TCRAP_Public/160324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 24, 2016, Vol. 19, No. 59


                            Headlines


A U S T R A L I A

BELL GROUP: West Australian Government Chases Group
DICK SMITH: Employees to Receive Government Assistance
HONEYEATER ENTERPRISES: First Creditors' Meeting Set For April 1
LINCOM SOLUTIONS: First Creditors' Meeting Set For April 4


C H I N A

CHINA YURUN: Unit Default on ST Notes Triggers Cross Default
COUNTRY GARDEN: Fitch Affirms 'BB+' LT Issuer Default Rating
HENGDELI HOLDINGS: Fitch Cuts Senior Unsecured Rating to 'B+'
KINGOLD JEWELRY: Regains NASDAQ Listing Rule Compliance


I N D I A

ADVAITH INTERNATIONAL: CARE Assigns 'B+' Rating to INR5.23cr Loan
ASSOCIATED TOOLINGS: CRISIL Suspends B+ Rating on INR81MM Loan
ASSOTECH MILAN: CRISIL Suspends 'D' Rating on INR520MM Term Loan
AVEENA MILK: ICRA Assigns B+ Rating to INR10cr LT Loan
BISWAMATA HEEMGHAR: CRISIL Reaffirms B Rating on INR79.8MM Loan

BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Loan
BSC-C&C KURALI: CARE Rates INR237.96cr LT Loan at B+
CHANDRALOK RESIDENCY: CRISIL Rates INR50MM Term Loan at 'B'
DEEPIKA INFRATECH: CARE Reaffirms 'D' Rating on INR128cr LT Loan
EROS RESORTS: ICRA Reaffirms 'D' Rating on INR55.5cr Term Loan

GALLANTT ISPAT: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
GREAT INDIA: CRISIL Suspends B+ Rating on INR140MM Cash Loan
GTL LIMITED: CARE Reaffirms 'D' Rating on INR3,900cr ST Loan
HILL-BROW METALLICS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
HINDUSTHAN HEALTH: CRISIL Suspends 'D' Rating on INR72.1MM Loan

HYDERABAD NURSING: CARE Reaffirms B Rating on INR12.18cr LT Loan
INTERNATIONAL FRESH: ICRA Reaffirms B+ Rating on INR17cr Loan
JONAS PETRO: ICRA Cuts Rating on INR2.84cr Loan to 'D'
JOT IMPEX: ICRA Lowers Rating on INR20cr Term Loan to 'D'
KISSAN HATCHERIES: CARE Reaffirms B+ Rating on INR16cr LT Loan

LORD SHIVA: CARE Assigns 'B' Rating to INR8cr LT Loan
M.P AND SONS: ICRA Suspends B+ Rating on INR20cr LT Loan
MAITHRI DEVELOPERS: ICRA Assigns B- Rating to INR30cr LT Loan
MULPURI FISHERIES: CRISIL Cuts Rating on INR1.02BB Cash Loan to D
NARMADA CONCAST: CARE Assigns 'B' Rating to INR11cr LT Loan

PREM INFRACITY: CRISIL Cuts Rating on INR280MM LT Loan to 'D'
PRITHVI PUMPS: CARE Assigns B+ Rating to INR5.46cr LT Loan
PRUTHI HOSPITAL: CRISIL Suspends B+ Rating on INR267.4MM Loan
QURESHI INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to D
R J COLD: CARE Reaffirms B+ Rating on INR30cr LT Loan

RADHE COTTON: ICRA Suspends B+ Rating on INR6cr Fund Based Loan
RADHE SHYAM: CARE Reaffirms B+ Rating on INR10cr LT Loan
RIDHI SIDHI: CARE Assigns B+ Rating to INR7.62cr LT Loan
INRPRINT SOLUTIONS: CARE Assigns B+ Rating to INR8.49cr LT Loan
ROYEL IMPEX: ICRA Suspends 'B' Rating on INR5cr Loan

SATISH CHAND: ICRA Reaffirms B+ Rating on INR2.15cr LT Loan
SHAHWAR MOTIVES: CRISIL Cuts Rating on INR70MM Cash Loan to B+
SHREE HARDEO: CARE Reaffirms B+ Rating on INR6.44cr LT Loan
SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR630.5MM LT Loan
SHRI PRABHULINGESHWAR: ICRA Ups Rating on INR69.24cr Loan to C+

SISCO INDUSTRIES: CRISIL Assigns B+ Rating to INR95MM Cash Loan
SKM INDUSTRIES: ICRA Assigns B+ Rating to INR1.25cr LT Loan
ST. JOHN'S: ICRA Suspends B+ Rating on INR5cr Loan
SURESH ANGADI: CARE Assigns B- Rating to INR34.02cr LT Loan
SWIFT CERAMIC: ICRA Assigns B+ Rating to INR3.50cr Cash Loan

THERMOTEK PRIVATE: CARE Lowers Rating on INR699cr NCD to B+
UNITED TELECOMS: ICRA Lowers Rating on INR306cr Loan to 'D'
VRIDHI IRON: CRISIL Suspends 'B' Rating on INR43MM Cash Loan
VTC ESTATES: CRISIL Suspends 'B' Rating on INR61.1MM Term Loan
WIN-ENTERPRISE: CARE Assigns B+ Rating to INR9.95cr LT Loan

YAMA ENTERPRISES: CRISIL Suspends 'D' Rating on INR76.3MM Loan


I N D O N E S I A

INDOSAT TBK: Fitch Raises Standalone Profile Rating to 'BB+'


M O N G O L I A

MONGOLIAN MINING: Loan Nonpayment Triggers Cross-Default on Bonds


N E W  Z E A L A N D

EMILY PROJECTS: SFO Probes Property Development Company


P H I L I P P I N E S

KORONADAL RURAL: MB Places Bank Under PDIC Receivership


                            - - - - -


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


BELL GROUP: West Australian Government Chases Group
---------------------------------------------------
The Australian Associated Press reports that urgent moves to
propel the West Australian government to the top of the creditors
list for the late Alan Bond's failed Bell Group are being rushed
through in a bid to fight a High Court challenge.

According to the news agency, the challenge was launched last year
by Dutch Antilles-based creditor Bell Group NV and its liquidator
Garry Trevor, arguing the legislation was unconstitutional.

But the Liberal state government said it will finally end the
nation's most expensive and longest-running court case, and will
hold an urgent party room meeting on March 30 to discuss the
amendments, AAP says.

"It is rushed to try and strengthen our case in the High Court. If
we lose this, what will happen is AUD1.5 billion will be
litigated, argued in the courts for the next 20 years until it is
whittled away," Premier Colin Barnett told 6PR radio, AAP relays.

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.


DICK SMITH: Employees to Receive Government Assistance
------------------------------------------------------
Broede Carmody at SmartCompany reports that the Department of
Employment has offered to run a number of job transition support
sessions for Dick Smith employees across Australia in a bid to
help them find work elsewhere.

SmartCompany says the sessions are free of charge and will run for
approximately two hours outside of employees' usual work
schedules.

SmartCompany relates that the announcement comes after several
images of tongue-in-cheek posters directed at customers in Dick
Smith stores surfaced online.

According to the report, one of the posters reads, "When are we
closing? How long is a piece of string?"

Another reads, "When your last day? What is the last digit of pi?

One Dick Smith employee told SmartCompany the signs were being put
up at various stores due to a sense of frustration among staff.

"It's the most common question we get asked," the employee told
SmartCompany. "We're getting very frustrated because people keep
asking when we're closing. A lot of stores were putting those
signs up when we were told not to."

SmartCompany says employees are annoyed at constantly having to
field questions from customers and are upset because they do not
know when their workplace will shut its doors for the final time.

This means if non-casual staff find employment elsewhere during
the fire-sale period, they may have to choose between accepting
the new position or getting paid their outstanding entitlements.

Staff were told on March 23 that Dick Smith's website will become
non-transactional as today, March 24, with electronics retailer
Kogan then taking the reigns, SmartCompany relays.

Dick Smith outlets are expected to close in the next four weeks,
the report notes.

                          About Dick Smith

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

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

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


HONEYEATER ENTERPRISES: First Creditors' Meeting Set For April 1
----------------------------------------------------------------
Amanda Young of Jirsch Sutherland was appointed as administrator
of Honeyeater Enterprises Pty Limited on March 18, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on
April 1, 2016, at 11:00 a.m.


LINCOM SOLUTIONS: First Creditors' Meeting Set For April 4
----------------------------------------------------------
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of Lincom Solutions Pty Ltd on March 22, 2016.

A first meeting of the creditors of the Company will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, on April 4, 2016, at 11:00 a.m.



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


CHINA YURUN: Unit Default on ST Notes Triggers Cross Default
------------------------------------------------------------
Donny Kwok and Umesh Desai at Reuters report that China Yurun Food
Group Ltd said that a default by a unit on short-term notes worth
CNY500 million ($77 million) has in turn triggered other
provisions which require the immediate repayment of debt worth
CNY1.45 billion.

The unit, Nanjing Yurun Food Co Ltd has arranged partial repayment
of the short-term notes but the meat processing company's board of
directors believes the likelihood of an immediate repayment for
the other debt is not high, it said in a statement on March 21,
Reuters relates.

It added that it is in talks with banks on the matter, according
to Reuters.

Reuters says the partial repayment of short-term notes amounts to
CNY220 million for the principal and CNY32.3 million in interest.
It still owes CNY280 million.

Trade in China Yurun shares, which was suspended on March 18,
resumed on March 22, Reuters notes.

China Yurun Food Group Limited (HK:1068) is an investment holding
company. The Company and its subsidiaries are engaged in the
provision of a range of meat (chilled and frozen) and processed
meat (low temperature meat products and high temperature meat
products) with a particular focus on pork products, marketed under
its primary Yurun, Furun, Wangrun and Popular Meat Packing brands.
The Company operates in two segments: chilled and frozen meat
segment, which carries on the business of slaughtering, production
and sales of chilled and frozen meat, and processed meat products
segment, which manufactures and distributes processed meat
products. The Company's subsidiaries include Anhui Furun Meat
Processing Co., Ltd., Jinan Wanrun Meat Processing Co., Ltd.,
Kaifeng Furun Meat Product Co., Ltd., Kaiyuan Furun Meat
Processing Co., Ltd. and Lianyungang Furun Food Co., Ltd., among
others.


COUNTRY GARDEN: Fitch Affirms 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has revised the Outlook of China-based Country
Garden Holdings Co. Ltd. (Country Garden) to Stable from Positive,
and affirmed its Long-Term Issuer Default Rating (IDR) at 'BB+'.
Fitch has also affirmed both Country Garden's senior unsecured
rating and its existing notes issued at 'BB+'. A full list of
ratings action can be found at the end of this commentary.

"The outlook revision reflects our belief that a rating upgrade
for Country Garden is unlikely in the next 12 months as the
company is adjusting its business mix. Meanwhile, leverage (as
measured by net debt-to-adjusted inventory) should remain above
40% in 2016, which would be higher than the past three years'
average. Country Garden is repositioning its land bank to target
customers in Tier 1 and Tier 2 cities to compete more effectively
in the midst of intense competition in the higher-tier cities."

Country Garden's ratings are supported by cash inflow from annual
contracted sales of over CNY100bn, strong financial flexibility
with low interest cost, and a track record of strong execution.
Moving into the higher-tier cities is a positive development in
Country Garden's progression towards becoming a nationwide
homebuilder. However, this process may take another one to two
years to reach fruition if the company continues on its current
trajectory.

KEY RATING DRIVERS
Ongoing Land Bank Adjustment: Fitch believes Country Garden will
continue to reposition its land bank in the next 12 to 24 months.
The repositioning in 2015 was to boost the contribution from
products targeted at Tier 1 and 2 cities. In 2015, 52% of the
CNY140bn contracted sales came from products targeting these
cities. The newly acquired CNY56bn land bank in 2015 is also
targeting Tier 1 and 2 cities, of which 67% was located in Tier 1
and 2 cities and 75% were targeting these cities.

