TCRAP_Public/160317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 17, 2016, Vol. 19, No. 54


                            Headlines


A U S T R A L I A

A.R.T EMPLOYMENT: First Creditors' Meeting Set For March 24
DICK SMITH: The Warranty Group to Honor All Extended Warranties
LINK ENGINEERING: Receivers Put Business Up for Sale
OSMAC INTERNATIONAL: First Creditors' Meeting Set For March 24
THIRVALE PTY: First Creditors' Meeting Set For March 24


C H I N A

CAR INC: Moody's Affirms Ba1 CFR, Changes Outlook to Negative
CHINA: May Swap 'Zombie' Companies for 'Zombie' Banks
EVERGRANDE REAL: Moody's Says Investment No Impact on 'B2' CFR
GOLDEN EAGLE: Moody's Assigns Ba3 Corporate Family Rating
SHANGHAI SHIMAO: Proposed Issue to be Credit Pos., Moody's Says


H O N G  K O N G

CHINA CITIC: Moody's Affirms (P)Ba1 Rating on Jr Sub. MTN Program
CHINA FISHERY: Fitch Cuts Issuer Default Ratings to 'RD'
HUA HAN HEALTH: Moody's Says FY2016 Results Support Ba3 CFR


I N D I A

ANUPAM INDUSTRIES: CARE Reaffirms B+ Rating on INR1.68cr Loan
ARRJAVV BUILDER: CRISIL Suspends 'B' Rating on INR95MM LT Loan
BANKA WOVEN: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR0.90cr Loan
BHUMYA TEA: CRISIL Reaffirms B+ Rating on INR240MM Cash Loan

BINNY LIMITED: CARE Reaffirms 'B(Is)' Issuer Rating
CHERRY GOLD: CARE Assigns B+ Rating to INR5.21cr LT Loan
DEV MOTORS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
DHANLAXMI COTEX: CRISIL Cuts Rating on INR80MM Cash Loan to D
DIVYA AGRO: CARE Lowers Rating on INR9.60cr LT Loan to D

EDUTECH INDIA: CRISIL Suspends 'B+' Rating on INR39.1MM Cash Loan
ERA INFRA: CARE Reaffirms 'D' Rating on INR3,048.93cr LT Loan
ETCO INDUSTRIES: CARE Upgrades Rating on INR101.56cr Loan to C
GALAXY CONSTRUCTIONS: CARE Lowers Rating on INR28cr Loan to D
GLOBAL POULTRY: CRISIL Suspends B- Rating on INR40MM Term Loan

GREEN FINGERS: CRISIL Lowers Rating on INR13MM Term Loan to 'B'
GREENPIECE LANDSCAPES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
H. K. COTTON: CARE Reaffirms B+ Rating on INR8.72cr LT Loan
HEMCO GARMENT: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
HIMACHAL HYDEL: CRISIL Reaffirms 'D' Rating on INR180MM LT Loan

HIMALAYA SEEDS: CRISIL Suspends B Rating on INR70MM Cash Loan
JBS ENGINEERING: CRISIL Assigns 'D' Rating to INR67MM Cash Loan
K. S. SELECTIONS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
KANAKA MAHALAKSHMI: CRISIL Reaffirms B Rating on INR155MM Loan
LORD WHEELS: CRISIL Assigns 'B' Rating to INR60MM Cash Loan

M. K. ROY: CRISIL Reaffirms 'B' Rating on INR54.2MM LT Loan
MAYFAIR FABRICS: CARE Assigns 'B' Rating to INR9cr LT Loan
MITTAL UNICOT: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
NAVRANG PLASTIC: CRISIL Suspends B- Rating on INR30MM Cash Loan
NIDHI MERCANTILES: CARE Revises Rating on INR5cr LT Loan to BB

NIRMAN ENGINEERS: CARE Assigns B+ Rating to INR3cr LT Loan
PADMAVATI GINNING: CARE Reaffirms 'B' Rating on INR7cr LT Loan
RAJA FARMS: CRISIL Suspends 'B' Rating on INR46.7MM Term Loan
RAJNANDINI METAL: CRISIL Suspends B+ Rating on INR140MM Loan
SAGAR MOTORS: CRISIL Assigns 'B' Rating to INR75MM e-DFS

SHUBHYAN MOTORS: CRISIL Cuts Rating on INR10MM Cash Loan to B-
SIDDHIVINAYAK TIMBER: CARE Assigns 'B' Rating to INR6cr LT Loan
SONY AIRCON: CARE Assigns B+ Rating to INR10cr LT Loan
SOORAJ AGRO: CRISIL Upgrades Rating on INR51.3MM Cash Loan to B+
SOUTH MALABAR: CRISIL Assigns 'B' Rating to INR87.5MM Cash Loan

SRI LAXMI: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
SUNRAJ CERAMIC: Ind-Ra Affirms LT Issuer Rating at 'IND BB-'
TAKEDA IFMR: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A2 PTCs
TP BUILDTECH: Ind-Ra Affirms Long-Term Issuer Rating at 'IND B+'
UNIVERSAL TUBE: CARE Lowers Rating on INR13.49cr Loan to 'B'

VNV BUILDERS: CRISIL Assigns B+ Rating to INR60MM Loan
YOUTHWELFARE ASSOCIATION: CARE Puts B+ Rating on INR6.04cr Loan


J A P A N

SHARP CORP: Foxconn Delays Finalizing Deal to Check Performance


N E W  Z E A L A N D

DUKE CARVELL'S: Pan-European Restaurant Placed Into Liquidation
HANOVER FINANCE: Hotchin Can Appeal to Make Trustee Also Liable


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A U S T R A L I A
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A.R.T EMPLOYMENT: First Creditors' Meeting Set For March 24
-----------------------------------------------------------
Mark Hutchins and Robert Kite of Cor Cordis were appointed as
administrators of A.R.T Employment Pty Ltd on March 4, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, 97 Pirie Street, in Adelaide, on March 24, 2016, at
2:00 p.m.


DICK SMITH: The Warranty Group to Honor All Extended Warranties
---------------------------------------------------------------
Eloise Keating at SmartCompany reports that the company that
provides extended warranty services for products sold at Dick
Smith has said it will honour all valid claims from Dick Smith
stores in Australia and New Zealand, including those sold after
the retail chain collapsed.

SmartCompany relates that the policy will cover 135,000 extended
warranties, worth more than $2 million in retail value, that were
left exposed by the receivership of Dick Smith.

According to the report, The Warranty Group said in a statement on
March 16 that the policy will cover extended warranty contracts
sold both prior to, and after, Dick Smith collapsed.

"We've made this decision because it is the right thing to do by
our customers," SmartCompany quotes Hemaka Perera, director of
sales for The Warranty Group in Southeast Asia, as saying.
"The closure of Dick Smith retail stores is unfortunate and we
want to give our loyal customers the peace of mind we promised
when they chose to buy products from Dick Smith."

The Warranty Group has been the sole supplier of extended
warranties to Dick Smith since 2008, the report notes.

The company said the sale of the Dick Smith online business to
entrepreneur Ruslan Kogan will not affect warranties previously
sold by Dick Smith, SmartCompany relays.

As previously reported by SmartCompany, Kogan has secured Dick
Smith's trademarks, websites, domain names and customer and
loyalty databases for an undisclosed sum and plans to operate the
Dick Smith brand in Australia and New Zealand separately from the
Kogan.com business.

                             About Dick Smith

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

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

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

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

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

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

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


LINK ENGINEERING: Receivers Put Business Up for Sale
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Link Engineering
Group has been put up for sale by receivers Ferrier Hodgson. The
receivers are seeking expressions of interest for the purchase of
the engineering business and related equipment as well as plant
found in Whyalla, South Australia, the report says.

According to the report, the assets and business for sale include
0.8 hectare property, plant and equipment, leased premises, circa
AUD19 million turnover, existing contracts as well as a skilled
and dedicated workforce.

Link Engineering was founded in 2002 offering general engineering
and maintenance services, machining, steel fabrication, minor
hydraulics, scaffolding and pneumatics services.


OSMAC INTERNATIONAL: First Creditors' Meeting Set For March 24
--------------------------------------------------------------
Bill Cotter and W. Roland Robson of Robson Cotter Insolvency Group
were appointed as administrators of Osmac International Pty Ltd on
March 14, 2016.

A first meeting of the creditors of the Company will be held at
Unit 1, 78 Logan Road, in Woolloongabba, on March 24, 2016, at
9:00 a.m.


THIRVALE PTY: First Creditors' Meeting Set For March 24
-------------------------------------------------------
Rahul Goyal and Craig Shepard of KordaMentha were appointed as
administrators of Thirvale Pty Ltd, trading as Crusader Caravans,
on March 15, 2016.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 24, 333 Collins Street, in Melbourne on
March 24, 2016, at 11:00 a.m.



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CAR INC: Moody's Affirms Ba1 CFR, Changes Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for CAR Inc.'s Ba1 corporate family and senior unsecured
debt ratings.

Moody's has also affirmed CAR's Ba1 corporate family and senior
unsecured debt ratings.

The change in outlook follows CAR's announcement on March 14,
2016, that Mr. Charles Lu -- executive director, chairman and CEO
of CAR -- had entered into an agreement to sell his entire 15.47%
stake in CAR to UCAR Technology Inc. (unrated).

After the sale, Mr. Lu will remain the executive director,
chairman and CEO of CAR.

At the same time, Hertz Holdings Netherlands BV (B2, stable), a
subsidiary of The Hertz Corporation (B1 stable), has entered into
an agreement to sell its 8.50% stake in CAR to UCAR Technology
Inc.  After the sale, Hertz will hold about 1.73% of CAR.

And, with Mr. Lu and Hertz's sale, UCAR Technology Inc. will
become CAR's largest shareholder with a 29.21% stake.

                        RATINGS RATIONALE

"The negative outlook reflects the weaker shareholder structure
which will follow the sell-down of Hertz's ownership and the
emergence of a new and largest shareholder, UCAR Technology Inc.,
but which does not have the same track record in operations and
financial capacity as Hertz," says Gerwin Ho, a Moody's Vice
President and Senior Analyst, and the Lead Analyst for CAR.

"The negative outlook also reflects the uncertainty over the
business strategy of CAR Inc. after UCAR Technology Inc. becomes
the largest shareholder," adds Ho who is also the Lead Analyst for
CAR.

CAR's Ba1 rating reflects the company's leadership in China's
growing car rental market and sound financial metrics.

It also reflects favorable market conditions, including current
low rental usage, continued growth in tourism, government reforms,
and the large number of drivers in China who do not own cars.

The Ba1 rating also considers the company's good profitability,
based on its competitive cost structure.  In addition, CAR has
robust financial flexibility, given its relatively short lead time
in fleet acquisition, strategy of asset-light network coverage --
which refers namely to pick-up points -- ease of asset disposals
and flexibility on capacity.

On the other hand, CAR faces (1) indirect competition from non-car
rental companies that provide transportation services; and (2)
regulatory risks in terms of controls on vehicle ownership, the
traffic points system, local regulation of the automotive rental
industry, and online chauffeured car services regulation.

A ratings upgrade is unlikely, given the negative outlook.
However, the ratings outlook could return to stable if CAR (1)
shows a track record of maintaining its business and financial
profile, and (2) continues to enjoy good access to the bank and
debt capital markets after the shareholding change.

On the other hand, the ratings could be downgraded if CAR Inc.
shows weakened operations and/or financial profile, with
characteristics that include (1) declining revenue and/or profit
margins; or (2) increasing debt or lengthening receivables from
UCAR Inc. (unrated).

Credit metrics indicative of downgrade pressure include
EBITDA/interest coverage falling below 3.0 times and debt/EBITDA
exceeding 3.5 times on a sustained basis.

The principal methodology used in these ratings 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.  It commands a leading position in terms of fleet size,
revenue and network coverage.  In 2015, it reported net sales of
RMB5.0 billion.

At Dec. 31, 2015, CAR's key shareholders included 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).


CHINA: May Swap 'Zombie' Companies for 'Zombie' Banks
-----------------------------------------------------
Craig Stephen at MarketWatch reports that China's bad debt problem
among its "zombie" state-owned enterprises is becoming
increasingly hard to ignore or hide. But authorities will keep
trying -- over the weekend a new tactic was announced to allow
banks to switch their dud loans into equity, the report says.

MarketWatch relates that while China's debt build-up has alarmed
analysts for years, a reckoning has been avoided with few signs of
spikes in bankruptcy or bad loans. This is made possible by one-
party state-capitalism, where predominately government-owned
companies owe money to government-owned banks, all of which have
ultimately been backstopped by Beijing.

It has also allowed the pain of a debt hangover to be continually
kicked down the road, which for most countries might mean some
combination of job losses, taxpayer-funded bailouts, austerity
budget cuts and perhaps a steep currency devaluation to revive
growth, according to MarketWatch.

But now it appears that many companies, having limped along for
several years as walking dead, have reached the end of the road,
the report states.

MarketWatch notes that financial distress is now acute. In a
recent report, Credit Suisse warned that interest cover was below
one in almost 70% of listed Chinese steel and aluminum companies
they covered and over 50% of coal companies for the first three
quarters of 2015, MarketWatch reports. This was a clear warning
companies were likely to default on loans, or perhaps salaries.

On March 14, reports of thousands of coal miners protesting in
northeast China against unpaid wages arose, MarketWatch says.

This would also tally with what has been openly acknowledged by
Beijing in recent weeks that "supply side" reform of industrial
overcapacity could result in some 6 million job losses, the report
states.

