TCRAP_Public/160322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, March 22, 2016, Vol. 19, No. 57


                            Headlines


A U S T R A L I A

GOLDPLAY HOLDINGS: First Creditors' Meeting Set For April 1
MINING AND CONSTRUCTION: First Meeting Set For March 30
S & D TRANSPORT: First Creditors' Meeting Set For March 31
SANDHILLS FOUNDATION: Placed Into Liquidation
THERMOPATCH (AUSTRALIA): First Meeting Set For March 31


C H I N A

CHINA: Bank Governor Warns Over Corporate Debt
CHINA XD: Fitch Says Leverage to Rise in 2016 Before Falling
GENERAL STEEL: Unit Closes $1MM Purchase Deal with Victory Energy
SUNRISE REAL ESTATE: Incurs $1.4M Net Loss in 2nd Qtr. 2014
SUNRISE REAL ESTATE: Incurs $656,000 Net Loss in Q3 2014


I N D I A

AL-SAMI AGRO: CARE Revises Rating on INR22.50cr LT Loan to BB-
ARIHANT FIBRES: CARE Ups Rating on INR8.06cr Loan to BB-
ARSHIYA INDUSTRIAL: CARE Reaffirms 'D' Rating on INR413.26cr Loan
ARSHIYA LTD: CARE Reaffirms D Rating on INR1465cr LT Loan
ARSHIYA NORTHERN: CARE Reaffirms D Rating on INR258.85cr LT Loan

ASIAN FOOTWEARS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
BASANTH WIND: CRISIL Suspends B Rating on INR150MM LT Loan
BATRA EXPORTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
CHAMUNDI DISTILLERIES: CRISIL Suspends D Rating on INR120MM Loan
CHANDRAMMA EDUCATIONAL: CRISIL Suspends C Rating on INR150MM Loan

CINEOLA DIGITAL: CRISIL Suspends B- Rating on INR50MM Cash Loan
CLEANTEC INFRA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
DALSON MOTORS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
DC EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
DHROOV RESORTS: CARE Revises Rating on INR11cr LT Loan to 'D'

ESSAR AGROTECH: CARE Assigns 'B' Rating to INR22.03cr LT Loan
ESSAR STEEL: Talks to Banks For Restructuring of Debt
FREEZE EXIM: CRISIL Reaffirms 'B' Rating on INR6MM LT Loan
FRIENDS TIMBER: CARE Assigns B+ Rating to INR6cr LT Loan
GAUTAM CEMENT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR1450.45cr Loan
H. N. AGRI: CRISIL Assigns B- Rating to INR150MM Cash Loan
HARSHNA NATURALS: CRISIL Assigns B- Rating to INR100MM Cash Loan
INDUS PALMS: CRISIL Suspends 'D' Rating on INR50MM LT Loan
JAGDAMBA FIBRES: CARE Assigns 'B+' Rating to INR6cr LT Loan

JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan
JINDAL STEEL: CARE Revises Rating on INR22,988.75cr Loan to 'D'
KANSAL OVERSEAS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
KANUPAT HIMGHAR: CARE Assigns 'B+' Rating to INR11.09cr LT Loan
KOHINOOR RECLAMATIONS: CARE Assigns B+ Rating to INR7.76cr Loan

MAHADIK SUGAR: CRISIL Suspends 'D' Rating on INR500MM Term Loan
MARUTHI TUBES: CARE Reaffirms 'D' Rating on INR7.00cr ST Loan
NILE OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan
OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR24.3MM Loan
P.G. SETTY: CARE Reaffirms B+ Rating on INR10.80cr LT Loan

PARENTERAL DRUGS: CARE Reaffirms 'D' Rating on INR416.91cr Loan
PARENTERAL SURGICALS: CARE Cuts Rating on INR5.70cr LT Loan to D
PARS RAM: Company Folds, Owner Declared Bankrupt
PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Loan to B-
PEGMA RESOURCES: CARE Reaffirms 'B' Rating on INR19.05cr LT Loan

PRADEEP TRANSCORE: CRISIL Suspends B+ Rating on INR50.3MM Loan
PRAKASH INDUSTRIAL: Ind-Ra Assigns IND B Long-Term Issuer Rating
PRAKASH FERROUS: CRISIL Suspends B+ Rating on INR450MM Cash Loan
PRECISE SEAMLESS: CRISIL Suspends B Rating on INR180.5MM Loan
PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan

PREETI BUILDCON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
R D ENGINEERS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
RAJENDER PRASAD: CRISIL Assigns B Rating to INR77.5MM Loan
RAJIVA EXPORTS: CARE Reaffirms B+ Rating on INR4cr LT Loan
RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5MM B+ Loan Rating

ROLTA INDIA: S&P Lowers LT CCR to 'B+'; Outlook Stable
S.R. MOTEL: CRISIL Suspends B+ Rating on INR50MM Term Loan
SAAB ENGINEERING: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating
SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR7.39cr LT Loan
SHREEJI AGRO: CARE Assigns B+ Rating to INR4.74cr LT Loan

SOLENZO CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan
SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR77MM Cash Loan
SUPREME VASAI: Ind-Ra Cuts INR1,540MM Loan Rating to 'IND D'
SURYAGOLD AGROFOOD: CRISIL Assigns B Rating to INR60MM Cash Loan
TEE VENTURES: CARE Assigns B+ Rating to INR8cr LT Loan

UNIMECH INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
VIJAY AUTOMOBILES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
VIORICA HOTELS: CRISIL Suspends 'D' Rating on INR750MM Term Loan


J A P A N

SHARP CORP: Foxconn to Reduce Offer by JPY100BB, Jiji Says
TOSHIBA CORP: Eyes JPY200 Billion in Asset Sales


M A L A Y S I A

PRIME GLOBAL: Incurs US$149,000 Net Loss in First Quarter


M O N G O L I A

CAPITAL BANK: Moody's Assigns First-Time B3 Deposit Ratings


N E W  Z E A L A N D

UCI HOLDINGS: Gets Reprieve After Missing Payments
URBAN CONSTRUCTION: 150 Creditors Unlikely to Get Repayment


X X X X X X X X

* BOND PRICING: For the Week March 14 to March 18, 2016


                            - - - - -


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


GOLDPLAY HOLDINGS: First Creditors' Meeting Set For April 1
-----------------------------------------------------------
Geoffrey Davis & John Morgan of BCR Advisory were appointed as
administrators of Goldplay Holdings Pty Ltd on March 19, 2016.

A first meeting of the creditors of the Company will be held at
Business Centre Pilbara, 2/24 De Grey Place, in Karratha, on
April 1, 2016, at 10:30 a.m.


MINING AND CONSTRUCTION: First Meeting Set For March 30
-------------------------------------------------------
Christopher John Baskerville and Trent Andrew Devine of Jirsch
Sutherland Brisbane were appointed as administrators of Mining and
Construction Jobs Online Pty Ltd on March 17, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland Brisbane, Level 7, 320 Adelaide Street, in
Brisbane, on March 30, 2016, at 10:00 a.m.


S & D TRANSPORT: First Creditors' Meeting Set For March 31
----------------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of S & D Transport
Pty Ltd on March 17, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edwards Street,
in Brisbane, on March 31, 2016, at 11:00 a.m.


SANDHILLS FOUNDATION: Placed Into Liquidation
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Sandhills
Foundation for Aboriginal Affairs has been placed into
liquidation.  Robyn Duggan -- robyn.duggan@fh.com.au -- of Ferrier
Hodgson was appointed liquidator of the company on
Feb. 26, 2016.

Sandhills Foundation for Aboriginal Affairs offered the aboriginal
community Centrelink and accommodation services. The company
reportedly owns eleven residential properties in Narranera. It is
no longer trading, the report says.


THERMOPATCH (AUSTRALIA): First Meeting Set For March 31
-------------------------------------------------------
Steven Gladman and David Ross of Hall Chadwick were appointed as
administrators of Thermopatch (Australia) Pty Ltd on March 17,
2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on March
31, 2016, at 10:30 a.m.



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


CHINA: Bank Governor Warns Over Corporate Debt
----------------------------------------------
The Financial Times reports that China's central bank governor has
warned that the country's corporate debt levels are too high and
are stoking risks for the economy, just as highly-leveraged
Chinese companies have gone on an overseas takeover binge.

Adding his voice to a recent chorus of concern by senior Chinese
officials, Zhou Xiaochuan, governor of the People's Bank of China
(PBoC), told global business leaders meeting in Beijing that the
ratio of lending to gross domestic product was becoming excessive,
according to the FT.

"Lending and other debt as a share of GDP, especially corporate
lending and other debt as a share of GDP, is on the high side," he
said, adding that a highly leveraged economy was more prone to
macroeconomic risk, the FT relays.

Corporate debt in China has risen to about 160 per cent of GDP,
while total debt is about 230 per cent, according to Financial
Times estimates.  According to the report, the Bank for
International Settlements warned this month that a steep rise in
private and corporate debt in emerging market economies --
"including the largest" -- was "eerily reminiscent" of the pre-
crisis financial boom in advanced economies.

The FT relates that Mr Zhou's comments came at the end of a week
of extraordinary deal making by Chinese companies overseas, with
Anbang, the Chinese insurance company, bidding nearly $20bn for
Starwood Hotels & Resorts and Strategic Hotels & Resorts.

Total outbound Chinese merger and acquisitions spending since
January is over $100bn, the FT reports citing figures from
Dealogic. Data from 54 Chinese companies that did overseas deals
last year show that many are "highly leveraged", according to S&P
Global Market Intelligence, the report relays.

According to the FT, Chinese officials are concerned that the
stability of China's financial system could be threatened if
Chinese companies are unable to repay a large amount of debt,
which in turn can threaten economic growth. And as recent months
have shown, instability in Chinese financial markets and risks to
mainland economic growth rapidly feed through into global markets.

Earlier this month, Moody's warned it may downgrade China's
sovereign rating, a sign of increasing investor concern about the
country's rising debt and falling foreign exchange reserves, the
FT recalls.

The FT says Mr Zhou told the China Development Forum, attended by
top government officials as well as foreign business chiefs
including Facebook's Mark Zuckerberg, that one way to tackle high
leverage was to develop "robust capital markets" so that companies
can increase equity financing and reduce reliance on debt.

The report relates that China's chief banking regulator last week
announced a move to try to tackle the country's bad debt problem
by opening the way for the country's lenders to use debt-for-
equity swaps to rid themselves of some of the $200bn of bad bank
loans on their balance sheets.

Shang Fulin, chairman of the China Banking Regulatory Commission,
raised the idea at the closing session of the annual meeting of
parliament in Beijing, the report relates.

The FT says the plan has been put forward as a way of tackling the
trillions of renminbi of debt that have built up in the Chinese
economy as a result of decades of debt-fuelled stimulus and easy
credit.

Chinese banks' bad debts stand at Rmb1.27tn, according to official
figures, although some analysts believe the real number is many
times higher, the FT discloses.

About one-third of listed Chinese companies owe at least three
times as much in debt as they own in assets, the FT discloses
citing figures from Wind.

The FT relates that also speaking at Sunday's [March 20]
conference, Christine Lagarde, IMF managing director, said China
was in the middle of a historic transition that was "good for
China and good for the world."

"The world will be watching closely to learn from China as it
deftly manages the delicate balance between economic
transformation and deeper global integration," she said.


CHINA XD: Fitch Says Leverage to Rise in 2016 Before Falling
------------------------------------------------------------
Fitch Ratings says China XD Plastics Co Ltd's (B+/Stable) leverage
will rise in 2016 due to continued weakness in operating EBITDA
margin and sustained high capex. However, we expect the maker of
modified plastics to start deleveraging in 2017.

XD Plastics' 2015 year-end FFO-adjusted net leverage of 1.5x was
better than we expected in early November 2015, when we downgraded
the company's rating. The better-than-expected results were
primarily driven by margin recovery in 4Q15 and significant
extension of accounts payable days, which resulted in higher cash
inflow for 2015.

The company's rating reflects Fitch's expectation that its
leverage will rise in 2016 to around 2.5x-2.8x before falling in
2017 once its new Sichuan and Dubai plants become fully
operational and increase output, which will result in significant
sales growth.

"We expect XD Plastics' operating EBITDA margin to remain at 15%-
16% (2015: 16.3%) given our subdued outlook for the operating
environment for the company. The company's single largest end-
user, China FAW Group (FAW), which accounted for about 40% of XD
Plastics' revenue in 2015, saw a 10% fall in vehicle output and 8%
drop in auto sales volume. This compares with growth in production
and sales at other major auto makers in China. Fitch expects auto
sales in China to rise in the mid- to high-single digits in 2016,
but FAW's growth could be lower due to its uncompetitive products
and internal restructuring."

In addition, the majority of XD Plastics' capacity and revenue
sources are in northeastern China, where output growth has slowed
over the past few years. This was because auto makers have moved
their capacities to central and western China to meet strong
demand and take advantage of attractive local-government
investment policies. As a result, XD Plastics plans to offset the
slower growth in northeastern China by diversifying into other
regions and building production capacity in growth regions.

XD Plastics' capex is likely to remain high in 2016 at $US160m-
180m due for investments in its Sichuan and Dubai production sites
and an R&D centre in China. The new plants will increase XD
Plastics' capacity for automotive plastics by 50%-60% from its
current capacity of current 395,000 tons.


GENERAL STEEL: Unit Closes $1MM Purchase Deal with Victory Energy
-----------------------------------------------------------------
In its Current Report on Form 8-K filed on Jan. 5, 2016, with the
Securities and Exchange Commission, General Steel Holdings, Inc.
disclosed that its Board of Directors has approved the entry by
its 100% owned subsidiary, General Steel Investment Co., Ltd.,
into a Sales and Purchase Agreement with Victory Energy Resource
Limited, a Hong Kong registered company indirectly owned by the
Company's Chairman, Henry Yu, pursuant to which BVI sold its 100%
equity ownership in General Steel (China) Co., Ltd. to Victory
Energy for $1 million.  At the time the Initial Form 8-K was
filed, the purchase price had not yet been paid and the share
transfer had not been registered with the State Administration for
Industry and Commerce.

As of March 15, 2016, the purchase price has been paid in full and
the share transfer has been approved and registered with the SAIC.
As a result, the transaction has now been completed.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


SUNRISE REAL ESTATE: Incurs $1.4M Net Loss in 2nd Qtr. 2014
-----------------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.36 million on $1.48 million of net revenues for the
three months ended June 30, 2014, compared to net income of $1.27
million on $4.48 million of net revenues for the same period in
2013.

For the six months ended June 30, 2014, the Company reported a net
loss of $2.08 million on $4.20 million of net revenues compared to
a net loss of $57,219 on $6.60 million of net revenues for the six
months ended June 30, 2013.

As of June 30, 2014, Sunrise Real had $73.06 million in total
assets, $72.22 million in total liabilities and $836,582 in total
shareholders' equity.

A full-text copy of the Form 10-Q is available for free at:

                     http://is.gd/Qbltb3

                   About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate reported a net loss of $1.93 million in 2013
following a net loss of $3.47 million in 2012.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


SUNRISE REAL ESTATE: Incurs $656,000 Net Loss in Q3 2014
--------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $656,030 on $2.56 million of net revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$966,428 on $2.67 million of net revenues for the three months
ended Sept. 30, 2013.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $2.73 million on $6.77 million of net revenues
compared to a net loss of $1.02 million on $9.27 million of net
revenues for the same period in 2013.

As of Sept. 30, 2014, Sunrise Real had $89.05 million in total
assets, $87.18 million in total liabilities and $1.87 million in
total shareholders' equity.

As of Sept. 30, 2014, the Company's principal sources of cash were
revenues from its agency sales and property management business,
new bank loan and promissory notes, and advances from directors.
Most of the Company's cash resources were used to fund its
property development investment and revenue related expenses, such
as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices,
and the repayments of its bank loans, promissory notes and
advances from directors.

The Company ended the period with a cash position of $5,572,332.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/PFPhe7

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate reported a net loss of $1.93 million in 2013
following a net loss of $3.47 million in 2012.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about its ability to continue as a going
concern.



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


AL-SAMI AGRO: CARE Revises Rating on INR22.50cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Al-Sami Agro Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.50      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Al-Sami Agro Products Private
Limited (AAPPL) takes into account successful completion of
project and commencement of commercial operation of the plant,
modest overall financial risk profile of the company with moderate
revenue and PBILDT reported during 9MFY16 (Provisional) (refers to
the period April 1 to March 31) and improved liquidity position.
The rating continues to factor in the long-standing industry
experience of its promoters. The rating is, however, constrained
by limited track record of operation, nascent stage of business,
intense competition in the industry and high dependence on
government regulations. The ability of the company to continue to
expand the scale of operations along with an improvement in
profitability in a highly competitive scenario and effectively
manage the working capital requirements are the key rating
sensitivities.

Incorporated in 2009, AAPPL belongs to the Al-Sami group of
companies promoted by Mr Abdul Salam and family. The company has
set up a slaughterhouse along with meat processing plant and a
rendering plant at Sankhavaram Mandal in East Godavari district of
Andhra Pradesh. The plant was expected to start commercial
operation from first week of April 2015, but commenced its
operations in July 2015. AAPPL is engaged in processing and
exporting of buffalo meat and is based in East Godavari District,
Andhra Pradesh.

During FY15, AAPPL reported a PBILDT of INR0.92 crore (FY14:
INR0.05 crore) and a PAT of INR0.42 crore (FY14: net loss of
INR0.90 crore) on a total operating income of INR1.98 crore (FY14:
INR0.98 crore). As per the unaudited results for 9MFY16, AAPPL has
reported a PBILDT of INR17.38 crore and a PBT of INR11.14 crore on
a total operating income of INR64.98 crore.


ARIHANT FIBRES: CARE Ups Rating on INR8.06cr Loan to BB-
--------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Arihant Fibres.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.06       CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities    0.08       CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings assigned to the long-term bank
facilities of Arihant Fibres (AF) takes into account improvement
in the financial risk profile of the firm marked by increase in
the scale of operations, improvement in the capital structure
along with improvement in the working capital cycle in FY15
(refers to the period April 1 to March 31).