Aggressive Expansion Pressures Leverage: Fitch expects net debt to
rise to CNY70bn-95bn in 2016 as it continues to adjust its land
bank. The total land premium was CNY56bn (CNY43bn on attributable
basis) was far beyond its budget of CNY20bn at the start of 2015.
This resulted in an increase of leverage (as measured by net
debt/adjusted inventory) to 40%, from 36% in 2014. Higher end-2015
gross debt has also lowered its churn - as measured by contracted
sales to total debt - to 1.1x from 2.0x in 2014. This is less of
an issue, since the higher available cash of CNY36.2bn at end-2015
(from CNY18.7bn at end-2014) will reduce pressure on the higher
debt.

Gradual Recovery in Margins: Fitch expects the EBITDA margin to
improve to 16% in 2016 from 14% in 2015 with recognition of wider-
margin contracted sales. The 2015 EBITDA margin was at its
historical low, as the company recognised lower-margin products
such as high-rise residential apartments. The thinner margin is
also reflected in its lower recognised average selling price (ASP)
of CNY6,194 per square metre (sq m) compared with the average
recognised ASP of CNY6,611 in 2013 and 2014, as well as average
contracted sales ASP of CNY6,615 between 2013 and 2015.

However, Fitch believes the improvement in EBITDA margin will be
due to recognition of the wider-margin contracted sales. The
EBITDA margin improvement after 2016 will be gradual due to
recognition of wider-margin contracted sales and continued
destocking of low-margin products. Successful product
repositioning will be a positive development - given the better
margins, churn and liquidity of the products targeting at Tier 1
and 2 cities.

Financial Control Remains Intact: Fitch believes Country Garden
continues to exercise reasonable control of its financial profile
even as its land acquisition exceeded its initial budget by a
factor of 2.8x. It has demonstrated a financial track record of
improving funding flexibility and falling interest costs, where
the average borrowing cost decreased to 6.2% in 2015 from 7.6% in
2014.

Corporate Action Potential: Country Garden has stated its share
buyback plans, and has made two acquisitions of auxiliary
businesses related to homebuilding. Fitch expects the company will
continue to make bolt-on acquisitions to strengthen these
auxiliary businesses.

KEY ASSUMPTIONS

"Fitch's key assumptions within our rating case include:
-- Contracted sales by gross floor area to increase by 5% over
    2016-2017;
-- Average selling price for contracted sales to increase by 8%
    over 2016-2017;
-- EBITDA margin of 2016 improves to 16%-17% and to 20%-23% in
    2017;
-- Total land cost around CNY35bn-45bn in 2016-2017;
-- Net debt including perpetuals to be around CNY70bn-95bn in
    2016."

RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
-- Sustaining trend of neutral or positive cash flow from
    operating activities;
-- Maintaining the ratio of net debt to adjusted inventory below
    35% on a sustained basis (2014: 36.8%, 2015: 40.3%);
-- Maintaining the ratio of contracted sales to gross debt above
    1.5x on a sustained basis (2014: 1.85x, 2015: 1.12x)

Negative: Developments that may individually or collectively, lead
to negative rating action include:
-- EBITDA margin below 20% on a sustained basis (2014: 18.1%,
    2015: 13.9%);
-- Maintaining the ratio of net debt to adjusted inventory above
    45% on a sustained basis (2014: 36.8%, 2015: 40.3%);
-- Maintaining the ratio of contracted sales to gross debt below
    1.2x on a sustained basis (2014: 1.85x, 2015: 1.12x)

FULL LIST OF RATING ACTIONS

Country Garden Holdings Co. Ltd.'s
-- Affirmed Long-Term IDR at 'BB+'; Outlook revised to Stable
    from Positive
-- Affirmed foreign-currency senior unsecured rating at 'BB+'
-- $US900 million 7.5% senior unsecured notes due 2020 affirmed
    at 'BB+'
-- $US550 million 7.875% senior unsecured notes due 2019
    affirmed at 'BB+'


HENGDELI HOLDINGS: Fitch Cuts Senior Unsecured Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded Hengdeli Holdings Limited's
(Hengdeli) Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured rating to 'B+' from 'BB'. The Recovery Rating is
RR4. The Outlook on the IDR is Stable. The ratings have been
removed from Rating Watch Negative.

The downgrade reflects Hengdeli's higher business risk that led to
continued financial deterioration in 2015. The Hong Kong and China
market for luxury watches slowed down drastically in 2H15, and
there is little sign of imminent recovery. Hengdeli's EBITDA
margin narrowed further -- to 6.2% from 7.5% in 2014; and FFO-
adjusted net leverage increased to 4.4x from 3.4x as a result.
Fitch expects Hengdeli's margins and leverage to remain flattish
over the next 12 months.

KEY RATING DRIVERS
Faster Decline in Sales: Hengdeli's sales shrank in all its
markets in 2015. The decline in same-store sales growth (SSSG)
widened to 9.5% for the China market from 4.5% in 1H15 and 2.7% in
2H14, due to a drastic slowdown in mid-end watch sales in 2H15.
Sales in Hong Kong (excluding Harvest Max, a souvenir and watch
retailer acquired in 2013) plunged by 27% as tourist arrivals
fell. The overall stagnation in luxury watch spending may persist
in the medium term due to the economic slowdown, weakening real
disposable income and middle-class spending shift.

Continued Margin Pressure: Fitch expects the pressure on
profitability to persist in 2016 due to the weak consumer
spending, sales discounting and flattish distribution cost.
Hengdeli's EBITDA margin contracted by 130bp to 6.2% in 2015
(2014: 7.5%), resulting in a 26% EBITDA decline. Fitch expects a
mid-single-digit EBITDA margin in 2016 and 2017.

Rising Leverage: The reduced EBITDA and slower inventory turnover
(252 days in 2015 versus 224 days in 2014) resulted in a higher
FFO-adjusted net leverage of 4.4x (3.4x at end-2014). Fitch
expects leverage to remain high in 2016, pending the pace of
inventory reduction with practicable sales discounts, as well as
the extent of profit margin erosion.

Modest Operational Flexibility: Hengdeli has taken proactive
measures to adapt to the changing market. These steps include a
significant store closure plan, product mix optimisation and
lease-contract renewal at lower rates. Hengdeli closed net 31
stores (16 stores in China, seven in Hong Kong/Macau and eight in
Taiwan) in 2015, and shows a willingness to continue to close
underperforming stores in 2016.

Adequate Liquidity. Hengdeli maintained sufficient cash of
CNY1.9bn to cover its current borrowings of CNY704m as of end-
2015. Besides, the company has sufficient bank facilities to
bridge working-capital purposes. Fitch expects Hengdeli to
generate positive cash flow even at the current low profitability
as capex has been cut back significantly.

Leader Position Remains. Hengdeli has maintained the leading
position in Swiss watch retailing in China, with a dominant market
share of over 35%. In addition, Hengdeli's wholesale business
segment also remained stable due to its established exclusive
distribution arrangements with brand owners. Fitch expects
Hengdeli to keep its overall leading market position over the next
two years.

KEY ASSUMPTIONS

"Fitch's key assumptions within our rating case for the issuer
include:
-- Low- to mid-single-digit revenue decline in 2016-2017
-- EBITDA margin hovers around 5.3%-6.7% in 2016-2019
-- Annual capex plus acquisition budget of about CNY150 million

RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
-- Sales stabilisation or re-acceleration in China and Hong Kong
-- EBITDA margin sustained above 8%
-- FFO-adjusted net leverage sustained below 3.0x

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Persistent and material sales contraction in China and Hong
    Kong
-- EBITDA margin sustained below 5%
-- FFO-adjusted net leverage sustained above 4.0x


KINGOLD JEWELRY: Regains NASDAQ Listing Rule Compliance
-------------------------------------------------------
Kingold Jewelry, Inc., one of China's leading manufacturers and
designers of high quality 24-karat gold jewelry, ornaments and
investment-oriented products, on March 18 disclosed that it has
received a letter from the NASDAQ Stock Market ("NASDAQ"),
indicating that Kingold has regained compliance with the $1.00 per
share minimum closing bid price requirement for continued listing
on the Nasdaq Stock Market, pursuant to the NASDAQ marketplace
rules. NASDAQ indicated within its letter that since the Company
has regained compliance with Listing Rule 5550(a)(2), this matter
is now closed.

                    About Kingold Jewelry, Inc.

Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan
City, one of China's largest cities, was founded in 2002 and today
is one of China's leading designers and manufacturers of 24-karat
gold jewelry, ornaments, and investment-oriented products. The
Company sells both directly to retailers as well as through major
distributors across China.



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I N D I A
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ADVAITH INTERNATIONAL: CARE Assigns 'B+' Rating to INR5.23cr Loan
-----------------------------------------------------------------
CARE assigns CARE B+ and CARE A4 ratings to bank facilities of
Advaith International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.23       CARE B+ Assigned
   Short term Bank Facilities    0.40       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Advaith
International (AI) are constrained by its small scale of
operations coupled with low networth base, weak debt coverage
indicators and low profitability margins. The ratings are further
constrained by its presence in a highly competitive segment of the
industry, susceptibility of profitability margins to volatility in
raw material prices and working capital intensive nature of
operations. The ratings, however, derive strength from the
experienced promoters, moderate capital structure of the firm and
the location advantage of the manufacturing facilities.

Going forward, the ability of the firm to profitably scale- up its
operations, improve its overall solvency position and manage the
working capital requirements efficiently will remain the key
rating sensitivities.

Ludhiana-based (Punjab) AI was established in 1996, as a
partnership concern. The current partners of the firm are Mr
Pankaj Kumar, Mr Anand Kumar and Ms Mona Makkar, having an equal
share in the firm. AI is engaged in the manufacturing and trading
of readymade garments and knitted cloth. It has an installed
capacity of 2.15 lakh pcs per annum of readymade garments and 0.75
lakh kgs per annum of knitted cloth at its manufacturing unit
located in Ludhiana, Punjab. In FY15 (refers to the period
April 1 to March 31), the trading income constituted ~30% of the
total operating income. The main raw material of the firm includes
knitted cloth, cotton cloth, acrylic cloth and yarn, etc, which
are procured domestically from wholesalers based in Ludhiana,
Punjab. The firm sells its products in domestic market to
wholesalers and traders located in Delhi, Punjab, Haryana, Uttar
Pradesh and Maharashtra.

AI achieved PAT of INR0.03 crore on the total operating income of
INR22.68 crore in FY15 as against the PAT of INR0.11
crore on the total operating income of INR22.97 crore in FY 14.


ASSOCIATED TOOLINGS: CRISIL Suspends B+ Rating on INR81MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Associated Toolings India Private Limited (ATIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        37        CRISIL A4
   Cash Credit           81        CRISIL B+/Stable
   Letter of Credit      10        CRISIL A4
   Term Loan             23.3      CRISIL B+/Stable

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

ATIPL, set up in 1973, manufactures both fluid and gas valves, and
regulators, which are used by refineries, petrochemicals
companies, oil and gas sector, thermal power stations, and food
processing and dairy industries, among others. ATIPL's
manufacturing facilities are in Howrah (West Bengal) and its
overall operations are managed by Mr. Ratan Jyoti Bishnu and Mr.
Anup Kanti Karmakar.


ASSOTECH MILAN: CRISIL Suspends 'D' Rating on INR520MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Assotech
Milan Resorts Private Limited (AMRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             520       CRISIL D

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

AMRPL, an equal joint venture between Assotech Ltd and Milan
Developers and Builders Pvt Ltd, is developing a five-star hotel,
Hotel Radisson Blu, in Bhubaneswar.