MarketWatch says one explanation for Beijing postponing any
reckoning for so long is the distinct possibility it will get
messy. Any removal of the implicit state backing of debt involves
choices of who gets laid off, who gets debt forgiven and who takes
the financial hit.

Investors also need to watch developments carefully as policy risk
mounts, MarketWatch says.

MarketWatch recalls that last year when local government financing
vehicles faced a bad loan crisis, a way out was found when the
central government ordered a CNY3.2 trillion debt-for-bond swap to
be picked up by state banks.

The latest bad loan problem again involves the state, but its
state-owned enterprises in distressed heavy industry, the report
discloses.

MarketWatch says the problem with realizing such bankruptcy is the
contagion of pain. Local governments will lose tax revenues and
workers jobs, while banks' earnings will fall when they make
provisions to recognize bad debts.

MarketWatch notes that the latest suggestion for banks to swap bad
loans in state-owned enterprises for equity would appear to enable
banks to avoid recognizing bad debts and allow companies to save
on interest expense.

But it is hardly a simple win-win, says MarketWatch.

The danger is this might just swap "zombie" companies for "zombie"
banks. This looks much more high risk, as banks have systematic
importance to the economy and are backed by the population's
savings.

A question might be asked is, why do authorities want to take such
risks to avoid recognition of bad debts?

After all, commercial banks' non-performing loans were reported at
just 1.67% or CNY1.27 trillion ($195.58 billion) at the end of
2015, according to regulators, MarketWatch says.

Moreover, it would certainly appear China's banks can afford to
make larger provisions. On paper, the big four -- the Industrial
and Commercial Bank of China, The Bank of China, the Agricultural
Bank of China, and the China Construction Bank -- rank as the
largest in the world for profits. In financial year 2015, they
raked in more than $180 billion in earnings, according to the
magazine, The Banker.

Indeed, Chinese lenders collectively earned almost double the
amount of their U.S. rivals, the data showed.

MarketWatch notes that concealing bad debts does not appear to
have much benefit to valuations, with China's largest lenders now
trading at a discount of about 30% to book value.

According to MarketWatch, another possibility is the reluctance to
recognize bad debt may well relate to central government finances.

By failing to recognize bad loans this means not just bank profits
but the government tax take is not reduced, says MarketWatch.

It is rarely acknowledged that China's state banks also play an
important role channeling funds to the central government, says
MarketWatch. In recent years state-controlled banks contributed
over half of all listed companies' net profits, according to Joe
Zhang in his book "Is China's State Capitalism Doomed?"

This could have a significant impact, MarketWatch notes.

MarketWatch relates that one of the reasons more investors are
sanguine on Beijing's ability to deal with any bank debt problems
is the central government's relatively low level of debt at around
40% of gross domestic product.

That figure would look less robust if bank profits were wiped out
and with it the central government's tax take, the report notes.

Perhaps Beijing also has much at stake to ensure bad debts remain
concealed. Ultimately one way or another, China's day of debt
reckoning looks to be getting closer, adds MarketWatch.


EVERGRANDE REAL: Moody's Says Investment No Impact on 'B2' CFR
--------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Ltd's investment in Shengjing Bank Co. Ltd (unrated) is credit
negative, but will have no immediate impact on its B2 corporate
family rating and B3 senior unsecured bond rating.

The ratings outlook remains negative.

Evergrande announced on 29 February 2016 that it had acquired an
aggregate of 324,090,500 Shengjing H shares for a total
consideration of about HKD3.9 billion, which is equivalent to a
5.59% stake in Shengjing Bank.

"The investment is credit negative because it raises Evergrande's
financial and investment risk," says Franco Leung, a Moody's Vice
President and Senior Analyst.

Moody's believes this acquisition is Evergrande's financial
investment.

The transaction has little strategic value because Evergrande will
not be involved in the bank's operations owing to its small
shareholding representation, and because there is no apparent
business synergies between Evergrande's property development
operations and Shengjing's banking business.

Moody's points out that Evergrande's investment holding period
will depend on the market-value movement of this newly purchased
asset.

Evergrande could suffer from financial losses if Shengjing's share
price declines.

"But the impact of this investment on Evergrande's financial and
liquidity profile will be manageable, given that Evergrande has
sufficient cash reserves to fund its Shengjing bank investment,"
adds Leung.

The scale of the investment is small, representing approximately
2% of Evergrande's cash-on-hand of RMB158 billion (on an unaudited
basis) at end-2015.

In Moody's view, the company has sufficient liquid resources to
fund this investment after taking into consideration its cash-on-
hand as well as cash collected from its property sales.

Moody's further points out that Evergrande's negative ratings
outlook reflects the company's acquisitive appetite.

Since 2013, the company has been active in acquiring financial
assets, including but not limited to, the subscription of Huaxia
Bank Co. Ltd.'s (unrated) shares for RMB3.3 billion.

In 1H 2015, Evergrande realized a RMB2.5 billion gain from its
investment in financial assets.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry, published in April 2015. Please
see the Ratings Methodologies page on www.moodys.com for a copy of
this methodology.

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. At 30 June
2015, its land bank totaled 144 million square meters in gross
floor area across 154 Chinese cities.

This publication does not announce a credit rating action. For any
credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.


GOLDEN EAGLE: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Golden Eagle Retail Group Ltd, to replace the Ba3 issuer rating
previously assigned to the group. The rating outlook is negative.

RATINGS RATIONALE

Golden Eagle's Ba3 corporate family rating is supported by (1) the
company's strong market position in affluent Jiangsu Province; (2)
the benefits of its concessionaire model and its possession of
self-owned properties; as well as (3) its adequate liquidity
position.

At the same time, its ratings are constrained by its (1) small
scale; (2) weak financial profile, given its expansion
initiatives; (3) increased level of property development risk; and
(4) high level of geographic concentration.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of 30 June 2015, the
company operated 23 stores and five lifestyle centers across four
provinces and 16 cities in China.


SHANGHAI SHIMAO: Proposed Issue to be Credit Pos., Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that Shanghai Shimao Co., Ltd.'s
(unrated) proposed non-public share issue and related-party
transactions -- if successfully executed -- will be credit
positive for its parent, Shimao Property Holdings Limited (Ba2
stable), because the transactions will help control Shimao
Property's total debt levels, strengthen the parent company's
liquidity profile, and add clarity to its business strategies.

On March 14, 2016, Shimao Property announced that its subsidiary,
Shanghai Shimao proposed raising up to an estimated RMB6.67
billion by issuing new shares to Shimao Property as well as to
external third parties.  The fund raising exercise will involve no
more than 750 million new ordinary shares denominated in RMB.

At the same time, Shimao Property will transfer three commercial
property projects to Shanghai Shimao, in exchange for a
combination of shares and cash.

While Shimao Property's equity interests in Shanghai Shimao will
be diluted to 52.19% from 58.92%, Shanghai Shimao will remain a
consolidated subsidiary of Shimao Property.

Shimao Property says the net proceeds from the share placement and
related-party transactions will be used to develop the company's
existing projects and for general working capital.

"The private share issue will bring in cash proceeds of around
RMB4.3 billion for Shimao Property, which will help strengthen its
liquidity profile," says Franco Leung, a Moody's Vice President
and Senior Analyst.

Given that Shimao Property will continue to consolidate Shanghi
Shimao's financials, the net cash proceeds will represent around
16% of Shimao Property's total cash balance of about RMB27.3
billion at end-June 2015, and bring its pro-forma cash to short-
term debt to around 180% from 155% for the same period.

"The private share placement will also enlarge Shimao Property's
equity capital base and help control its debt growth," adds Leung.

The share issuance, if successful, will represent around 28.15% of
Shanghai Shimao's enlarged share capital and should help Shimao
Property reduce its adjusted debt/total capitalization to 48%-50%
over the next 12-18 months from 50% at end-June 2015.  Such a
level is appropriate for its Ba2 corporate family rating.

The issuance would also reduce Shimao Property's need to raise
additional debt to fund its business expansion.  Shimao Property
has funded its expansion through debt over the past 18-24 months.
As a result, its reported gross debt rose materially to around
RMB67 billion at end-June 2015 from RMB49 billion at end-2013.

Moody's says the related-party transactions are in line with
Shimao Property's aim of separating its commercial property
segment -- operated through Shanghai Shimao -- from its
residential property segment, which is operated through the parent
company.

If the proposed transactions are successful, they will add clarity
to the group's development strategies.  In particular, the
transactions will further evidence the fact that Shimao Property
will continue to focus on residential property development, while
Shanghai Shimao will focus on commercial property development and
investments.

The proposed placement is subject to approval from the
shareholders of Shimao Property and Shanghai Shimao, and from the
China Securities Regulatory Commission.

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

Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer listed on the Hong Kong Stock Exchange
in July 2006.  Together with its majority-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co., Ltd. (unrated), the
company held an attributable land bank of 33.3 million square
meters at June 30, 2015, distributed across more than 40 cities,
mainly in eastern and northeastern China.



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CHINA CITIC: Moody's Affirms (P)Ba1 Rating on Jr Sub. MTN Program
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
rating outlook for the Hong Kong and Macau subsidiaries of Chinese
banks.

At the same time, Moody's has affirmed the baseline credit
assessments (BCA), adjusted BCAs, counterparty risk assessments
(CR assessments), and all ratings of these banks at their current
levels.

Nanyang Commercial Bank, Ltd.'s (deposits A1 review for downgrade,
BCA baa1 review for downgrade) ratings are currently on review for
downgrade, and its ratings are not impacted by the rating action.

The actions follow similar rating actions on these banks' Mainland
Chinese parents and the change in outlook to negative from stable
for the Chinese government (Aa3 negative). Please refer to press
release of rating action on China and these banks' Mainland
parents dated March 2, 2016.

Outlooks, which provide an opinion on likely rating direction over
the medium term, are assigned only to banks' long-term deposit,
issuer and senior unsecured debt ratings.

Moody's has changed the Macro Profile for Macau to "Moderate+"
from "Strong." The change of Macau's Macro Profile has led Moody's
to reassess Industrial & Commercial Bank of China (Macau) Ltd's
financial factors and standalone BCAs. The bank's BCA is not
immediately affected by this Macro Profile change, although there
exists some downward pressure on the bank's standalone profile.

The list of affected ratings follows at the end of the press
release.

RATINGS RATIONALE

The change in outlook to negative for the Hong Kong and Macau
subsidiaries of Chinese banks reflects the change to negative
outlook on their parents' ratings and the Chinese sovereign
rating.

The change in the Chinese sovereign rating outlook to negative
indicates that the Chinese government's ability to support
financial institutions on a broad basis could be weaker than we
had previously assessed.

A primary driver in the change in the Chinese government's outlook
is concern that the government's balance sheet is exposed to
growing contingent liabilities to support financial institutions
as well as other entities such as state-owned enterprises and
regional local governments in times of stress. The government's
growing contingent liabilities suggest that support from the
Chinese government for financial institutions and state-owned
enterprises will be prioritized based on relative importance of
each entity.

The Hong Kong and Macau subsidiaries' long-term deposit and senior
unsecured debt ratings incorporate uplift from indirect Chinese
government support, which flows through their parents. Therefore,
their rating outlook is affected by the change in outlook for the
Chinese government (Aa3, negative).

In addition, growing economic and financial integration between
Mainland China and Hong Kong/Macau has led to increased Mainland
exposures for these banks.

Therefore, the rating actions also take into account the potential
adverse impact on asset quality for these banks, given the
weakness in macroeconomic conditions in China and likely
spillovers into Hong Kong and Macau.

MACRO PROFILE CHANGE

The change in Moody's assessment of Macau's Macro Profile to
"Moderate+" from "Strong" takes into account the sharp slowdown in
the territory's economic growth in 2014 and 2015 due to a decline
in gross gaming revenues and the likely persistence of such trend
into 2016. Risks associated with the territory's fast credit
growth, declining property prices, its small economy and high
dependence on the gaming industry also weigh negatively on the
territory's Macro Profile.

In view of the negative outlook, Moody's does not expect any
upward rating pressures for the Hong Kong and Macau subsidiaries
of Chinese banks. Their outlook could be revised to stable if
macroeconomic conditions in China, Hong Kong, and Macau improve,
and these banks maintain sound financial metrics.

The affected banks' ratings could be downgraded if their parents'
ratings are downgraded. Their ratings could also be downgraded if
their fundamentals weaken, as evidenced by a more challenging
operating environment and/or deteriorating financial metrics.

LIST OF AFFECTED RATINGS

Issuer: Bank of China (Hong Kong) Limited

-- BCA affirmed at a2

-- Adjusted BCA affirmed at a2

-- CR Assessment affirmed at Aa2(cr)/P-1(cr)

-- Deposit rating affirmed at Aa3/P-1

-- Commercial paper affirmed at P-1

-- Senior unsecured debt affirmed at Aa3

-- Senior unsecured MTN program affirmed at (P)Aa3

-- Subordinate debt affirmed at A3

-- Subordinated MTN program affirmed at (P)A3

-- Outlook for the bank is revised to negative from stable

Issuer: Chiyu Banking Corporation, Ltd.

-- BCA affirmed at a3

-- Adjusted BCA affirmed at a2

-- CR Assessment affirmed at Aa3(cr)/P-1(cr)

-- Deposit rating affirmed at A1/P-1

-- Outlook for the bank is revised to negative from stable

Issuer: China Construction Bank (Asia) Corp. Ltd.