The ratings continue to remain constrained by moderately weak debt
coverage indicators, susceptibility of operating margins to raw
material price fluctuations coupled with seasonal nature of raw
material availability, presence of the firm in highly regulated
and fragmented cotton ginning industry with limited value addition
along with partnership nature of the constitution.

The ratings continue to draw strength from long experience of the
partners in cotton ginning and pressing business along with
locational advantage emanating from proximity to the raw material
sources.

The ability of the firm to establish itself in the highly
competitive industry along with improvement in its profitability
margins and solvency position are the key rating sensitivities the
key rating sensitivities.

Established in the year 2012, AF started its commercial production
from November 2013. The firm is managed by the Goyal and Saria
families of Parbhani, Maharashtra. The firm is engaged in the
business of cotton ginning and pressing at its manufacturing
facility located at Parbhani, Maharashtra. AF has an installed
capacity to manufacture 45,000 bales (1 bale = 170 kg) per annum.
It procures raw cotton from local farmers and sells its final
product, ie, cotton bales to its customers located in and around
Parbhani. The top five customers of the firm were Neelkanth Yarn,
GPI Textile Limited, Jhamb Trading Co., Shree Balaji Enterprises
and Sai Baba Oil Industries, etc, which together contributed
around 45% of the total revenue during FY15.

During FY15, firm registered a total operating income of INR85.77
crore as against a Profit After Tax (PAT) of INR0.46 crore as
compared with a PAT of INR0.01 crore and total operating income of
INR33.01 crore in FY14.


ARSHIYA INDUSTRIAL: CARE Reaffirms 'D' Rating on INR413.26cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Arshiya Industrial And Distribution Hub Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loan)                   413.26     CARE D Reaffirmed

Rating Rationale

The above rating is based on unconditional and irrevocable
corporate guarantee extended by Arshiya Limited (AL, rated
'CARE D') for the bank facilities of Arshiya Industrial and
Distribution Hub Ltd (AIDHL). On invocation of the guarantee, the
guarantor, AL, will pay on demand the amount due by AIDHL to the
lenders.

Rating Rationale of Guarantor (AL)

The reaffirmation of the rating assigned to the bank facilities of
Arshiya Limited (AL) takes into account ongoing delays in
the servicing of its debt obligations in FY15 (refers to the
period April 1 to March 31) as well as 9MFY16 (refers to the
period April 1 to December 31) due to severe deterioration in the
liquidity and high debt service obligations due to
significant time and cost overrun on projects undertaken by the
company and its subsidiaries, which was funded through
additional debt. The liquidity profile of the company (on a
consolidated basis) worsened due to lower-than-estimated
revenue generation from the warehousing and logistics business,
owing to the regulatory issues and sub-optimal capacity
utilization of Khurja Free Trade and Warehousing Zones (FTWZ)
being executed under Arshiya Northern FTWZ Limited(ANFL).

Consequent to the reaffirmation in the ratings of the above-
mentioned facilities of AL, the ratings of the following
companies were also reaffirmed, as all the facilities of these
companies are backed by the unconditional and irrevocable
corporate guarantees extended by AL.

Arshiya Industrial and Distribution Hub Ltd (formerly Arshiya
Northern Domestic Distripark Limited) is a wholly-owned
subsidiary of Arshiya Domestic Distripark Ltd. which in turn is
wholly-owned subsidiary of Arshiya Ltd. (AL).

Project Details
AIDHL was primarily formed to set up to a Distripark at Khurja on
a total area of 65 acres. AIDHL plans to build hubs for
warehousing & domestic rail consolidation across India. The first
of AL's five planned Domestic Distriparks is strategically
located at Khurja (near Delhi) alongside its FTWZ and rail
terminal. During FY15, AIDHL posted a net loss of INR73.74 crore
on the total operating income of INR0.36 crore as against a loss
of INR64.51 crore on the total income of INR0.28 crore
during FY14.

On consolidated basis, AL posted a net loss of INR474.01 crore on
the total income of INR331.50 crore during FY15, as against a loss
of INR854.14 crore on the total income of INR531.16 crore during
FY14.


ARSHIYA LTD: CARE Reaffirms D Rating on INR1465cr LT Loan
---------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Arshiya Ltd.


                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1,465      CARE D Reaffirmed

Rating Rationale
Reaffirmation of the rating assigned to the bank facilities of
Arshiya Limited (AL) takes into account ongoing delays in the
servicing of its debt obligations in FY15 (refers to period
April 1 to March 31) as well as 9MFY16 (refers to period April 1
to December 31) due to severe deterioration in the liquidity and
high debt service obligations due to significant time and cost
overrun on projects undertaken by the company and its
subsidiaries, which was funded through additional debt. The
liquidity profile of the company (on a consolidated basis)
worsened due to lower-than-estimated revenue generation from the
warehousing and logistics business, owing to the regulatory issues
and sub-optimal capacity utilization of Khurja Free Trade
andWarehousing Zones (FTWZ) being executed under Arshiya Northern
FTWZ Limited (ANFL).

Consequent to the reaffirmation in the ratings of the above-
mentioned facilities of AL, the ratings of the following
companies were also reaffirmed, as all the facilities of these
companies are backed by the unconditional and irrevocable
corporate guarantees extended by AL.

Arshiya International Limited (AIL) incorporated in 1981, is one
of the leading supply chain and integrated logistics
infrastructure Solutions Company in India. AIL has presence in
FTWZs, Rail Infrastructure, Industrial & Domestic Hub,
Logistics and Supply Chain Management and Information Technology,
enabling operational expertise and solutions capability across the
entire supply chain. AIL has multinational operations in logistics
and supply chain management space (in India on standalone basis
and outside India through subsidiaries) and has also incurred
phased investment towards creating logistics infrastructure in
India.

As per the standalone financials, during FY15 (refers to the
period April 01 to March 31), AL posted a net loss of INR
244.00 crore on the total operating income of INR50.73 crore as
against a loss of INR297.68 crore on the total income of
INR313.93 crore during FY14.

As per the consolidated financials, AL posted a net loss of
INR474.01 crore on the total income of INR331.50 crore during
FY15, as against a loss of INR854.14 crore on the total income of
INR531.16 crore during FY14.


ARSHIYA NORTHERN: CARE Reaffirms D Rating on INR258.85cr LT Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Arshiya
Northern FTWZ Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank facilities
   (Term Loan)                  258.85      CARE D Reaffirmed

Rating Rationale

The above rating is based on the unconditional and irrevocable
corporate guarantee extended by Arshiya Limited (AL, rated CARE D)
for the bank facilities of Arshiya Northern FTWZ Limited (ANFL).
On invocation of the guarantee, the guarantor, AL, will pay on
demand the amount due by ANFL to the lenders.

Rating Rationale of Guarantor (AL)

Reaffirmation of the rating assigned to the bank facilities of
Arshiya Limited (AL) takes into account ongoing delays in the
servicing of its debt obligations in FY15 (refers to period April
1 to March 31) as well as 9MFY16 (refers to period April 1 to
December 31) due to severe deterioration in the liquidity and high
debt service obligations due to significant time and cost overrun
on projects undertaken by the company and its subsidiaries, which
was funded through additional debt. The liquidity profile of the
company (on a consolidated basis) worsened due to lower-than-
estimated revenue generation from the warehousing and logistics
business, owing to the regulatory issues and sub-optimal capacity
utilization of Khurja Free Trade andWarehousing Zones (FTWZ) being
executed under Arshiya Northern FTWZ Limited (ANFL).

Consequent to the reaffirmation in the ratings of the above-
mentioned facilities of AL, the ratings of the following
companies were also reaffirmed, as all the facilities of these
companies are backed by the unconditional and irrevocable
corporate guarantees extended by AL.

Arshiya Northern FTWZ Ltd. (ANFL) is a wholly owned subsidiary of
Arshiya FTWZ Limited which in turn is wholly owned subsidiary of
Arshiya Ltd. (AL). AL, through its various subsidiaries, is in the
process of setting up Free Trade Warehousing Zones (FTWZ) across
the country.

Project Details
ANFL was primarily formed to set up to an FTWZ on a total area of
127 acres near Khurja, Uttar Pradesh. Khurja FTWZ became
operational from January 2012 and at present it has three
operational warehouses. Due to continuous regulatory issues
related to absence of Inland Container Depots (ICDs), Electronic
Data Interchange (EDI) connectivity for customs etc., the movement
of imported goods is restricted at Khurja FTWZ. Non availability
of EDI link system at FTWZ has resulted in delays in imports and
exports procedures at FTWZ. However, AL has installed all the
required data exchange facilities and IT connectivity for
implementing EDI and have requested concerned authority for
allowing EDI link at FTWZ.

There was significant cost and time overrun of in commencement of
its operations. The delays were mainly pertaining to change in the
design & scope based on the AL's learning from the Phase I of the
Mumbai FTWZ.

During FY15 (refers to the period April 01 to March 31), ANFL
posted a net loss of INR58.68 crore on the total operating
income of INR5.27 crore as against a loss of INR48.37 crore on the
total income of INR8.39 crore during FY14. On Consolidated basis,
AL posted a net loss of INR474.01 crore on the total income of
INR331.50 crore during FY15, as against a loss of INR854.14 crore
on the total income of INR531.16 crore during FY14.


ASIAN FOOTWEARS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asian Footwears
Private Limited (AFPL) 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 AFPL's small scale of operations, moderate
profitability and weak credit metrics. FY15 financials indicate
revenue of INR201.72 million, EBITDA margins of 9.27%, net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of
5.88x and gross interest cover (operating EBITDA/gross interest
expense) of 1.97x. The ratings factor in the risks associated with
volatility in raw material procurement cost.

The ratings also factor in the company's comfortable liquidity
with its use of the working capital facilities being around 92.91%
during the seven months ended January 2016.

The ratings, however, are supported by over 10 years of experience
of AFPL's promoters in the footwear manufacturing industry. The
ratings are further supported by the entity's strong relationships
with its customers and suppliers.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

Positive: Substantial top line growth with an improvement in the
EBITDA margins leading to a sustained improvement in the credit
metrics could be positive for the ratings.

COMPANY PROFILE

AFPL was incorporated in 2008, and manufactures footwear. The
company sells its products under the brand name Wilto, Alaxia and
PU Gold. The company's manufacturing units are located in
Bahadurgarh (Haryana).


AFPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable

-- INR102.50 million term loans: assigned 'IND BB-'/Stable

-- INR47.50 million fund-based limit: assigned 'IND BB-
    '/Stable/'IND A4+'


BASANTH WIND: CRISIL Suspends B Rating on INR150MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Basanth Wind Farm (BWF; part of the Basanth group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Drop Line Overdraft
   Facility               80       CRISIL B/Stable
   Long Term Loan        150       CRISIL B/Stable

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BWF, Kshema Builders & Developers
(KBD), Kairaly Securities (KS), Kshema Windfarm Services (KWS),
and Mayoori Towers (MT). This is because all the entities,
together referred to as the Basanth group, are in a similar line
of business and are managed by the same proprietor. Furthermore,
there is fungible cash flow among these entities, and the
management has indicated that the entities will support one
another financially as and when required.

The Basanth group, which comprises Tamil Nadu-based entities BWF,
KBD, KS, MT and KWS, is in the windmill power project business.
The group is promoted and managed by Mr. Satish Basant.


BATRA EXPORTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Batra
Exports (BE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL D

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

BE was set up in 2010 as a partnership firm by Mr. Surinder Kumar
and Mr. Sahil Batra for milling and selling of parboiled, steamed,
and raw basmati and non-basmati rice.


CHAMUNDI DISTILLERIES: CRISIL Suspends D Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Chamundi
Distilleries Private Limited (CDPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL D

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

CDPL was incorporated as a private limited company in 1979, and is
being promoted by Mr. Thimme Gowda and Mr Suresh Gowda. The
company undertakes manufacturing of extra neutral alcohol and is
based out of Bangalore, Karnataka.


CHANDRAMMA EDUCATIONAL: CRISIL Suspends C Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Chandramma Educational Society (CES).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      150       CRISIL C

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

Established in 2001, CES operates various educational institutes
in Hyderabad. The society runs two medical colleges, two dental
colleges, two engineering colleges and one pharmacy college. The
society is promoted by Mr.Ch.Malla Reddy and his family.


CINEOLA DIGITAL: CRISIL Suspends B- Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Cineola
Digital Cinema Private Limited (Cineola).

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

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

Cineola was set up in 2009 and is engaged in digital cinema
exhibition. Its operations are managed by Mr. Antony John.


CLEANTEC INFRA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cleantec Infra
Private Limited (CIPL) 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 CIPL's small scale of operations and moderate
order book. In FY15, revenue was INR116.4m (FY14: INR69.2m). On 31
January 2016, it had an unexecuted order book of INR352.9m
providing revenue visibility for the next one year based on 9MFY16
annualised revenue figure. Around 90% of the order book is for the
supply of machinery and 10% is for the comprehensive operation &
maintenance of the machinery.

However, the ratings are supported by CIPL's strong profitability
and credit metrics. EBITDA margins were 20.6% in FY15 (FY14:
13.7%). The EBITDA margins have been improving since inception due
to revenue growth and stabilisation of operations leading to
achieving economies of scale. Net leverage (Ind-Ra total adjusted
debt net of cash/EBITDA) was 0.4x in FY15 (FY14: 1.1x) and
interest coverage was 8.3x (4.0x).

The ratings are also supported by CIPL's comfortable liquidity
with use of its working capital utilisation being around 68%
during 12 months ended January 2016, and its promoter's experience
of around two decades in selling machinery and mechanised cleaning
systems.

RATING SENSITIVITIES

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

Negative: A decline in the profitability resulting in a sustained
deterioration in the credit profile and liquidity will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2010, CIPL is into the trading of mechanised
cleaning machines and spare parts. It also provides services of
mechanised cleaning of roads, lakes & waterways, aerators,
desilting, sand washing & waste management. FY12 was the first
full year of operations for the company. According to the
provisional results up to 3QFY16, revenue was INR238.9 million,
EBITDA was INR53.2 million and interest coverage was 7.9x.

CIPL's ratings are follows:

-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR20.0 million fund-based working capital limit: assigned
    Long term 'IND BB+'/Stable and Short-term 'IND A4+'
-- INR40.0 million non-fund-based working capital limit:
    assigned Short-term 'IND A4+'
-- Proposed INR20.0 million fund-based working capital limit:
    assigned Long-term 'Provisional IND BB+'/Stable and Short-
    term 'Provisional IND A4+'
-- Proposed INR120.0 million non-fund-based working capital
    limit: assigned Short-term 'Provisional IND A4+'


DALSON MOTORS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dalson
Motors. The suspension of rating is on account of non-cooperation
by Dalson Motors with CRISIL's efforts to undertake a review of
the ratings outstanding.

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

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

Despite repeated requests by CRISIL, Dalson Motors is yet to
provide adequate information to enable CRISIL to assess Dalson
Motors'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'.

Dalson Motors, set up in 2007, is an authorised dealer for AMW's
commercial vehicles. The firm operates three workshops in
Bahadurgarh, Sonipat and Gurgaon (all in Haryana). The firm is
promoted by Mr Gurvinder Singh, Mr Jasbir Singh and Mr Lakhvinder
Singh.


DC EXPORTS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of DC Exports (DCE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        250       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

The ratings reflect DCE's moderate scale of operations,
susceptibility of operating margin to volatility in gold prices
and fluctuations in foreign exchange rates, and a high total
outside liabilities to tangible networth ratio. These weaknesses
are partially offset by the promoter's extensive experience in the
gold jewellery segment and healthy relations with customers.
Outlook: Stable

CRISIL believes that DCE will benefit over the medium term from
the promoter's extensive experience in the gold jewellery segment.
The outlook may be revised to 'Positive' in case of significant
improvement in the sales and profitability leading to improvement
in the financial risk profile or  if working capital management
improves significantly. Conversely, the outlook may be revised to
'Negative' if revenue declines or the financial risk profile
weakens due to a stretch in the working capital cycle or large
debt-funded capital expenditure.

Set up in 1997, DCE manufactures and exports gold jewellery. The
manufacturing facility is in Thrissur, Kerala, and the operations
are managed by its promoter, Mr. Denny Joseph.

DCE reported profit after tax (PAT) of INR4.8 million on total
revenue of INR1.04 billion for 2014-15 (refers to financial year,
April 1 to March 31) against PAT of INR3.6 million on total
revenue of INR1.03 billion for 2013-14.


DHROOV RESORTS: CARE Revises Rating on INR11cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Dhroov Resorts.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      11        CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Dhroov Resorts (DR) factors in the ongoing delays in the servicing
of the debt obligations mainly on account of delays in the start
of commercial operations of the proposed hotel.

M/s Dhroov Resorts, a sole proprietary concern of Mr Balbir Singh
Verma, is constructing a 4- star hotel project by the name of
"Dhroov Resorts" in Shimla, H.P. Mr Verma is a MLA (Member of
Legislative Assembly) from the Chopal area (in Shimla district)
and is also a certified builder and civil contractor in the
region. There has been both time & cost overrun from the last year
estimates. The project is expected to be completed at a total cost
of INR23.57 crore (revised from INR18.8 crore earlier) and is
expected to start commercial operations from April 2016 onwards
(extended from April 2015 planned earlier). As on December 31,
2015, the firm had incurred a total cost of INR20.87 crore
on the project.

The project location provides connectivity and accessibility to
major tourist destinations in Shimla. The project site is located
at Cart Road, Shimla, which is at a distance of about 300 mtrs
from the Mall Road, which is one of the most popular tourist
destinations. The project is also very close to major
tourist attractions like Jakho Temple, Naldehra and Kufri.


ESSAR AGROTECH: CARE Assigns 'B' Rating to INR22.03cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Essar
Agrotech Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.03      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Essar Agrotech
Limited (EATL) is constrained by financial risk profile marked
by continuous net loss over the last 3 years, small scale of
operation, working capital intensive nature of operations and
agri-commodity nature of business making EATL's performance
susceptible to the vagaries of climatic conditions.