AVEENA MILK: ICRA Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR10.00
crore fund-based bank facilities of Aveena Milk Products.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank
   facilities            10.00        [ICRA]B+ assigned

ICRA's rating takes into account the early stage of the operations
wherein the firm is packing and distributing milk and dairy
products for Amul the Uttarakhand region. Currently the sales
volumes of the products are limited compared to the installed
capacities. Going forward, the firm plans to sell dairy products
under its own brand as well. Since the sales volumes are low
currently, the firm is dependent on funding support from partners
for the repayment of the term loans which commenced from November
2015. Achieving the estimated volumes and margins will be critical
for self sufficiency in debt servicing going forward. ICRA also
takes note of the firm's constitution as a partnership concern,
which exposes it to inherent risks like withdrawal of capital etc.

The rating however draws comfort from the grant by the Ministry of
Food Processing Industries (MOFPI) for setting up the unit though
the amount is yet to be received and agreement with Amul which is
an established player in the milk products in India.

Going forward, the ability of the firm to ramp-up its production
and achieve volumes to generate adequate cash accruals will be key
rating sensitivities. Continued timely funding support from
partners will be the key rating monitorable.

Aveena Milk Products (AMP) is partnership firm which deals in milk
and milk products with all allied and necessary activities in
relation to production of milk and its consumption. The firm has
entered into an agreement with Amul under which AMP will supply
milk and dairy products in the Dehradun region of Uttarakhand.
Going forward, the firm plans to sell milk and milk products under
its own brand name "Wholelife".


BISWAMATA HEEMGHAR: CRISIL Reaffirms B Rating on INR79.8MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Biswamata
Heemghar Private Limited (BHPL) continues to reflect the company's
below-average financial risk profile, and susceptibility to
regulatory changes in the cold storage industry. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           79.8      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    19.2      CRISIL B/Stable (Reaffirmed)

   Term Loan             34.2      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility              16.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BHPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of efficient
management of farmer financing and significant ramp-up in scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if liquidity is constrained by delays in
repayments by farmers, lower-than-expected cash accrual, or any
debt-funded capital expenditure.

BHPL was taken over by Mr. Shyamal Dandapat in 2012 from Mr.
Swapan Ghosh. It provides cold storage facility for potatoes; the
promoters also undertake opportunistic trading in potatoes through
the company. The cold storage is located in Chandrakona, Mednipur
West, West Bengal.


BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Borah Agencies Pvt. Ltd.

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

Rating Rationale
The rating of Borah Agencies Private Limited (BAPL) continues to
be constrained by its relatively small size of operation with low
profitability margin, risk of non-renewal of dealership agreement
from Hyundai Motor India Ltd. (HMIL) and Escorts Ltd. (EL),
pricing constraints and margin pressure arising out of competition
from other auto dealers in the market, working capital intensive
nature of operation and high leverage ratio. The rating, however,
continues to draw comfort from the experience of the promoter and
sole authorized dealer of HMIL for one district of Assam and four
districts of Arunachal Pradesh and EL for two district of Assam.

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

BAPL was incorporated in September 2007 by one Mr Prodip Borah of
Dibrugarh, Assam, commenced as an authorized dealer of Hyundai
Motor India Ltd. (HMIL) for its passenger vehicles, spares &
accessories for Tinsukia district of Assam and four district of
Arunachal Pradesh. Subsequently, in February 2013, the company
entered into dealership agreement with Escorts Ltd (EL) for its
commercial vehicles (like trucks, tractors, etc.), spares &
accessories for two district of Assam & four district of Arunachal
Pradesh and started selling the EL vehicles since May 2013. The
company offers the aforesaid products through its three showrooms
(self-owned) equipped with 3-S facilities (Sales, Service and
Spare-parts) located at Assam.

In FY15 (A) (refers to the period April 01 to March 31), the firm
has reported a total operating income of INR51.31 crore (as
against INR44.01 crore in FY14) and PAT INR0.29 crore (as against
PAT of INR0.30 crore in FY14). Till January 2016, the company has
maintained to have achieved revenue of INR40.35 crore.


BSC-C&C KURALI: CARE Rates INR237.96cr LT Loan at B+
----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of BSC-C&C
Kurali Toll Road Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    237.96      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of BSC-C&C Kurali Toll
Road Limited is constrained by the traffic risk associated with a
toll - based project owing to the uncertainty in traffic and in
turn revenue, interest rate risk, operations and maintenance (O&M)
risk and absence of DSRA (Debt Service Reserve Account), fixed-
price O&M and major maintenance contract. The rating also factors
in stretched liquidity in the recent past on account of lower than
envisaged tolling revenue. The rating, however is underpinned by
the experienced promoters, improvement in the traffic and revenue,
creation of Major Maintenance and Reserve Account (MMRA) and
commercial importance of the stretch albeit presence of alternate
routes.

The ability of the company to achieve the envisaged toll revenue,
successful completion of the first major maintenance (MM) cycle
within the envisaged cost and timelines and overall effective cash
flow management are the key rating sensitivities.

BSC C&C Kurali Toll Road Limited (BSC Kurali) is a Special Purpose
Vehicle (SPV) incorporated in February 2007 by BSCPL
Infrastructure Limited (BSCPL;) and C&C Constructions Limited
(C&C), which currently holds 51% and 49% stake in the company
respectively. The project was awarded for Design, Engineering,
Finance, Construction, Operation and Maintenance of Kurali
Kiratpur Section from Km 28.6 to Km. 73.2 of NH-21 in the State of
Punjab under National Highways Development Program (NHDP) Phase
IIIA on Build, Operate and Transfer (Toll) basis" by National
Highways Authority of India (NHAI).

The concession Agreement (CA) was executed between BSC Kurali and
NHAI on 25th June 2007 for a concession period of 20 years which
includes of 2.5 years of construction. The SPV is for the purpose
of widening of an existing 44.60 km long, 2- lane stretch between
Kurali and Kiratpur to 4- lane and stretching and maintenance of
the existing 2- lane section The total cost of the project was
INR408.10 crore. The project has achieved COD in August 2011.

For FY15 (refers to the period April 1 to March 31), BSC Kurali
reported a total operating income of INR44.83 crore, PBILDT of
INR27.39 crore and PAT of INR13.54 crore as against total
operating income of INR33.50 crore, PBILDT of INR18.32 crore and
net loss in FY14.


CHANDRALOK RESIDENCY: CRISIL Rates INR50MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Chandralok Residency Private Limited (CRPL).

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

The rating reflects exposure to risk associated with timely
completion and stabilisation of the company's ongoing hotel
project, geographical concentration in its revenue profile, and
exposure to cyclicality in the hospitality industry. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes CRPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of timely implementation of the
hotel project without any significant cost overrun, and higher-
than-expected occupancy, leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
any significant time or cost overrun in commissioning the project,
low cash accrual as a result of low occupancy or room tariffs, or
substantial debt-funded capital expenditure, leading to
deterioration in the company's financial risk profile.

CRPL, established in 2010, is setting up a 22-key hotel in Rewa,
Madhya Pradesh. The company is promoted by Rewa-based Mr. Satnam
Singh and Mr. Mohanveer Singh.


DEEPIKA INFRATECH: CARE Reaffirms 'D' Rating on INR128cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Deepika
Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     128.00     CARE D Reaffirmed
   Short term Bank Facilities     42.15     CARE D Reaffirmed
   Long/Short-term Bank
   Facilities                     75.00     CARE D/CARE D
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Deepika Infratech
Pvt Ltd (DIPL) continue to remain constrained by continued
overdrawals in the working capital utilization due to the stressed
liquidity position of the company.

DIPL was incorporated in April 2004 and commenced its operations
in March 2008 upon taking over Deepika Constructions, which was a
partnership firm engaged in construction activities since 1984. Mr
K Upender Reddy is the current serving Chairman of the company and
has around 27 years of experience in the industry.

DIPL has mainly executed various projects in the irrigation
segment within infrastructure. Over the last 26 years, the
company (ie, as a partnership firm earlier) has evolved from
working as a sub-contractor to a qualified bidder for
infrastructure projects. DIPL's focus has been mainly irrigation
projects followed by railways; however, recently, the company has
also diversified its presence in roads, water supply and sewerage
segments.

DIPL registered a total operating income of INR61.03 crore and net
profit of INR1.00 crore for FY15 (refers to the period
April 1 to March 31) vis-a-vis total operating income of INR152.71
crore with a net profit of INR4.45 crore in FY14.


EROS RESORTS: ICRA Reaffirms 'D' Rating on INR55.5cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating for the INR68.40 crore (earlier
INR165.24 crore before demerger) fund based/non fund based limits
and term loans of Eros Resorts and Hotels Limited (ERHL) at
[ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits        5.00      [ICRA]D reaffirmed
   Term Loans              55.50      [ICRA]D reaffirmed
   Non-Fund Based Limits    7.90      [ICRA]D reaffirmed

The reaffirmation of the rating takes into account continued
delays in servicing of debt obligations by the company owing to
company's stretched liquidity position. The occupancies of the
property have witnessed considerable improvement in FY2016,
although the overall operating metrics remain weak as ERHL
continues to face challenging business environment with downturn
in hospitality industry and competition from other hotel
properties in Delhi-NCR region. This has resulted in improved cash
flow generation which has resulted in reduction in delays in debt
servicing, though the improvement is not sufficient to meet the
sizeable debt servicing commitments. Nevertheless, ICRA has taken
note of long track record of promoters in the hospitality industry
and consistent infusion of funds by promoters to meet the funding
requirements towards operating losses and debt servicing, which is
expected to continue going forward as well.

ERHL has been promoted by the erstwhile Eros group, which is a
Delhi-based group promoted by the Sood family and has presence in
real-estate and hospitality businesses in the National Capital
Region (NCR). ERHL is a closely-held company with its entire share
capital held by Directors, relatives of directors and group
entities. ERHL owns a premium five star hotel property in Mayur
Vihar, Delhi, under the brand name Crowne Plaza (earlier Hotel
Hilton) which has been operational since October 2011 and has a
management contract with Intercontinental Hotels Group. Earlier,
ERHL also used to own a four star hotel in Mayur Vihar under the
brand name Holiday Inn (earlier Double Tree by Hilton) which was
demerged into a separate company in a restructuring exercise
completed in May 2015.

Recent Results
ERHL reported an operating income of INR24.9 crore and a loss of
INR26.7 crore for FY2015 vis-a-vis operating income of the two
hotel properties (before demerger) of INR72.2 crore and loss of
INR48.2 crore for FY2014.


GALLANTT ISPAT: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and placed
Gallantt Ispat Limited's (GIL) 'IND BB+' Long-Term Issuer Rating
on Rating Watch Positive (RWP). The Outlook was Stable.

KEY RATING DRIVERS

The RWP follows the Supreme Court's order dismissing the Uttar
Pradesh (UP) government's special leave petition against the High
Court order, which directed the state government to make a payment
of capital subsidy, infrastructure subsidy, transport subsidy and
other subsidies, if any as per the Heavy Industrial Investment
Promotion Policy.  Ind-Ra expects to resolve the RWP by June 2016,
by when it expects the UP government to make the payment.

The affirmation reflects the continuance of GIL's comfortable
liquidity position, as indicated by its low debt levels (excluding
interest-free value added tax [VAT] loans) and moderate credit
profile in 9MFY16, with interest coverage of 3.5x (FY15: 2.1x;
FY14: 2.3x) and net adjusted leverage (excluding VAT loans) of
5.6x (8.4x; 6.2x). The company's net adjusted leverage was high
during 9MFY16 on account of low EBITDA and a corporate guarantee
of INR1,000 million provided to lenders of Shalimar Corporation
Limited . The latter is a joint venture residential construction
project on the company's landholdings in Lucknow, UP.

The ratings are constrained by its EBITDA margins of 4.2% in
9MFY16, which were lower than Ind-Ra's expectation (FY15: 3.6%;
FY14: 7.2%) due to its inability to generate profits in the steel
division and a decrease in income for the real estate division
during the same period. Nevertheless, the losses in the steel
division were offset by operating profits in the flour as well as
the real estate divisions.

However, the ratings draw comfort from GIL's promoters' experience
of over a decade in the steel industry.