-- BCA affirmed at baa1

-- Adjusted BCA affirmed at baa1

-- CR Assessment affirmed at A1(cr)/P-1(cr)

-- Deposit rating affirmed at A2/P-1

-- Deposit note/CD program affirmed at (P)A2/(P)P-1

-- Senior unsecured debt affirmed at A2

-- Senior unsecured MTN program affirmed at (P)A2

-- Basel III-compliant subordinate debt affirmed at Baa2(hyb)

-- Other short term affirmed at (P)P-1

-- Outlook for the bank is revised to negative from stable

Issuer: Industrial & Comm'l Bank of China (Asia) Ltd.

-- BCA affirmed at baa1

-- Adjusted BCA affirmed at baa1

-- CR assessment affirmed at A1(cr)/P-1(cr)

-- Deposit rating affirmed at A2/P-1

-- Commercial paper affirmed at P-1

-- Other short term affirm at (P)P-1

-- Senior unsecured debt affirmed at A2

-- Senior unsecured MTN program affirmed at (P)A2

-- Subordinate debt affirmed at Baa2

-- Subordinate MTN program affirmed at (P)Baa2

-- Outlook for the bank is revised to negative from stable

Issuer: Wing Lung Bank Limited

-- BCA affirmed at baa1

-- Adjusted BCA affirmed at baa1

-- CR Assessment affirmed at A2(cr)/P-1(cr)

-- Deposit rating affirmed at A3/P-2

-- Senior unsecured MTN program affirmed at (P)A3

-- Subordinate debt affirmed at Baa2

-- Subordinate MTN program affirmed at (P)Baa2

-- Outlook for the bank is revised to negative from stable

Issuer: China CITIC Bank International Limited

-- BCA affirmed at baa2

-- Adjusted BCA affirmed at baa2

-- CR Assessment affirmed at A3(cr)/P-2(cr)

-- Deposit rating affirmed at Baa1/P-2

-- Deposit note affirmed at Baa1

-- Deposit note/CD program affirmed at (P)Baa1/(P)P-2

-- Senior unsecured MTN program affirmed at (P)Baa1

-- Subordinate debt affirmed at Baa3

-- Subordinate MTN program affirmed at (P)Baa3

-- Junior subordinate MTN program affirmed at (P)Ba1

-- Non-cumulative preferred stock affirmed at Ba2(hyb)

-- Outlook for the bank is revised to negative from stable

Issuer: Industrial & Comm'l Bank of China (Macau) Ltd

-- BCA affirmed at baa3

-- Adjusted BCA affirmed at baa2

-- CR Assessment affirmed at A1(cr)/P-1(cr)

-- Deposit rating affirmed at A2/P-1

-- Deposit note/CD program affirmed at (P)A2/(P)P-1

-- Outlook for the bank is revised to negative from stable


CHINA FISHERY: Fitch Cuts Issuer Default Ratings to 'RD'
--------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's (China
Fishery) Issuer Default Rating (IDR) to 'RD' from 'C'. No Outlook
has been assigned. The company has not paid the scheduled coupon,
due 30 January 2016, on its USD300m senior notes even after the
end of the 30-day grace period on 29 February 2016.

The non-payment is consistent with an 'RD' rating - signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

Meanwhile, China Fishery's senior unsecured rating and the rating
on the USD300m senior unsecured notes issued by CFG Investment
S.A.C., China Fishery's financing vehicle, have been affirmed at
'C', with a Recovery Rating of 'RR4'.

KEY RATING DRIVERS
Access to Financing Hampered: In November 2015, HSBC filed a
winding-up petition against China Fishery, which was subsequently
dismissed by the courts. The petition severely curtailed the
company's access to funding and thus the company is facing a cash
crunch. China Fishery is now in discussions with banks and other
creditors to obtain financing, which would allow the company to
resume normal operations.

Discussion with Noteholders Started: According to China Fishery,
noteholders representing over 40% of the outstanding amount of its
USD300m senior notes have formed an ad-hoc committee. China
Fishery is now in discussion with this committee regarding a
potential debt restructuring.

Peruvian Sale Critical: China Fishery announced in December 2015
that it had received non-binding memorandums of understanding from
two prospective buyers for its Peruvian business at an indicative
enterprise value of USD1.7bn. Fitch believes that in the event of
a successful sale at the suggested valuation, the proceeds should
be more than sufficient to cover all of the company's outstanding
debt.

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating actions include:

-- The IDR will be changed to 'D' from 'RD' if China Fishery
    enters the bankruptcy process.

Positive: Future developments that may, individually or
collectively, lead to positive rating actions include:

-- Successful debt restructuring.
-- Successful sale of the Peruvian business


HUA HAN HEALTH: Moody's Says FY2016 Results Support Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service says Hua Han Health Industry Holdings
Limited's results for the first half of fiscal year ending June
2016 (1H FY2016) support its Ba3 corporate family rating.

The rating outlook remains stable.

"Hua Han's core pharmaceutical business continues to grow while
the company continues to ramp up its hospital business," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

Hua Han's revenue for 1H FY2016 fell 1% year-on-year to HKD1.8
billion

Revenue of Hua Han's core pharmaceutical product segment, which
accounted for 57% of total sales in 1H FY2016, declined 42% year
on year. The decline was due to the company's transition to a low-
ex-factory price sales model, in which promotional expenses are
paid by pharmaceutical distributors and not by pharmaceutical
makers, and which resulted in lower ex-factory selling prices.
Excluding the impact of the sales model transition, the company
estimated that its revenue grew about 9% year on year.

The company's developing hospital-related businesses rose to 43%
of total sales in the same period, and ramped up strongly to reach
HKD476 million from HKD22 million in the same period last year.

Moody's estimates Hua Han's adjusted EBITDA rose to HKD927 million
in the 12 months to end-December 2015 from HKD793 million in
FY2015.

"However, the company accelerated its capital expenditures during
1H FY2016 with an aim to start operating one of its self-owned
hospital by mid-2016, which has reduced its cash," adds Ho, who is
also the Lead Analyst for Hua Han.

Hua Han's cash declined to HKD4.1 billion at end-December 2015
from HKD6.6 billion at end-June 2015, and its net cash position
fell to HKD3.3 billion from HKD6.0 billion over the same period.

Nonetheless, reported total debt only rose modestly to HKD753
million at end-December 2015 from HKD640 million at end-June 2015.

As a result, Moody's estimates that adjusted debt/EBITDA remained
low at 0.9x for the 12 months ended 31 December 2015, from 0.8x
for the 12 months ended June 2015.

Moody's expects, however, that leverage will rise to 4.0x-4.5x in
FY2016, as the company pre-funds the capital expenditures for its
three self-owned hospitals. Leverage should moderate to 3.0x-3.5x
in the next 12 to 18 months as its hospital-related businesses
continue to grow.

Hua Han's liquidity remains solid. At end-December 2015, its cash
on hand of HKD4.1 billion was more than sufficient to cover the
company's HKD30 million in short-term debt.

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes traditional
Chinese medicines and bio-pharmaceutical medicines, and provides
hospital services in China. Revenue in the 12 months ending
December 2015 amounted to HKD1.8 billion.



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


ANUPAM INDUSTRIES: CARE Reaffirms B+ Rating on INR1.68cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Anupam Industries.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    1.68       CARE B+ Reaffirmed
   Long -term/ Short-term       4.95       CARE B+/CARE A4
   Bank Facilities                         Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Anupam Industries
(AI) continue to be constrained by modest scale of operations, low
net profit margin, leveraged capital structure and stressed debt
coverage indicators. The ratings are further tempered by working
capital intensive nature of operations, exposure to adverse
movements in the raw material prices, inherent cyclicality in the
steel industry and limited financial flexibility owing to
partnership nature of constitution.

The reaffirmation of ratings factor in the decline in operating
income and cash accruals, deterioration in capital structure
albeit improvement in profitability during FY15 (refers to the
period April 1 to March 31).

The ratings, however, continues to draw strength from significant
experience of the promoters in the industry and operational
support from group concerns.

Ability of AI to increase its scale of operations and improve
profitability and capital structure amidst intense competition
and efficient management of its working capital limits remain the
key rating sensitivity.

Established in April 2010, Anupam Industries (AI) was formed by Mr
Anil Kumar Arora, Mr Ravindra Singh Arora and Mr Amit Wadhwa. The
firm has set up a manufacturing plant in Daman to manufacture mild
steel (MS) ingots which commenced operations in November 2012 with
installed capacity of 21,600 tons per annum. AI is established
under the Spiderman group of companies engaged in manufacture of
MS Ingots with its plant in Daman. The firm procures its raw
materials i.e. iron, steel scrap and sponge iron along with ferro
& silico manganese from domestic market. The final product (MS
Ingots) is supplied to the steel manufactures and rolling mills in
the domestic markets through distributors.

During FY15, AI posted total operating income of INR 20.74 crore
vis-a-vis INR30.82 crore in FY14 and PAT of INR0.06 crore
vis-a-vis INR0.26 crore in FY14.


ARRJAVV BUILDER: CRISIL Suspends 'B' Rating on INR95MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Arrjavv Builder Private Limited (ABPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     95       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by ABPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABPL is yet to
provide adequate information to enable CRISIL to assess ABPL'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'.

ABPL was incorporated on January 17, 2014, and is promoted by Mr.
Mahendra Kumar Pandya, Mr. Harsh Kumar Jain, and Mr. Rajendra
Kumar in Kolkata. The company develops and markets real estate
projects. ABPL plans to develop and market its first residential
project with 184 flats, in Kolkata.


BANKA WOVEN: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Banka Woven
Sacks Private Limited (BWPL) continues to reflect average
financial risk profile because of high working capital
requirement, and susceptibility of profitability to volatility in
raw material prices and intense competition in the packaging
industry. These weaknesses are mitigated by established customer
relationships.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            52.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     21.0      CRISIL B+/Stable (Reaffirmed)
   Term Loan              26.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes BWPL will maintain healthy revenue growth over the
medium term owing to its established customer relationships. The
outlook may be revised to 'Positive' if higher-than-expected sales
and healthy profitability increase reserve accretion, resulting in
sizeable networth. Conversely, the outlook may be revised to
'Negative' if large working capital requirement weakens liquidity.

Gujarat-based BWPL was incorporated in 2009 by Mr. Harikishan
Aggarwal and his family. The company manufactures polypropylene
and high-density polyethylene woven bags and fabrics.

Net profit was INR0.5 million on net sales of INR182.8 million in
2014-15 (refers to financial year, April 1 to March 31), against
net profit of INR2.4 million on net sales of INR131.6 million in
2013-14.


BHAGAWATI ESTATE: CARE Reaffirms B+ Rating on INR0.90cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhagawati Estate Warehouse (Kolaras).

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    0.90       CARE B+ Reaffirmed

   Long-term/Short-term Bank    6.00       CARE B+/CARE A4
   Facilities                              Reaffirmed

   Short-term Bank Facilities   1.70       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Bhagawati Estate
Warehouse (Kolaras) (BEWK) continue to remain constrained on
account of its small scale of operations with low net worth base,
thin profitability, leveraged capital structure, weak debt
coverage indicators and elongated working capital cycle. The
ratings are further constrained by constitution as a
proprietorship firm.

The ratings continue to derive strength from the wide experience
of the promoters through established presence of the group in
various business segments, i.e., warehousing, cold storage and
automobile distributorship within Madhya Pradesh (MP).

The ability of BEWK to increase its scale of operations, improve
its profitability and capital structure along with efficient
management of its working capital requirements in light of
competitive nature of the industry will remain the key rating
sensitivities.

Bhagawati Estate Warehouse (Kolaras)[BEW (Kolaras)] was formed as
a proprietorship firm in January 2009 by Mrs Lata Singh to
undertake business of warehousing and trading of agro-commodities
such as potatoes, wheat, pea, chickpea and lentil. BEW has two
associate concerns namely Bhagawati Development Services Private
Limited (BDSPL - rated CARE B+/CARE A4) and Bhagawati Cools
Private Limited (BCPL - rated CARE BB-/CARE A4) which are engaged
in a similar line of business and also have distributorship of
Indo Farm tractors and Mahindra and Mahindra (M&M) tractors
respectively in Madhya Pradesh.

Another associate, Bhagawati Estate Warehouse, Ashoknagar (BEWA
rated CARE B+/CARE A4) is a proprietorship firm owned by Mr Vikram
Singh, is also engaged in warehousing and trading of agro
commodities.  The group incorporated Bhagawati India Motorizer
Private Limited (BIMPL- rated CARE B+) in October 2013 to take up
the dealership of Mahindra & Mahindra (M&M) vehicles and servicing
of auto parts in four districts of Madhya Pradesh (MP) namely
Shahdol, Mandla, Dindori and Anuppur.

During FY15, BEW (K) reported PAT of INR0.13 crore (FY14: INR0.08
crore) on a total operating income (TOI) of INR5.11 crore (FY14:
INR4.99 crore). Furthermore, during 9MFY16 (Provisional), BEW(K)
achieved a TOI of INR6.33 crore.


BHUMYA TEA: CRISIL Reaffirms B+ Rating on INR240MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bhumya Tea
Company Private Limited (Bhumya) continue to reflect its below-
average financial risk profile, marked by weak capital structure
and debt protection metrics, and the vulnerability of its
operating profitability to seasonality in production and high
operating leverage. The rating weaknesses are off-set by the
stable business risk profile, supported by promoters' extensive
experience in the tea industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           240        CRISIL B+/Stable (Reaffirmed)
   Term Loan             192.1      CRISIL B+/Stable (Reaffirmed)

CRISIL has treated INR236.9 million of unsecured loans extended to
Bhumya by its promoters, their group companies, friends and family
as neither debt nor equity. This is based on management's
assurance that these funds will be retained in the business over
the long term.
Outlook: Stable

CRISIL believes that Bhumya will continue to benefit from its
promoters' extensive industry experience in the tea industry over
the medium term. The outlook may be revised to 'Positive' if
Bhumya's financial risk profile improves, on account of
improvement in capital structure or better profitability, leading
to increase in its net cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in Bhumya's
financial risk profile, particularly liquidity, most likely caused
by less-than-expected cash accruals, stretch in working capital
cycle, or larger-than expected, debt-funded capital expenditure
programme.