However, the rating derives strength from experience of the
promoters and the management team in the agri products
business, diversified product portfolio, geographical presence and
moderate overall gearing.

The ability of EATL to increase its scale of operations,
improvement in profitability along with effective management of
working capital requirement are the key rating sensitivities.

EATL was incorporated in April 1993 and is engaged in farming of
flowers, plants & and vegetable and trading of milk. EATL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types) and exotic vegetables. Currently EATL is
producing roses, vegetables, mango, plants and plugs in five sites
which include Lonavala, Kamshet, Ooty, Jategaon and Jamnagar. EATL
primarily sells flowers, plants and vegetables in international
markets including Europe, Australia, New Zealand and Middle East
while in domestics market EATL sells vegetables in Maharashtra
regions which caters to brands like McDonalds, Domino's, YUM and
KFC brands. EATL has also set up a dairy farm in Lonavala which
has more than 120 cows producing more than 500 litres per day and
supplies milk to areas in and around Lonavala.

Moreover, EATL also provides the management and maintenance where
in EATL develops and maintains the plantation of mango trees
(currently, EATL maintains the plantation of more than 1 lakh
mango trees in Jamnagar and Bhuj.

Essar Group

Essar is a multinational corporation with annual revenues of US$35
billion and investments in Steel, Energy, Infrastructure and
Services. Operations are spread over more than 29 countries and it
employs over 60,000 people during FY15 (refers to the period April
1 to March 31). Essar group began as a construction company in
1969 and has diversified into manufacturing, services and retail
over the years since then. Over the last decade, it has grown
through strategic global acquisitions and partnerships, or through
greenfield and brownfield development projects, capturing new
markets and discovering new raw material sources.

During FY15 (Audited), EATL reported a total operating income of
INR33.43 crore, PBILDT of INR4.11 crore and Net loss of INR10.11
crore as against a total operating income of INR39.15 crore,
PBILDT of INR8.94 crore and Net loss of INR1.01 crore
in FY14 (Audited).


ESSAR STEEL: Talks to Banks For Restructuring of Debt
-----------------------------------------------------
The Times of India reports that Essar Steel is in talks with
lenders to restructure its huge debt under the Reserve Bank of
India's 5/25 scheme that allows loans to be extended to 25 years
and terms to be reset every five years.  TOI relates that the
company has a debt of INR38,000 crore, of which about INR15,000
crore has already been covered under the 5/25 scheme. It now wants
the balance (excluding INR8,000 crore of working capital loan) to
be also covered under the scheme, which will bring temporary
relief to the troubled steel maker that is on a turnaround path,
the report says.

TOI notes that Essar Steel's gross profit margins have improved to
20%, emboldening the company to seek loan recast under the 5/25
scheme. Also, lenders, in the wake of the Kingfisher Airlines debt
fiasco, have warned corporate borrowers, especially those who have
got easier repayment terms, to improve operational efficiencies if
they want more flexibility.

The report relates that Essar Steel's gross profit margins have
improved following 70% capacity utilization at its plants, higher
demand for its steel products after the government set a minimum
import price to deter foreign players from undercutting local
steel mills and lower input costs.

Dilip Oomen, MD & CEO, Essar Steel, feels that bad days are behind
it and that the company is better placed now than it was earlier,
the report relays. With raw material (gas) prices halving to $6
per unit and better sale price realization, the company will be
able to achieve full production, Mr. Oomen, as cited by TOI, said.

Even as Essar Steel negotiates the loan restructuring package with
banks, the promoters -- the Ruia family -- are simultaneously
exploring a stake-sale in the closely held company, according to
the report. But the financial woes of the steel sector has
impacted valuations. Gross profit margins of steel companies have
dropped over 40% as cheap steel imports flooded the market,
impairing domestic manufacturers' debt-servicing capacity, the
report notes.

Incorporated in 1976, Essar Steel India Ltd. (ESIL) is a part of
the Essar Group and is having 10 MTPA integrated steel
manufacturing facilities at Hazira, Gujarat and iron ore
beneficiation and pelletisation facilities in Paradeep, Odisha (12
mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns
and operates two iron ore slurry pipelines -- one each in Odisha
(Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which
transport the iron ore slurry from the beneficiation plant
(located near the iron ore mines in Dabuna and Kirandul) to the
pellet plant (located near the Paradip and Vizag ports). A large
portion of the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost optimization.


FREEZE EXIM: CRISIL Reaffirms 'B' Rating on INR6MM LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Freeze Exim (FE)
continue to reflect the firm's modest scale of operations in the
intensely competitive seafood industry and modest financial risk
profile because of small networth. These weaknesses are partially
offset by the extensive experience of the partners in the seafood
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.1      CRISIL A4 (Reaffirmed)

   Bill Discounting      20        CRISIL A4 (Reaffirmed)

   Long Term Loan         6        CRISIL B/Stable (Reaffirmed)

   Packing Credit        45        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.9      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes FE will continue to benefit over the medium term
from the extensive industry experience of the partners. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile weakens most likely because of a
decline in cash accrual, large, debt-funded capital expenditure,
or sizeable capital withdrawal by the partners.

Set up in Kerala in 2000, FE processes and exports seafood such as
squid, tuna, and cuttlefish. The  operations are managed by four
partners, Mr. K Aboobacker, Mr. Usman Koya, Mr. Abdul Kader, and
Mr. Faisal Sulaiman.


FRIENDS TIMBER: CARE Assigns B+ Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Friends Timber Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B+ Assigned
   Short term Bank Facilities    16.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Friends Timber
Private Limited (FTPL) are constrained by weak financial risk
profile marked by thin profitability levels on the back of trading
nature of business and weak capital structure along with weak debt
coverage indicators, exposure to fluctuations in raw material
prices along with foreign exchange fluctuation risk, competitive
nature of the industry, working capital intensive nature of
business and high dependence on imports for procurement of timber
along with exposure to change in government policies.

However, the rating factors in the adequate experience and
qualification of the promoters and long track record of the
entity with geographically diversified revenue stream along with
diversified customer base.

The ability of company to improve its solvency position and
improve its profitability margins through increased volume of
orders along with efficient management of working capital
requirements are the key rating sensitivities.

FTPL is based out of Nagpur and was established as a partnership
concern named 'Friends Timber' in the year 1974 by Mr Anand Kohli,
Mr Satish Jaiswal and Mr Santosh Jaiswal. The partnership concern
was later reconstituted into a private limited company named
Friends Timber Private Limited in 1999 with Mr Anand Kohli as its
Managing Director (MD). Mr Anand Kohli has experience of around
four decades with this entity and is handling all the activities
in the entity with special focus on processing of timber logs.

The firm has a saw mill in Nagpur which is spread over an area of
2.5 acres and has thirteen machines with total installed capacity
of 5,500 cubic metric tonnes (CMT) per annum. FTPL imports
majority of its timber (teak round log) requirement from Yangon,
(Myanmar). The imported timber is then cut into different sizes in
the saw mills and supplied to wholesalers of timber mainly in the
state of Maharashtra and also exported majorly to countries such
as Belgium, United States of America and Netherlands, etc. The
company also undertakes trading of timber logs. FTPL earns
majority of its business from the processing segment whereas
trading contributes around 5% of total operating income.

In FY15 (refers to the period April 01 andMarch 31), FTPL earned
PAT of INR0.31 crore as against total operating income of INR53.72
crore. In FY15, FTPL earned PAT of INR0.31 crore as against total
operating income of INR53.72 crore.


GAUTAM CEMENT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gautam Cement
Works (GCW) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

GCW's ratings reflect the partnership nature of its business along
with its small scale of operations, reflected in its revenue of
INR348.4 million during FY15. Also, the credit profile of the
entity is weak, with interest coverage (operating EBITDA/gross
interest expenses) of 1.2x and net financial leverage (adjusted
net debt/operating EBITDAR) of 3.9x during FY15.

The company has a moderate liquidity profile reflected in 81.39%
utilisation of the working capital facility for the 12 months
ended January 2016.

However, the ratings are supported by over three decades of
experience of GCW's promoters in manufacturing prestressed
concrete poles. The EBITDA margin of the entity is also
satisfactory (FY15: 15.0%; FY14: 12.9%).

RATING SENSITIVITIES

Positive: An improvement in the revenue and credit metrics will be
positive for ratings.

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

COMPANY PROFILE

GCW was established as a partnership firm in 1972. It manufactures
highly durable and heavy duty prestressed concrete poles. These
poles are used extensively in the electrical industry. It has
manufacturing units in Tamil Nadu and a head office in Rajasthan.

GCW's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR13.3 million long-term loans: assigned 'IND B+'/Stable
-- INR50.0 million fund-based working capital limit: assigned
    'IND B+'/Stable
-- INR60.0 million non-fund-based working capital limit:
    assigned 'IND A4'


GHAZIABAD ALIGARH: CARE Reaffirms D Rating on INR1450.45cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Ghaziabad
Aligarh Expressway Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities    1450.45     CARE D Reaffirmed

Rating Rationale

The rating reflects the ongoing delays in debt servicing by the
company due to stressed liquidity position resulting from delayed
commercial operation of partial project stretch and generation of
insufficient toll collection. Ability of the company to improve
its liquidity and regularize its debt servicing will remain the
key rating sensitivities.

Ghaziabad Aligarh Expressway Private Limited (GAEPL), incorporated
in December 2009, was promoted by SREI Infrastructure Finance Ltd.
(SREI; rated CARE A+/CARE A/CARE A1+), PNC Infratech Ltd. (PNC;
rated CARE A+/CARE A1+) and Galfar Engineering and Contracting
India Pvt. Ltd. (GEC) as a Special Purpose Vehicle (SPV) to
undertake the four laning of Ghaziabad to Aligarh section of NH-91
spanning 126.0 km (from 23.60 km to 149.60 km), under NHDP Phase
III on Build, Operate and Transfer (BOT) Toll Basis.

The total cost of the project has undergone a revision from
INR2120.06 crore as earlier projected to INR2191.0 crore which
is expected to be funded at a debt:equity of 2.24:1 (considering
NHAI grant as equity). Out of the project cost, INR2110.20
crore has already been expended as on Dec.31, 2015.

The Concession Agreement (CA) was executed between GAEPL
(Concessionaire) and National Highways Authority of India
(NHAI) on May 20, 2010 for a concession period of 24 years from
the appointed date (i.e. February 25, 2011). The project has
already commenced partial tolling whereby 102.89 k.m. of stretch
out of total project stretch of 126 k.m. has become operational
from Jun.24, 2015 onwards vis-a-vis the scheduled COD of end of
March 2015. Such scheduled COD of the project has been further
extended to Apr.26, 2016 by NHAI. Despite, work on major portion
of the balance 23 k.m. of project stretch being completed, work on
the balance stretch is pending due to Right of Way (RoW) issues.

Collection of inadequate toll vis-a-vis the repayment obligations
of the company has resulted in a stretched liquidity position of
the company, thus resulting into delays. The promoters of the
company have been continuously infusing funds in GAEPL in the form
of unsecured loans to fund the debt repayments of the company. The
unsecured loan from promoters stood at INR80.32 crore as on
Mar.31, 2015. The promoters have further infused around INR46.06
crore in GAEPL during M9FY16.


H. N. AGRI: CRISIL Assigns B- Rating to INR150MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of H. N. Agri Serve Private Limited (HNAS;
part of the Harshna group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           150       CRISIL B-/Stable
   Term Loan             100       CRISIL B-/Stable

The rating reflects the Harshna group's large working capital
requirement, small scale of operations, and weak financial risk
profile because of high gearing and subdued debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive experience in the cold storage industry and benefits
derived from favourable government policies.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HNAS and Harshna Natural (HN). This is
because the two entities, together referred to as the Harshna
group, are in the same line of business and under the same
management.
Outlook: Stable

CRISIL believes the Harshna group will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the group scales up operations and improves
profitability, leading to larger-than-expected cash accrual and
better liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of larger-than-expected
receivables or less-than expected cash accrual.

The Harshna group is based in Jammu & Kashmir and promoted by Mr.
Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad
Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was
established in 2007, while HNAS was incorporated in 2011 and
started operations in October 2013. Both entities have a
controlled-atmosphere cold storage facility in Kashmir with
capacity of 5000 tonne each, and packing and grading lines for
apples.


HARSHNA NATURALS: CRISIL Assigns B- Rating to INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Harshna Naturals (HN; part of the Harshna
group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL B-/Stable
   Term Loan              50       CRISIL B-/Stable

The rating reflects the Harshna group's large working capital
requirement, small scale of operations, and weak financial risk
profile because of high gearing and subdued debt protection
metrics. These weaknesses are partially offset by its promoters'
extensive experience in the cold storage industry and benefits
derived from favourable government policies.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HN and HN Agri Serve Pvt Ltd (HNAS).
This is because the two entities, together referred to as the
Harshna group, are in the same line of business and under the same
management.
Outlook: Stable

CRISIL believes the Harshna group will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the group scales up operations and improves
profitability, leading to larger-than-expected cash accrual and
better liquidity. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of larger-than-expected
receivables or less-than expected cash accrual.

The Harshna group is based in Jammu & Kashmir and promoted by Mr.
Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad
Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was
established in 2007, while HNAS was incorporated in 2011 and
started operations in October 2013. Both entities have a
controlled-atmosphere cold storage facility in Kashmir with
capacity of 5000 tonne each, and packing and grading lines for
apples.


INDUS PALMS: CRISIL Suspends 'D' Rating on INR50MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Indus Palms Hotels and Resorts Limited (IPHRL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         50       CRISIL D

The suspension of rating is on account of non-cooperation by IPHRL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IPHRL is yet to
provide adequate information to enable CRISIL to assess IPHRL'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 2007 and promoted by Mr. E Sunil Reddy and
associates, IPHRL owns and operates Ella Hotels, a 5-star hotel in
Hyderabad.


JAGDAMBA FIBRES: CARE Assigns 'B+' Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jagdamba
Fibres Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Jagdamba Fibres
Private Limited (JFPL) is constrained by its relatively small
scale of operations, high leverage and weak debt coverage
indicators. The rating is further constrained on account of
JFPL's working capital intensive nature of operations,
susceptibility of its profitability to fluctuation in raw material
prices; being derivative of crude oil and its presence in a
competitive and cyclical textile (man-made fiber (MMF)) industry.

The rating, however draws strength from the vast experience of
JFPL's promoters in the textile industry as well as location
advantage available to JFPL; being present in the textile hub of
Surat (Gujarat).

JFPL's ability to increase its scale of operations along with
improvement in its profitability and capital structure as well as
efficient management of its working capital requirement would be
the key rating sensitivities.

Incorporated in May 1987, JFPL is a Surat-based (Gujarat) company
promoted by Mr Ved Prakash Goel and Mr Sajjankumar Agrawal. The
company is engaged in processing of synthetic yarns (also known as
man-made fiber (MMF)) as well as trading of grey fabrics. Its
product basket includes texturised yarn, draw winder yarn, air
texturised yarn etc. which find end-use application in preparation
of fabric for sarees, dress materials and curtains & drapes.
JFPL's sole manufacturing facility is located in Surat with an
installed capacity of 2,700 metric tons per annum (MTPA) as on
March 31, 2015.

Based on FY15 (refers to the period April 1 to March 31) audited
results, JFPL reported a total operating income (TOI) of INR33.23
crore INR30.18 crore in FY14) with a net loss of INR0.32 crore
(net profit of INR0.06 crore in FY14). Furthermore, as per 8MFY16
provisional results, JFPL reported a TOI of INR18.54 crore.


JAYPEE CEMENT: CARE Reaffirms 'D' Rating on INR2312.94cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jaypee Cement Corporation Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2312.94     CARE D Reaffirmed

   Short-term Bank Facilities     50.00     CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Jaypee Cement Corporation
Ltd (JCCL) continue to take into account delay in servicing of
debt obligations by the company due to its weak liquidity
position.

JCCL, a wholly-owned subsidiary of Jaiprakash Associates Ltd (JAL,
rated CARE D), has a 5 million tonne per annum (MTPA) cement plant
located at Krishna District in Andhra Pradesh (Balaji cement
plant) and a 3 MTPA cement plant at Shahabad, Karnataka (1.14 MTPA
capacity of Shahabad is operational as on March 31, 2015). Balaji
Cement plant, along with asbestos sheet, heavy engineering work
shop and hi-tech casting centre businesses were transferred from
JAL to the company pursuant to the demerger scheme approved by the
high court with effect from April 1, 2011. The company's 1.14 MTPA
cement capacity at Shahabad, Karnataka became operational in March
2015. Recently, JAL has entered into an MOU with Ultratech Cement
Ltd (rated CARE AAA) to sell a significant part of its cement
capacity and JCCL's plants are a part of the said MOU.

During FY15 (refers to the period April 1, 2015 to June 30, 2015),
JCCL reported operating income of INR1291.15 crore and net loss of
INR324.25 crore from continuing operations.


JINDAL STEEL: CARE Revises Rating on INR22,988.75cr Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the various bank facilities
and instruments of Jindal Steel & Power Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities    22,988.75     CARE D Revised from
                                              CARE BB+

   Short-term Bank Facilities    9,649.25     CARE D Revised from
                                              CARE A4+

   Non-Convertible Debentures      500.00     CARE D Revised from
   Programme-I                                CARE BB+

   Non-Convertible Debentures    1,000.00     CARE D Revised from
   Programme-II                               CARE BB+

   Non-Convertible Debentures      862.00     CARE D Revised from
   Programme-III                              CARE BB+

   Proposed Non-Convertible        100.00     CARE D Revised from
   Debentures Programme-IV                    CARE BB+

   Non-Convertible Debentures      750.00     CARE D Revised from
   Programme-V                                CARE BB+

   Commercial Paper Programme    4,150.00     CARE D Revised from
                                              CARE A4+

Rating Rationale

The revision in the ratings of Jindal Steel & Power Ltd (JSPL)
takes into account the delays in the debt servicing by the
company. The delays were largely attributable to stretched
liquidity position of the company following the delays in its
debt refinancing plans and materialization of its divestment/asset
monetization plans with weak cash flows from operations. JSPL's
operational cash flows have deteriorated sharply following the
steep fall in realisations which coupled with continued high debt
servicing obligation has affected the liquidity position of the
company.