Ind-Ra will resolve the RWP in three months, by when it expects
GIL will receive the total subsidy of INR2,500 million from the UP
government.  This cash inflow will improve the company's financial
profile significantly. The RWP reflects the possibility that GIL's
rating could be upgraded or affirmed.

Established in 2009, GIL is a part of the Gallantt Group and was
founded by Chandra Prakash Agrawal. It owns a partially integrated
steel plant with a 99,000mtpa capacity, a captive sponge iron
plant and an 18MW captive power plant. It is also operates a wheat
flour mill in UP and Bihar and is engaged in the real estate
business with Shalimar Corporation Limited to develop a
residential complex in Lucknow.

GIL was set up by the Gallantt Group under the UP state
government's Heavy Industrial Investment Promotion Policy, which
provides various incentives to industrial companies for any
investment above INR1,000 million. This includes capital subsidy,
infrastructure subsidy, transport subsidy and interest-free loans
equivalent to the amount of VAT collected from clients.


GREAT INDIA: CRISIL Suspends B+ Rating on INR140MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Great India Steel Fabricators (GISF).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4
   Cash Credit           140        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      9.4      CRISIL B+/Stable
   Term Loan             102        CRISIL B+/Stable

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

GISF, established in 1972, is a partnership firm promoted by
Mehndiratta family of Yamunanagar (Haryana). It constructs steel
structures for power, refinery, petro-chemicals, thermal, metro
rail, and infrastructure projects. The firm has two plants in
Yamuna Nagar (Haryana). GISF mainly deals in contract-based
business of standardised structures.


GTL LIMITED: CARE Reaffirms 'D' Rating on INR3,900cr ST Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities and
instruments of GTL Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      100       CARE D Reaffirmed
   Short term Bank Facilities   3,900       CARE D Reaffirmed
   Non-Convertible Debentures
   (NCDs)                       1,400       CARE D Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
and instruments of GTL Ltd. continues to factor the ongoing
delay in servicing of debt obligations due to the company's
strained liquidity position.

GTL Limited is a network services provider that serves the network
life-cycle requirements of telecom service providers and
technology providers (OEMs), globally. The various services
offered by GTL include Network Planning & Design, Network
Deployment, Network Operations & Maintenance, Infrastructure
Maintenance and Energy Management.

The company has submitted a settlement proposal with Corporate
Debt Restructuring (CDR), External Commercial Borrowings (ECB) and
Non-convertible Debentures (NCD) lenders whereby; the company
would sell its core/non-core assets, business divisions,
investments etc. in order to facilitate equitable settlement of
its debts amongst the lenders.

During FY15 (refers to the period April 1 to March 31), GTL
reported a net loss of INR1,103.63 crore on a total operating
income of INR2,495.93 crore vis-…-vis net loss of INR561.91 crore
and total operating income of INR2,669.37 crore in FY14.


HILL-BROW METALLICS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hill-Brow
Metallics & Construction Private Limited a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the company's moderate scale of operation and
its moderate credit profile. In FY15, revenue was INR602 million
(FY14: INR488 million), interest coverage was 3.7x (5.2x), net
financial leverage was 1.4x (2.7x) and operating EBITDA margin was
9.6% (8.7%).

The ratings are constrained by the company's tight liquidity
profile as reflected from its full utilisation of the working
capital limits during the 12 months ended February 2016, high
geographical concentration risk as all the contracts are executed
in the state of Chhattisgarh, and a small order book of  INR603m
as of March 2016.

RATING SENSITIVITIES

Positive: Improvements in the scale of operations while
maintaining the overall credit profile would be positive for the
ratings.

Negative: Any deterioration in the liquidity will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2004, Hill-Brow Metallics & Construction is
engaged in the civil construction of roads and bridges. The
company started its commercial operation in 2008. It is managed by
Mr Sunil Kumar Agarwal and family.

Hill-Brow Metallics & Construction's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR80 million fund-based limit: assigned 'IND BB+'/Stable
-- INR150 million non-fund-based limit: assigned 'IND A4+'


HINDUSTHAN HEALTH: CRISIL Suspends 'D' Rating on INR72.1MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hindusthan Health Point Pvt Ltd (HHPPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility       47.9      CRISIL D
   Term Loan                72.1      CRISIL D

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

HHPPL, incorporated in 2002, is promoted by Mr. Basant Sethia and
Dr. A K Binayika (general surgeon). The company is currently
entirely owned and managed by Mr. Basant Sethia and his family,
including his daughter Dr. Chanda Sethia. HHPPL, based in South
Kolkata (West Bengal), is a multi-speciality nursing home which
offers a host of medical services.


HYDERABAD NURSING: CARE Reaffirms B Rating on INR12.18cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hyderabad Nursing Home Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.18       CARE B Re-affirmed

Rating Rationale

The rating assigned to Hyderabad Nursing Home Private Limited
continues to remain constrained by the relatively small scale of
operation, low occupancy rate of the hospital, leveraged capital
structure with weak liquidity position and intense competition
from relatively large and renowned players in the industry. The
rating continues to be underpinned by experienced and resourceful
promoters group, satisfactory infrastructure with experienced team
of doctors, empanelment with Corporate/Government organizations
and tie-ups with insurance companies. The rating also factors in
steady growth in revenue with moderate profit margin during FY15
(refers to the period April 01 to March 31). The ability of the
company to expand the scale of operation with the improvement in
the occupancy rate, profitability and capital structure are the
key rating sensitivities.

Incorporated in July 1973, Hyderabad Nursing Home Private Limited
(HNHPL) was promoted by three doctors; Dr P Kishen, Dr G Ramloo
and Dr Rama Luthra. The company was subsequently taken over by the
promoters of the Hyderabad-based Bambino Group. HNHPL operates in
the healthcare industry and has set up a 58-bed multi-specialty
hospital at Basheerbagh in Hyderabad city of Telangana. The
hospital primarily specializes in Neurology, Gynecology and
Orthopedics.

During FY15, HNHPL reported PBILDT of INR4.10 crore (FY14 -
INR4.47 crore) and PAT of INR0.07 crore (FY14 - INR0.14
crore) on a total operating income of INR12.20 crore (FY14 -
INR11.55 crore).


INTERNATIONAL FRESH: ICRA Reaffirms B+ Rating on INR17cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ to the
INR30.00 crore (enhanced from INR25.00 crore) fund based bank
facilities of International Fresh Farm Products India Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             17.00       [ICRA]B+; Reaffirmed
   Cash Credit           13.00       [ICRA]B+; Reaffirmed

ICRA's rating continues to take into account the modest scale of
operations of IFPIL, which coupled with the highly capital-
intensive nature of the business has resulted in weak return
indicators (ROCE of 7.73% for FY15). The rating also factors in
the high working capital intensity of the company owing to the
seasonal nature of procurement (for peas) leading to the
requirement of high inventory holdings by the company. The rating
is also constrained by the highly competitive nature of the
industry characterized by presence of numerous unorganized players
in wheat processing and cold storage and agro climatic risks
associated with the availability of wheat and green peas. The
rating also takes into account corporate guarantee of INR71.40
crore given by IFPIL in favour of its subsidiary company-
International Mega Food Park Limited.

However, the rating derives comfort from the extensive experience
of the promoters in the cold storage business and healthy
operating margins of the company. Further, the commissioning of
the vegetable processing and freezing unit in January 2014, has
led to an increase in the scale of operations and better profit
margins for IFPIL. ICRA's rating also takes into account the
company's agreement with PepsiCo India Holdings Private Limited
which provides stable cash flows. ICRA also positively factors in
the infusion of net worth in FY15 which has resulted in moderation
of the capital structure of the company.

Going forward, the ability of the company to increase the scale of
operations in a profitable manner, while maintaining an optimal
working capital cycle will remain the key rating sensitivities.

Incorporated in 1996, IFPIL has been promoted by Mr. Sukhinder
Singh and his family members. Initially the company was engaged in
the business of providing cold storage and warehousing facility on
a rental basis. In FY12, the company ventured into the processing
of wheat and started manufacturing various wheat products like
Atta, Maida, Suji, Bran and other byproducts. In FY14, the company
forayed into processing of vegetables and installed a cold chain
facility for frozen vegetables. The company has installed a cold
chain facility in Sangrur, Punjab for processing and storage of
frozen vegetables, mainly peas and potatoes. The plant became
operational in January 2014 and has a processing capacity of 2
tonnes per hour and cold storage capacity of 2400 Metric Tonnes
(MT). IFPIL sells its frozen food products under its own brand
"Fresh Farm". The company also owns a cold storage facility of
8,600MT in Punjab, which has been given to Pepsico India Holdings
Private Limited on a rental basis.


JONAS PETRO: ICRA Cuts Rating on INR2.84cr Loan to 'D'
------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.50
crore long term fund based limits of Jonas Petro Products Private
Limited from [ICRA]B+ to [ICRA]D. ICRA has also revised the short
term rating assigned to INR1.50 crore short term non fund based
limits of Jonas Petro Products Private Limited from [ICRA]A4 to
[ICRA]D.  The rating revision takes into account irregularities in
debt servicing by the company on account of high build-up of
inventory leading to stretched liquidity position.

                               Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Fund based facilities/CC       0.75       Revised to [ICRA]D
                                             from [ICRA]B+

   Fund based facilities/CC       2.84       Revised to [ICRA]D
                                             from [ICRA]B+

   Unallocated Long-Term          1.91       Assigned [ICRA]D

   Non Fund based facilities/BG   0.05       Revised to [ICRA]D
                                             from [ICRA]A4

   Unallocated Short-Term         1.45       Assigned [ICRA]D

Jonas Petro Products Private Limited (JPPPL) was established in
the year 2010 by Mr. Sunil Jonas and Ms. Sandhya Jonas. JPPPL is
engaged in recycling and processing of waste oil and converting it
into recycled fuel oil. The company's plant is located at a
strategic location in Mangalore, Karnataka and it has started
operations from April 2012.

Recent Results
JPPPL recorded a net profit of INR0.01 Crore on an operating
income of INR3.23 Crore in FY2015 as against a net loss of INR0.31
Crore on an operating income of INR3.34 Crore in FY2014.


JOT IMPEX: ICRA Lowers Rating on INR20cr Term Loan to 'D'
---------------------------------------------------------
ICRA has revised its long term rating to [ICRA]D from [ICRA]BB
(stable) on the INR20.00 crore term loan facilities of Jot Impex
Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan Facilities
   (LT Scale)               20.00       [ICRA]D; revised

ICRA's rating revision factors in the regular overdrawals in the
company's cash credit limits indicating liquidity constrains which
has resulted in delay in debt servicing obligations. ICRA takes
cognizance of the experience of the promoters in the luxury goods
marketing and distribution business and their association with
international luxury brands.

Going forward, the ability of the company to establish a track
record of timely debt servicing and maintain its operating metrics
will be the key rating sensitivities.

JIPL was incorporated in 1998 by Mr. Gurinder Sahni to carry out
distribution and marketing of accessories of various international
brands in India. The product portfolio of the company includes
watches, accessories for men, writing instruments, belts, wallets,
travel bags etc.


KISSAN HATCHERIES: CARE Reaffirms B+ Rating on INR16cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kissan Hatcheries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.00      CARE B+ Rating
                                            Suspension revoked
                                            and reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kissan Hatcheries
Private Limited (KHPL) continues to remain constrained by
short track record of operations, its low and declining
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The rating is further constrained by
the susceptibility of its margins to the fluctuation in the
agro-based raw material prices and the inherent risk associated
with the poultry industry coupled with high competition from local
players.

The rating, however, continues to draw comfort from the
experienced promoters and positive demand outlook for poultry
feeds.

Going forward, the ability of KHPL to improve profitability
margins while improving its capital structure would be the key
rating sensitivities.