Bhumya was a proprietorship concern and was taken over by Mr.
Sanjay Prakash Bansal in 2003. The company is engaged in
plantation and processing of organic Assam tea and its tea estate,
under the name Jamguri Tea Estates, is in Golaghat (Assam). It
also manufactures conventional teas by purchasing leaf from
outside tea estates.


BINNY LIMITED: CARE Reaffirms 'B(Is)' Issuer Rating
---------------------------------------------------
CARE reaffirms the issuer rating assigned to Binny Limited.

   Facilities            Ratings
   ----------            -----------
   Issuer Rating         CARE B (Is) Reaffirmed

Rating Rationale

The rating assigned to Binny Limited (Binny) continues to be
constrained by the weak financial risk profile of the company
characterized by high overall gearing, moderate coverage
indicators and non-payment of dividend on Outstanding Cumulative
Preference shares raised from promoter group entities. The rating
also factors in the closure of existing warehousing operations of
the company.

The rating, however, favorably takes into account the experience
of the promoters and large land bank held by the company which is
expected to be monetized in the coming years by way of real estate
development.

Going forward, the ability of the company to generate revenues
from its real estate activities and maintain the overall gearing
at 2.01x would be the key rating sensitivities.

Binny was established in 1969 by a Scheme of Amalgamation of few
entities which was later acquired by Mr. MEthurajan, Mr M
Nandagopal and Mr V R Venkatachalam in 1987 when the company was
in financial crises. The company was revived through Board for
Industrial and Financial Reconstruction (BIFR) package.

During March 2010, the promoters of Binny Limited (Mr. M
Ethurajan, Mr. M Nandagopal and Mr. V R Venkatachalam) decided to
demerge the entity. With the scheme of demerger approved by Madras
High Court in FY10 (refers to the period April 1 to March 31), two
new companies Binny Mills (with its 27.76 acre of B&C Mills in
Perambur, Chennai) and S V Global Mill (Head office on 2 acres at
Armanian street, 1.44 acres of waterside west house at Boat Club,
Chennai, 28 acres near Bangalore railway station) which were
formed were vested with Mr. M. Ethurajan and Mr. V. R.
Venkatachalam, respectively. Meanwhile, Binny (with 100 acre land
out of which the company had a factory with container freight
station & logistics business on 27.75 lakh sq. ft at Perambur,
Chennai) came under the control of Mr. Nandagopal. During FY15,
the management of Binny entered into joint ventures with real
estate developers for development of its land area. In the past,
the company generated lease rentals from its existing warehouse
which was leased to reputed white goods manufacturers in Chennai.
However, with finalization of joint development with SPR
Constructions Private Limited (SPR) sin FY15, the warehousing
operations have been completely stopped from February 2015 and the
warehouse facilities have been demolished for project development.

During FY15, Binny generated a total Income of INR7.84 crore and a
PAT of INR1.96 crore.


CHERRY GOLD: CARE Assigns B+ Rating to INR5.21cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Cherry
Gold Marble Private Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.21       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Cherry Gold Marble
Private Limited (CGM) is primarily constrained on account
of its modest scale of operations, moderate solvency position and
working capital intensive nature of operations. The rating is
further constrained on account of project implementation risk
associated with ongoing project, its presence in a highly
competitive marble industry and linkage to the cyclical real
estate sector.

The rating, however, favourably takes into account experienced
promoters having a decade of experience in the marble industry,
its location advantage with ease of availability of raw material
and labour and healthy profitability.

The ability of the company to increase its scale of operations
with timely completion of the project within envisaged cost
parameter while maintaining healthy profitability and improvement
in capital structure are the key rating sensitivities.

Udaipur-based (Rajasthan) CGM was incorporated in 2011 by Mr Ram
Chandra Jat, Mr Abhay Kumar Mehta, Mr Sanjay Choudhary andMr Ratan
Lal Sukhwat along with their family members. CGMis engaged in the
business of mining, processing, cutting and polishing of marble
blocks as well as trading of finished marble slabs. It deals only
in red marbles. The company has one marble mine in the name of its
subsidiary, Mateshwari Marble. The processing plant of the
company is located at Udaipur and has an installed capacity to
process 40,000 in Square Cubic Ft Per Annum (SCFPA) as on
March 31, 2015, of marble slabs & blocks. The product is sold
under the brand name of "Cherry Gold" all over India majorly in
South India and Gujarat.

During FY15 (refers to the period April 1 toMarch 31), CGMhas
registered TOI of INR1.73 crore with PAT of INR0.06 crore
as against INR1.44 crore with PAT of INR0.02 crore in FY14.


DEV MOTORS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dev Motors
Private Limited (DMPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned DMPL's INR143
million fund-based working capital limit 'IND BB'/Stable/'IND A4+'
ratings.

KEY RATING DRIVERS

The ratings factor in DMPL's small to moderate scale of operations
with overall revenue of INR912.36 million in FY15 (FY14: INR737.53
million). The ratings further factor in the weak EBITDA margins of
the company (FY15: 1.39%, FY14: 1.64%) due to the inherent trading
based nature of business.

The ratings reflect DMPL's moderate to weak credit metrics,
evident from its gross interest coverage of 1.62x in FY15 (FY14:
1.75x) and net leverage of 3.14x (2.56x). Ind-Ra expects DMPL's
credit metrics to lie in the same range in coming years due to its
limited operating profitability.

The ratings are supported by DMPL's comfortable liquidity
position. Its maximum average utilisation of the working capital
limits was around 48% during the 12 months ended February 2016.
The ratings are also supported by the company's promoters' over 40
years of experience in the automobile business.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics will be negative for
the ratings.

Positive:  A substantial improvement in the revenue along with an
improvement in the credit metrics shall be positive for the
ratings.

Established in 1997 in Aligarh, DMPL is an authorised dealer of
Maruti Suzuki India Ltd. It is also engaged in the work of body
shop and trading of spare parts.


DHANLAXMI COTEX: CRISIL Cuts Rating on INR80MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dhanlaxmi Cotex (DC) to 'CRISIL D' from 'CRISIL B/Stable'.

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

   Cash Term Loan          20      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The ratings downgrade reflects instances of delay by DC in
servicing its term debt owing to weak liquidity resulting from
insufficient cash accrual to meet debt obligation and stretched
working capital cycle.

DC has limited track record of operations in the highly
competitive cotton industry, large working capital requirement,
and below average financial risk profile. However, it benefits
from the promoters' extensive experience and proximity to
Gujarat's cotton-growing belt.

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


DIVYA AGRO: CARE Lowers Rating on INR9.60cr LT Loan to D
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Divya Agro Roller Flour Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.60       CARE D Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of
Divya Agro Roller Flour Mills Private Limited (DFPL) takes into
account delay in commencement of commercial operations resulting
in stressed liquidity position and consequently delays in
servicing of debt obligations. Improvement in the liquidity
profile with subsequent regularization of debt servicing is the
key rating sensitivity.

DFPL was incorporated on December 11, 2011, by Mr Kapil Gupta, Mr
Vishal Vijaywargi and Mr Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based
flours (viz, Maida, Suzi, Atta and Bran) with an installed
capacity of 60,000 metric tonnes per annum. The total cost of the
project was about INR14.34 crore and the company had expected the
unit to achieve commercial operations in April 2015. However, due
to few unforeseen circumstances the same was revised to April
2016. The company has entered into sale agreement with ITC
Limited.


EDUTECH INDIA: CRISIL Suspends 'B+' Rating on INR39.1MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Edutech
India Private Limited (EIPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit/Overdraft     25       CRISIL B+/Stable
   facility
   Cash Term Loan             0.4     CRISIL B+/Stable
   Import Letter of
   Credit Limit              15       CRISIL A4
   Letter Of Guarantee       12       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        39.1     CRISIL B+/Stable
   Standby Letter of
   Credit                     8.5     CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by EIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EIPL is yet to
provide adequate information to enable CRISIL to assess EIPL'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.

EIPL was formed by Mr. A S F Karim in 2001. The company is based
in Chennai (Tamil Nadu). The company purchases and sells
information and learning solutions, and scientific and
technological equipment to educational institutions and corporate
entities.


ERA INFRA: CARE Reaffirms 'D' Rating on INR3,048.93cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Era Infra Engineering Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   3,048.93     CARE D Reaffirmed

   Long/Short-term Bank        2,000.00     CARE D/CARE D
   Facilities                               Reaffirmed

   Long-term Non-Convertible
   Debentures (NCD)
   (aggregate)                    286       CARE D Reaffirmed


Rating Rationale
The ratings of the bank facilities and instruments of Era Infra
Engineering Ltd (EIEL) continue to factor in delays in debt
servicing by the company due to its weak liquidity.

EIEL, incorporated in September 1990, is the flagship company of
the Era group and is engaged in construction business. It is
promoted by Mr H S Bharana, a civil engineer, having more than two
decades of experience in the construction industry. The company
has executed projects across different sectors such as roads &
highways, power, railways, metro, aviation, social infrastructure,
industrial, institutional and related segments.

The group also has business interests in real estate, power
transmission and manufacturing of pre-engineered structures.

On account of deterioration in financial performance, high working
capital requirements and debt levels and time and cost over runs
in some of the group's Build Operate Transfer (BOT) road projects;
the liquidity position of the company has been impacted, leading
to delays in debt servicing by the company.

During FY15 (refers to the period April 1 to March 31), the
company posted a total operating income of INR1,704.98 crore with
net loss of INR656.89 crore as against the total operating income
of INR2,678.95 crore with net loss of INR503.86 crore FY14. During
H1FY16, the company reported a net loss of INR645.02 crore on a
total operating income of INR535.61 crore.


ETCO INDUSTRIES: CARE Upgrades Rating on INR101.56cr Loan to C
---------------------------------------------------------------
CARE revokes suspension and revises ratings assigned to the bank
facilities of Etco Industries Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Bank Facilities-Fund     101.56      CARE C Suspension Revoked
   Based- LT- Term Loan                 and Rating Revised from
                                        CARE D

   Bank Facilities-Fund      39.00      CARE C Suspension Revoked
   Based- LT Cash Credit                and Rating Revised from
                                        CARE D

   Bank Facilities-Non       12.00      CARE C Suspension Revoked
   Fund Based ST- BG/                   and Rating Revised from
   LC                                   CARE D

Rating Rationale

The revision in the ratings of Etco Industries Pvt. Ltd.(EIPL)
factors in timely debt servicing post restructuring by the
bankers.

The ratings continue to remain constrained on account of weak
financial risk profile of the company characterised by high
debt levels, cash losses in the past, weak debt servicing
parameters, stretched working capital cycle and fragmented
nature of the textile spinning industry.

The company derives strength from the experience of promoters in
the textile industry.

The ability of the company to improve increase size and scale of
the business thereby improve profitability in the business
servicing levels remain the key rating sensitivities.

ETCO Industries Pvt Limited (EIPL) is engaged in the business of
manufacturing cotton yarn. In 2004, EIPL (formerly known
as ETCO Spinners Pvt Ltd) took over cotton spinning unit situated
at MIDC area Parbhani, Maharashtra from the liquidators of
Sahakari Soot Girni Ltd at a cost of INR4.30 crore. EIPL replaced
the old equipment and modernized the set up by importing state of
the art Plant and Machinery from Germany, Italy and China at a
cost of INR40 crore (46% funded by promoters). The unit commenced
its operations from January 1, 2007. During H2FY15, EIPL completed
its capex plan and the capacity increased to 41,328 spindles as on
March 31st, 2015. Sales in domestic markets continue to be the
primary revenue driver at EIPL, contributing approximately 92% to
the total operating revenues in FY15 (refers to the period April 1
to March 31).

The Company faced severe liquidity constraints due to steep
decline in margins in FY13 and FY14, slightly delayed
implementation of the proposed expansion-cum-modernization project
and teething problems to commercialize the new project. In view of
this EIPL approached its lenders to restructure their limits.

During FY15 EIPL (period from April 01 to March 31) reported net
sales of INR 100.05 cr and Net loss of INR 9.26 cr. During
H1FY16, (period from April 01 to September 30), AE reported a
total operating income of INR 59.57 cr.


GALAXY CONSTRUCTIONS: CARE Lowers Rating on INR28cr Loan to D
-------------------------------------------------------------
CARE revises the long termrating and re-affirms the short
termrating of Galaxy Constructions And Contractors Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      28        CARE D Revised from
                                            CARE BB
   Short term Bank Facilities      1        CARE A4 Re-affirmed

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Galaxy Construction and Contractors Private Limited (GCCPL)
factors in irregularities with respect to interest payments and
over drawals in the cash credit account.

The ratings further are constrained on account of geographical
concentration of the order book, profitability susceptible
to fluctuation in the raw material prices, working capital
intensive nature of operations characterized by elongated
operating cycle. The ratings are further constrained on account of
presence in a competitive environment along with tender and
contractual based nature of operations.

However, the ratings derive strength from the long experience of
the promoters and established track record of operations along
with comfortable order book position, providing revenue visibility
over the medium term, stable growth in the revenue and moderate
financial risk profile.