The ratings continue to remain constrained by the cyclicality
inherent in the steel industry and regulatory risks related to
the mining sector. However, JSPL has integrated nature of
operations backed by captive iron ore mine as well as power,
diversified product mix and established promoter group with
diversified operations.

Going forward, the company's ability to service its debt
obligations in a timely manner and improve its capital structure
shall be the key rating sensitivities.

JSPL, part of the O P Jindal group, was formed in April 1998 by
hiving off the Raigarh and Raipur manufacturing facilities of
Jindal Strips Ltd. (JSL) into a separate company. JSPL is amongst
the leading Integrated Steel Producers (ISP) in the country. The
company's key business activities include manufacturing of sponge
iron, steel products and power generation with its operations
spread across Chhattisgarh (Raigarh and Raipur), Orissa (Barbil
and Angul) and Jharkhand (Patratu) in India. JSPL has an installed
steel manufacturing capacity of 4.75 MTPA (million tonnes per
annum) with sponge iron capacity of 3.17 MTPA and hot metal
capacity of 1.67 MTPA. The company also has power generation
capacity of 1,661 MW (including captive) as on
March 31, 2015, the surplus power from which is sold on merchant
basis.

It also has a presence outside India with major operations in
Oman, South Africa, Indonesia, Mozambique and Australia
through its various subsidiaries.

During 9MFY16, the company reported a PBILDT and net loss of
INR1,789 crore and INR873 crore, respectively on a total
operating income of INR9,273 crore as against a PBILDT and net
loss of INR3,376 crore and INR76 crore, respectively, on a
total operating income of INR10,117 crore during 9MFY15.


KANSAL OVERSEAS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kansal
Overseas (KO).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      4.5      CRISIL B/Stable
   Term Loan               0.5      CRISIL B/Stable

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

Established in 1998 and based in Karnal (Haryana), KO is a
proprietorship firm engaged in the processing basmati rice. The
firm is owned and managed by Mr. Kansal.


KANUPAT HIMGHAR: CARE Assigns 'B+' Rating to INR11.09cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kanupat Himghar Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.09      CARE B+ Assigned
   Short term Bank Facilities     0.09      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kanupat Himghar
Private Ltd (KHPL) are constrained by its short track record
with small scale of operations, regulated nature of the business,
seasonality of business with susceptibility to the vagaries of
nature, risk of delinquency in loans extended to the farmers and
traders, competition from other local players, working capital
intensive nature of business and high leverage ratios. The ratings
constraints are partially offset by the experience of the
promoters and its proximity to the potato-growing areas.
The ability to increase its scale of operations with an
improvement in profit margins and effective management of the
working capital would be the key rating sensitivities.

KHPL was incorporated in May 1997 by Mr Nemai Charan Ghosh, Mr
Sanjay Kumar Ghosh and MrDhananjoy Ghosh. After remaining dormant
for around one and half decade, it has commenced operations of
cold storage services and trading of potatoes in May 2013. The
cold storage facility of KHPL is located at Udaynarayanpur, Howrah
(West Bengal), with aggregated storage capacity of 16,789 metric
ton. KHPL earned revenue of around 62% (69% in FY14 [refers to the
period April 1 toMarch 31]) from trading activities and rest from
rental business in FY15.

During FY15, KHPL has reported a total operating income of INR6.02
crore (FY14: INR5.24 crore) with PAT of INR0.01 crore (FY14:
INR0.07 crore). Furthermore, in 9MFY16, the KHPL has earned
revenue of INR6.14 crore.


KOHINOOR RECLAMATIONS: CARE Assigns B+ Rating to INR7.76cr Loan
---------------------------------------------------------------
CARE assigns CARE B+/CARE A4 ratings to the bank facilities of
Kohinoor Reclamations.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.76      CARE B+ Assigned
   Short term Bank Facilities     3.54      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Kohinoor
Reclamations (KR) are constrained by its short track record of
operations with small scale of operations and weak solvency
position. The ratings are further constrained by the working
capital intensive nature of operations, susceptibility of
profitability margins to raw material prices & foreign exchange
fluctuations and constitution of the entity as a partnership firm.

The ratings, however, derive strength from the experienced
promoters, association with reputed client base and increasing
scale of operations. Going forward, the ability of the entity to
profitably scale up its operations, improve the overall solvency
position and manage the working capital requirements efficiently
will remain the key rating sensitivities.

Established in 2011, Kohinoor Reclamations (KR) is a Kathua-based,
Jammu and Kashmir (J &K) partnership firm currently being managed
by Mr S P Jain and Mrs Rajni Jain sharing profit and loss in the
ratio 60:40. The firm started its commercial operations in Jan-13.
KR has an annual installed capacity to manufacture 24,000 tonnes
of reclaimed rubber and rubber compounds (rubber tyres and tubes)
of various types and sizes. The main raw material of the firm
includes used rubber and various chemicals such as carbon, tyre
cord, etc. The entity imports nearly 60% of the total raw material
from United States of America (U.S.A), Europe, Pakistan etc. and
remaining raw material is procured domestically. KR sells, its
finished products (reclaimed rubber) to reputed clients including
Hero Cycles Limited, Metro Tyres Limited and Hindustan Tyres
Company, etc. The associate concerns of KR include Eastman
Reclamations (ER; established in 2012) and Kohinoor India Private
Limited (KIPL; established in 1970) engaged in the similar line of
business. KR registered a total operating income of INR17.19 crore
during FY15 (refers to the period of April 1 to March 31) with PAT
of INR0.48 crore as against total operating income of INR3.07crore
with net loss of INR2.46 crore in FY14.


MAHADIK SUGAR: CRISIL Suspends 'D' Rating on INR500MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Mahadik Sugar and Agro Products Limited (MSAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             500       CRISIL D

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

MSAPL was incorporated in 1999. The company was originally
promoted by Mr. Shankar Rao Mahadik and his family members. The
present promoters'Mr. Nrupal Patil, Mr. Sunil Kekal, and Mr.
Praviin Kekal'acquired MSAPL through Reliable Sugar and Allied
Industries Pvt Ltd (RSAIPL) in February 2013. RSAIPL is MSAPL's
majority shareholder with a 94 per cent stake.

Under Phase I, MSAPL set up an integrated sugar plant with
capacity of 2500 tonnes crushed per day (tcd) and a 9-megawatt
(MW) co-generation (co-gen) power plant in Farale in Kolhapur
(Maharashtra) at a cost of INR833.3 million. The plant was
commissioned and began commercial operations in December 2013. In
Phase II, MSAPL intends to expand capacity of its sugar plant to
3500 tcd and of the co-gen plant to 17 MW.


MARUTHI TUBES: CARE Reaffirms 'D' Rating on INR7.00cr ST Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Maruthi
Tubes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.65       CARE D Reaffirmed
   Short term Bank Facilities    7.00       CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Maruthi Tubes
Private Limited (MTPL) continue to remain constrained by continued
overdrawals due to the stressed liquidity position of the company.

MTPL was incorporated in March 1995 by Mr M. Raaghavendra, Mr M.
Nagesh Kumar and Mr M. Chandraiah. The directors have four decades
of experience in pipe, borewell and civil construction industry.
MTPL is engaged in civil construction works and manufacturing of
HDPE pipes. The company has started manufacturing HDPE Pipes under
the brand name "SUPER FLOW" with an initial capacity of 430 tons
per annum.

MTPL undertakes water supply projects including construction of
pipelines, civil structures such as overhead tanks, sumps, staff
quarters and installation of pumps, etc, including supply of HDPE
pipes for the projects. The company undertakes project on tender
basis from public sector, private sector and government
department.

MTPL registered a total operating income of INR23.20 crore and net
profit of INR0.42 crore for FY15 (refers to the period
April 1 to March 31) vis-a-vis total operating income of INR22.07
crore with a net profit of INR0.40 crore in FY14.


NILE OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Nile
Overseas.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15         CARE B+ Assigned

Rating Rationale

The rating assigned to Nile Overseas (NLO) is primarily
constrained by its small scale of operations, leveraged capital
structure and working capital intensive nature of operations. The
rating is further constrained by its presence in the fragmented
and competitive nature of industry, seasonality associated with
woolen products, exposure to raw material price volatility and
partnership nature of its constitution.

The ratings, however, draw comfort from experience of the partners
in varied business and favorable manufacturing location.

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

Panipat-based (Haryana) NLO was established in 2014 as partnership
concern by Mr Rajvir Sing Jaglan, Ms Jyoti Jaglan and Mr Siddharth
Jaglan sharing profit and losses in the ratio 25:50:25
respectively. They collectively look after the overall operations
of the firm.  NLO was established with an objective to manufacture
mink blankets. The firm has set up a manufacturing unit at Panipat
(Haryana) with an installed capacity of 14 ton blankets per day as
on January 31, 2016. NLO manufactures wide range of blankets like
double bed, single bed and baby blankets. NLO has commenced its
commercial operations from October, 2014.
The main raw material required for production is polyester yarn
which is procured mainly from traders based in Gujarat. The firm
procures the remaining raw materials like satin silk and dyeing
colors from Ludhiana, Jalandhar, Amritsar (Punjab) and New Delhi
and sells the same to dealers located in Panipat and nearby
regions under its various own brand namely "Nile Pride, Night
Star, Angel Platinum, Snow Panther" etc.

During FY15 (refers to the period October 01 to March 31), NLO has
achieved a total operating income (TOI) of INR15.69 crore with
PBILDT and net loss of INR2.11 crore and INR0.27 crore
respectively. In 10MFY16, NLO has achieved a total operating
income of INR29.18 crore.


OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR24.3MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Overseas Leather Goods
Company Private Limited (OLG) continue to reflect the company's
modest scale of operations in the intensely competitive leather
industry, and geographic concentration in its revenue profile. The
ratings also factor in an average financial risk profile because
of a small networth, average gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of OLG's promoter in manufacturing leather
fashion accessories, and its established relationship with
customers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Bill Purchase    24.3     CRISIL B/Stable (Reaffirmed)

   Packing Credit           89.6     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes OLG will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations and profitability, leading to much higher cash
accrual, or better working capital management, resulting in
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, particularly
liquidity, deteriorates, most likely because of lower-than-
expected profitability or substantial debt-funded working capital
requirement or capital expenditure.

OLG was set up by Mr. Anup Chattopadhyaya in 1986. It mainly
manufactures and exports leather fashion accessories at its unit
in Kolkata. The company also manufactures industrial safety
products.


P.G. SETTY: CARE Reaffirms B+ Rating on INR10.80cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
P.G. Setty Construction Technology Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.80      CARE B+ Reaffirmed
   Short term Bank Facilities    12.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of P. G. Setty
Construction Technology Pvt Ltd (PCTPL) continue to be constrained
by drop in profit margins, weakening of capital structure during
FY15 (refers to April 1 to March 31), volatility in raw material
prices and stretched operating cycle.

The ratings, however, derive strength from experience of the
promoters with established track record of operations, moderate
order book position and growth in income during FY15. The ability
of the company to win new orders and deleverage its capital
structure remains the key rating sensitivities.

PCTPL was established by Mr. P Gopala Setty as a proprietorship
concern as M/s. P G Setty in 1964. During 1970s, the family
business was converted to a partnership firm. Subsequently in
1999, the firm was reconstituted as a private limited company.

PCTPL is registered as class I contractor for the Government of
Karnataka and is engaged in the business of civil construction for
execution of low cost houses and layout construction services. It
also undertakes government projects under Mass Housing Schemes and
slum development projects of the government for economically
weaker sections.

PCTPL provides services of traditional and modern architecture,
Reinforced Cement Concrete (RCC) structure, structural steel and
composite structures, moderately high rise structures, large span
RCC and structural steel domes, structural steel space frames,
heritage - structures restoration and green-buildings.

PCTPL registered total operating income of INR24.80 crore and PAT
of INR0.71 crore in FY15 as against operating income of INR12.15
crore and PAT of INR0.48 crore in FY14.


PARENTERAL DRUGS: CARE Reaffirms 'D' Rating on INR416.91cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Parenteral
Drugs (India) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    416.91      CARE D Reaffirmed
   Long term/Short term          35.00      CARE D/CARE D
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Parenteral Drugs
(India) Limited (PDIL) continue to take into account the ongoing
delays in debt servicing of its bank facilities on account of its
weak liquidity arising out of lower capacity utilization and high
debt levels resulting into cash losses.

Incorporated in 1983, PDIL is a manufacturer of Intravenous Fluid
(IVF), one of the basic pharmaceutical compounds. The
manufacturing facilities of PDIL are located at Indore in Madhya
Pradesh and Baddi in Himachal Pradesh. PDIL sold the manufacturing
unit of one of its wholly owned subsidiaries, Infutec Healthcare
Limited (IHL, rated CARE B+/CARE A4, Erstwhile Goa Formulations
Ltd), to Fresenius Kabi India Private Limited for a consideration
of INR200 crore in March 2013. Subsequently, one of its
subsidiaries, Punjab Formulations Ltd has been merged with IHL
with effect from January 1, 2014. PDIL has also set up two
marketing subsidiaries, Parenteral Surgicals Limited (PSL, rated:
CARE D) and Parentech Healthcare Limited.

Based on the standalone financials for audited FY15 (refers to the
period April 1 to March 31), PDIL reported a total operating
income of INR175.99 crore (P.Y: INR243.34 crore) and net loss of
INR54.08 crore (P.Y: INR58.70 crore).  Based on the provisional
standalone results for 9MFY16 (refers to the period April 1 to
December 31), PDIL reported TOI of INR131.57 crore (9MFY15:
INR139.80 crore) and net loss of INR69.22 crore (9MFY15: INR36.59
crore).


PARENTERAL SURGICALS: CARE Cuts Rating on INR5.70cr LT Loan to D
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Parenteral
Surgicals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.70       CARE D Revised from
                                            CARE B

   Long term/Short term Bank     0.75       CARE D/CARE D
   Facilities                               Revised from
                                            CARE B/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Parenteral Surgicals Limited (PSL) takes into account the
delays in debt servicing of its bank facilities on account of its
weak liquidity arising out of subdued performance of its
parent company; Parenteral Drugs (India) Limited (PDIL, rated CARE
D) to whom it has operational linkages.

Parenteral Surgicals Limited (PSL) was originally incorporated as
Sanjiwani Medications Pvt. Ltd. in 2006. Subsequently, in
September 2008, the name of the company was changed to the present
one. PSL is a wholly owned subsidiary of PDIL. PSL is a marketing
arm of PDIL and is engaged in trading of Intravenous Fluids (IVF)
manufactured by PDIL. The company markets its products through
marketing and distribution network of PDIL reflecting strong
operational linkages with it.

Based on the audited financials for FY15 (refers to the period
April 1 to March 31), PSL reported a total operating income
of INR27.13 crore (P.Y: INR41.71 crore) and net loss of INR3.51
crore (P.Y: net loss of INR3.82 crore).


PARS RAM: Company Folds, Owner Declared Bankrupt
------------------------------------------------
Andrea Soh at The Business Times reports that a prominent business
leader within the local Indian community and his family have been
declared bankrupt following the liquidation of their spice and nut
trading business.

BT relates that Kirpa Ram Sharma, 60, had provided personal
guarantees to a number of banks for loans extended to his company,
Pars Ram Brothers, which was placed under provisional liquidation
in November 24 last year. Mr Sharma was a director and major
shareholder of the firm.

BT says Mr Sharma, having liabilities of more than US$130 million,
had filed for his own bankruptcy and was issued the order on Jan
28.

His wife Anju Sharma and son Kapil Dev Sharma were also declared
bankrupt after applications were filed against them by an Indian
bank, as they had acted as joint guarantors for the bank loans,
according to BT.

The company is said to owe money to between 10 and 17 banks, the
report says.

Accounting and advisory firm Moore Stephens' partners Mick Aw and
Neo Keng Jin have been made the trustees for their estate,
according to notices placed in BT on March 11. The firm is now in
the process of contacting various parties who may be involved, BT
understands.

The report notes that the fall of Pars Ram Brothers -- once a
promising small and medium enterprise -- has sent shockwaves
through the Indian business community.  According to the report,
Mr. Sharma was formerly a vice-chairman of the Singapore Indian
Chamber of Commerce and Industry (SICCI). BT understands that he
left SICCI a few months ago.

Pars Ram Brothers has a long history, having been established in
1937 by Mr Sharma's father. The firm traded spices, such as
cloves, cumin seeds and ginger, as well as cashew nuts, pulses,
rice and other agricultural products, and had a turnover of about
US$100 million in 2011, BT relates citing previous media reports.

The company had also ventured into markets including Australia,
Canada, Hong Kong, India, Latin America, the Middle East, North
and South Africa, Romania, Russia, Reunion Islands, Spain and
Turkey, its website showed.

BT adds that the firm is said to have had problems collecting
payment from customers in the Middle East. There is also
speculation that the firm was involved in speculative foreign
exchange trades and was hit by market fluctuations.

Mr Sharma declined to comment when contacted by BT.


PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Loan to B-
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pawar Patkar and D. S. Contractors Associates Private Limited
to 'CRISIL B-/Stable' from 'CRISIL B/Stable'; the rating on the
short-term facilities has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)
   Cash Credit          100        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')
   Proposed Long Term    30        CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in Pawar Patkar's
liquidity on account of sustained high working capital requirement
despite moderation in scale of operations. Amidst stay on the
construction of higher floor space (FSI) project, Pawar Patkar's
turnover has continuously declined while blockage of capital in
inventory has constrained its liquidity resulting in fully drawn
bank limits.

The ratings reflect below-average financial risk profile because
of modest networth, leveraged capital structure and weak debt
protection measures. The ratings also factor in small scale of
operations in highly competitive construction industry, and large
working capital requirement. These rating weaknesses are mitigated
by the promoter's extensive experience in the civil construction
industry.
Outlook: Stable

CRISIL believes Pawar Patkar's financial risk profile,
particularly liquidity, shall remain constrained by large working
capital requirement and modest networth. The outlook may be
revised to 'Positive' if liquidity improves because of equity
infusion or if there is significant and sustainable correction in
working capital cycle coupled with higher cash accrual.
Conversely, the outlook may be revised to 'Negative' if working
capital cycle is stretched by delay in project execution and
realisation of receivables, resulting in weak liquidity.