Jind-based (Haryana), KHPL was incorporated in June 2003 and is
promoted by Mr Subhash Deshwal and his cousin brother Mr Karan
Singh. However, the company commenced its operations in January
2009. The company is engaged in manufacturing of poultry feeds for
different types of poultry units like boiler, layers and
hatcheries. Apart from manufacturing, KHPL is also engaged in
trading of broilers chicks wherein the company sells the broiler
chicks (about 1 day old to 25 days old). The installed capacity
for manufacturing of poultry feeds is 87600 tonnes per annum (TPA)
as on March 31, 2015. The key raw materials used in manufacturing
of poultry feed are maize, soya bean and bazra which is procured
from Rajasthan, Bihar and Punjab through brokers and dealers
directly from markets. The company sells poultry feed (around 90%)
to poultry farms in Haryana, and Delhi through a network of
dealers and the remaining is sold in the states of Punjab and
Rajasthan.

KHPL achieved a total operating income (TOI) of INR88.92 crore
with PBILDT and profit after tax (PAT) of INR3.02 crore and
INR0.11 crore, respectively in FY15 (refers to the period April 1
to March 31) as against TOI of INR89.26 crore with PBILDT and PAT
of INR2.96 crore and INR0.21 crore, respectively, in FY14. During
10MFY16 (unaudited), the company has achieved total operating
income of INR84 crore.


LORD SHIVA: CARE Assigns 'B' Rating to INR8cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Lord Shiva Construction Company Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term facilities       8.00       CARE B Assigned
   Short-term facilities      1.50       CARE A4 Assigned
   Long-term/Short-term
   Bank Facilities            6.50       CARE B/CARE A4 Assigned

Rating Rationale

The ratings assigned to Lord Shiva Construction Company Private
Limited (LSC) are primarily constrained by small and fluctuating
scale of operations, weak profitability margin, leveraged capital
structure, weak debt coverage indicators and elongated inventory
period. The ratings are further constrained by geographical and
customer concentration risks and competitive nature of the
construction industry.

The rating, however, draws comfort from experienced promoter and
healthy order book position.  Going forward, the ability of the
company to increase its scale of operations along with improvement
in profitability margins and capital structure, and efficient
management of working capital requirements shall be the key rating
sensitivities.

LSC was incorporated in July 1992 and is currently being managed
by Mr Anil Jain and his wife Mrs Sunita Jain. The company is
engaged in construction works which involve construction of roads
and civil construction (buildings). In road segment, LSC executes
contracts mainly for PWD (Public Work Department), Haryana, and in
civil construction the company had constructed buildings for
government colleges based out of Haryana. The company gets order
through bidding process.

In FY15 (refers to the period April 1 to March 31), LSC has
achieved a total operating income (TOI) of INR14.64 crore with
PBILDT and PAT of INR2.47 crore and INR0.15 crore as against total
operating income (TOI) of INR24.74 crore with PBILDT and PAT of
INR2.59 crore and INR0.33 crore in FY14. Furthermore, the company
achieved a total operating income of INR23 crore during 10MFY16
(refers to the period April 01 to January 31) (as per unaudited
results).


M.P AND SONS: ICRA Suspends B+ Rating on INR20cr LT Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR20.00 crore
long term fund based facilities of M.P And Sons. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


MAITHRI DEVELOPERS: ICRA Assigns B- Rating to INR30cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR30
crore proposed term loan facilities of Maithri Developers.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund Based
   Proposed Term Loan         30.0        [ICRA]B- assigned

The assigned rating takes into account the recent delays in
servicing of interest payments by the firm owing to cash flow
mismatches and the high level of marketing risk associated with
the ongoing projects, given the low level of bookings till date.
The rating is also constrained on account of the significant
repayment obligations in FY17 and FY18 which may put pressure on
the cash flows and affect the timely debt servicing in the absence
of adequate sales. Hence uninterrupted booking inflow will remain
critical for debt servicing and for successful execution of the
forth coming projects. The rating also takes into account the
firm's exposure to intense competition in the Bangalore real
estate market and the risk emanating from proprietorship
constitution of the firm, which exposes it to risks related to
withdrawal of capital, dissolution of firm etc.

The rating, however, positively factors in the long experience of
the promoter in the field of real estate development, particularly
in the residential segment, the favorable location of the ongoing
projects and the relatively limited execution risks associated
with these projects since the projects are in advanced stages of
construction.

Incorporated in 2004, Maithri Developers (MD) is a proprietorship
firm engaged in real estate development in Bangalore, Karnataka.
The proprietor has long experience in the field of real estate
development and construction and the firm has successfully
executed seven residential projects since its establishment
encompassing ~2.5 million square feet (msf) of constructed area.
The residential projects include apartments, with amenities such
as clubhouse, swimming pool and gymnasium. Presently, the firm has
two projects in pipe-line while another four projects are expected
to commence within a year's time. The firm undertakes all the
activities with the assistance of its in-house team of engineers
and architects.

Result Results
For the financial year 2014-15, the firm reported a net profit of
INR6.3 crore on an operating income of INR64.2 crore, as against a
net profit of INR4.4 crore on an operating income of INR34.2 crore
in 2013-14.


MULPURI FISHERIES: CRISIL Cuts Rating on INR1.02BB Cash Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Mulpuri Fisheries Private Limited (MFPL; part of the Mulpuri
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1020      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects instances of delay in servicing its
debts, which in turn have been caused by weak liquidity.

The Mulpuri group has large working capital requirement, and a
below-average financial risk profile because of high gearing and
weak debt protection metrics. The group is also exposed to intense
competition in the poultry and aqua culture industry, with
susceptibility to volatile raw material prices, and to risks
inherent in the poultry and aqua culture business such as outbreak
of epidemics. These rating weaknesses are mitigated by the
promoters' extensive industry experience.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFPL, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Poultries and Sri Venkateswara Poultry Farm
(SVPF). This is because these entities, collectively referred to
as the Mulpuri group, have a common management, and have
significant intra-group operational linkages and financial
fungibility. Furthermore, there are cross corporate guarantees
extended among them.

The Mulpuri group was set up by Mr. Lakshmana Swamy and his
family. SVPF, the flagship firm was set up in 1992 to sell table
eggs. Subsequently, the group increased its poultry exposure by
setting up Mulpuri Poultries in 2003. Incorporated in 2009, MFPL
undertakes fish farming and MFFPL manufactures poultry and aqua
feed.


NARMADA CONCAST: CARE Assigns 'B' Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Narmada Concast Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.00      CARE B Assigned
   Short term Bank Facilities     4.00      CARE B/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Narmada Concast
Private Limited (NCPL) are constrained on account of its
financial risk profile marked by operating losses leading to
erosion of the net worth during FY15 (refers to the period April
1 to March 31). The ratings are further constrained on account of
customer concentration risk, its presence in fragmented nature of
industry with high degree of competition along with volatility
associated with raw material prices.

The ratings, however, derive strength from the experience of the
promoters, proximity to the raw material and marketing tie-up with
Kamdhenu Ispat Limited.

Going forward, NCPL's ability to improve operating performance
through better capacity utilization which will lead increase in
the scale of operations along with improving its profitability in
light of the competitive nature of the industry alongwith
improvement in the capital structure would be key rating
sensitivities.
NCPL was incorporated on August 16, 2012, as Narmada Concast and
Rolling Mills Private Limited. The name was further changed to
Narmada Concast Private Limited on November 10, 2012. The company
set up a plant to manufacture steel billets and Thermo-Mechanical
Treatment (TMT) bars. The manufacturing facility is set up at
Village Malpar, Ghogha, Bhavnagar, Gujarat, with an installed
capacity of 76,160 MT of billets and TMT Bar. The company started
its commercial operations on April 22, 2014. FY15 was the first
full year of operations for NCPL.

As per the audited results for FY15, NCPL reported a total
operating income of INR52.40 crore with net loss of INR10.91
crore as compared with TOI of INR0.05 crore and profit after tax
of INR0.01 crore in FY14. As per the provisional results for
9MFY16 (April 1, 2015-December 31, 2015), NCPL has registered a
TOI of INR75.50 crore.


PREM INFRACITY: CRISIL Cuts Rating on INR280MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Prem Infracity Private Limited (PIPL) to 'CRISIL D' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         280      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects the delays by over 60 days by the
company in payment of interest on its term debt.

The rating continues to reflect PIPL is exposed to high funding,
implementation, and offtake risks associated with its ongoing
residential project. It is also susceptible to risks related to
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of its promoters in real estate development.

PIPL was set up in 2010 by Mr. Kamal Keswani, Mr. Jitendra
Keswani, Mr. Upendra Chhabra, and Mr. Ashish Mangal. The company
develops residential real estate in and around Agra. The promoters
have experience of over 13 years in the real estate sector.


PRITHVI PUMPS: CARE Assigns B+ Rating to INR5.46cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Prithvi
Pumps.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.46      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Prithvi Pumps (PPS)
was constrained primarily on account of its modest scale of
operations with fluctuating profitability, weak liquidity
position, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of
volatility associated with the raw material prices and partnership
nature of constitution with inherent risk of capital withdrawal by
the partners.

The rating, however, continues to derive benefit from vast
experience of the promoters.

The ability of PPS to improve its capital structure, increase its
scale of operations and margins along with overall improvement in
financial risk profile are the key rating sensitivities.

Rajkot-based (Gujarat), PPS was established in the year 2005 as a
partnership firm. PPS is promoted by Mr Bhaveshkumar Bhandari, Mr
Piyushkumar Gondaliya and Mr Ketanbhai Vaghasiya. PPS is
engaged in the manufacturing of submersible pumps with an
installed capacity of 250 pumps per day as on March 31, 2015. PPS
is an ISO 9001: 2008 certified entity.

During FY15 (refers to the period April 1 to March 31), PPS
reported a TOI of INR19.92 crore and a PAT of 0.83 crore as
against TOI of INR18.58 crore and PAT of INR0.08 crore during
FY14. As per the provisional results for 8MFY16 (April 1, 2015 to
November 30, 2015), PPS registered a TOI of INR14 crore.


PRUTHI HOSPITAL: CRISIL Suspends B+ Rating on INR267.4MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Pruthi
Hospital (PH; part of the Pruthi group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             267.4     CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by PH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PH is yet to
provide adequate information to enable CRISIL to assess PH'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 the rating, CRISIL has combined the business and
financial risk profiles of PH and Baba Budha Sahib Cardiac Centre
Ltd (BBC). This is because both the entities, together referred to
as the Pruthi group, operate under a common management, are in the
same line of business, and have financial fungibility.

PH was set up in 1987 and BBC was incorporated in 1996 in
Jalandhar. They jointly operate a 75-bed hospital in the city. The
hospital primarily provides cardiac treatment; it also provides
neurology, nephrology, and orthopaedic treatment.

The Pruthi group recently set up a 300-bed multi-specialty
hospital in Jalandhar, which commenced operations in May 2014. The
Pruthi group is owned and managed by Dr. C. S. Pruthi, a
cardiologist by qualification.


QURESHI INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Qureshi
International Pvt Ltd (QIPL) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The downgrade reflects instances of delays by QIPL in servicing
its interest on its cash credit facility owing to its weak
liquidity. The liquidity will further weaken with QIPL expected to
register operating losses in 2016-17 (refers to financial year,
April 1 to March 31) on account of the company taking a unit on
lease in March 2016 resulting in an additional annual outgo of
Rs.48 million (2.0 times its expected 2015-16 operating profits)
of lease rental expense. There would also be a stretch in QIPL's
net working capital cycle on account of decline in the credit
period offered by its suppliers - this would result in the
company's higher reliance on debt and subsequent increase in its
interest expenses.

QIPL has weak liquidity marked by its expected operating losses
and large working capital requirements, and the company is also
exposed to intense competition and regulatory changes in the
processed meat industry.

QIPL was promoted in 1982 as a proprietorship firm by the late Mr.
Mohammed Yaqoob Qureshi, and reconstituted as a private limited
company in 2012 with the induction of his family members. The
company exports frozen buffalo meat and mutton. Currently, Mr.
Yousuf Mujahed is the managing director of the company.