Incorporated in the year 2001, GCCPL is promoted by Mr Deepak
Gugale and Mr Amit Thepade. The promoters have a long experience
of more than one and half decades in the construction industry.

GCCPL is engaged in the civil construction of commercial and
residential projects and undertakes project on contract basis
for various customers including government, semi-government and
private entities.

The company has in the past executed various projects for clients
such as Maharashtra State Electricity Distribution Company Limited
(MSEDCL; rated 'CARE A+'), Mantri Developers Private Limited,
Industrial Training Institute -- Barshi and such other. The
company has executed orders worth INR175 crore in the past three
years, and it has current order book (OB) position worth INR214.19
crore as on December 31, 2015. The company has earned a PAT of
INR3.51 crore on the total operating income of INR80.60 crore in
FY15 (refers to the period April 1 to March 31), as against PAT of
INR2.51 crore on the total operating income of INR61.08 crore in
FY14.


GLOBAL POULTRY: CRISIL Suspends B- Rating on INR40MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Global Poultry & Breeding Farm (GPBF).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           18.5       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     1.5       CRISIL B-/Stable
   Term Loan             40.0       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by GPBF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GPBF is yet to
provide adequate information to enable CRISIL to assess GPBF'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'.

GPBF is a Karnal (Haryana)-based partnership firm set up in 2012
by Mr. Rishi Kumar, Mr. Pawan Kumar, and Ms. Anita. The firm has
day-old-chick breeder farms with capacity of around 50,000 parent
birds (90 per cent female). Mr. Rishi Kumar has been involved in
the poultry farming industry for over a decade.


GREEN FINGERS: CRISIL Lowers Rating on INR13MM Term Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Green Fingers India Private Limited (GFIPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Foreign Bill Purchase     10       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Foreign Exchange Forward   0.5     CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Letter of Credit          15.0     CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Packing Credit            65.0     CRISIL A4 (Downgraded from
                                      CRISIL A4+')

   Term Loan                 13.0     CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the GFIPL's business
and liquidity risk profiles will remain constrained over the
medium term. The company's turnover is expected to decline to
INR170 million in 2015-16 (refers to financial year, April 1 to
March 31) from INR280 million the previous year due to
discontinuation of textile segment of the company in June 2015
which contributed to around 50% of the total revenue in the past.
However, operating profitability is expected to improve on account
of discontinuation of textile segment by the company which was a
low margin business. Company's liquidity is expected to remain
weak with tightly matched accruals v/s repayment obligations and
high bank limit utilization. Net cash accruals are expected to be
around INR10 millions in FY16 as against repayment obligation of
INR10 million in the same year. Company's bank limit utilization
is also high above 90% during past 12 months ended September 2015.
Company's business and financial risk profile is expected to
remain weak over the medium term.

The ratings reflect GFIPL's average scale of operations in
fragmented industry, susceptibility to fluctuations in foreign
exchange rates, small net worth, and stretched liquidity profile.
These rating weaknesses are partially offset by moderately
diversified product portfolio, extensive industry experience of
the company's promoters and its established relationships with
customers and suppliers.
Outlook: Stable

The Company's business risk profile and liquidity will continue to
remain at the similar levels due to discontinuation of textile
segment which contributed around 50% of the total revenue in the
past. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and profitability,
leading to higher cash accruals, and achieves more efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' if GFIPL's working capital requirements are larger
than expected, and its cash accruals are low, resulting in further
deterioration in its liquidity. Large, debt-funded capital
expenditure, resulting in weakening of the company's capital
structure, may also result in a 'Negative' outlook.

Incorporated in 1996 by Mr. Anil Kamboj, GFIPL exports Indian
handicraft items such as wooden furniture, artificial jewellery,
home decoration items, and other miscellaneous artefacts. The
company started manufacturing garments in 2012-13 (refers to
financial year, April 1 to March 31). It derives over 95 per cent
of its revenue from exports to large import houses, with about 70
per cent of the sales being to the US and the remaining to Europe.
GFIPL derives more than 50 per cent of its revenue from sale of
artificial jeweller, 35 per cent from wodden furniture, and the
balance 15 per cent from textiles in 2015-16. However, the textile
segment has been discontinued by the company in June 2015.  The
company has set up a warehouse-cum-showroom of about 20,000 square
feet in Noida (Uttar Pradesh) in 2014-15.


GREENPIECE LANDSCAPES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Greenpiece
Landscapes India Private Limited (GLIPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. A full list of rating actions
is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect GLIPL's small scale of operations and moderate
credit profile. In FY15, revenue was INR202m (FY14: INR82m), net
leverage was 3.4x (4.9x), interest coverage was 2.5x (1.3x) and
EBITDA margins were 6.1% (3.9%).

The company earned revenue of INR211m and EBITDA margins of 16.1%
during 10MFY16. Profitability improvement was due to higher
margins on projects executed during the period. Ind-Ra expects an
improvement in GLIPL's credit metrics on improved profitability
and strong revenue growth, underpinned by its outstanding order
book of INR338 million (1.7x FY15 revenue) as at mid-February
2016.

Liquidity was comfortable, with average working capital
utilisation of around 87% over the six months ended January 2016.
The ratings also derive support from the around three-decade-long
experience of its promoter in the landscaping design and
contracting business.


RATING SENSITIVITIES

Positive: Substantial improvement in revenue and operating
profitability, leading to a sustained improvement in credit
metrics, could lead to a positive rating action.

Negative: Lower visibility of revenue growth, underpinned by a
weak order-book position or a decline in operating profitability,
resulting in sustained deterioration in credit metrics, could lead
to a negative rating action.

Established in 2008, Bangalore-based GLIPL executes landscaping
design and contracting projects. It provides design and
consultancy services for landscape architecture projects, and is
engaged in hard landscaping, soft landscaping, irrigation,
lighting and other such activities. The company also undertakes
annual maintenance contracts, which comprise activities related to
the maintenance of various landscape installations.

GLIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR62.5 million fund-based facilities: assigned 'IND
    BB'/Stable
-- INR87.5 million non-fund-based facilities: assigned 'INDA4+'


H. K. COTTON: CARE Reaffirms B+ Rating on INR8.72cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
H. K. Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.72       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of H. K. Cotton
Industries (HCI) continues to remain constrained on account of its
weak financial risk profile marked by thin profit margins,
leveraged capital structure, weak debt coverage indicators,
moderate liquidity position along with its presence in highly
competitive and fragmented cotton-ginning business and
partnership nature of constitution. The rating also remained
constrained on account of limited value addition, volatility
associated with the raw material prices, working capital intensive
operations and susceptibility to changes in the government policy
for cotton. The rating also factors in the decrease in the total
operating income and improvement in profitability and capital
structure during FY15 (refers to the period April 1 to March 31).

The rating, however, continues to take into account the experience
of the partners in the cotton ginning business and its proximity
to the cotton-producing region of Madhya Pradesh.

The ability of HCI to increase its scale of operations and
presence in the value chain, thereby improving its profitability
and capital structure along with managing its working capital
requirement efficiently remains the key rating sensitivity.

Chhindwara-based (Madhya Pradesh) HCI was formed in 2007 as a
partnership firm. HCI is into the business of cotton ginning &
pressing of cotton bales and cotton seeds. Currently, HCI is
managed by four partners with equal profit and loss sharing
agreement between them. The partners are also involved in the
trading and retailing of fertilizers, seeds and pesticides in the
name of a partnership firm 'Hemendra Kumar & Co'. HCI operates
from its sole manufacturing facility located in Chhindwara (Madhya
Pradesh) and has an installed capacity of 3,400 MTPA for cotton
bales and 6,400 MTPA for cotton seed as on March 31, 2015. HCI has
set up a new unit for cotton seed oil extraction in the FY13-14
and it became operational from December 2013. HCI markets its
products in the states of Madhya Pradesh, Punjab and Andhra
Pradesh.

During FY15, HCI reported PAT of INR1.29 crore (FY14: INR0.03
crore) on a total operating income (TOI) of INR35.10 crore
(FY14: INR40.16 crore).


HEMCO GARMENT: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hemco Garment
Pvt Ltd. (HGPL) continues to reflect moderate financial risk
profile with modest networth, high gearing, and stretched working
capital cycle. The rating also factors in the limited track record
of HGPL in the homecare and personal products industry. These
rating weaknesses are mitigated by the funding support received
from its promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           25        CRISIL B/Stable (Reaffirmed)
   Term Loan             40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HGPL will benefit over the medium term from its
promoters' funding support. The outlook may be revised to
'Positive' in case of substantial improvement in scale of
operations and profitability with efficient working capital
management and substantial capital infusion, leading to
improvement in financial risk profile. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accrual or
stretched working capital cycle or large debt-funded capital
expenditure, leading to weak liquidity.

HGPL, incorporated in 2009, in Dehradun, manufactures and sells
detergent powders, cakes, soaps, shampoos, and other personal and
homecare products. It is promoted by Mr. Rajiv Rana and family.


HIMACHAL HYDEL: CRISIL Reaffirms 'D' Rating on INR180MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Himachal Hydel
Projects Private Limited (HHPPL) continues to reflect instances of
delay by the company in servicing its bank debt obligations
because of stretched liquidity. The commercialization of the
Kurhed hydro power project, which has been delayed by more than a
year, is now expected by April 2016.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         180      CRISIL D (Reaffirmed)

HHPPL has a small scale of operations with small hydro projects of
3 megawatt (MW) and 4.5 MW. Moreover, its operations are
geographically concentrated, exposing it to the hydrology risk
(the risk of there not being enough water) associated with the
terrain The debt protection metrics are weak as well because of
the initial stage of operations. The company, however, benefits
from the favourable prospects of the renewable energy industry and
assured offtake because of its power purchase agreement of 40
years with Himachal Pradesh State Electricity Board (HPSEB) for
both projects.

HHPPL generates hydro power and has set up a 3-MW plant on Tulang
Nala in Chamba (Himachal Pradesh), which commenced operations in
March 2014. The company is setting up a 4.5-MW plant on Kurhed
Nala in Chamba. Both streams are tributaries of Ravi river.


HIMALAYA SEEDS: CRISIL Suspends B Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Himalaya
Seeds (HS).

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

The suspension of rating is on account of non-cooperation by HS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HS is yet to
provide adequate information to enable CRISIL to assess HS'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'

Set up in 2009, HS produces paddy seeds. Its daily operations are
managed by Mr. Mallikarjuna Rao.


JBS ENGINEERING: CRISIL Assigns 'D' Rating to INR67MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of JBS Engineering Works (JEW).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            67         CRISIL D
   Term Loan              14.2       CRISIL D

The ratings reflect instances of delay by JBS in meeting its
interest obligation and overdrawals in the working capital limits
beyond 30 days. The delays have been caused by stretched liquidity
because of working capital-intensive operations.

JEW has working capital-intensive operations, modest scale of
operations and and a weak financial risk profile. However, it
benefits from promoters' extensive experience in the auto
ancillary industry.

JBS Engineering Works (JEW) was set up in 2010 as a partnership
firm by Sharma and Banyal family. The firm is engaged in the
manufacturing of auto components parts for the Tier I vendors of
Hero Moto Corp and Mahindra and Mahindra. The partners of the firm
are Mr. D.S. Sharma, Mrs. Laxmi Sharma, Mr. Deepak Banyal, Mrs.
Suman Banyal and M/S India Micro Private Limited.


K. S. SELECTIONS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL rating on the long-term bank facilities of K. S. Selections
Pvt. Ltd. (KSSPL) continues to reflect KSSPL's weak financial risk
profile because of a modest networth and weak debt protection
metrics, and a modest scale of operations. These rating weaknesses
are partially offset by the extensive experience of promoters in
in the branded garments distribution industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KSSPL will continue to benefit over the medium
term from its established relationships with key principals and
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company scales up its operations,
while improving profitability. Conversely, the outlook may be
revised to 'Negative' if the revenue and profitability decline, or
if the working capital cycle stretches, or it undertakes a large,
debt-funded capital expenditure over the medium term.

Update
KSSPL posted operating revenue of INR260.1 million in 2014-15
(refers to financial year, April 1 to March 31) as against INR276
million in 2013-14. The business risk profile remained stagnant
owing to intense competition in the branded garment distribution
segment, leading to muted growth. Operating margin improved in
2014-15 to 4 percent owing to the company's ability to pass on the
change in price to the retailers; however, the margin is expected
to remain moderate at 4 percent. Revenue is expected to grow to
INR290-300 million in 2015-16 and INR340-350 million in 2016-17
supported by stable demand in the market for the existing
principals and ability to cater to larger number of retailers.

Its operations remain working capital intensive, with gross
current assets of 185 days as on March 31, 2015, mainly driven by
stretched receivables of up to 100-120 days. Liquidity is weak,
marked by high bank limit utilisation of 99 percent, on average,
over the six months through January 2016. Owing to modest scale of
operations, the cash accrual is expected to remain low and be at
INR3.3-4.5 million against nil debt obligation over the medium
term.

The financial risk profile remained weak because of a small
networth of INR20 million as on March 31, 2015, and low
profitability levels. Owing to high dependence on bank limits, the
financial risk profile is expected to remain subdued, with a high
total outside liabilities to tangible networth ratio of over 5.5
times, along with a subpar interest coverage ratio of 1.5 times,
over the medium term. CRISIL believes the financial risk profile
and liquidity will remain weak over the medium term on account of
low cash accrual and large working capital requirement.

Established in 2011, KSSPL is a distributor of menswear and
women's wear, kids wear, sportswear, leisure wear, and inner and
thermal wear. The company is promoted by Mr. Surender Chawla and
his family members. KSSPL operates through its warehouse in New
Delhi.