Pawar Patkar was established in 2010 by Mr. R D Pawar. The company
undertakes government-funded civil construction projects in
Nashik.


PEGMA RESOURCES: CARE Reaffirms 'B' Rating on INR19.05cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pegma Resources Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.05      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Pegma Resources
Private Limited (PRPL) factors in net losses incurred during
the last two financial years ended FY15 (refers to the period
April 1 to March 31) leading to stressed liquidity position and
weak solvency position. The rating continues to remain constrained
on account of its relatively modest scale of operations in the
highly competitive and fragmented industry and susceptibility of
the company's profitability to fluctuations in the raw material
prices.

The rating, however, continues to draw strength from the long-
standing experience of PRPL's promoters in the mineral industry
with financial support provided by them along with significant
growth in its scale of operations during FY15. PRPL's ability to
increase its scale of operation while improving profitability in
light of the volatile raw material prices and improvement in the
solvency position as well as efficient management of working
capital are the key rating sensitivities.

Beawar-based (Rajasthan) PRPL, incorporated in April 2012, was
promoted by Mr Sachin Nahar, Mr Nitin Nahar, Mr Ankur Sharma and
Ms Ruchika Sharma. PRPL is engaged in the manufacturing of
Flexible Intermediate Bulk Container (FIBC)/jumbo bag at its sole
manufacturing facility located at Beawar (Rajasthan) having an
installed capacity of 4,320 metric tonnes per annum (MTPA) as on
March 31, 2015. It started commercial operations from May 2013 and
FY15 was the first full year of operation for the company.

FIBC/jumbo bags are manufactured from Polypropylene (PP) or
Polyethylene (PE) and find their application in storing and
transporting free flowing dry products like flour, salt, cotton,
rice, seeds, potatoes, etc. PRPL caters to domestic market as
well as exports mainly to European countries and procures raw
material from Del Cadre Agents of Reliance Industries Limited.

During FY15, PRPL has reported a total operating income of
INR33.03 crore (FY14: INR13.91 crore), with net loss of INR0.84
crore (FY14: net loss of INR0.40 crore). As per provisional result
of 9MFY16, PRPL has achieved TOI of around INR25.00 crore.


PRADEEP TRANSCORE: CRISIL Suspends B+ Rating on INR50.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pradeep Transcore Private Limited (PTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4
   Cash Credit            55       CRISIL B+/Stable
   Letter of Credit       50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      9.5     CRISIL B+/Stable
   Term Loan              50.3     CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PTPL is yet to
provide adequate information to enable CRISIL to assess PTPL'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'.
PTPL, set up as a proprietorship firm named Pradeep Machinery
Tools in 2003, was reconstituted as a private limited company in
2005. The company primarily manufactures laminations from cold-
rolled grain oriented steel and solid insulating components for
power and distribution transformers. It is based in Allahabad
(Uttar Pradesh).


PRAKASH INDUSTRIAL: Ind-Ra Assigns IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prakash
Industrial Infrastructure Private Limited (PIIPL) a Long-Term
Issuer Rating of 'IND B'. The Outlook is Stable. A full list of
rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings reflect PIIPL's declining revenue and weak credit
metrics. The revenue has been declining since FY14 in the absence
of large projects on account of a general economic slowdown. In
FY15, revenue was INR230.7 million (FY14: INR305.5 million; FY13:
INR438.1 million), net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 7.3x (3.6x), and EBITDA interest cover
was 0.9x (1.8x).

The company has a moderate liquidity profile. Its use of the
working capital facilities was 93% during the 12 months ended
February 2016.

The ratings however are supported by the healthy revenue
visibility in view PIIPL's unexecuted order book of around
INR520.0m as of December 2015.

The ratings are also supported by the promoter's experience of
more than two decades in the industrial civil construction
business. PIIPL's strong EBITDA margin being in the range of 16%-
22% between FY12-FY15 also benefits the ratings.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Established in 1975, PIIPL is primarily engaged in industrial
civil construction for the private sector. The company is promoted
by Mr. Dinesh Agrawal. Provisional financials up to 3QFY16
indicate revenue of INR229.0 million, EBITDA margin of 23.6% and
interest coverage of 2.0x.

PIIPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
-- INR100 million fund-based working capital limit: assigned
    Long-term 'IND B'/Stable; Short-term 'IND A4'
-- INR93.7 million long-term loans: assigned Long-term 'IND
    B'/Stable


PRAKASH FERROUS: CRISIL Suspends B+ Rating on INR450MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prakash Ferrous Industries Pvt Ltd (PFIPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           6        CRISIL A4
   Cash Credit            450        CRISIL B+/Stable
   Letter Of Guarantee      4        CRISIL A4
   Letter of Credit        90        CRISIL A4
   Long Term Loan         372.4      CRISIL B+/Stable
   Proposed Long Term
    Bank Loan Facility    227.6      CRISIL B+/Stable

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

PFIPL was incorporated in 2007 as Prakash Ferrous Industries
(Bangalore) Pvt Ltd. The company was subsequently renamed as
PFIPL. It manufactures thermo-mechanically treated bars with
Tempcore technology at Srikalahasti in Chitoor (Andhra Pradesh).
It is a joint venture between Chennai-based Agarwal family and
Agra (Uttar Pradesh)-based Garg family.


PRECISE SEAMLESS: CRISIL Suspends B Rating on INR180.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Precise Seamless Apparels Private Limited (PSAPL).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit                10       CRISIL B/Stable
   Export Packing Credit     120       CRISIL A4
   Letter of Credit           70       CRISIL A4
   Term Loan                 180.5     CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
PSAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSAPL is yet to
provide adequate information to enable CRISIL to assess PSAPL'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 2004, PSAPL is engaged in manufacturing of
garments, particularly ladies' garments and their exports. The
company undertakes various operations such as knitting, dyeing,
finishing, and packaging. The company has its manufacturing
facilities in Delhi and is promoted by the Jindal family


PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Precision Operations
Systems India Private Limited (POSPL) continue to reflect the
company's modest scale of operations, large working capital
requirement, and exposure to intense competition in the security
equipment trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B+/Stable(Reaffirmed)

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

The ratings also factor in a small networth, modest total outside
liabilities to tangible net worth ratio, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes POSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in revenue and profitability margins, or a continued
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in the
company's capital structure caused most likely by a stretched
working capital cycle.

Set up in 1989 by Mr. Rajkumar Pandey and Mr. Kirit Manilal
Nanani, POSPL trades in security equipment. The company has an
approval from the Ministry of Defence (MOD) for selling security
equipment to MOD, the Ministry of Home Affairs, police
departments, and paramilitary forces. It buys a majority of its
products from Russia, and is the sole distributor of some of its
suppliers in India. The product range includes metal detectors,
bomb detection systems, RDX detectors, bullet-proof equipment, and
bomb suits. The company deals in around 250 items as per
specifications required by the government.


PREETI BUILDCON: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Preeti Buildcon
Private Limited (PBPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. A complete list of rating actions is at the end
of this commentary.

KEY RATING DRIVERS

The ratings reflect PBPL's small scale of operations as evident
from the top line of INR657.34 million in FY15 (FY14: INR210.67m),
and low EBITDA margin of 3.22% (4.51%).

The ratings are supported by around two decades of experience of
PBPL's promoters in civil construction works. The ratings are
further supported by PBPL's satisfactory credit metrics for FY15
due to low external borrowings with interest coverage (operating
EBITDA/gross interest expense) of 3.89x (FY14: 2.74x) and
financial leverage (adjusted net debt/operating EBITDAR) of
negative 2.23x (nil).

The ratings factor in the company's comfortable liquidity position
as evident from its 89.82% average working capital utilisation
during the 12 months ended February 2016.


RATING SENSITIVITIES

Negative: Decline in top line leading to deterioration in the
credit metrics will be negative for the ratings.

Positive: A significant improvement in the revenue while the
credit profile being improved or maintaining will be positive for
the ratings.

COMPANY PROFILE

PBPL was incorporated in 2009 and is engaged in the business of
civil construction works. It has its head office in Delhi.

PBPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR40 million fund based limits assigned
    'IND BB+'/Stable/'IND A4+'
-- INR24 million non-fund based limits assigned 'IND A4+'


R D ENGINEERS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of R D Engineers India
Private Limited (RDEPL) continue to reflect the company's working
capital-intensive operations, weak financial risk profile because
of high gearing and weak debt protection metrics, small scale of
operations, and high end-user-industry concentration. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the engineering goods industry, and
established relationship with customers and suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B-/Stable (Reaffirmed)
   Letter Of Guarantee   125        CRISIL A4 (Reaffirmed)
   Letter of Credit        0.8      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes RDEPL 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 an improvement in
the company's working capital cycle and if it's net cash accruals
increase significantly, leading to a sustainable improvement in
its capital structure and liquidity. Conversely, the outlook may
be revised to 'Negative' if RDEPL's working capital cycle
deteriorates further, or its operating performance is weaker than
expected, or if it undertakes an unanticipated debt-funded capital
expenditure programme.

Update
Operating income is expected at INR200-220 million in 2015-16
(refers to financial year, April 1 to March 31) as against about
INR184 million in the preceding year. Operating income was about
INR110 million in the nine months through December 2015. Operating
margin is likely to be 11-13 percent in 2015-16. However, on
account of working capital-intensive nature of operations, gross
current assets will remain at about over 400 days as on March 31,
2016.

The financial risk profile remains below average. Networth is
expected to be small at INR56-58 million and gearing high at 2.0-
2.2 times in the near term. The debt protection metrics will
remains subdued with interest coverage and net cash accrual to
total debt ratios of 1.6-1.8 times and 5-8 percent in 2015-16.

Net cash accrual is expected to be low at INR7-9 million, but
there are no term debt obligations, in the near term. Liquidity is
also supported by unsecured loans of about INR100 million as on
March 31, 2015; these loans are expected to remain in the business
over the medium term. However, to support incremental working
capital requirement, the company's bank line has remain highly
utilised at an average of about 87 percent during the 12 months
through January 2016.

RDEPL, incorporated in 1984 and promoted by Mr. S R Dua, designs
and fabricates critical process equipment such as pressure
vessels, heat exchangers, columns, and towers for the refinery,
petrochemical, and fertiliser industries. Its manufacturing
facilities are in Mumbai and Nashik.


RAJENDER PRASAD: CRISIL Assigns B Rating to INR77.5MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Rajender Prasad Pramod Kumar Jain (RPK) and assigned
its 'CRISIL B/Stable' ratings to the firm's facilities. CRISIL had
suspended the ratings vide its Rating Rationale dated September 2,
2015, since RPK had not provided necessary information required
for a rating review. RPK has now shared the requisite information,
enabling CRISIL to assign its ratings to the bank facilities.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Foreign Letter of        77.5      CRISIL B/Stable (Assigned;
   Credit                             Suspension Revoked)

The ratings reflect RPK's weak financial risk profile, driven by
large working capital requirements, small scale of operations,
intense competition in the timber industry, and susceptibility to
regulatory changes in the timber import business. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor in the timber business and the financial support
it receives from him.
Outlook: Stable

CRISIL believes that RPK will maintain its business risk profile
over the medium term backed by its long-standing presence in the
timber industry. The company's financial risk profile is expected
to remain constrained due to working capital-intensive nature of
operations. The outlook may be revised to 'Positive' if there is
improvement in working capital management leading to better
financial flexibility along with increase in networth. Conversely,
the outlook may be revised to 'Negative' if its financial risk
profile declines because of significant borrowings for capex or
working capital requirements.

RPK was incorporated as a proprietorship firm by Mr. Rajender
Prasad Jain in 1960. Till December 2009, the firm was engaged in
trading of timber logs. It started processing of timber logs from
January 2010. It has manufacturing facilities in Gandhidham
(Gujarat) and Delhi. The firm is currently managed by Mr. Rajender
Prasad Jain's sons Mr. Nitin Jain and Mr. Mohit Jain.

RPK recorded profit-after-tax (PAT) of Rs 2.0 million on operating
income of Rs 376.4 million in 2014-15 (refers to financial year,
April 1 to March 31) as against PAT of Rs 2.2 million on operating
income of Rs 334.4 million in 2013-14.


RAJIVA EXPORTS: CARE Reaffirms B+ Rating on INR4cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Rajiva
Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4         CARE B+ Reaffirmed
   Short term Bank Facilities     4         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to Rajiva Exports (REX) continue to be
constrained by its small and fluctuating scale of operations,
working capital intensive nature of operations, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by foreign exchange fluctuation risk, its presence in
the highly fragmented and competitive nature of trading industry
and its constitution as a proprietorship firm.

The ratings, however, continue to take comfort from the
experienced management along with long track record of
operations.

Going forward, the ability of the firm to improve its
profitability margins, manage its foreign exchange fluctuation
risk along with effective working capital management shall be the
key rating sensitivities.

Delhi-based REX was established in 1993 as a proprietorship
concern by Mr Rajiva Maheshwari. The firm is engaged in the
trading of iron and steel scrap and pulses. REX imports metal
scraps from Singapore, Tanzania and Ghana which are sold
to steel manufacturers in Maharashtra. The firm also imports
pulses from Tanzania and Myanmar and sells the same to milling
units engaged in processing of pulses domestically. In FY13
(refers to period April 01 to March 31), the firm started
trading of sunflower de-oiled cake and it imports the same from
Tanzania and sells the same to solvent extractors in Karnataka and
Maharashtra.

During FY15 (refers to the period April 01 to March 31), REX has
achieved a total operating income (TOI) of INR22.64 crore with
PBILDT and Net Profit of INR0.71 crore and INR0.08 crore,
respectively, as against TOI of INR44.06 crore with operating
and net loss of INR0.20 crore and INR0.93 crore, respectively, in
FY14. During 10MFY16 (unaudited), the firm has achieved a total
operating income of INR18.60 crore.


RELIANCE FABRICATIONS: CRISIL Reaffirms INR27.5MM B+ Loan Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reliance Fabrications
Private Limited (RFPL) continue to reflect RFPL's working capital-
intensive operations in the process-plant equipment industry, and
the company's small net worth and scale of operations. These
rating weaknesses are partially offset by the extensive industry
experience of its promoters and its strong customer base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)

   Cash Credit            27.5     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       10       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.3     CRISIL B+/Stable (Reaffirmed)

   Term Loan              13.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RFPL will continue to benefit over the medium term
from its established client relationship and promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company significantly improves its revenue and profitability,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' in case of a decline in its operating
margin or large debt-funded capital expenditure, resulting in
deterioration in its financial risk profile.

RFPL was established as a closely held company in 1966, promoted
by the Jamshedpur-based Gutgutia family. The company manufactures
process-plant equipment and maintenance spares for several
industries, including petroleum, refining, chemical, fertiliser,
steel, cement, and power.


ROLTA INDIA: S&P Lowers LT CCR to 'B+'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Rolta India Ltd. to 'B+' from
'BB-'.  The outlook is stable.  At the same time, S&P lowered its
long-term issue rating on the senior unsecured notes that Rolta
Americas LLC and Rolta LLC issued to 'B+' from 'BB-'.  Rolta, an
India-based information technology (IT) products and solutions
provider, guarantees the notes.

"We downgraded Rolta because we expect the company's leverage to
rise and its free operating cash flows to be negative over the
next 12 months," said Standard & Poor's credit analyst Ashutosh
Sharma.

In S&P's view, uncertainty is increasing over Rolta's rising
uncollected government receivables and capital expenditure for
India's defense and security related projects.  S&P now expects
Rolta to have negative free operating cash flows (FOCF) for fiscal
2016 (year ending March 31, 2016,) and a ratio of funds from
operations (FFO) to debt below 20% until fiscal 2017.

Although Rolta's management expects delays in payments from the
Indian government agencies to be sorted out over the next six to
12 months, S&P believes the recovery is uncertain and will be
gradual.  S&P also believes that Rolta's capital spending will
remain uncertain, particularly till the company submits the
prototype under the Indian defense battlefield management systems
contract.

"The stable outlook reflects our expectation that Rolta's revenue
will grow at a healthy rate of 10%-12% and its EBITDA margins will
be 32%-35% over the next 12 months," said Mr. Sharma.  "These
factors should temper the impact of the higher leverage."

S&P also anticipates that the company will contain its capital
expenditure and improve its receivables cycle, such that its FOCF
turns positive from fiscal 2017.

S&P may lower the rating on Rolta if S&P expects the company's
FFO-to-debt ratio to fall significantly below 15% over the next
two years.  This may happen if: (1) the company's uncollected
receivables or unplanned capital expenditure are significantly
higher than our base case; or (2) in an unlikely situation, EBITDA
margins fall materially below 32%.

S&P may also downgrade Rolta if the company's credit standing or
banking relationships weaken unexpectedly, resulting in increased
refinancing risks over the next 18-24 months.

S&P may raise the rating if Rolta: (1) wins a significant share of
India's defense battlefield management system contract; and (2)
maintains its healthy revenue growth, steady receivable cycle with
positive FOCF, and a FFO-to-debt ratio sustainably above 20%
without significant refinancing risks.


S.R. MOTEL: CRISIL Suspends B+ Rating on INR50MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
S.R. Motel and Resort (SRMR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            3        CRISIL B+/Stable

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

   Term Loan             50        CRISIL B+/Stable

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

SRMR is a partnership firm run by Mr. Shiv Kumar Gupta and Mr.
Rajeev Gupta. The firm registered in 2005, trades in cloth and
operates a motel by the name of 'Carnival Motel' on G.T. Karnal
Road, Delhi.


