046    MYR       79.36
SENAI-DESARU EXPRESS      0.50   12/31/2042    MYR       74.96
SENAI-DESARU EXPRESS      0.50   12/30/2039    MYR       70.82
SENAI-DESARU EXPRESS      0.50   12/31/2040    MYR       72.21
SENAI-DESARU EXPRESS      0.50   12/30/2044    MYR       77.25
SENAI-DESARU EXPRESS      0.50   12/29/2045    MYR       78.20
SENAI-DESARU EXPRESS      0.50   12/31/2047    MYR       80.38
SENAI-DESARU EXPRESS      0.50   12/31/2041    MYR       73.47
SENAI-DESARU EXPRESS      0.50   12/31/2043    MYR       76.27
SENAI-DESARU EXPRESS      1.35   12/29/2028    MYR       57.82
SENAI-DESARU EXPRESS      1.15    6/30/2025    MYR       63.89
SENAI-DESARU EXPRESS      1.35   12/31/2026    MYR       61.80
SENAI-DESARU EXPRESS      1.35    6/28/2030    MYR       55.11
SENAI-DESARU EXPRESS      1.35    6/30/2028    MYR       58.80
SENAI-DESARU EXPRESS      1.15    6/30/2023    MYR       69.99
SENAI-DESARU EXPRESS      1.15    6/28/2024    MYR       66.83
SENAI-DESARU EXPRESS      1.35   12/31/2030    MYR       54.27
SENAI-DESARU EXPRESS      1.35    6/30/2031    MYR       53.36
SENAI-DESARU EXPRESS      1.10    6/30/2022    MYR       73.13
SENAI-DESARU EXPRESS      1.15   12/31/2024    MYR       65.30
SENAI-DESARU EXPRESS      1.10   12/31/2021    MYR       74.90
SENAI-DESARU EXPRESS      1.15   12/29/2023    MYR       68.36
SENAI-DESARU EXPRESS      1.35   12/31/2025    MYR       64.00
SENAI-DESARU EXPRESS      1.15   12/30/2022    MYR       71.66
SENAI-DESARU EXPRESS      1.35    6/30/2026    MYR       62.85
SENAI-DESARU EXPRESS      1.35   12/31/2027    MYR       59.78
SENAI-DESARU EXPRESS      1.35   12/31/2029    MYR       55.99
SENAI-DESARU EXPRESS      1.35    6/30/2027    MYR       60.76
SENAI-DESARU EXPRESS      1.35    6/29/2029    MYR       56.89
UNIMECH GROUP BHD         5.00    9/18/2018    MYR        1.07


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.78    5/18/2018    USD       51.13
BAKRIE TELECOM PTE L     11.50     5/7/2015    USD        3.56
BAKRIE TELECOM PTE L     11.50     5/7/2015    USD        3.56
BERAU CAPITAL RESOUR     12.50     7/8/2015    USD       26.39
BERAU CAPITAL RESOUR     12.50     7/8/2015    USD       74.78
BLD INVESTMENTS PTE       8.63    3/23/2015    USD        9.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD       20.50
BUMI CAPITAL PTE LTD     12.00   11/10/2016    USD       17.80
BUMI INVESTMENT PTE      10.75    10/6/2017    USD       19.50
BUMI INVESTMENT PTE      10.75    10/6/2017    USD       17.71
ENERCOAL RESOURCES P      6.00     4/7/2018    USD       10.38
GOLIATH OFFSHORE HOL     12.00    6/11/2017    USD        8.50
INDO INFRASTRUCTURE       2.00    7/30/2010    USD        1.88
NEPTUNE ORIENT LINES      4.40    6/22/2021    SGD       71.75
ORO NEGRO DRILLING P      7.50    1/24/2019    USD       67.00
OSA GOLIATH PTE LTD      12.00    10/9/2018    USD       62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018    USD       48.75
OTTAWA HOLDINGS PTE       5.88    5/16/2018    USD       48.04
SWIBER HOLDINGS LTD       7.13    4/18/2017    SGD       69.00
TRIKOMSEL PTE LTD         5.25    5/10/2016    SGD       20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017    SGD       21.63

THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025    USD       48.00
DEBT AND ASSET TRADI      1.00   10/10/2025    USD       47.50


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9482.

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

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



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