KSSPL reported a profit after tax (PAT) of INR2 million on sales
of INR260.1 million for 2014-15, against a PAT of INR1.7 million
on sales of INR276.8 million for 2013-14.


KANAKA MAHALAKSHMI: CRISIL Reaffirms B Rating on INR155MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kanaka
Mahalakshmi Rice Industries (KMRI) continues to reflect KMRI's
modest scale of operations in the intensely competitive rice
milling industry and susceptibility of the firm's operating margin
to changes in government regulations.

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

   Long Term Loan         15       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    155       CRISIL B/Stable (Reaffirmed)

The rating is also constrained by KMRI's below-average financial
risk profile because of modest net worth, high gearing, and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.
Outlook: Stable

KMRI will continue to benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if there is a substantial improvement in
revenue and profitability margin, or increase in net worth on the
back of sizeable equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margin, or decline in capital structure caused most likely by a
large debt-funded capital expenditure or stretch in working
capital cycle.

Set up in 1989 as a partnership firm, KMRI processes paddy into
rice, rice bran, broken rice and husk at its facility in Nalgonda,
Telangana. The firm is promoted by Mr. Burugu Lingaiah and Mr.
Burugu Satyanarayana.


LORD WHEELS: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Lord Wheels Private Limited (LWPL). The
rating reflects LWPL's modest scale of operations and limited
track record in the automotive dealership business, and below-
average financial risk profile because of high gearing and
expected weak debt protection metrics. These weaknesses are
partially offset by promoters' extensive industry experience and
funding support to the company.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              30       CRISIL B/Stable
   Cash Credit            60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable

Outlook: Stable

LWPL will benefit from its promoters' experience in dealership of
passenger vehicles. The outlook may be revised to 'Positive' in
case of a more-than-expected increase in revenue and operating
profitability, along with efficient working capital management,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates due to lower-than-expected accrual or stretch in
working capital cycle or debt-funded capital expenditure.

LWPL, incorporated in April 2015 by Meerut-based Veerbhan family,
Mr. Vedpal Singh, Mr. Pankaj Veerbhan, Mrs. Radhika Veerbhan. WPL
is an authorised dealer of passenger vehicles of Honda Cars India
Ltd (HCIL) in Dehradun. The company has two showrooms; one
showroom at Haridwar highway, Dehradun and the other at City
Centre Dehradun. It started operations in December 2015.


M. K. ROY: CRISIL Reaffirms 'B' Rating on INR54.2MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of M. K. Roy and Bros.
Project Private Limited (MKRBPPL) continue to reflect its modest
scale of operations, working capital-intensive operations, and
small net worth limiting the financial flexibility. These
weaknesses are partially offset by the benefits that the company
derives from its promoters' extensive industry experience and
MKRBPPL's healthy relations with major customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)

   Cash Credit            51.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     54.2     CRISIL B/Stable (Reaffirmed)

   Term Loan               1.8     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MKRBPPL will maintain its business risk profile
over the medium term backed by the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and profitability
or improves its working capital management leading to better
liquidity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens due to low cash accrual,
stretched working capital cycle, or large, debt-funded capital
expenditure.

MKRBPPL, formed in 1989 as a proprietorship concern, was
reconstituted as a private limited company in 2000. The company,
promoted by Mr. M K Roy and family, is engaged in supply, design,
fabrication, and erection of storage tanks, and laying of
pipelines for transportation of petrochemical products; it also
undertakes welding, testing, and repair works.


MAYFAIR FABRICS: CARE Assigns 'B' Rating to INR9cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mayfair
Fabrics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9         CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Mayfair Fabrics
Limited (MFL) is constrained by its small scale of operations,
low profitability margins, weak overall solvency position and
working capital intensive nature of operations. The ratings
are further constrained due to the operations of the company in a
highly fragmented and competitive industry. The rating, however,
derives strength from the long track record of operations,
association with reputed clientele and favourable manufacturing
location.

Going forward, the ability of the company to profitably scale up
its operations while managing the working capital requirements
efficiently and improving its overall solvency position will
remain the key rating sensitivities.

Mayfair Fabrics Limited (MFL), incorporated in 1987, is promoted
by Mr Rajesh Bansal, Mrs Bela Bansal and Mrs Deepali Bansal. The
company is engaged in the manufacturing as well as trading of
knitted cloth, yarn, readymade garments like T-shirts, dresses,
pullovers, sweaters etc., at its manufacturing facility located in
Ludhiana, Punjab, with varying installed capacity for each
product. The company sells knitted cloths mainly to the garment
manufacturers in Ludhiana, Punjab. Apart from that, the company
also sells readymade garments to retail customers including
Reliance Retail Limited, Arvind Lifestyle Brand Limited, Lifestyle
International Private Limited etc., on a pan-India basis. The
income from these players constituted around 26% of the total
income in FY15 (refers to the period April 1 to
March 31). The company is selling readymade garments to these
major brands for the last 2-3 years on order basis. MFL has a
group concern, by the name Flora Apparels Private Limited (FAPL)
also engaged in the textile industry.

In FY15 (Audited), MFL reported a PAT of INR0.06 crore on the
total income of INR27.43 crore as against a PAT of INR0.02
crore on the total income of INR26.19 crore in FY14. Furthermore,
the company has achieved total operating income of INR23.44 crore
in 9MFY16 (Provisional).


MITTAL UNICOT: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mittal Unicot Industries (MUI).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            60         CRISIL B/Stable
   Term Loan              32.5       CRISIL B/Stable

The rating reflects the firm's small scale of operations in the
highly competitive and fragmented cotton ginning industry, and
susceptibility to volatility in cotton prices and to the
regulatory framework governing the cotton industry. The rating
also factors in the below-average financial risk profile because
of a small networth and high gearing. These rating weaknesses are
partially offset by the extensive experience of promoters in the
cotton ginning industry and their established relationships with
suppliers and customers.

Outlook: Stable

CRISIL believes MUI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm increases its scale of
operations substantially, while improving its working capital
management and capital structure, and maintaining its
profitability. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual or a considerable
stretch in the working capital cycle or any large, debt-funded
capital expenditure leads to deterioration in the financial risk
profile, particularly liquidity.

Set up in 2014, MUI is a partnership between the families of Mr.
Prashant Agrawal and Mr. Nilesh Jain. The Agarwal family owns 75
percent stake in the firm, while the rest is owned by the Jain
family. The firm gins and presses cotton, and extracts cotton seed
oil; it also sells the by-product, de-oiled cakes.


NAVRANG PLASTIC: CRISIL Suspends B- Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Navrang
Plastic (NPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     22       CRISIL B-/Stable
   Term Loan              23       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by NPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NPL is yet to
provide adequate information to enable CRISIL to assess NPL'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'.

NPL was set up as a proprietorship in 2000 by Mr. Bhaktsharan
Patel. The firm manufactures plastic packaging material and is
based in Vadodara (Gujarat).


NIDHI MERCANTILES: CARE Revises Rating on INR5cr LT Loan to BB
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Nidhi
Mercantiles Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.00       CARE BB Revised from
                                            CARE B+

   Short term Bank Facilities   15.00       CARE A4 Reaffirmed

Rating Rationale
The revision in the long term rating assigned to Nidhi Mercantiles
Ltd (NML) takes into account increase in its total operating
income (TOI) during FY15 (refers to period from April 1 to March
31).

The rating takes cognizance of the fact that the bankers have
approved one time settlement scheme (OTS) in group company, Kalyan
Sangam Infratech Ltd (KSIL), whose facilities are guaranteed by
NML, which has led to reduction in potential exposure of NML as
compared to earlier guaranteed facilities.

The ratings assigned to the bank facilities of NML continue to be
constrained due to inherent price volatility risk in its trading
operations.

The above constraints more than offset the strengths derived from
NML's experienced and resourceful promoter group, comfortable
overall gearing and debt coverage indicators and financial
flexibility from sizable market value of its investment.

NML's ability to increase its scale of operations and maintain
profitability and capital structure would be the key rating
sensitivities. Furthermore, extent of support to the group
entities whose debt is guaranteed by NML would be a key rating
monitorable.

Established in February 1985, NML is promoted by Mr R P Soni of
the Rajasthan-based Sangam group. NML primarily acts as one of the
investment arms of the Sangam group and, as on December 31, 2015,
held approximately 12.43% equity stake in the group's flagship
company, Sangam India Ltd (engaged in the manufacturing of yarn
and fabric). NML is also engaged in the trading of metal scrap and
TMT bars. Furthermore, NML also realizes revenue from development
of land available with the company.

NML reported a total operating income of INR76.43 crore and a
profit after tax (PAT) of INR3.04 crore in FY15 as compared
with a total operating income of INR9.73 crore and a PAT of
INR3.12 crore in FY14.

As per unaudited results of 9MFY16, NML earned a total operating
income of INR48.54 crore and a PAT of INR2.53 crore as compared
with a total operating income of INR50.14 crore and a PAT of
INR2.57 crore in 9MFY15.


NIRMAN ENGINEERS: CARE Assigns B+ Rating to INR3cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Nirman Engineers And Contractors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.00       CARE B+ Assigned
   Short term Bank Facilities   10.00       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Nirman Engineers &
Contractors (NEC) are constrained by continuous drop in
the operating income over the past 2 years, moderate revenue
visibility with small order book position, client concentration
risk and steep competition in the construction industry.

However, the ratings derive strength from the experienced
partners, comfortable operating margin and healthy capital
structure.

Timely completion of the contracts without any time and cost
overrun and the ability of the firm to manage its working
capital efficiently are the key rating sensitivities.

NEC is a Class I government civil contractor engaged in the
construction of roads, canals, etc, in the state of Karnataka
since 1993. The firm receives government contracts on tender basis
which are typically executable over the span of 12-18 months.

For FY15 (refers to the period April 1 to March 31), NEC reported
a total income of INR11.31 crore and a PAT of INR0.31
crore against a total income of INR19.23 crore with a PAT of
INR0.56 crore in FY14.


PADMAVATI GINNING: CARE Reaffirms 'B' Rating on INR7cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Padmavati Ginning & Pressing Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities     7         CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Padmavati Ginning &
Pressing Private Limited (PGP) continues to be constrained by
modest scale of operations, low net profit margin owing to limited
value addition nature of business, leveraged capital structure and
stressed debt coverage indicators.

The rating is further tempered by working capital intensive nature
of operations, seasonality associated with availability of raw
material and presence in the highly fragmented industry with
exposure to adverse changes in regulatory policies.

The rating, however, continues to draw strength from significant
experience of the promoters in the industry.

Ability of PGP to increase its scale of operations and
profitability amidst intense competition coupled with improvement
in the capital structure and efficient management of its working
capital limits remain the key rating sensitivity.

Padmavati Ginning and Pressing Private Limited (PGP) was
originally incorporated in 2000 by Mr O H Agrawal, however, the
control of the company was taken over by Mr Shyamsunder Goyal in
August 2011. Post the takeover; the company resumed operations in
November 2011. It is engaged in manufacturing of cotton bales
through cotton ginning & pressing.

The entity earns its entire revenues from the domestic market. The
company procures its raw material directly from Mandis and through
commission agents and distributes its product through brokers in
the states of Maharashtra and Madhya Pradesh. The company operates
4 branches located in Maharashtra (Ralegaon, Bori, Parbhani and
Tamsa) which does the work on job-work basis.

The plant of the company is located in Dhule, Maharashtra with an
installed capacity of 560 quintals per day for cotton bales and
1,080 quintals per day for cotton seeds as on March 31, 2015.


RAJA FARMS: CRISIL Suspends 'B' Rating on INR46.7MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Raja Farms Private Limited (RFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           22.7      CRISIL B/Stable
   Term Loan             46.7      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by RFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RFPL is yet to
provide adequate information to enable CRISIL to assess RFPL'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'.

RFPL was started in 2009 by Mr. Rajinder Kumar Raja, Mr. Bhim Sen,
and Mr. Mohit Raja. Company runs a poultry farm in Rajpura
(Punjab) with a capacity of 50, 000 layer birds.


RAJNANDINI METAL: CRISIL Suspends B+ Rating on INR140MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajnandini Metal Private Limited (RMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inland/Import
   Letter of Credit       40       CRISIL A4
   Overdraft Facility    140       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     70       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by RMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RMPL is yet to
provide adequate information to enable CRISIL to assess RMPL'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 2010, Rajnandini Metal Private Limited (RMPL) is
owned and managed by Mr. Mohan Sharma. RMPL is the trading of
ferrous and non-ferrous metals which include Copper, Zinc and
Iron. The Company is based out of Faridabad, Haryana.


SAGAR MOTORS: CRISIL Assigns 'B' Rating to INR75MM e-DFS
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sagar Motors - Noida (SM-N).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     15       CRISIL B/Stable

   Cash Credit            10       CRISIL B/Stable

   Electronic Dealer      75       CRISIL B/Stable
   Financing Scheme
   (e-DFS)

The rating reflects SM-N's susceptibility to offtake risks
associated with the setup of its first outlet, and expected
leveraged capital structure during the initial stage of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in various industries and the
strong market position of the company's principal Tata Motors
Limited (Rated: CRISIL AA/Stable/CRISIL A1+).
Outlook: Stable

CRISIL believes that SM-N will benefit from the promoters'
extensive experience in various industries over the medium term.
The outlook may be revised to 'Positive' if SM-N stabilises
operations of its proposed showroom in a timely manner and
generates higher than 'expected revenue and profitability leading
to higher cash accruals. Conversely, the outlook may be revised to
'Negative' in case the firm faces delays in the commencement of
its operations, or generates lower-than-expected cash accruals
during the initial phase of its operations, resulting in a
pressure on its liquidity.