SAAB ENGINEERING: Ind-Ra Affirms IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SAAB
Engineering's (SAAB) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SAAB's small scale of operations,
volatile profitability and moderate credit metrics. Revenue was
INR883 million in FY15 (FY14: INR731 million), EBITDA interest
coverage (operating EBITDA/gross interest expense) was 3.8x (4.3x)
and net financial leverage (total adjusted net debt/operating
EBITDA) was 2.1x (2.1x). EBITDA margin fluctuated between 10% and
16.5% during FY12-FY15 on raw material price volatility. The
company recorded revenue of INR850 million in 10MFY16 due to an
increase in order inflow from existing customers.

The ratings also factor in the partnership nature of the
organisation.

The ratings however are supported by the company's comfortable
liquidity position with the fund-based facilities being utilised
at an average of 90.5% over the 12 month period ended February
2016. The ratings are also supported by SAAB's longstanding
customer relationships and its promoter's two-decade-long
experience in automobile component manufacturing.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations while
maintaining the profitability will be positive for the ratings.

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

COMPANY PROFILE

Established in 1992, SAAB was founded by Ajay K Balagopal and
Sanjiv K Balgopal in Bangalore. The firm manufactures automobile
components, such as alternator pulleys, spark plug housings,
sintered gears, synchroniser hubs, forged gears etc.

SAAB's ratings are as follows:
-- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook Stable
-- INR92.31 million fund-based working capital limits: affirmed
    at Long-term 'IND BB+'/Stable and Short-term 'IND A4+'
-- INR10 million non-fund based working capital limits: affirmed
    at Short-term 'IND A4+'
-- INR96.785 million term loans (reduced from INR107.69m):
    affirmed at Long-term 'IND BB+'/Stable


SENTHUR TEXTILES: CARE Reaffirms 'B' Rating on INR7.39cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Senthur
Textiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.39      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Senthur Textile
Private Limited (STPL) continues to be constrained by its small
scale of operations, low profitability, highly leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by susceptibility of margins to fluctuation in the prices of
cotton and presence in the highly fragmented and competitive
textile industry.

The rating however, continues to derive comfort from the long
experience of the promoters, proximity to the textile market and
government incentive for the sector. The rating also factors in
the marginal growth of STPL in the total operating income in FY15
(refers to the period April 1 to March 31).

The ability of the company to scale up its operations, improve
profitability amidst the increasing competition in the industry,
rationalization of debt level and manage its working capital
requirements efficiently are the key rating sensitivities.

STPL was incorporated in the year 1994, promoted by Mr P J
Ramkumar Rajha. STPL is completely owned and managed by his family
members and is engaged in the cotton yarn manufacturing. The
manufacturing unit is located at Rajapalyam, Tamil Nadu with an
installed capacity is 9,240 spindles as of February 2016. During
FY16, STPL sold 960 spindles (reducing the installed capacity
from10, 200 to 9,240) since the existing capacity were
underutilized.The day to day operations are managed by
Mr P J Ramkumar Rajha, Managing Director (who has got wide
experience of more than two decades in the business of yarn
production) along with Mr P R Jagadeesh Chandar (S/o Mr Ramkumar
Rajha, who joined the business in FY15 after completing his MBA in
Human Resource and industry experience of 1 1/2years.

As per the audited results, STPL incurred net loss of INR0.04
crore on a total operating income of INR22.46 crore in FY15
(refers to the period April 1 to March 31) as compared with PAT of
INR0.06 crore on a total operating income of INR21.62 crore. For
10MFY16 (provisional; refers to the period April 1 to December
31), STPL has achieved total income of INR20.04 crore.


SHREEJI AGRO: CARE Assigns B+ Rating to INR4.74cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Shreeji Agro.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.74       CARE B+ Assigned
   Long-term/ Short-term Bank    3.50       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shreeji Agro (SA)
are primarily constrained on account of short track record of
operations in fragmented agro industry with low entry barriers and
its financial risk profile marked by weak profitability, leveraged
capital structure, weak debt coverage indicators and stressed
liquidity position. The ratings are also constrained on account of
customer and supplier concentration risk.

The above constraints far offset the benefits derived from the
experience of the partners and group support along with favorable
growth prospects in the agro industry.

The ability to increase its scale of operations with improvement
in profitability, capital structure and improvement in
solvency position are the key rating sensitivities.

Rajkot-based (Gujarat) SA was established as a partnership firm on
June 15, 2012, to manufacture and sell gaur gum powder under the
brand name 'Shreeji Agro'. Gaur gum finds application in the food,
pharmaceutical, cosmetic and textile industry. Actively managed by
Mr Vimal Bhut, the entity fully exports its produce to countries
like Japan, Germany and Russia. It has its current manufacturing
facilities in Rajkot with an installed capacity of 30 tonnes of
powder per day.

During FY15 (refers to the period April 1 to March 31), SA
reported a net loss of INR0.85 crore on a TOI of INR4.12 crore. As
per the provisional results for 10MFY16 (refers to the period
April 1, 2015 to January 31, 2016), SA registered a TOI of INR6.59
crore.


SOLENZO CERAMIC: CRISIL Assigns 'B' Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Solenzo Ceramic Private Limited (SCPL).
The ratings reflect the company's large working capital
requirement, and small scale of operations in a fragmented
ceramics industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             60        CRISIL B/Stable
   Bank Guarantee        12        CRISIL A4
   Cash Credit           27.5      CRISIL B/Stable

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an increase in scale of
operations, leading to substantial cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of low cash accrual
because of subdued order flow or profitability, or weakening of
the company's financial risk profile because of substantial
working capital requirement or debt-funded capital expenditure.

SCPL, established in Morbi (Gujarat) in 2014, is promoted by Mr.
Deepak Patel and his family members. The company manufactures
ceramic wall tiles. It commenced operations in April 2015 and has
a capacity of around 40,000 tonnes per annum.


SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR77MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Somnath
Cotton Private Limited (SCPL) continues to reflect the company's
exposure to risks related to a fragmented and intensely
competitive cotton industry, restricting its scale of operations,
and susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            77       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations along with profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of higher-than-expected debt contracted to fund
incremental working capital requirement or capital expenditure,
resulting in deterioration of the company's capital structure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), sales
were around INR323 million, a year-on-year decline of 24 percent
on account of lower average realisation for cotton. Over the
medium term, sales are expected to grow at a modest pace. In 2014-
15, operating profitability remained low at 3.3 per cent and is
expected at 3.50 to 4.0 percent over the medium term because of
low value addition and the fragmented nature of the industry.
Working capital requirement was high; gross current assets (GCAs)
were at 120 days, with inventory of 94 days and moderate book debt
of 28 days, as on March 31, 2015. Over the medium term, GCAs are
expected to be 100 to 120 days with a rise working capital
requirements to rise with its scale of operations. As on
March 31, 2015, gearing was high at 2.10 times due to higher
working capital debt and a modest net worth. Over the medium term,
the gearing is expected at 1.5 to 2.0 times on account of moderate
to high reliance on bank debt to fund incremental working capital
requirement coupled with modest net worth. Over this period, debt
protection metrics are expected to remain weak with interest
coverage ratio at 1.40 to 1.80 times and net cash accrual to total
debt ratio at 0.06 to 0.08 time, due to modest profitability
compared with debt levels. Liquidity remains stretched due to high
working capital requirement and limited financial flexibility.
However, liquidity is supported by absence of term debt repayment
and funding by promoters.

SCPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR322.7 million in 2014-15 as compared to a PAT of
INR1.9 million on net sales of INR426 million in 2013-14.

Incorporated in 2006, SCPL is promoted by Talaja, Gujarat-based
Mr. Kababhai Madhabhai and his family members and friends. The
company mainly gins and presses cotton into bales, but also
extracts oil from cotton seeds.


SUPREME VASAI: Ind-Ra Cuts INR1,540MM Loan Rating to 'IND D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme Vasai
Bhiwandi Tollways Private Limited's (SVBTPL) INR1,540 million
long-term senior project loans to 'IND D' from 'IND BB+'. The
Outlook was Stable.

KEY RATING DRIVERS

The downgrade reflects SVBTPL's delays in debt servicing for a
period of more than 30 days as on 31 March 2015, as reported in
the audited financial statements shared with Ind-Ra for FY15.

RATING SENSITIVITIES

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

COMPANY PROFILE

SVBTPL is a special purpose vehicle, acquired by Supreme Infra BOT
Private Limited in October 2013. Supreme Infra BOT is a 100%
subsidiary of Supreme Infrastructure India Ltd ('IND D') and the
holding company of the Supreme Group for its build-operate-
transfer projects. SVBTPL has taken over the concession and toll
collection rights of the 26.425km road in Maharashtra. This was
through the execution of a concession agreement among the Public
Works Department, the government of Maharashtra, lenders'
consortium and the concessionaire, after the erstwhile
concessionaire failed to meet the obligations under the
agreements. The total project cost of INR2,140 million is being
financed by debt of INR1,540 million debt and the remaining by
equity.


SURYAGOLD AGROFOOD: CRISIL Assigns B Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Suryagold Agrofood Private Limited (SAPL). The
rating reflects SAPL's weak financial risk profile due to low
accrual and small networth. These weaknesses are mitigated by the
promoters' experience in the agricultural commodity industry and
moderate scale of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B/Stable
   Cash Credit           60        CRISIL B/Stable
   Proposed Cash Credit
   Limit                 30        CRISIL B/Stable

Outlook: Stable

CRISIL believes SAPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
significantly higher-than-expected cash accrual is reported,
backed by improvement in scale of operations, while maintaining
working capital cycle. Conversely, the outlook may be revised to
'Negative' if low cash accrual, a substantial debt-funded capital
expenditure, or inefficient working capital management weakens
financial risk profile.

Incorporated in 2008, SAPL is managed by Mr. Subhash Chand Goyal
and family, having over two decades of experience. It processes
chana dal (split chickpeas) at the production facility in Sri
Ganganagar, Rajasthan having an installed capacity of 150 metric
tonne per day.

Profit after tax was INR0.13 million with net sales of INR474.6
million in 2014-15 (refers to financial year, April 1 to March 31)
against profit after tax of INR0.8 million with net sales of
INR274.7 million in 2013-14.


TEE VENTURES: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Tee
Ventures India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tee Ventures India
Private Limited (TVIPL) is constrained by the inherent execution
and stabilization risk associated with the debt-funded project
with debt yet to be tied up and susceptibility of profit to
fluctuation in the raw material prices and presence in a
competitive sports goods manufacturing industry.

These factors far offset the benefits derived from experienced and
resourceful management, location advantage of the project and
favorable industry scenario.

The ability of TVIPL to successfully complete and stabilize the
project within the envisaged time and cost and thereafter
achieving the envisaged sales and profitability are the key rating
sensitivities.

Incorporated in 2011 by Mr Dhiren Shah, Mr Shreyam Shah, Ms
Moneshi Shah and Mr Gopinathan Krishna Kumar, Tee Ventures (India)
Private Limited (TVIPL) is currently setting up unit to
manufacture golf balls (Contract manufacturing) at Saykha GIDC in
Gujarat. The manufacturing facility will be spread across 36,000
sq. feet and proposed to have a total installed capacity of 12,000
dozen of golf ball's per day (4.32 million dozen p.a.) The company
proposes to import 85% of its required raw material from South
Africa, USA and other countries China and other countries and 15%
would be purchased from domestic market. Furthermore, TVIPL plans
to export 100% of golf balls to countries like US, UK and others.


UNIMECH INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Unimech
Industries Pvt Limited's (UIPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. A full list of outstanding ratings is
at the end of his commentary.

KEY RATING DRIVERS

The ratings continue to reflect UIPL's small scale of operations
along with moderate credit metrics. In FY15, revenue was INR376
million (FY14: INR324 million) with interest coverage of 1.7x
(1.8x) and net financial leverage of 5.2x (3.1x). The ratings are
also constrained by the company's declining EBITDA margins since
FY12 (FY15: 6.5%; FY14: 9.7%).

However, the ratings are supported by UIPL's promoters' three
decades of experience in manufacturing machine components for
automobiles and tractors.


RATING SENSITIVITIES

Positive:  An increase in the scale of operations and expansion of
the EBITDA margins leading to a sustained improvement in the
credit profile will be positive for the ratings.

Negative: A further decline in the profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

Established in 1978, UIPL has its registered office and
manufacturing facilities in Coimbatore, Tamil Nadu. The company
manufactures machine components for automobiles and tractors. The
company has been exporting to countries such as France and the US
since 2007.


UIPL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
-- INR97.5 million fund-based limits (increased from INR77.50m):
    affirmed at 'IND BB-'/Stable
-- INR78 million non-fund-based limits (increased from
    INR12.50 million): affirmed at 'IND A4+'
-- INR34.6 million term loan: assigned 'IND BB-'/Stable


VIJAY AUTOMOBILES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijay Automobiles
(VA) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.
The agency has also assigned the firm's INR100m fund-based working
capital limit a Long-term 'IND B+' rating with Stable Outlook and
a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect VA's stressed liquidity position, as evident
from two instances of over-utilisation of its fund-based working
capital limits by over 15 days during the six months ended
February 2016. Its working capital cycle deteriorated to 102 days
in FY15 (FY14: 81days) due to a high inventory holding period of
57 days in FY15 (43 days) as well as high debtor days (FY15: 54;
FY14: 51).

The ratings however are supported by its moderate credit profile.
In FY15, its revenue was INR1,007.05 million (FY14: INR928
million), net financial leverage (total adjusted net
debt/operating EBITDA) was 5.05x (3.35x) and gross interest
coverage (operating EBITDA/gross interest expense) was 3.23x
(3.36x). Its margins dipped to 4.20% in FY15 (FY14: 4.36%) as the
company sacrificed on margins to boost sales.

The ratings also draw support from its promoters' experience of
over four decades in the spare parts trading business.

RATING SENSITIVITIES

Positive: Improvement in its liquidity profile will lead to a
positive rating action.

Negative: A decline in operating profitability leading to
deterioration in its credit metrics, and/or a further stretch on
the liquidity, will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1972, VA is an authorised distributor of spare
parts for Tata Motors' commercial vehicles in Alwar, Rajasthan. It
supplies spare parts to wholesalers and retailers as well as to
commercial vehicle service centres across 30 districts in
Rajasthan. It is managed by four partners: Nitin Jagdish Prasad
Agarwal, Vijay Kumar Agarwal, Sunil Kumar Agarwal and Radha Devi
Agarwal.


VIORICA HOTELS: CRISIL Suspends 'D' Rating on INR750MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Viorica
Hotels Private Limited (VHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             750       CRISIL D

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

VHPL was incorporated in 2006. The company operates a hotel,
Holiday Inn, in Pune (Maharashtra). Holiday Inn began commercial
operations in April 2012. VHPL is promoted by Vascon Engineers
Ltd, a real estate developer in Pune, in association with other
real estate players such as Jasper Realtors Pvt Ltd, Jasper
Developers Pvt Ltd, and Pristine Hospitalities Pvt Ltd.


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


SHARP CORP: Foxconn to Reduce Offer by JPY100BB, Jiji Says
----------------------------------------------------------
Thomson Reuters, citing Jiji News, reports that Foxconn is likely
to reduce its capital injection into Sharp Corp by around JPY100
billion ($898 million), from an initial plan of JPY489 billion.

Last month, Sharp said it would issue around $4.4 billion worth of
new shares to give Foxconn a two-thirds stake, but the Taiwanese
electronics company put its takeover bid on hold at the last
minute due to what sources said was the discovery of previously
undisclosed liabilities, Reuters relates.

According to Reuters, Jiji reported that Foxconn is reviewing the
bid given concerns about future losses as well as on deterioration
in Sharp's earnings in the financial year to
March 31.

Jiji added that Foxconn, formally known as Hon Hai Precision
Industry Co, will lower the purchase price of new share offers
from Sharp from a planned 118 yen per share, while retaining the
plan to own two-thirds stake in Sharp, Reuters relates.

Sharp aims to hold a board meeting to decide on the new rescue
deal by the end of month, the news wire said.

Sharp was not immediately available for comment, Reuters notes.

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

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


TOSHIBA CORP: Eyes JPY200 Billion in Asset Sales
------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. plans to unload
sizable assets to shore up its financial footing weakened in the
wake of an accounting scandal.

Nikkei relates that the embattled diversified company said on
March 18 that it is considering selling securities and other
assets worth around JPY200 billion ($1.79 billion) in the year
through March 2017.

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

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

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

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

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

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

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



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


PRIME GLOBAL: Incurs US$149,000 Net Loss in First Quarter
---------------------------------------------------------
Prime Global Capital Group Incorporated filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$148,646 on US$412,749 of net total
revenues for the three months ended Jan. 31, 2016, compared to a
net loss of US$519,274 on US$537,410 of net total revenues for the
same period in 2015.

As of Jan. 31, 2016, Prime Global had US$48.25 million in total
assets, US$18.75 million in total liabilities and US$29.50 million
in total equity.

The Company said its continuation as a going concern is dependent
upon improving the profitability and the continuing financial
support from its stockholders or other capital sources. Management
believes the existing shareholders or external debt financing will
provide the additional cash to meet the Company's obligations as
they become due.

As of Jan. 31, 2016, the Company had cash and cash equivalents of
$454,788, as compared to $934,392 as of Jan. 31, 2015. The
Company's cash and cash equivalents decreased as a result of cash
used in operation and repayment of bank loans and repayment to
related parties.

"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we have assumed
discussed below, to begin development activities. We also expect
our general and administrative expenses to increase as we expand
our finance and administrative staff, add infrastructure, and
incur additional costs related to cope with our development
activities, including directors' and officers' insurance and
increased professional fees," the Company stated.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/rNK1lP

                        About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting, programming
and website development services); (ii) plantation business
(including oilseeds and castor seeds business); and (iii) its real
estate business. In the fourth quarter of fiscal 2014, the Company
discontinued its castor seeds business in China, and in December
2014 it discontinued the software business (the provision of IT
consulting, programming and website services) in Malaysia. As a
result, the Company no longer conduct business operations in China
and anticipate winding down or otherwise selling its interests in
the following entities: Power Green Investments Limited; Max Trend
International Limited and Shenzhen Max Trend Green Energy Co Ltd.
Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million for
the year ended
Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Oct. 31, 2015. All these
factors raise substantial doubt about its ability to continue as a
going concern.