R J COLD: CARE Reaffirms B+ Rating on INR30cr LT Loan
-----------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of R J Cold
Storage Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.00      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by weak financial risk
profile of R J Cold Storage Private Limited (RJCS) characterized
by high overall gearing and low profitability margins. The rating
also factors in the working capital intensive nature of business
operations, highly fragmented industry with intense competition
and the seasonal nature and uncertainties associated with agro
commodity business. However, the rating continues to derive
comfort from the resourceful promoters of RJCS with experience in
trading of agro commodities and an existing cold storage
infrastructure.

Going forward, the company's ability to achieve the envisaged
revenue and profitability while improving its capital structure
and manage the working capital requirements efficiently shall
remain the key rating sensitivities.

R.J Cold Storage Private Ltd (RJCS), incorporated in July 1992, is
promoted by Mr Vipul Aggarwal. RJCS has been operating a cold
storage facility at Sonepat, Haryana and derives rental income
from it. In FY13 (refers to the period from April 1 to March 31),
the company started trading in various grocery items such as
lentils, pulses, spices, etc. The company purchases agro
commodities in bulk, at lower rates while the commodities are in
season and stores them in its cold storage facility to maintain
freshness and improve their shelf life. The stored commodities are
sold during off season.

During FY15 (refers to the period April 01 to March 31), the
company reported PAT of INR0.22 crore (PY: INR1.10 crore) on
the total operating income of INR227.65 crore (PY: INR162.36
crore). For 9MFY15 (prov.), the company has reported a total
operating income of INR256.31 crore.


RADHE COTTON: ICRA Suspends B+ Rating on INR6cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.50 crore
long term loans & working capital facilities & INR6.00 crore
proposed limit of Radhe Cotton Company. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Cash Credit      5.00      [ICRA]B+ suspended

   Fund Based Term Loan        1.50      [ICRA]B+ suspended

   Fund Based Proposed Limit   6.00      [ICRA]B+ suspended

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

Radhe Cotton Company was incorporated in October 2012 as a
partnership firm. It is promoted by Mr. Rameshbhai Khakhariya and
seven other partners. The management of the firm is handled by one
of the partners Mr. Rameshbhai Khakhariya. The manufacturing unit
of the firm is situated at Gokhalana, Rajkot, Gujarat. It is
equipped with 20 ginning machines and one pressing machine with an
installed capacity to produce 200 cotton bales. It rented a
crushing facility, for the forward integration of cottonseeds to
produce cottonseed oil and cottonseed oil cake in FY14. The firm
has paid an annual rent of INR1.32 lacs to Jay Gopal Oil Mill for
the same period.


RADHE SHYAM: CARE Reaffirms B+ Rating on INR10cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facility of
Radhe Shyam Ginning Pressing Private Limited.

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

Rating Rationale

The rating assigned to the bank facility of Radhe Shyam Ginning
Pressing Private Limited (RSGPPL) continue to remain constrained
on account of decline in total operating income during FY15
(refers to the period April 1 to March 31) coupled with thin
profit margin, leverage capital structure and weak debt coverage
indicators and moderate liquidity position. The rating continues
to remain constrained on account of presence of RSGPPL in the
cotton ginning business which is at the lower end of the entire
textile value chain that involves limited value addition and
seasonality associated with the procurement of raw material.

The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry coupled with
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of RSGPPL to increase its scale of operations and
profit margins in light of the competitive nature of the
industry along with improvement in capital structure through
better working capital management would remain the key rating
sensitivities.

Incorporated in July, 1999 by Mr Anil Daslaniya and Mr Akbar
Gangani, Radheshyam Ginning Pressing Private Limited
(RSGPPL) is engaged in the processing of cotton by ginning
(separation of cotton seed from cotton fibre) and pressing
(manufacturing of cotton bales) activities, with an installed
capacity of 450 bales per day at its manufacturing facility
located at Amreli, Gujarat.

During FY15, RSGPPL reported TOI of INR99.35 crore and PAT of
INR0.14 crore as against TOI of INR119.52 crore and PAT of
Rs.0.08 crore during FY14. During 10MFY16 (Provisional), RSGPPL
has achieved TOI of INR33.97 crore.


RIDHI SIDHI: CARE Assigns B+ Rating to INR7.62cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ridhi
Sidhi Pulses.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.62       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ridhi Sidhi Pulses
(RSP) is primarily constrained on account of its financial risk
profile marked by thin profitability, moderate solvency position
and working capital intensive nature of operations. The rating is,
further, constrained on account of seasonality associated with
agro commodities as well as its presence in the highly fragmented
and government regulated industry and its constitution as a
proprietorship concern.  The rating, however, favourably takes
into account experienced proprietor.

The ability of the firm to increase its scale of operations with
improvement in its profitability and efficient management of
working capital are the key rating sensitivities.

Merta City-based (Rajasthan), RSP was formed in 2013 as a
proprietorship concern by Mr Shreekant Mantri with an objective to
set up a dall mill. RSP has completed its project and started
commercial operations from January 2014. The firm is engaged in
the business of manufacturing of chana dall from chana and moong
mogar as well as moong polish dall from moong. It procures raw
material from the local mandis as well as fromfarmers and sells it
to wholesalers mainly Maharashtra, Tamilnadu, Gujarat and
Rajasthan. It sells its products in 30 kg and 50 kg packets and
markets under the brand name of Ridhi Sidhi Pulses.

During FY15 (refers to the period April 1 to March 31), RSP has
registered TOI of INR46.77 crore with PAT of INR0.21 crore
being the first full year of operations. In FY14, the firm
registered TOI of INR2.81 crore with PAT of INR0.01 lakh.


INRPRINT SOLUTIONS: CARE Assigns B+ Rating to INR8.49cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of INRPrint
Solutions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.49      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of INRPrint Solutions
Private Limited (RSPL) is constrained on account of its small
scale of operations with low networth base, raw material price
volatility and working capital intensive nature of business
operations. The rating is further constrained on account
of leveraged capital structure with declining profitability
margins.

The rating, however, derives strength from the extensive
experience of the promoters, reputed and diversified clientele
along with growing scale of operations.

The ability of the company to scale up its operations while
maintaining its profitability margins and improvement its capital
structure is the key rating sensitivities.

Haryana-based RSPL was incorporated in the year 2011. RSPL is
promoted by the Tanwar family members. The company is engaged in
the trading, manufacturing and printing of paper and paper
products. Product profile of the company includes paper labels,
mono cartons, corrugated boxes, paper, paperboards, catalogues,
banners, books, diaries, calendars, magazines, journals and other
printing material. Raw material required for manufacturing
includes ivory paper, duplex paper and other chemicals. RSPL
supplies cartons and other packaging material to pharmaceutical
companies likes Synokem Pharmaceuticals Limited (rated 'CARE
BBB/CARE A3+'), Laborate Pharmaceuticals Limited and Akums Drugs
and Pharmaceuticals Limited. The company has a total installed
capacity of 50 metric tonnes per month at its manufacturing
facility located in Sonepat, Haryana.

In FY15 (refers to the period April 1 to March 31), RSPL earned
PAT of INR0.06 crore on a total operating income of INR19.78 crore
against PAT of INR0.18 crore on a total operating income of
INR9.71 crore. Furthermore, RSPL has achieved sales of INR16 crore
in 9MFY16 (refers to the period of April 1 to December 31).


ROYEL IMPEX: ICRA Suspends 'B' Rating on INR5cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.00 crore
fund based facilities and the [ICRA]A4 rating assigned to the
INR15.00 crore short term, non fund based facilities and the
INR5.00 crore non fund based facilities (sublimit) of M/s Royel
Impex. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.

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

Royal Impex was incorporated in the year 1950 and is a partnership
concern promoted by Mr. V. M. Hussain Khan. The Firm located in
Kochi, Kerala is primarily engaged in the import and trading of
timber such as teak, pingoda, ting etc. The Firm imports the
timber mainly from Myanmar and in small quantities from Malaysia,
South America and African countries. RI caters to wholesale timber
dealers mainly in Kerala and also to dealers in Tamil Nadu and
Karnataka. The Firm has saw mills in Kochi and Payyanoor (Kannur
district) where the timber is cut as per customer specifications.


SATISH CHAND: ICRA Reaffirms B+ Rating on INR2.15cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR2.15 crore fund based limits of Satish Chand Rajesh Kumar
Private Limited. ICRA has also reaffirmed its short term rating of
[ICRA]A4 on the INR4 crore non fund based limits of SRPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based Limits        2.15       [ICRA]B+; Reaffirmed
   Non Fund based Limits    4.00       [ICRA]A4; Reaffirmed

ICRA's ratings reaffirmation is based on the premise that the
company's order book movement in FY2016 is likely to result in
higher operating income without any significant increase in the
debt levels. While the operating income had declined by 33% in
FY2015 due to low orders, the situation has improved since then.
The ratings continue to be constrained by the geographic
concentration of SRPL's projects to the state of Delhi which
renders its revenues vulnerable to order inflow from public sector
clients in the region, as witnessed in the recent past. The
ratings however continue to factor in the extensive experience of
the promoters in the construction industry as well as the reputed
client base of the company consisting of various public sector
entities like Public Works Department (PWD), Central Public Works
Department (CPWD), Department of Social Welfare etc. which reduces
counter party risk in receivables. The ratings also derive comfort
from SRPL's limited debt levels and outside liabilities.

Going forward, the ability of the company to build its order book
and improve its profitability while maintaining its working
capital cycle and capital structure will be the key rating
sensitivities.

Established in 1985 as a private limited company, SRPL is engaged
in executing civil engineering and infrastructure works, including
construction of buildings, community halls, residential blocks,
hospital blocks, schools etc. as well as development of streets,
drainages, footpaths and undertaking day to day maintenance. The
company also undertakes electrical and water supply installation
related work while executing the contracts. The company is
registered as a Class-I contractor with the Department of Social
Welfare and is eligible to bid for tenders of upto INR20 crore.

Financial Results
For FY15, the company reported a net profit of INR0.98 crore on an
operating income of INR28.39 crore, as compared to a net profit of
INR1.40 crore on an operating income of INR37.69 crore in the
previous year.


SHAHWAR MOTIVES: CRISIL Cuts Rating on INR70MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Shahwar Motives Pvt Ltd (SMPL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

The downgrade reflects deterioration in SMPL's business risk
profile as reflected by declining sales in 2015-16 (refers to
financial year, April 1 to March 31). Revenues of the company are
expected to decline to around 800 million 2015-16 from previous
year's level of Rs.1.12 billion owing to sluggish demand for
Nissan Motor India Pvt Ltd's (Nissan's) vehicles. As the internal
cash generation of the company has been shunted, the working
capital bank lines of the company are also fully utilized. While
the sales of the company is expected to see only a modest growth
over the medium term, timely infusion of funds from the promoters
or a possible enhancement in SMPL's working capital bank lines is
expected to be the key driver of the its liquidity position going
head.  .

The rating continues to reflect SMPL's established position as a
dealer of Nissan's vehicles in Bengaluru. This rating strength is
partially offset by the company's below-average financial risk
profile, marked by a high TOLTNW ratio, a modest net worth, and
inadequate debt protection metrics, though partially supported by
promoter funding.
Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its established market position as a dealer of Nissan's
vehicles in its area of operations. The outlook may be revised to
'Positive' if the company registers further increase in its scale
of operations and profitability on a sustained basis, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if SMPL's working capital cycle stretches,
or if it generates low cash accruals, leading to deterioration in
its liquidity, or if it undertakes a significant debt-funded
capital expenditure programme, resulting in deterioration in its
capital structure.

SMPL, incorporated in 2003, has been an authorised dealer for
Nissan's passenger cars since April 2004. The company has two
showrooms and one service station in Bengaluru. It sells Nissan's
passenger cars, including Teana, Micra, Sunny, Terrano, and Datsun
Go; it also sells spare parts and accessories and undertakes
servicing of vehicles.