Established in 2014, SM-N is setting up auto- dealership business
for passenger vehicles of Tata Motors Limited (Rated: CRISIL
AA/Stable/CRISIL A1+) at Sector 5 Noida. The firm is promoted by
Mr. Varun Sagar and Rajesh Sagar. The firm is expected to commence
operations from March 2016


SHUBHYAN MOTORS: CRISIL Cuts Rating on INR10MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Shubhyan Motors Private Limited (SMPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' while reaffirming the rating on the short-
term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Inventory Funding     100       CRISIL A4 (Reaffirmed)
   Facility

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

The rating downgrade reflects the deterioration in SMPL's
financial risk profile, particularly liquidity, driven by high
unexpected and unrelated investments by the company in 2014-15
(refers to financial year, April 1 to March 31). While the company
has reduced these investments in 2015-16, utilising the funds to
lower debt, the financial risk profile remains weak with expected
total outside liabilities to tangible networth ratio in excess of
10 times for the year and high interest and debt servicing
obligations straining liquidity. The downgrade also factors in the
weakening business risk profile because of a decline in the scale
of operations coupled with low profitability.

The ratings reflect SMPL's weak financial risk profile, because of
modest net worth, aggressive gearing, and weak debt protection
metrics. The ratings reflect the company's unrelated
diversification, investments/loans to group companies, and its
exposure to intense competition in the automobile industry. These
weaknesses are partially offset by the extensive experience of the
promoters in the automobile dealership business.
Outlook: Stable

CRISIL believes that SMPL's financial risk profile will remain
constrained by unrelated diversification and investments. The
outlook may be revised to 'Positive' if the financial risk profile
improves significantly, most likely through infusion of funds by
the promoters, coupled liquidation of investments/loans to group
companies. Conversely, the outlook may be revised to 'Negative' if
SMPL's investment in unrelated businesses increases further, or if
there is a stretch in the working capital cycle, or if operating
margin declines.

SMPL, incorporated in 1998, is promoted by Mr. Ranjeet Pawar. It
is an authorised dealer of commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML) and two wheelers manufactured by Hero
Motocorp Ltd (Hero Motocorp). The company operates three
showrooms, all in Maharashtra, one each in Ahmednagar and Satara
for TML's CVs and one for Hero Motocorp's two wheelers in Pune.
SMPL also deals in spares and provides vehicle servicing.


SIDDHIVINAYAK TIMBER: CARE Assigns 'B' Rating to INR6cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Siddhivinayak Timber Trading Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Siddhivinayak Timber
Trading (STT) is constrained by low profitability margins,
weak solvency position, working capital intensive nature of
operations and intense competition from established players
along with proprietorship nature of constitution.

The rating draws strength from the extensive industry experience
of the promoters in timber trading and processing business with
improving scale of operations and geographically diversified
revenue stream.

The ability of the firm to improve its profitability margins,
solvency position along with efficient management of working
capital requirements are the key rating sensitivities.

STT is based out of Nagpur and was established as proprietorship
concern in the year 2012 by Mr Ashwin Patel. STT is engaged in the
business of processing and trading of timber logs. The trading
segment contributes more than 95% of total revenue, whereas the
remaining share of revenue comes from job work activities. The
firm has a saw mill in Kalmana (Nagpur) which is spread over an
area of 10,000 sq.ft. comprising four machines with total
installed capacity of 4,000 cubic feet per annum and its
administrative office is located at Wardhamannagar (Nagpur).

The entity imports its raw material (primarily wood) from South
Africa and Latin American countries which is received at Kalmana
(processing plant) and Wardhamannagar (administrative office),
whereas indigenous procurement is done solely at the
Wardhamannagar (Nagpur) office. About 75% of STT's raw material is
procured from overseas suppliers and 25% of the raw materials are
procured from local players. The main variety of wood which the
firm imports is teak Wood, termed as commercial wood which is
primarily used for interior decoration and furniture.

The imported timber is then cut into different sizes in the saw
mills and supplied to wholesalers of timber in the states of
Haryana, Gujarat, Delhi, Maharashtra and Uttar Pradesh.
During FY15, the company generated a total operating income of
INR16.50 crore and a Profit After Tax (PAT) of INR0.13
crore as against a total operating income of INR13.56 crore and
PAT of INR0.13 crore in FY14.


SONY AIRCON: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sony
Aircon.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE B+ Assigned

Rating Rationale
The rating assigned to Sony Aircon is primarily constrained by
modest scale of operations coupled with low net worth base,
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by competition from various organised and unorganised
players in Gems & Jewellery (G&J) industry and highly competitive
nature of the Fast-moving consumer goods industry.

The rating, however, draws comfort from experienced proprietor,
long track record of operations, growing scale of operations and
moderate profitability margin.

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

Sony Aircon was established in 1997 as a proprietorship firm by Mr
Anurag Bansal. The firm is an authorised dealer of Daikin
Industries, Ltd.'s Air conditioner and Tanishq Jewellery .The firm
is engaged in trading and retail sale of Tanishq branded gold and
diamond jewellery and Daikin branded electronic item like air
conditioner.The firm currently owns one exclusive retail showroom
for each brand located in Agra, Uttar Pradesh. The showroom also
has attached workshop facility for the post sales services of air
conditioners. The firm sells its products in the domestic market
in the regions of Uttar Pradesh and Uttarakhand.

In FY15 (refers to the period April 1 to March 31), Sony Aircon
has achieved a total operating income (TOI) of INR48.56 crore with
PBILDT and PAT of INR1.95 crore and INR0.27 crore as against total
operating income (TOI) of INR40.11 crore with PBILDT and PAT of
INR1.76 crore and INR0.18 crore in FY14. The firm has achieved
total sales of INR40.02 crore till December 2015 (as per unaudited
results).


SOORAJ AGRO: CRISIL Upgrades Rating on INR51.3MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sooraj Agro Mills India Private Limited (SAMIPL) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          51.3      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Term Loan            25.0      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SAIMPL shall
sustain its improved business risk profile over the medium term
marked by increase in revenues. SAIMPL reported revenues of around
INR421 million for 2014-15 (refers to financial year April 1st to
March 31st) a year on year growth of around 46 percent when
compared to 2013-14, supported by improved capacity utilization.
The upgrade also reflects SAIMPL's moderate liquidity marked by
adequate cash accruals for debt repayments. The company is
expected to generate cash accruals of around INR20 to 25 million
over the medium term against debt obligations of INR9 million.

The rating continues to reflect SAMIPL's below-average financial
risk profile, marked by high gearing, average debt protection
metrics, and small net worth. The rating also factors in the
susceptibility of the company's operations to regulatory changes
and to volatility in raw material prices. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the rice milling business.
Outlook: Stable

CRISIL believes that SAMIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial cash accruals and improves its operating cycle.
Conversely, the outlook may be revised to 'Negative' if the
liquidity weakens because of low cash accruals or stretched
operating cycle, or its financial risk profile deteriorates
because of large debt-funded capital expenditure

SAMIPL commenced operations in 2009. The company mills and
processes paddy into rice, rice bran, broken rice, and husk.
SAMIPL is promoted by Mr. A Surendran and his wife, Mrs. M
Sumandahasini.


SOUTH MALABAR: CRISIL Assigns 'B' Rating to INR87.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facility of South Malabar Steels and Alloys Private Limited.

                         Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           87.5      CRISIL B/Stable

The rating reflects SMSAPL's volatility in operating margin due to
fluctuation in steel prices. The rating also factors below-average
financial risk profile because of subdued networth and debt
protection metrics. These weaknesses are mitigated by promoters'
experience in the steel industry.
Outlook: Stable

CRISIL believes that SMSAPL will maintain a stable business risk
profile backed by promoter's extensive experience in steel
industry .The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operation and
profitability, resulting in improved debt protection measures.
Conversely, the outlook may be revised to 'Negative' if the
business risk profile weakens further on account of a significant
decline in scale of operations and profitability, resulting in
lower cash accrual, or if the company's undertake large debt-
funded capital expenditure.

Incorporated in 1996, SMSAPL is a Kerala based company engaged in
manufacturing of thermo-mechanical treated steel bars, mild steel
flats and mild steel round. Its operations are handled by the
directors, Mr. K P Ummer and Ms. Naziya Ummer.


SRI LAXMI: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Laxmi Enterprises
(SLE) continues to reflect SLE's below-average financial risk
profile because of its small net worth, high gearing, and weak
debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      50         CRISIL A4 (Reaffirmed)
   Term Loan              7.5       CRISIL B+/Stable (Reaffirmed)

The rating is also constrained by its modest scale of operations,
large working capital requirement, exposure to intense competition
in the cotton ginning industry resulting in its low profitability
margins, and the susceptibility to regulatory changes and
volatility in cotton prices. These rating weaknesses are partially
offset by the firm's established regional presence in the cotton
ginning industry, supported by its promoters' extensive industry
experience and established relations with customers.
Outlook: Stable

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

SLE was established as a partnership firm in 2004 by Mr. Omprakash
Agarwal and his family members. It gins and presses raw cotton at
its ginning unit in Adilabad. It currently has four partners: Mr.
Amit Agarwal, Mr. Omprakash Agarwal, Ms. Arti Agarwal, and Ms.
Usha Agarwal.


SUNRAJ CERAMIC: Ind-Ra Affirms LT Issuer Rating at 'IND BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunraj Ceramic
Pvt. Ltd.'s (SCPL) Long-Term Issuer Rating at 'IND BB-' with a
Stable Outlook. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The affirmation reflects SMPL's continued small scale of
operations, along with its moderate credit metrics. Revenue was
INR217 million during FY15 (FY14: INR208 million), financial
leverage (Ind-Ra adjusted debt/operating EBITDAR) was 5.2x (3.5x)
and interest coverage (operating EBITDA/gross interest expense)
was 1.5x (2.3x).

However, the ratings factor in SMPL's comfortable liquidity
position, as reflected in the 45.59% average use of its fund-based
limits for the 12 months ended February 2016. Additionally, the
ratings are supported by the company's promoters' experience of
over 10 years in the tile industry.

RATING SENSITIVITIES

Positive: A substantial increase in its scale of operations while
maintaining its credit metrics will be positive for the ratings.

Negative: Any deterioration in its operating profitability will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2009, SCPL manufactures wall tiles. Its
manufacturing plant is located in Wankaner District, Gujarat and
has a capacity of 6,000 boxes of tiles per day. The company is
managed by Dhirajlal B. Kavathiya, Jayantilal B. Kavathiya,
Parasbhai D. Kavathiya, Sandipbhai D. Kavathiya and Hirenbhai J.
Kavathiya.

SSSFL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
-- INR17.6 million long-term loans (reduced from INR37.7
    million): affirmed at 'IND BB-'/Stable
-- INR40 million fund-based working capital limits: affirmed at
    'IND BB-'/Stable
-- INR22.5 million non-fund-based working capital limits:
    affirmed at 'IND A4+'


TAKEDA IFMR: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Takeda IFMR
Capital 2016 (an ABS transaction) provisional ratings as follows:

-- INR267.2 million Series A1 pass through certificates (PTCs):
    'Provisional IND BBB+(SO)'; Outlook Stable
-- INR23.8 million Series A2 PTCs: 'Provisional IND B+(SO)';
    Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The micro finance loan pool to be assigned to the trust is
originated by Future Financial Services Private Limited.

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Future Financial Services,
the legal and financial structure of the transaction and the
credit enhancement (CE) provided in the transaction. The
provisional rating of Series A1 PTCs addresses the timely payment
of interest on monthly payment dates and ultimate payment of
principal by the final maturity date on 21 December 2017 in
accordance with the transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on 21 December 2017, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation. The
levels of overcollateralisation available to Series A1 and Series
A2 is 10% and 2% of the initial pool principal outstanding (POS),
respectively. The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 26.8% and 16.9%,
respectively, of the initial POS. The transaction also benefits
from the external CE of 4.0% of the initial POS in the form of
fixed deposits in the name of the originator with a lien marked in
favour of the trustee. The collateral pool to be assigned to the
trust at par had the initial POS of INR296.8m, as of the pool cut-
off date of 29 February 2016.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors and d) any shortfall in Series
A2 Maximum Payout on the Series A2 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure. The agency also analysed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate, recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of both Series A1 and
Series A2 PTCs will be downgraded by two notches.


TP BUILDTECH: Ind-Ra Affirms Long-Term Issuer Rating at 'IND B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed TP Buildtech
Private Limited's (TPBPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to be constrained by TPBPL's small scale of
operations, as evident in its top line of INR111.94m in FY15
(FY14: INR24.72 million). TPBPL continued to incur operating
losses in FY15 and its credit metrics remained weak with financial
leverage (total adjusted debt/operating EBITDAR) of negative 7.18x
(FY14: negative 0.57x) and interest coverage (operating
EBITDA/gross interest expense) of negative 1.57x (negative
31.98x).

However, the ratings continue to benefit from the around two-
decade-long experience of the company's promoters in the
polycaroxylate ether manufacturing industry. TPBPL's liquidity
position has remained moderate, as evident from the 93.71% average
cash credit utilisation during the 12 months ended February 2016.

RATING SENSITIVITIES

Positive: Significant improvement in revenue, leading to
improvement in credit metrics, will be positive for the ratings.

Negative: Deterioration in its EBITDA margins, leading to weaker
credit metrics, will be negative for the ratings.