===============
M O N G O L I A
===============


CAPITAL BANK: Moody's Assigns First-Time B3 Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings to Capital Bank LLC: local currency and foreign currency
long-term deposit ratings of B3; local currency and foreign
currency short-term deposit ratings of NP; as well as a baseline
credit assessment (BCA) and adjusted BCA of caa1.

In addition, Moody's has assigned Capital Bank a long-term
counterparty risk assessment of B2(cr), and short-term
counterparty risk assessment of NP(cr).

The ratings outlook is stable.

RATINGS RATIONALE

Capital Bank's BCA reflects the bank's 25-year track record of a
good level of solvency in the context of Mongolia's operating
environment, which is sensitive to boom-bust cycles because of the
undiversified nature of the economy and the large contribution to
GDP from the mining sector.

However, the bank's BCA is constrained by its modest customer
deposit base, given that it is a medium-sized institution in
Mongolia's banking system, as well as its deteriorating asset
quality and profitability, owing in turn to the challenging nature
of the operating environment.

The key drivers of Capital Bank's ratings are:

(1) its stabilizing capital position owing to the presence of
     supportive major shareholders;

(2) its deteriorating asset quality owing to the challenging
     nature of the operating environment;

(3) its moderate level of funding and liquidity because of the
     poor growth in customer deposits at its mid-sized franchise.

Moody's also says that the high probability of support from the
Government of Mongolia (B2 negative) is underpinned by the bank's
important position as the seventh-largest bank in the country by
assets.

What Could Change the Rating -- Up

Upward pressure on Capital Bank's local currency and foreign
currency long-term deposit ratings and BCA is unlikely in the near
term.

However, Moody's would consider to upgrade Capital Bank's long-
term deposit ratings if the bank improves its funding structure
and establishes a track record of maintaining healthy capital,
asset quality and profitability metrics through the economic
cycle.

What Could Change the Rating -- Down

Moody's would downgrade Capital Bank's local currency and foreign
currency long-term deposit ratings if its BCA was lowered.

The bank's BCA could be lowered if: (1) its Tangible Common Equity
capital ratio falls below 8.0%; (2) its annual net income to
tangible assets ratio falls below 0.5% due to a sharp increase in
credit losses; or (3) its asset quality deteriorates
significantly; for example, its new nonperforming loans to gross
loans ratio exceeds 4.0%.

Capital Bank LLC is headquartered in Ulaanbaatar. It is the
seventh largest bank in Mongolia in terms of assets, which totaled
MNT745.6 billion (approximately USD373.6 million) at end-December
2015. The bank was established in 1990, which -- in the context of
privately owned commercial banks in Mongolia -- translates into
the longest operating history for the sector.



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


UCI HOLDINGS: Gets Reprieve After Missing Payments
--------------------------------------------------
Paul McBeth at BusinessDesk reports that NBR Rich Lister Graeme
Hart's UCI Holdings auto parts business has been given some
breathing space by most of its bondholders after missing a US$17.3
million interest payment last week.

BusinessDesk relates that UCI said on March 18, investors holding
more than 80% of the US$400 million of February 2019 bonds agreed
not to "seek to enforce any remedies against the company as a
result of the event of default due to the failure to make the
interest payment."  The so-called forbearance arrangement can be
ended at short notice.

According to BusinessDesk, the auto parts business had already
exercised a 30-day grace period to put off paying the half-yearly
installment on the bond's 8.63% interest payment which expired
last week. At the same time, UCI appointed restructuring
specialist Alan Carr to its board and started negotiating with
certain noteholders.

"The company is engaged in discussions with representatives of
these noteholders," UCI said. "The company believes it has
sufficient liquidity to continue meeting all of its obligations to
employees, customers, and suppliers while these forbearance
arrangements remain in effect."

BusinessDesk notes that the exercise of the grace period prompted
Standard & Poor's to cut UCI's credit rating one notch to 'CCC',
meaning the rating agency saw a 50/50 chance the auto parts firm
would default on its debt, and lowered the outlook to credit watch
negative, suggesting a 50%  chance of a further downgrade within a
90-day period.

According to BusinessDesk, the yield on the junk bonds jumped
above 89% following the downgrade and was recently near 87%,
having been near 16% before UCI last reported earnings in October.
A soaring bond yield means the value of the debt has slumped and
typically suggests that bond investors see less chance of getting
interest payments or their money back, the report notes.

BusinessDesk relates that UCI has yet to file its fourth-quarter
and annual 2015 accounts with the US Securities and Exchange
Commission since reporting a 68% slump in third-quarter adjusted
earnings before interest, tax, depreciation and amortisation to
US$6.3 million.

According to the report, Mr Hart put UCI in strategic review in
2014 and amended the company's credit agreements to enable asset
sales, before selling its Wells vehicle electronics business for
US$251 million.

BusinessDesk says the auto parts firm refinanced $US75 million
bank debt with a new credit line with Credit Suisse in September
last year, which left it with debt ofS$US477.1 million as at
September 30, and a month later it repaid $US12 million of that
facility.

The bonds were sold during Mr Hart's 2011 leveraged buyouts of UCI
for $US980 million and a separate auto parts firm, FRAM Group, for
$US950 million. Holders of the debt include BlackRock, JP Morgan,
Credit Suisse and Pimco, BusinessDesk discloses citing Reuters
data.

BusinessDesk says the New Zealand billionaire started building the
auto parts business when he was most of the way through creating a
much larger packaging empire, Reynolds Group Holdings, using junk
bonds to fund both expansions when near-zero interest rates around
the world left investors clamouring for real returns.

According to BusinessDesk, junk bonds fell out of favour among
investors through the tail end of last year when a New York high-
income fund was frozen, slumping oil prices strained the ability
of some energy companies to service their debt, and as the
prospect of higher US interest rates increased the allure of
government bonds.

Investors have since recovered some confidence in the high-
yielding notes as fears about stalling economic activity abate and
as global interest look set to stay near zero, adds BusinessDesk.

Auckland, New Zealand-based UCI Holdings Limited designs,
develops, manufactures, and distributes vehicle replacement parts.
The company offers various filtration products, including oil,
air, fuel, transmission, cabin air, fuel dispensing, and hydraulic
filters, as well as PCV valves and fuel/water separators. It also
provides fuel delivery systems comprising fuel pump assemblies,
electric and mechanical fuel pumps, and strainers and kits;
cooling products, such as aluminum and cast iron cooling systems,
and fan clutches; and vehicle electronics components, including
distributor caps and rotors, ignition coils, electronic controls,
sensors, emission components, solenoids, switches, voltage
regulators, and wire sets.


URBAN CONSTRUCTION: 150 Creditors Unlikely to Get Repayment
-----------------------------------------------------------
Nick Truebridge at Stuff.co.nz reports that a Christchurch
construction firm has gone bust owing about NZ$1.5 million and
leaving nearly 150 unsecured creditors unlikely to see a cent.

Urban Construction went into liquidation on February 9 with
estimated debts of NZ$729,708 to unsecured creditors. It also owed
NZ$498,922 to ASB Bank, an estimated NZ$82,762 to the Inland
Revenue Department and an estimated NZ$58,653 of unpaid wages and
holiday pay, Stuff.co.nz discloses.

In its report, liquidator Rodgers Reidy attributed the company's
demise to cashflow difficulties, loss of a significant contract,
delays in workflow and loss of support from the company's
financier, according to Stuff.co.nz.

According to Stuff.co.nz, Nobull Gas and Plumbing owner Paul
McGillivray is one of many Christchurch subcontractors left out of
pocket following the collapse of Urban Construction. Some of the
NZ$13,000 he lost would have gone into paying for tools.

Stuff.co.nz relates that the company's director blamed "repeated
delays" in the insurance company repair programme it was working
for as a key reason for the collapse.

Many of the 156 debtors are local subcontractors and unsecured
creditors, Stuff.co.nz discloses.  "We estimate there will be no
funds available for [them]," Stuff.co.nz quotes joint liquidator
Lynda Smart as saying.

Subbies spoken to by Stuff.co.nz said they were resigned to
writing off their debts and that it wasn't the first time they had
lost money in a building company collapse.

Skilled Electrical Ltd owner Dean Wilson said he was owed
NZ$21,000 by Urban Construction and believed his chances of seeing
a cent were "nil," adds Stuff.co.nz.

According to Stuff.co.nz, joint liquidator Geoff Brown said Urban
Construction, which is registered under the name Black Marlin Ltd
and also traded as Dyck Decorators, was working on about 20
properties in Christchurch. The company did painting and
decorating jobs as well as building work, he said.

"We are working through each of these jobs/sites individually to
ensure that all invoicing is undertaken for the work completed to
the date of liquidation and also to determine if the jobs will be
completed," Stuff.co.nz quotes Mr. Brown as saying.

Stuff.co.nz relates that Urban Construction director Dietmar Dyck
said his company restructured heavily and cut costs to try to
stave off liquidation, but small businesses like his were beholden
to bigger industry players.

"In particular, our recent work within the IAG Hawkins repair
programme, which was our core work, exacerbated our cashflow
situation through the repeated delays in the variation process
which at the end of the day delayed the home owner from getting
back into their homes.

"From my viewpoint the repair programme isn't designed to repair
homes in a timely and efficient manner, however it is designed
with the unintended consequence for the Project Management Offices
to charge their six-minute increments to the insurance company and
add unnecessary waste into the system."

That led to project delays, which disrupted workflow and left
tradesman idle, Mr. Dyck, as cited by Stuff.co.nz, said.



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


* BOND PRICING: For the Week March 14 to March 18, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAGEME    7.00    04/01/21    USD      39.00
BOART LONGYEAR MANAGEME    7.00    04/01/21    USD      39.00
CML GROUP LTD              9.00    01/29/20    AUD       0.99
EMECO PTY LTD              9.88    03/15/19    USD      48.50
EMECO PTY LTD              9.88    03/15/19    USD      47.75
IMF BENTHAM LTD            6.52    06/30/19    AUD      73.25
KBL MINING LTD            12.00    02/16/17    AUD       0.23
KEYBRIDGE CAPITAL LTD      7.00    07/31/20    AUD       0.69
LAKES OIL NL              10.00    03/31/17    AUD       6.30
MCPHERSON'S LTD            7.10    03/31/21    AUD      74.13
MIDWEST VANADIUM PTY LT   11.50    02/15/18    USD       6.50
MIDWEST VANADIUM PTY LT   11.50    02/15/18    USD       6.13
ORIGIN ENERGY FINANCE L    4.00    09/16/74    EUR      74.17
STOKES LTD                10.00    06/30/17    AUD       0.43
TREASURY CORP OF VICTOR    0.50    11/12/30    AUD      66.32


CHINA
-----

ANSHAN CITY CONSTRUCTIO    8.25    03/05/19    CNY      65.00
ANSHAN CITY CONSTRUCTIO    8.25    03/05/19    CNY      64.30
BANGBU CITY INVESTMENT     5.78    08/10/17    CNY      55.64
BEIJING ECONOMIC TECHNO    5.29    03/06/18    CNY      72.35
CHANGSHA HIGH TECHNOLOG    7.30    11/22/17    CNY      73.78
CHANGSHU CITY OPERATION    8.00    01/16/19    CNY      64.55
CHANGSHU CITY OPERATION    8.00    01/16/19    CNY      63.95
CHANGZHOU INVESTMENT GR    5.80    07/01/16    CNY      40.27
CHANGZHOU INVESTMENT GR    5.80    07/01/16    CNY      37.84
CHANGZHOU WUJIN CITY CO    5.42    06/09/16    CNY      48.18
CHANGZHOU WUJIN CITY CO    5.42    06/09/16    CNY      50.00
CHANGZHOU WUJIN CITY CO    6.22    06/08/18    CNY      74.00
CHONGQING HECHUAN URBAN    6.95    01/06/18    CNY      72.73
CHONGQING HECHUAN URBAN    6.95    01/06/18    CNY      72.51
CHONGQING JIANGJIN HUAX    6.95    01/06/18    CNY      71.66
CHONGQING JIANGJIN HUAX    6.95    01/06/18    CNY      70.55
CHONGQING NAN'AN DISTRI    6.29    12/24/17    CNY      68.30
CHONGQING NAN'AN DISTRI    6.29    12/24/17    CNY      61.54
CHONGQING YONGCHUAN HUI    7.49    03/14/18    CNY      74.20
CHONGQING YUXING CONSTR    7.29    12/08/17    CNY      72.24
DANDONG CITY DEVELOPMEN    6.21    09/06/17    CNY      71.30
DANYANG INVESTMENT GROU    8.10    03/06/19    CNY      85.38
DANYANG INVESTMENT GROU    8.10    03/06/19    CNY      64.69
DANYANG INVESTMENT GROU    6.30    06/03/16    CNY      37.26
DATONG ECONOMIC CONSTRU    6.50    06/01/17    CNY      70.60
DATONG ECONOMIC CONSTRU    6.50    06/01/17    CNY      71.47
DRILL RIGS HOLDINGS INC    6.50    10/01/17    USD      57.75
DRILL RIGS HOLDINGS INC    6.50    10/01/17    USD      58.00
ERDOS DONGSHENG CITY DE    8.40    02/28/18    CNY      47.36
ERDOS DONGSHENG CITY DE    8.40    02/28/18    CNY      49.25
GRANDBLUE ENVIRONMENT C    6.40    07/07/16    CNY      70.25
GUOAO INVESTMENT DEVELO    6.89    10/29/18    CNY      68.29
HANGZHOU XIAOSHAN STATE    6.90    11/22/16    CNY      40.51
HANGZHOU XIAOSHAN STATE    6.90    11/22/16    CNY      40.45
HANZHONG CITY CONSTRUCT    7.48    03/14/18    CNY      74.46
HEBEI RONG TOU HOLDING     6.76    07/08/21    CNY      73.40
HEILONGJIANG HECHENG CO    7.78    11/17/16    CNY      41.20
HEILONGJIANG HECHENG CO    7.78    11/17/16    CNY      39.38
HUAIAN CITY URBAN ASSET    7.15    12/21/16    CNY      40.92
HUAIAN CITY WATER ASSET    8.25    03/08/19    CNY      67.10
HUAIAN CITY WATER ASSET    8.25    03/08/19    CNY      63.00
HUAIAN QINGHE NEW AREA     6.79    04/29/17    CNY      70.52
HUZHOU MUNICIPAL CONSTR    7.02    12/21/17    CNY      73.12
HUZHOU WUXING NANTAIHU     7.71    02/17/18    CNY      73.78
JIANGSU HUAJING ASSET O    5.68    09/28/17    CNY      49.82
JIANGSU HUAJING ASSET O    5.68    09/28/17    CNY      51.30
JIAXING CULTURE FAMOUS     8.16    03/08/19    CNY      85.34
JINGJIANG BINJIANG XINC    6.80    10/23/18    CNY      68.88
JINING CITY CONSTRUCTIO    8.30    12/31/18    CNY      64.77
JINTAN CONSTRUCTION INV    8.30    03/14/19    CNY      66.22
JIUJIANG CITY CONSTRUCT    8.49    02/23/19    CNY      66.86
JIUJIANG CITY CONSTRUCT    8.49    02/23/19    CNY      63.01
KUNSHAN ENTREPRENEUR HO    4.70    03/30/16    CNY      40.04
KUNSHAN ENTREPRENEUR HO    4.70    03/30/16    CNY      37.32
LAIWU CITY ECONOMIC DEV    6.50    03/01/18    CNY      62.20
LIAOYUAN STATE-OWNED AS    8.17    03/13/19    CNY      63.83
LIAOYUAN STATE-OWNED AS    7.80    01/26/17    CNY      40.48
LIAOYUAN STATE-OWNED AS    7.80    01/26/17    CNY      70.69
LINAN CITY CONSTRUCTION    8.15    03/09/18    CNY      55.14
LINAN CITY CONSTRUCTION    8.15    03/09/18    CNY      52.87
LINHAI CITY INFRASTRUCT    7.98    11/06/16    CNY      50.07
LINHAI CITY INFRASTRUCT    7.98    11/06/16    CNY      51.00
LIUZHOU DONGCHENG INVES    8.30    02/15/19    CNY      66.09
LIUZHOU DONGCHENG INVES    8.30    02/15/19    CNY      65.00
LONGHAI STATE-OWNED ASS    8.25    12/02/17    CNY      73.33
LONGHAI STATE-OWNED ASS    8.25    12/02/17    CNY      73.60
LUOHE CITY CONSTRUCTION    6.81    03/30/17    CNY      61.15
LUOHE CITY CONSTRUCTION    6.81    03/30/17    CNY      60.84
NANJING HEXI NEW TOWN A    6.40    02/03/17    CNY      61.64
NANTONG STATE-OWNED ASS    6.72    11/13/16    CNY      40.01
NANTONG STATE-OWNED ASS    6.72    11/13/16    CNY      39.54
NEIMENGGU XINLINGOL XIN    7.62    02/25/18    CNY      73.06
NINGBO CITY ZHENHAI INV    6.48    04/12/17    CNY      69.51
NINGBO URBAN CONSTRUCTI    7.39    03/01/18    CNY      78.20
NINGBO URBAN CONSTRUCTI    7.39    03/01/18    CNY      52.86
NINGDE CITY STATE-OWNED    6.25    10/21/17    CNY      41.05
NINGHAI COUNTY CITY CON    8.60    12/31/17    CNY      73.50
NINGHAI COUNTY CITY CON    8.60    12/31/17    CNY      74.83
NONGGONGSHANG REAL ESTA    6.29    10/11/17    CNY      72.35
OCEAN RIG UDW INC          7.25    04/01/19    USD      58.25
OCEAN RIG UDW INC          7.25    04/01/19    USD      58.00
PANJIN CONSTRUCTION INV    7.70    12/16/16    CNY      41.10
PANJIN CONSTRUCTION INV    7.70    12/16/16    CNY      40.18
QINGDAO CITY CONSTRUCTI    6.89    02/16/19    CNY      64.04
QINGDAO CITY CONSTRUCTI    6.19    02/16/17    CNY      41.20
QINGDAO CITY CONSTRUCTI    6.89    02/16/19    CNY      63.64
QINGDAO CITY CONSTRUCTI    6.19    02/16/17    CNY      40.11
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19    CNY      40.40
QINGZHOU HONGYUAN PUBLI    6.50    05/22/19    CNY      37.77
QUNSHAN HUAQIAO INTERNA    7.98    12/30/18    CNY      64.63
SHANGHAI REAL ESTATE GR    6.12    05/17/17    CNY      71.64
SHAOYANG CITY CONSTRUCT    7.40    09/11/18    CNY      74.00
SICHUAN DEVELOPMENT HOL    5.40    11/10/17    CNY      71.60
SUZHOU CONSTRUCTION INV    7.45    03/12/19    CNY      64.58
TAIAN CITY TAISHAN INVE    5.79    03/02/18    CNY      71.70
TAIZHOU CITY CONSTRUCTI    6.90    01/25/17    CNY      41.13
TIANJIN BINHAI NEW AREA    5.00    03/13/18    CNY      72.50
TIGER FOREST & PAPER GR    5.38    06/14/17    CNY      73.66
TONGLIAO CITY INVESTMEN    5.98    09/01/17    CNY      68.50
TONGLIAO CITY INVESTMEN    5.98    09/01/17    CNY      71.50
WUXI COMMUNICATIONS IND    5.58    07/08/16    CNY      49.95
WUXI COMMUNICATIONS IND    5.58    07/08/16    CNY      50.29
XIANGTAN JIUHUA ECONOMI    6.93    12/16/16    CNY      40.61
XIANGTAN JIUHUA ECONOMI    6.93    12/16/16    CNY      40.80
XIANGYANG CITY CONSTRUC    8.12    01/12/19    CNY      64.15
XIANGYANG CITY CONSTRUC    8.12    01/12/19    CNY      64.71
XIANYANG CITY CONSTRUCT    7.90    12/09/17    CNY      75.30
XINJIANG SHIHEZI DEVELO    7.50    08/29/18    CNY      72.82
XINXIANG INVESTMENT GRO    6.80    01/18/18    CNY      73.26
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19    CNY      66.73
XUZHOU ECONOMIC TECHNOL    8.20    03/07/19    CNY      59.50
YANGZHOU ECONOMIC DEVEL    6.10    07/07/16    CNY      50.35
YANGZHOU ECONOMIC DEVEL    6.10    07/07/16    CNY      48.41
YANGZHOU ECONOMIC DEVEL    5.80    05/12/16    CNY      47.65
YANGZHOU URBAN CONSTRUC    5.94    07/23/16    CNY      38.08
YANGZHOU URBAN CONSTRUC    5.94    07/23/16    CNY      40.23
YANZHOU HUIMIN URBAN CO    8.50    12/28/17    CNY      52.93
YIJINHUOLUOQI HONGTAI C    8.35    03/19/19    CNY      73.87
YINCHUAN URBAN CONSTRUC    6.28    03/09/17    CNY      25.62
YINGTAN INVESTMENT FINA    8.15    02/23/17    CNY      51.30
YIYANG CITY CONSTRUCTIO    8.20    11/19/16    CNY      40.61
YUNNAN INVESTMENT GROUP    5.25    08/24/17    CNY      70.80
YUNNAN INVESTMENT GROUP    5.25    08/24/17    CNY      70.08
ZHANGJIAGANG JINCHENG I    6.23    01/06/18    CNY      61.97
ZHENJIANG NEW AREA ECON    8.16    03/01/19    CNY      63.50
ZHENJIANG NEW AREA ECON    8.16    03/01/19    CNY      63.31
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18    CNY      61.81
ZHUCHENG ECONOMIC DEVEL    7.50    08/25/18    CNY      40.17
ZHUCHENG ECONOMIC DEVEL    6.40    04/26/18    CNY      62.02
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18    CNY      53.81
ZHUHAI HUAFA GROUP CO L    8.43    02/16/18    CNY      53.48
ZIBO CITY PROPERTY CO L    5.45    04/27/19    CNY      46.77
ZOUCHENG CITY ASSET OPE    7.02    01/12/18    CNY      41.88
ZUNYI CITY INVESTMENT G    8.53    03/13/19    CNY      66.91