SHREE HARDEO: CARE Reaffirms B+ Rating on INR6.44cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating to the long-term bank facilities of
Shree Hardeo Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.44      CARE B+ Reaffirmed

Rating Rationale
The ratings for the bank facilities of Shree Hardeo Industries
(SHI) continue to remain constrained by its short track record
of operations with proprietorship nature of constitution,
susceptibility of margins to volatility in raw material prices,
presence in a competitive industry segment and weak financial risk
profile marked by losses, high gearing and stressed liquidity. The
ratings, however, derive strength from its experienced promoters
and operational and financial synergies with associate firm.

Going forward, the ability of the entity to improve its scale of
operations and achieve the envisaged levels of profitability
margins amidst volatility in raw material prices is a key rating
sensitivity.

Established in the year 2013, SHI, is a proprietorship concern
based in Raipur, Chhattisgarh. SHI is engaged in the manufacturing
of PVC pipes, column pipes and PVC fittings. The entity commenced
manufacturing operations for PVC pipes and fittings from September
2013; FY14 (refers to the period April 01 to March 31) being first
year of operations and has an annual installed capacity of 1,000
MTPA. Product portfolio of the entity includes SWR pipes and
fittings, column pipes, plumb pipes, casing pipes, UPVC pipes,
which are sold under the brand name of 'Vertex' SHI procures raw
material, which includes PVC resin and other chemicals from
suppliers based in Chhattisgarh and others.

The finished products are sold to traders and other associate
entities, through a distribution network. The other associate
entity is Shree Hardeo Hardware & Sanitation, which is engaged in
the trading of PVC pipes and fittings.

During FY15, the entity reported a total operating income of
INR5.89 crore (FY14: INR2.64 crore) and a net loss of INR1.05
crore (in FY14 net loss of INR0.59 crore). Furthermore, the entity
has achieved a total operating income of INR6.01 crore
during 9MFY16 (refers to the period April 1 to December 31).


SHREYA LIFE: CRISIL Reaffirms 'D' Rating on INR630.5MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shreya Life Sciences
Private Limited (SLPL) continue to reflect delays by SLPL in
servicing its debt owing to liquidity constraints.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           529.8     CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              89.5     CRISIL D (Reaffirmed)

   Letter of Credit      275       CRISIL D (Reaffirmed)

   Proposed Long Term    630.5     CRISIL D (Reaffirmed)
   Bank Loan Facility

   Standby Line of
   Credit                 50       CRISIL D (Reaffirmed)

   Term Loan             119.5     CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             212       CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan            40       CRISIL D (Reaffirmed)

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

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


SHRI PRABHULINGESHWAR: ICRA Ups Rating on INR69.24cr Loan to C+
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to 69.24 crore
term loan and INR30.76 crore unallocated limits of Shri
Prabhulingeshwar Sugars and Chemicals Limited from [ICRA]D to
[ICRA]C+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             69.24       [ICRA]C+ upgraded
   Unallocated limits    30.76       [ICRA]C+ upgraded

The revision in rating takes into consideration timely servicing
of debt obligations by SPSCL over the last twelve months. ICRA
notes that the company's debt has been restructured with deferred
repayments commencing from January 2015 and March 2016 which has
provided a cushion in terms of repayment for the company.
The rating remains constrained by the modest financial profile of
the company, leveraged capital structure & weak coverage
indicators in FY 2015; and sizeable repayment obligations of the
company from FY 2017 which would impact the debt protection
metrics going forward. Further, the rating remains constrained by
the exposure of the company to agro-climatic risks which impact
sugarcane availability and recovery, regulated nature of the
industry in terms of sugarcane pricing and sugar exports and the
high working capital intensive nature of the sugar industry. The
rating, however, draws comfort from the extensive experience of
the promoters of SPSCL, presence of the group in allied and
related industries with a good local standing, forward integration
of the plant into cogeneration and assured sales of the molasses
to a group company which results in partial de-risking from the
volatilities of sugar industry. Further, the rating also
positively factors in the locational advantage with the sugar unit
located in a relatively high cane intense and high recovery area
in North Karnataka.

The ability of the company to cater to debt repayment obligations
on a timely basis while effectively managing its working capital
requirements and improving liquidity position remain the key
rating sensitivies from credit perspective.

Shri Prabhulingeshwar Sugars and Chemicals Limited (SPSCL) was
incorporated in 1995 and started crushing cane in the year 1999.
The cane crushing capacity was gradually increased from 2,500 TCD
earlier to 10,000 TCD. SPSCL increased its cogeneration capacity
from 28.5 MW in sugar year (SY) 2012 to 38.5 MW in SY 2013 by
commissioning a 27 MW steam turbine in April 2013 and disposing
the rented condensation and extraction turbines. The plant is
located in Siddapur village in Bagalkot District of North
Karnataka and is promoted by Mr. Jagadeesh S Gudagunti, who apart
from managing SPSCL has long experience as a consultant and
machinery supplier for sugar and allied industries.

Recent Results
The company reported net loss of INR7.51 crore on a turnover of
INR373.53 crore for FY 2015 as compared to net loss of INR9.72
crore on a turnover of INR408.93 crore in FY 2014.


SISCO INDUSTRIES: CRISIL Assigns B+ Rating to INR95MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sisco Industries Limited (SIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30        CRISIL A4
   Cash Credit           95        CRISIL B+/Stable

The rating reflects SIL's small scale of operations in a highly
fragmented steel industry, exposure to raw material price
volatility risk and working capital intensive nature of
operations. These weaknesses are partially offset by promoters'
extensive industry experience and its moderate financial risk
profile marked by average net worth and comfortable gearing.
Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium
term, backed by the promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' if SIL improves
its working capital management or increases its scale of
operations on a sustainable basis while maintaining its
profitability margin. Conversely, the outlook may be revised to
'Negative', if the company's liquidity deteriorates because of
stretched working capital cycle or if SIL's scale of operations or
profitability declines, leading to significantly low cash accruals
or any large debt-funded capital expenditure weakening its capital
structure.

Sisco Industries Limited (SIL), incorporated in March, 2003 is an
Uttar Pradesh (U.P) based company. It is promoted by Mr. Sanjeev
Agarwal and his wife Mrs. Seema Agarwal. SIL was initially engaged
in the trading of iron and steel products; however in November,
2007, SIL acquired a running rolling mill from an associate
concern, named Sangam Structurals Limited (SSL). Presently, SIL is
a running a semiautomatic rolling mill which is located in
Allahabad, (U.P) and it has an installed capacity of 25,000 tonnes
per annum.


SKM INDUSTRIES: ICRA Assigns B+ Rating to INR1.25cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.75
crore fund based facilities of SKM Industries. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR14.25 crore
fund based and non fund based facilities of SKM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based limits- CC       1.25        [ICRA]B+ assigned

   Short-term, fund
   based limits-
   Term Loan              0.50        [ICRA]B+ assigned

   Short-term, non-
   fund based limits      9.00        [ICRA]A4 assigned

   Short term fund
   based limits           5.25        [ICRA]A4 assigned

The assigned rating takes into account the established track
record of the firm and long experience of the promoters in the
field of manufacturing of Steel cable drums, as well as
established relationship of firm with its key customers and
suppliers.

The rating is however constrained by the modest scale of
operations of firm and low profitability margins owing to high
competitive intensity in the Steel Cable drums manufacturing
business. The ratings assigned also takes into account the weak
financial profile of firm characterized by high gearing and weak
debt coverage indicators of firm. The rating is also constrained
by customer concentration risk and risks inherent in a partnership
firm with respect to capital withdrawals and its potential impact
on credit profile.

SKM Industries was incorporated in year 2007 by Kikani family, is
a partnership firm engaged in manufacturing and export of Steel
Cable drums. The firm also manufactures various railway products
like Break Beam, straps, bracket, body side panel etc which find
their end application in manufacturing of Railway boogies. The
firm has a manufacturing facility in Umbergaon, Gujarat spread
over 50,000 sq feet and employees around 100 workers.

Recent Results
The firm reported a Profit After Tax (PAT) of INR0.8 crore on an
Operating Income (OI) of INR38.9 crore in FY15 as against a PAT of
INR1.2 crore on an OI of INR32.1 crore in FY14.


ST. JOHN'S: ICRA Suspends B+ Rating on INR5cr Loan
--------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.00 crore
fund based facilities and INR1.00 crore proposed facilities and
the [ICRA]A4 rating assigned to the INR5.00 crore short term, fund
based facilities (Sub limits) of St. John's Cashew Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.

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

Commenced in 2002 as a proprietorship concern by Mr. P. Y. Sajan,
St. John's Cashew Company is primarily engaged in sale of cashew
kernels; Trading of raw cashew nuts (RCNs) high seas forms less
than 5% of revenues. In the former segment, the entity imports
RCNs from African countries and processes them in its four
manufacturing facilities with an aggregate capacity to process
4,400 MT of RCNs per year or meets the requirements from third
parties. The sales primarily happen to cashew kernel exporters in
Kollam. SJCC also derives less than 20% of its cashew kernel sales
from export markets such as USA, UAE and European Union - exports
were commenced in 2011-12.


SURESH ANGADI: CARE Assigns B- Rating to INR34.02cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Suresh
Angadi Education Foundation Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long term Bank Facilities     34.02       CARE B- Assigned

Rating Rationale

The rating assigned to Suresh Angadi Education Foundation Trust
(SAEF) is constrained by its high reliance on debt due to
weak surplus from operations resulting in weak capital structure
and debt coverage indicators, inherent regulatory risks and
intense competition in the industry.

The rating however takes comfort from resourceful and experienced
trustee and wide portfolio of courses offered. Going forward,
ability of SAEF to increase its student's base thereby increasing
its operational surplus and improvement in liquidity position will
be the key rating sensitivity.

SAEF was established in the year 2008 by Mr Suresh Chennabasappa
Angadi, sitting MP from Belagavi, Karnataka. The trust was
established to set up an educational institute in Belagavi. SAEF
started Angadi College of Commerce & Science (affiliated with Rani
Chennamma University, Belgavi) in 2008 which provides courses like
PUC, B.Com, BBA, BSc & BCA. Subsequently in 2009, it started
Angadi Institute of Technology and Management (affiliated with
Vishveshwarayya Technological University) which provides courses
like B.E (Civil, Mechanical, Electrical & Electronics., Computer
Science), MBA, M.Tech and other PG courses, also diploma course
(affiliated with DTE, Bangalore) in civil and mechanical was
introduced in the year 2013. Recently, in 2015 the trust started
International school (affiliated with CBSE, New Delhi).

During FY15 (refers to the period April 1 to March 31), SAEF
registered a total operating income of INR12.9 crore with a
PAT of INR2crore as compared to total income of INR11.4 crore and
PAT of INR2.7 crore in FY14.


SWIFT CERAMIC: ICRA Assigns B+ Rating to INR3.50cr Cash Loan
------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR3.50 crore long term fund
based cash credit facility and INR1.95 crore long term fund based
term loan facility of Swift Ceramic Private Limited. A rating of
[ICRA]A4 has also been assigned to INR0.75 crore short-term non-
fund based bank guarantee of Swift Ceramics Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.50       [ICRA]B+ assigned
   Term Loan             1.95       [ICRA]B+ assigned
   Bank Guarantee        0.75       [ICRA]A4 assigned

The assigned ratings are constrained by SCPL's small size of
operations which, along with the high competitive intensity; is
likely to exert pressure on margins. The rating also factors in
weak financial profile of the company reflected in low profit
margins, modest coverage indicators and stretched liquidity. ICRA
also notes the dependence of operations and cash flows of the
company on the performance of the real estate industry which is
the main consumer sector, and vulnerability of profitability to
increasing prices of gas and power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry, and location advantage
enjoyed by SCPL giving it easy access to raw material.

Swift Ceramic Private Limited (SCPL) was incorporated as a closely
held company in April, 2011 to manufacture digital ceramic wall
tiles with its production facility located at Morbi, Gujarat. The
company is currently engaged in manufacturing wall tiles of sizes
12" X 12", 12" X 18", 12" X 24" and 10"x15" with an installed
capacity of 25,000 TPA (Tons Per Annum). The company is promoted
by Mr. Sanjay G Zalaria along with other shareholders, having a
long experience in ceramic tile manufacturing business.