COMPANY PROFILE

TPBPL was incorporated on 6 November 2012 and manufactures
polycaroxylate ether. It is a joint venture between Tinna Group,
headed by Bhupinder Kumar, and PI Industries, headed by Mayank
Singhal. The company's registered office is located in Mehrauli
(Delhi).

TPBPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
-- INR40 million fund-based limits (increased from INR30
    million): affirmed at 'IND B+'/Stable/'IND A4'
-- INR50 million non-fund-based limits (increased from INR40
    million): affirmed at 'IND A4'


UNIVERSAL TUBE: CARE Lowers Rating on INR13.49cr Loan to 'B'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Universal Tube Accessories Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.49      CARE B Revised from
                                            CARE BB+(SO)

Rating Rationale

The revision in rating assigned to bank facilities of Universal
Tube Accessories Private Limited (UTAPL) is on account of exit
of Jindal Saw Limited from Universal Tube Accessories Private
Limited along with withdrawal of unconditional and irrevocable
partial corporate guarantee, reduced demand for UTAPL's key
product in light of the changing market scenario.

The rating continues to be constrained on account of its modest
scale of operations, leveraged capital structure and exposure to
volatility in raw material prices.

However, the rating continues to derive strength from presence of
the company in a niche product segment with limited competition
and financial risk profile marked by healthy profitability margins
and comfortable liquidity position.

Ability of the company to stabilize its operations and utilize its
installed capacity in an optimal manner, improve capital structure
and profitability are the key rating sensitivities.

Key update
The ratings assigned to the bank facilities of Universal Tube
Accessories Private Limited (UTAPL) are backed by the credit
enhancement by way of partial corporate guarantee of Jindal Saw
Ltd. (JSL; rated CARE AA- / CARE A1+ (rating reaffirmed
in October, 2015).

As JSL would exit the company, JSL is under the process to
withdraw the corporate guarantee given to UTAPL and
purchase the mandrel bar unit.

UTAPL was incorporated in September, 2011 for manufacturing of
steel tools and accessories required in the oil and gas
industry. The company is based in Pune (Maharashtra). The company
was jointly promoted by Jindal Saw Limited (JSL; rated CARE AA-/
CARE A1+) holding 51% stake and Venture Oilfield Fitting Private
Limited (VOFPL) held 49% stake. However, the company is in the
process of restructuring wherein VOFPL will buy back JSL's
shareholding and UTAPL will become a 100% subsidiary of VOFPL.

The company's major product was Mandrel bars which contributed 43%
of revenue during FY15 (refers to the period April 1 to
March 31,). Its other products included thread protectors
(constituting 29% of revenue for FY15) and helical anchors
(contributing 28% of revenue for FY15).

However, as a part of restructuring, the Mandrel bars unit would
be sold to JSL resulting in change in product mix of the
company. It plans to additional products like paint bucket and
focus on thread protectors and helical anchors (whose
production is outsourced) going forward.

The new product can be manufactured in the same unit using the
same machineries (moulders) of thread protectors. For the
expansion of focus on these products, the company expects to incur
additional capital expenditure of around INR0.55 crore for
purchasing consumables and moulding tools for the manufacturing of
paint buckets. The total installed capacity of the paint buckets
will remain 80,000 units per month and the company expects to
manufacture around 50,000 units, in its first full year of
operation i.e. in FY17.

In FY15, UTAPL earned PAT of INR0.19 crore on a total operating
income of INR8.88 crore as against PAT of INR0.27 crore
on a total operating income of INR5.61 crore in FY14.


VNV BUILDERS: CRISIL Assigns B+ Rating to INR60MM Loan
------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of V. N. V. Builders Private Limited (VNV) and assigned
its 'CRISIL B+/Stable/CRISIL A4' rating to the facilities. CRISIL
had suspended the ratings on October 30, 2015, as VNV had not
provided necessary information required to maintain a valid
rating. VNV has now shared the requisite information, enabling
CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Overdraft Facility     60       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect the firm's large working capital requirements,
leading to weak liquidity, and modest scale of operations. These
weaknesses are partially offset by the benefits that VNV derives
from the extensive experience of the promoters in the civil
construction industry and healthy revenue visibility backed by a
strong order book position and average financial risk profile.
Outlook: Stable

CRISIL believes that VNV will continue to maintain its stable
business risk profile over the medium term, backed by the
promoter's extensive industry experience and healthy order book.
The outlook may be revised to 'Positive' if the company witnesses
significant improvement in revenue, while improving its capital
structure and working capital cycle, and is able to commission its
solar power plant in a timely manner. The outlook may be revised
to 'Negative' in case of deterioration in the financial risk
profile due to a stretch in the working capital cycle or due to a
decline in revenue and profitability or if the solar power project
gets delayed leading to pressure on the current business.

Set up as a partnership company in 1986 and reconstituted as
private limited company in 2002, Gobichettipalayam (Tamil Nadu)-
based VNV is a Class 1A civil-contractor primarily for the Public
Works Department (PWD) and other government departments in Tamil
Nadu. The operations are managed by the promoter, Mr. V N
Varadharajan. The company is also planning to set up a 1-megawatt
solar power plant in Tamil Nadu in 2016-17 (refers to financial
year, April 1 to March 31).


YOUTHWELFARE ASSOCIATION: CARE Puts B+ Rating on INR6.04cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Youthwelfare Association.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.04       CARE B+ Assigned
   Short term Bank Facilities    0.75       CARE A4 Assigned

Rating Rationale
The rating assigned to the bank facilities of Youth Welfare
Association (YWA) is primarily constrained by its small scale of
operations with low enrolment ratio. The rating is further
constrained by the limited geographical reach of the society
with high regulation & increasing competition in the educational
sector. The rating, however, derives strength from the
experienced management, moderate financial risk profile and
buoyant prospects of higher/professional education.

Going forward, the ability of the society to profitably scale-up
its operations while improving its overall solvency position
will remain the key rating sensitivities.

Youth Welfare Association (YWA) was registered in July 1985 under
the Society registration Act. The operations of the society,
however, started in the year 2002. The society was established by
Mr C P Sharma (President), Mrs Tara Sharma (Treasurer) and Mr
Chetan Sharma (Secretary) and is running a school and a
polytechnic college by the name of Mt. Littera Zee School and Pt.
Gauri Shankar Memorial Polytechnic College, respectively, at
Shimla, Himachal Pradesh. The various diploma courses being
offered at the college are approved by AICTE (All India Council of
Technical Education) while the school is affiliated to Central
Board of Secondary Education (CBSE) and currently offers classes
from 1st standard to 10th standard.

YWA reported a PAT of INR0.12 crore on a total income of INR3.15
crore in FY15 (refers to the period April 1 to March 31)
as against the PAT of INR0.04 crore on a total income of INR2.96
crore in FY14.



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


SHARP CORP: Foxconn Delays Finalizing Deal to Check Performance
---------------------------------------------------------------
Bloomberg News reports that Foxconn Technology Group is delaying
finalization of its deal for Sharp Corp. to get a clear
understanding of the Japanese company's performance in the current
quarter, increasing the chances an agreement won't be reached this
month, according to sources.

Foxconn, which agreed to pay more than JPY600 billion ($5.3
billion) for control of Sharp, has asked the Osaka-based company
and its auditor for the latest financial results, said the
sources, who wouldn't be identified because the matter is private,
according to Bloomberg. Sharp had forecast an operating profit of
JPY10 billion for the fiscal year that ends this month, though
analysts estimated the company will have an operating loss of
about JPY24 billion, Bloomberg notes.

Bloomberg recalls that Sharp's board last month voted to accept
Foxconn's offer over a competing bid from Innovation Network Corp.
of Japan, a government-backed investment fund that planned to pay
about JPY300 billion. Just hours after the board decision, Foxconn
said it would postpone finalizing the agreement until it could
work through material new information it had received from Sharp,
Bloomberg relates. That information included about JPY300 billion
in potential liabilities for restructuring and layoffs, other
sources said.

"A fourth-quarter loss for Sharp is a given, there aren't likely
to be deal- breaking surprises there," Bloomberg quotes Atul
Goyal, an analyst at Jefferies Group LLC, as saying. "This looks
like another negotiating ploy by Foxconn."

Foxconn is negotiating with Sharp's banks to mitigate the costs of
those liabilities. Under certain circumstances, Foxconn may seek
to reduce the JPY100 billion it had planned to pay Mizuho
Financial Group and Mitsubishi UFJ Financial Group for preferred
stock they hold in Sharp, Bloomberg relates citing a different
source.

Foxconn's lawyers and bankers have sorted through the contingent
liabilities and concluded earlier this month they will likely not
require major changes in the board-approved deal, other sources
said. Bloomberg relays. The Taiwanese company is taking extra
precautions with the period's financial results because of the
last-minute notice about the liabilities, they said.

"Sharp and Foxconn have not set a signing date. Both companies are
working hard to reach a satisfactory agreement as soon as
practically possible," Bloomberg quotes Toyodo Uemura, a spokesman
for Sharp, as saying. Foxconn didn't immediately respond to
inquiries sent to its media department, Bloomberg notes.

Sharp has forecast a JPY10 billion operating profit for the year
ending March 31 and didn't give net income or quarterly outlooks.
The company will probably report a net loss of JPY23.9 billion in
the final three-month period, according to an average of four
analyst estimates compiled by Bloomberg.

The company has been losing money for years and its need for
financial support set off the takeover battle between Foxconn and
INCJ last year. Its cash totaled JPY208.5 billion at the end of
December, according to data compiled by Bloomberg.

Sharp faces the expiration of JPY510 billion in credit lines and
loans on March 31. The company's banks have pushed for a bailout
agreement before those loans are renewed, further sources have
said, Bloomberg relays.

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

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


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


DUKE CARVELL'S: Pan-European Restaurant Placed Into Liquidation
---------------------------------------------------------------
Stuff.co.nz reports that Wellington restaurant Duke Carvell's has
been put into liquidation by its owner after a decline in
turnover.

The restaurant, in Swan Lane, off Cuba St, was formerly owned by
the Bresolin brothers, who sold it last year, the report
discloses.

It was rebranded as Duke Carvell's Pan-European Restaurant, which
was put into liquidation on March 11, Stuff.co.nz relates.

According to the report, Companies Office said Michael Taylor Cole
is the sole director and shareholder of the restaurant.

Jessica Kellow and Iain Bruce Shephard of Shephard Dunphy were
appointed liquidators by a special resolution signed by the
shareholder, Stuff.co.nz discloses.

Their first report said the director/shareholder bought the
"successful" business in July 2015, Stuff.co.nz relays.
"Unfortunately in the months that have followed the purchase, the
turnover has declined. Despite attempts to cut staff costs and
increase sales, the cashflow has not recovered sufficiently to
enable the business to continue to trade."

Stuff.co.nz relates that Leonardo Bresolin said it was sad to see
the restaurant closed.

"At the end of the day, this is hospitality and it all comes down
to the operator. It's not an easy business . . .," the report
quotes Mr. Bresolin as saying.

The Bresolin brothers are behind other popular eateries in the
city, including The Bresolin, Scpoa and Tommy Millions, adds
Stuff.co.nz.

According to the liquidator's first report, Duke Carvell's Pan-
European Restaurant ceased trading on March 9. It will be offered
for sale by the liquidators, Stuff.co.nz notes.

Stuff.co.nz says fixed assets had a book value of NZ$120,128 but,
due to commercial sensitivity, the liquidators would not say how
much they expected to receive. A formal stocktake has not been
undertaken.

Stuff.co.nz notes that there were 13 secured creditors, which
included Kiwibank, owed NZ$301,707, and Swan Lane Ltd (a business
in which the Bresolins are shareholders), estimated to be owed
NZ$191,666. IRD was owed NZ$25,598.

Preferential creditors included employees, who were owed
NZ$43,000, and unsecured creditors included trade creditors, owed
NZ$60,000, adds Stuff.co.nz.


HANOVER FINANCE: Hotchin Can Appeal to Make Trustee Also Liable
---------------------------------------------------------------
Stuff.co.nz reports that Mark Hotchin has won the right to re-
argue his case to make trustees jointly liable for damages over
the collapse of his finance companies, Hanover and United.

However a majority verdict of the Supreme Court in Wellington has
warned there are "formidable obstacles" to Hotchin succeeding, the
report says.

Stuff.co.nz relates that the five judges considered in March 2015
whether the Court of Appeal was correct to uphold the High Court's
decision to strike out Mr. Hotchin's third party claims, seeking
to have the former trustees of Hanover contribute to the
settlement for investors.

According to Stuff.co.nz, Mr. Hotchin had sought to make trustees
Guardian Trust and Perpetual Trust jointly responsible for paying
any compensation, alleging they would have breached their duties
to investors if the directors were found at fault - but later
abandoned his claim against Perpetual.

A judgment released on March 15 stated that the appeal was
allowed, the report says.

Stuff.co.nz relates that Mr. Hotchin's lawyer, Nathan Gedye, QC,
said he had yet to read the judgment or speak to his client to
discuss the next steps.

According to the report, the case related to a lawsuit against Mr.
Hotchin, along with five other directors and promoters of Hanover,
brought by the Financial Markets Authority, which alleged they
were responsible for false statements that led to major losses for
investors.

After a Supreme Court hearing in March last year, the Financial
Markets Authority and Mr. Hotchin settled their proceedings out of
court for NZ$18 million -- half the NZ$35m sum it was originally
seeking.

The report says the Supreme Court unanimously held that a
settlement did not prevent a third party claim for contribution
proceeding.

As Mr. Hotchin accepted, however, he would need to prove at trial
that he is liable in tort to the investors, adds Stuff.co.nz.

                        About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***