INDONESIA
---------

BERAU COAL ENERGY TBK P    7.25    03/13/17    USD      24.82
BERAU COAL ENERGY TBK P    7.25    03/13/17    USD      24.25
GAJAH TUNGGAL TBK PT       7.75    02/06/18    USD      69.00
GAJAH TUNGGAL TBK PT       7.75    02/06/18    USD      59.66
PERUSAHAAN PENERBIT SBS    6.75    04/15/43    IDR      74.00
PERUSAHAAN PENERBIT SBS    6.10    02/15/37    IDR      72.95


INDIA
-----

3I INFOTECH LTD            5.00    04/26/17    USD      11.50
BLUE DART EXPRESS LTD      9.30    11/20/17    INR     10.13
BLUE DART EXPRESS LTD      9.40    11/20/18    INR     10.19
BLUE DART EXPRESS LTD      9.50    11/20/19    INR     10.25
COROMANDEL INTERNATIONA    9.00    07/23/16    INR     15.89
GTL INFRASTRUCTURE LTD     4.03    11/09/17    USD      30.38
JAIPRAKASH ASSOCIATES L    5.75    09/08/17    USD      67.60
JAIPRAKASH POWER VENTUR    7.00    03/31/16    USD      71.50
JCT LTD                    2.50    04/08/11    USD      24.13
PRAKASH INDUSTRIES LTD     5.25    04/30/15    USD      20.00
PYRAMID SAIMIRA THEATRE    1.75    07/04/12    USD       1.00
REI AGRO LTD               5.50    11/13/14    USD       1.68
REI AGRO LTD               5.50    11/13/14    USD       1.68
SVOGL OIL GAS & ENERGY     5.00    08/17/15    USD      19.75


JAPAN
-----

AVANSTRATE INC             5.55    10/31/17    JPY      33.25
AVANSTRATE INC             5.55    10/31/17    JPY      37.00
ELPIDA MEMORY INC          0.70    08/01/16    JPY       8.38
ELPIDA MEMORY INC          0.50    10/26/15    JPY       8.25
ELPIDA MEMORY INC          2.03    03/22/12    JPY       8.25
ELPIDA MEMORY INC          2.10    11/29/12    JPY       8.25
ELPIDA MEMORY INC          2.29    12/07/12    JPY       8.25
TAKATA CORP                0.58    03/26/21    JPY      73.00


KOREA
-----

2014 KODIT CREATIVE THE    5.00    12/25/17    KRW      31.37
2014 KODIT CREATIVE THE    5.00    12/25/17    KRW      31.37
DOOSAN CAPITAL SECURITI   20.00    04/22/19    KRW      41.53
HANA FINANCIAL GROUP IN    3.59    05/29/45    KRW     463.33
KIBO ABS SPECIALTY CO L   10.00    08/22/17    KRW      25.51
KIBO ABS SPECIALTY CO L   10.00    02/19/17    KRW      37.96
KIBO ABS SPECIALTY CO L    5.00    12/25/17    KRW      30.03
KIBO ABS SPECIALTY CO L    5.00    03/29/18    KRW      30.30
KIBO ABS SPECIALTY CO L   10.00    09/04/16    KRW      41.33
KIBO ABS SPECIALTY CO L    5.00    01/31/17    KRW      33.02
LSMTRON DONGBANGSEONGJA    4.53    11/22/17    KRW      30.91
PULMUONE CO LTD            2.50    08/06/45    KRW      58.78
SINBO SECURITIZATION SP    5.00    08/16/16    KRW      36.21
SINBO SECURITIZATION SP    5.00    05/26/18    KRW      28.54
SINBO SECURITIZATION SP    5.00    10/01/17    KRW      31.88
SINBO SECURITIZATION SP    5.00    10/01/17    KRW      31.88
SINBO SECURITIZATION SP    5.00    10/01/17    KRW      31.88
SINBO SECURITIZATION SP    5.00    07/08/17    KRW      32.81
SINBO SECURITIZATION SP    5.00    07/08/17    KRW      32.81
SINBO SECURITIZATION SP    5.00    06/07/17    KRW      22.00
SINBO SECURITIZATION SP    5.00    06/07/17    KRW      22.00
SINBO SECURITIZATION SP    5.00    01/30/19    KRW      27.55
SINBO SECURITIZATION SP    5.00    01/30/19    KRW      27.55
SINBO SECURITIZATION SP    5.00    10/30/19    KRW      19.35
SINBO SECURITIZATION SP    5.00    03/13/17    KRW      33.66
SINBO SECURITIZATION SP    5.00    03/13/17    KRW      33.66
SINBO SECURITIZATION SP    5.00    02/21/17    KRW      33.88
SINBO SECURITIZATION SP    5.00    02/21/17    KRW      33.88
SINBO SECURITIZATION SP    5.00    03/12/18    KRW      30.45
SINBO SECURITIZATION SP    5.00    03/12/18    KRW      30.45
SINBO SECURITIZATION SP    5.00    06/27/18    KRW      29.77
SINBO SECURITIZATION SP    5.00    06/27/18    KRW      29.77
SINBO SECURITIZATION SP    5.00    02/27/19    KRW      27.36
SINBO SECURITIZATION SP    5.00    02/27/19    KRW      27.36
SINBO SECURITIZATION SP    5.00    08/29/18    KRW      29.05
SINBO SECURITIZATION SP    5.00    08/29/18    KRW      29.05
SINBO SECURITIZATION SP    5.00    12/23/18    KRW      27.89
SINBO SECURITIZATION SP    5.00    12/23/18    KRW      27.89
SINBO SECURITIZATION SP    5.00    12/23/17    KRW      30.05
SINBO SECURITIZATION SP    5.00    09/26/18    KRW      28.83
SINBO SECURITIZATION SP    5.00    09/26/18    KRW      28.83
SINBO SECURITIZATION SP    5.00    09/26/18    KRW      28.83
SINBO SECURITIZATION SP    5.00    08/16/17    KRW      32.41
SINBO SECURITIZATION SP    5.00    08/16/17    KRW      32.41
SINBO SECURITIZATION SP    5.00    08/31/16    KRW      36.57
SINBO SECURITIZATION SP    5.00    08/31/16    KRW      36.57
SINBO SECURITIZATION SP    5.00    10/05/16    KRW      35.40
SINBO SECURITIZATION SP    5.00    10/05/16    KRW      34.10
SINBO SECURITIZATION SP    5.00    05/27/16    KRW      48.72
SINBO SECURITIZATION SP    5.00    05/27/16    KRW      48.72
SINBO SECURITIZATION SP    5.00    06/29/16    KRW      43.18
SINBO SECURITIZATION SP    5.00    07/26/16    KRW      39.88
SINBO SECURITIZATION SP    5.00    07/26/16    KRW      39.88
SINBO SECURITIZATION SP    5.00    03/18/19    KRW      27.14
SINBO SECURITIZATION SP    5.00    03/18/19    KRW      27.14
SINBO SECURITIZATION SP    5.00    02/11/18    KRW      30.68
SINBO SECURITIZATION SP    5.00    02/11/18    KRW      30.68
SINBO SECURITIZATION SP    5.00    12/25/16    KRW      33.47
SINBO SECURITIZATION SP    5.00    01/15/18    KRW      31.18
SINBO SECURITIZATION SP    5.00    01/15/18    KRW      31.18
SINBO SECURITIZATION SP    5.00    07/24/17    KRW      31.58
SINBO SECURITIZATION SP    5.00    07/24/18    KRW      29.56
SINBO SECURITIZATION SP    5.00    07/24/18    KRW      29.56
SINBO SECURITIZATION SP    5.00    01/29/17    KRW      34.14
SINBO SECURITIZATION SP    5.00    12/13/16    KRW      34.64
TONGYANG CEMENT & ENERG    7.50    04/20/14    KRW      70.00
TONGYANG CEMENT & ENERG    7.50    09/10/14    KRW      70.00
TONGYANG CEMENT & ENERG    7.50    07/20/14    KRW      70.00
TONGYANG CEMENT & ENERG    7.30    06/26/15    KRW      70.00
TONGYANG CEMENT & ENERG    7.30    04/12/15    KRW      70.00
U-BEST SECURITIZATION S    5.50    11/16/17    KRW      32.17
WISE MOBILE SECURITIZAT   20.00    12/14/18    KRW      73.71



SRI LANKA
---------

SRI LANKA GOVERNMENT BO    6.00    12/01/24    LKR      69.56
SRI LANKA GOVERNMENT BO    5.35    03/01/26    LKR      62.95
SRI LANKA GOVERNMENT BO    9.00    06/01/43    LKR      74.24
SRI LANKA GOVERNMENT BO    8.00    01/01/32    LKR      71.95


MALAYSIA
--------

BANDAR MALAYSIA SDN BHD    0.35    02/20/24    MYR      72.10
BANDAR MALAYSIA SDN BHD    0.35    12/29/23    MYR      72.60
BIMB HOLDINGS BHD          1.50    12/12/23    MYR      71.87
BRIGHT FOCUS BHD           2.50    01/22/31    MYR      68.22
BRIGHT FOCUS BHD           2.50    01/24/30    MYR      71.10
LAND & GENERAL BHD         1.00    09/24/18    MYR       0.21
SENAI-DESARU EXPRESSWAY    0.50    12/31/40    MYR      71.16
SENAI-DESARU EXPRESSWAY    0.50    12/31/38    MYR      68.01
SENAI-DESARU EXPRESSWAY    0.50    12/31/41    MYR      72.44
SENAI-DESARU EXPRESSWAY    0.50    12/31/42    MYR      73.83
SENAI-DESARU EXPRESSWAY    0.50    12/31/43    MYR      75.04
SENAI-DESARU EXPRESSWAY    0.50    12/30/39    MYR      69.83
SENAI-DESARU EXPRESSWAY    1.35    06/30/26    MYR      64.13
SENAI-DESARU EXPRESSWAY    1.15    06/28/24    MYR      68.20
SENAI-DESARU EXPRESSWAY    1.15    12/29/23    MYR      69.72
SENAI-DESARU EXPRESSWAY    1.35    12/31/26    MYR      63.03
SENAI-DESARU EXPRESSWAY    1.35    06/30/27    MYR      61.95
SENAI-DESARU EXPRESSWAY    1.15    12/30/22    MYR      72.88
SENAI-DESARU EXPRESSWAY    1.35    12/31/25    MYR      65.34
SENAI-DESARU EXPRESSWAY    1.35    12/31/27    MYR      60.93
SENAI-DESARU EXPRESSWAY    1.35    06/30/31    MYR      53.03
SENAI-DESARU EXPRESSWAY    1.35    12/29/28    MYR      58.75
SENAI-DESARU EXPRESSWAY    1.15    06/30/23    MYR      71.28
SENAI-DESARU EXPRESSWAY    1.15    06/30/25    MYR      65.26
SENAI-DESARU EXPRESSWAY    1.35    12/31/29    MYR      56.42
SENAI-DESARU EXPRESSWAY    1.35    06/28/30    MYR      55.27
SENAI-DESARU EXPRESSWAY    1.35    06/30/28    MYR      59.86
SENAI-DESARU EXPRESSWAY    1.10    06/30/22    MYR      74.27
SENAI-DESARU EXPRESSWAY    1.15    12/31/24    MYR      66.69
SENAI-DESARU EXPRESSWAY    1.35    06/29/29    MYR      57.61
SENAI-DESARU EXPRESSWAY    1.35    12/31/30    MYR      54.13
UNIMECH GROUP BHD          5.00    09/18/18    MYR       1.03


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

BAYAN TELECOMMUNICATION   13.50    07/15/06    USD      22.75
BAYAN TELECOMMUNICATION   13.50    07/15/06    USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LTD      7.78    05/18/18    USD      54.50
BAKRIE TELECOM PTE LTD    11.50    05/07/15    USD       3.10
BAKRIE TELECOM PTE LTD    11.50    05/07/15    USD       1.00
BERAU CAPITAL RESOURCES   12.50    07/08/15    USD      22.30
BERAU CAPITAL RESOURCES   12.50    07/08/15    USD      24.88
BLD INVESTMENTS PTE LTD    8.63    03/23/15    USD       7.25
BUMI CAPITAL PTE LTD      12.00    11/10/16    USD      17.38
BUMI CAPITAL PTE LTD      12.00    11/10/16    USD      16.19
BUMI INVESTMENT PTE LTD   10.75    10/06/17    USD      17.75
BUMI INVESTMENT PTE LTD   10.75    10/06/17    USD      16.02
ENERCOAL RESOURCES PTE     6.00    04/07/18    USD      10.13
GOLIATH OFFSHORE HOLDIN   12.00    06/11/17    USD       5.00
INDO INFRASTRUCTURE GRO    2.00    07/30/10    USD       1.88
NEPTUNE ORIENT LINES LT    4.40    06/22/21    SGD      71.03
ORO NEGRO DRILLING PTE     7.50    01/24/19    USD      45.00
OSA GOLIATH PTE LTD       12.00    10/09/18    USD      62.00
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18    USD      56.50
OTTAWA HOLDINGS PTE LTD    5.88    05/16/18    USD      48.00
PACIFIC RADIANCE LTD       4.30    08/29/18    SGD      73.25
SWIBER CAPITAL PTE LTD     6.50    08/02/18    SGD      54.25
SWIBER CAPITAL PTE LTD     6.25    10/30/17    SGD      65.00
SWIBER HOLDINGS LTD        7.13    04/18/17    SGD      65.13
TRIKOMSEL PTE LTD          5.25    05/10/16    SGD      20.00
TRIKOMSEL PTE LTD          7.88    06/05/17    SGD      20.00


THAILAND
--------

G STEEL PCL                3.00    10/04/15    USD       3.74
MDX PCL                    4.75    09/17/03    USD      37.75


VIETNAM
-------

DEBT AND ASSET TRADING     1.00    10/10/25    USD      49.68
DEBT AND ASSET TRADING     1.00    10/10/25    USD      48.88




                             *********

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

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

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


                            *********


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

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

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

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

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



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