Recent Results
For the year ended 31st March 2015, the company reported an
operating income of INR17.63 crore and profit after tax of INR0.24
crore.


THERMOTEK PRIVATE: CARE Lowers Rating on INR699cr NCD to B+
-----------------------------------------------------------
CARE revises the rating assigned to the ncd of Ind Barath
Thermotek Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture      699       CARE B+ Revised from
   issue-Series I                           CARE BB+


   Non-Convertible Debenture       80       CARE B+ Revised from
   issue-Series II                          CARE BB+

Rating Rationale
The rating assigned to the facilities of Ind Barath Thermotek
Private Limited (IBTPL) is based on the consolidated view of
IBTPL and Ind-Barath Energy Utkal Limited (IBEUL) which is 100%
subsidiary of IBTPL.

The revision in the rating primarily takes into account further
delay in commencement of operations of IBEUL resulting in
time and cost overrun in the project. The rating continues to be
constrained on account of exposure to project implementation risks
and relatively large size of the project compared to other
projects implemented by the group. The rating also takes into
cognizance IBTPL's equity infusion in IBEUL thus acquiring
majority stake from the existing shareholders and making it the
holding company of IBEUL. The rating continues to derive strength
from experienced promoters, support from group companies, tie-up
of long term power purchase agreement and fuel supply agreements
by IBEUL. Ability to achieve commercial operations of IBEUL
without any further time and cost overrun and achieve the
envisaged generation level are the key rating sensitivities.

Ind-Barath Thermotek Private Limited (IBTPL) belongs to Ind Barath
Group and is a subsidiary (99.9%) of Ind-Barath Power Infra
Limited (IBPIL), the flagship company of the group. Incorporated
on December 15, 2014, IBTPL was set-up to carry out Operation and
Maintenance (O &M) activity of the subsidiary IBEUL which is
setting up a 700MW (2* 350MW) coal based power plant in Orissa.
IBTPL was incorporated as a holding company of IBEUL and to
acquire entire stake from the existing stake holders [Ind Barath
Power Infra Limited, Ind Barath Sun Energy Limited and PTC
Financial Services Limited (PTC)].

IBEUL was the subsidiary of IBPIL. However with IBTPL acquiring
major stake (99.99%) from the existing shareholders during H1FY16,
IBEUL now is a 100% subsidiary of IBTPL. During H1FY16, Macquarie
Infrastructure and Real Assets(MIRA) has invested INR780 crore in
IBEUL on a private placement basis through the NCD(Nonconvertible
debenture)/CCD(Compulsory convertible debenture)issue of Ind-
Barath Thermotek Private Limited. MIRA manages over $100 billion
in assets and is one of the world's largest infrastructure asset
managers. The deal has helped the existing majority shareholders
exit and raise money for IBEUL.

IBEUL incorporated in April 2008 with the objective of setting up
a 700 MW (2*350 MW) coal based thermal power plant at Sahajbahal,
Jharsuguda District in Orissa. The grid synchronization of the
Unit I was completed on June 27, 2015 and Unit I was fired with
coal on June 27, 2015 and is operational under low load supplying
power to GRIDCO on variable cost basis. Furthermore upon being
fully operational, Unit I and Unit II is expected to achieve COD
by March 31, 2016.

IBEUL incurred total cost of INR4181.66 crore (includes cash and
bank balances of INR23.81 crore) (93.67% of the revised
total project cost) funded from debt of INR3050.11 crore and
equity of INR1131.55 crore upto December 15, 2015 (as per
CA certificate dated December 16, 2015).


UNITED TELECOMS: ICRA Lowers Rating on INR306cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the rating assigned to the INR59.00 crore fund
based facilities and INR306.00 crore non fund based facilities of
United Telecoms Limited to [ICRA]D from [ICRA]BB+ and [ICRA]A4+
respectively.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based/CC              59.00        Revised to [ICRA]D from
                                      [ICRA]BB+

   Short Term Non
   Fund Based           306.00        Revised to [ICRA]D from
                                      [ICRA]A4+

The rating revision takes into account the delays in debt
servicing by the company in the recent past with devolvement of
non fund based facilities that have remained unpaid for more than
thirty days.

Incorporated in 1984, United Telecoms Limited (UTL) is a Bangalore
based information and communication solutions company with wide
experience in telecom equipments, telecom networks, e-governance
networks and real estate development. However, since FY15 the
company has been focussed on executing the order from Bharat
Broadband Network Limit for the supply and installation of Gigabit
Passive Optical Network (GPON) products for the National Optic
Fiber Network project.


VRIDHI IRON: CRISIL Suspends 'B' Rating on INR43MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vridhi
Iron & Steels (VIS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4
   Cash Credit            43       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      4       CRISIL B/Stable
   Term Loan              38       CRISIL B/Stable

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

VIS, a partnership firm, was founded in 2009 in Guwahati (Assam).
The firm set up a re-rolling mill manufacturing mild steel angles,
channels, rounds, and flats; the plant began commercial production
in June 2012. Mr. Siddharth Jalan manages VIS's daily operations.


VTC ESTATES: CRISIL Suspends 'B' Rating on INR61.1MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
VTC Estates.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit                5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        13.9     CRISIL B/Stable
   Term Loan                 61.1     CRISIL B/Stable

The suspension of rating is on account of non-cooperation by VTC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTC is yet to
provide adequate information to enable CRISIL to assess VTC'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 August 2008 as a partnership firm, VTC owns and
operates a 3-star hotel called The TOY Hotel in Chandigarh
(Punjab). The hotel has 25 rooms, which include five designer
suites. Facilities offered by the hotel include a restaurant, two
banquet halls, a bar and a lounge.


WIN-ENTERPRISE: CARE Assigns B+ Rating to INR9.95cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Win-
Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.95      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Win-Enterprise (WE)
is primarily constrained on account of uncertainty associated with
the timely receipt of booking advances, its constitution as a
partnership firm and its presence in a cyclical and highly
fragmented real estate industry.

The rating, however, takes comfort from the vast experience of the
partners in the real estate development business along with
moderate implementation and salability risk associated with its
on-going real estate project.

The successful completion of its on-going project within the
envisaged cost parameters along with timely receipt of the
booking advances and sale of balance units at envisaged prices are
the key rating sensitivities.

Surat-based (Gujarat), WE was established as a partnership firm in
2015.WE is the part of Shree Developers which is also engaged into
real estate development. The group has successfully completed
number of residential projects under different entities in Surat.
WE is currently executing a residential cum commercial project
with flats and shops at Surat named 'Kaverri Habitat' which
comprises of 234 flats and 14 shops involving development of
268,974 Square Feet area.

The project implementation commenced in January 2015 and till
January 2016, WE has incurred the total cost of INR12.32 crore
(51% of the total project cost) out of the total cost of INR24.12
crore and rest is expected to be incurred by the end of February
2017.  WE has received approvals for land and other relevant
clearances for the project.


YAMA ENTERPRISES: CRISIL Suspends 'D' Rating on INR76.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Yama
Enterprises Private Limited (Yama).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           76.3      CRISIL D

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

Yama, promoted by Mr. Thukchuk Lachungpa, was incorporated in
1988. It commenced commercial operations in 2006. The company
undertakes real estate development and property management in
Gangtok.



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


INDOSAT TBK: Fitch Raises Standalone Profile Rating to 'BB+'
------------------------------------------------------------
This Rating Action Commentary updates the version published on 15
March 2016, to include Fitch Ratings' Cross-Sector Criteria on
Rating Sukuk.

Fitch Ratings has upgraded the Long-Term Local-Currency Issuer
Default Rating (LC IDR) of Indonesia's second-largest
telecommunications operator, PT Indosat Tbk (Indosat Ooredoo), to
'BBB+' from 'BBB'. The agency has simultaneously affirmed Indosat
Ooredoo's Long-Term Foreign-Currency IDR (FC IDR) and its foreign-
currency senior unsecured rating at 'BBB'. Fitch has also affirmed
the National Long-Term Rating at 'AAA(idn)'. The Outlook on the
ratings is Stable.

A full list of rating actions is at the end of this rating action
commentary.

'AAA' National Ratings denote the highest rating assigned by Fitch
on its national rating scale for that country. This rating is
assigned to issuers or obligations with the lowest expectation of
default risk relative to all other issuers or obligations in the
same country.

The upgrade of the LC IDR follows Indosat Ooredoo's improved
standalone credit profile and Fitch continues to incorporate a
three-notch uplift to reflect its strong ties with its 65%-parent,
Qatar-based Ooredoo Q.S.C. (Ooredoo, A+/Stable). However, the FC
IDR remains at 'BBB' as it continues to be capped at Indonesia's
Country Ceiling, reflecting the additional risks associated with
transfer and convertibility of foreign currency.

KEY RATING DRIVERS

Ooredoo's Support Drives Ratings: Indosat Ooredoo's IDRs are
underpinned by the strong legal and strategic linkages with
Ooredoo. Ooredoo's bond and loan documents contain a cross-default
clause covering significant subsidiaries, including Indosat
Ooredoo. The Indonesian telco is one of Ooredoo's largest
subsidiaries, accounting for 22% and 25% of Ooredoo's 2015 revenue
and EBITDA, respectively. Its recent rebranding to "Indosat
Ooredoo" underscores the reputational risk to the parent.

"Standalone Profile Raised to 'BB+': Indosat Ooredoo's improved
standalone credit profile reflects our expectation of continued
deleveraging and slowing capex intensity. We believe the company's
funds flow from operations (FFO)-adjusted net leverage will
decline to around 2.0x in 2016 and 2017 (2014: 2.7x), as
capex/revenue reduces to 26%-28% (2014: 33%) following the
completion of its network modernisation."

"Margin Dilution: Fitch sees ongoing pressure on margin as the
proportion of lower-margin data services grows in its revenue mix.
However, stabilising competition is likely to support Indosat
Ooredoo's operating EBITDAR margin at around 42% in 2016 and 2017
(2014: 43.5%). Our forecast assumes mid-single digit revenue
growth, driven by mobile data revenues."

"Positive Free Cash Flows: Indosat Ooredoo's cash flow from
operations of around IDR8trillion in 2016 is likely to be
sufficient to cover cash capex. We expect capex to stabilise at
around IDR7.0trillion-8.0trillion, driven by the expansion of its
Long-Term Evolution (LTE) network following the completion of
1800MHz spectrum reassignment for 4G services. Management has
indicated that its network is 4G ready and expects to incur only
incremental capex to upgrade its current system to 4G."

"Exposure to Rupiah Depreciation: Indosat Ooredoo is vulnerable to
depreciation in the rupiah, as 33%, or $US506m, of its debt
excluding finance leases are US dollar-denominated. The proportion
of US dollar-denominated debt has fallen from 57% at the end of
March 2015, and we see scope for further reduction, in light of
its plans to sell towers to pare dollar-denominated debt. Indosat
Ooredoo has hedged 85% of its US dollar exposure through foreign
exchange forward swaps."

LIQUIDITY
"Liquidity Adequate: As at end-September 2015 Indosat Ooredoo had
cash of IDR3.7trillion and undrawn credit facilities of
IDR3trillion, which are are sufficient to meet maturities of
around IDR4.8trillion falling due over the next 12 months. In
addition, we believe the company has good access to the capital
markets and local banks, strengthened by the implied support from
Ooredoo. The average tenor of the debt is 3.1 years."

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Indosat Ooredoo
include:
-- Revenue to grow at 11% in 2015, and to grow by mid-single-
    digits in 2016-2017;
-- Competition to stabilise as smaller telcos shift emphasis
    towards profitability and away from market share;
-- Operating EBITDAR margin of around 42% in 2016-2017;
-- Annual cash capex/revenue ratio to fall to 26%-28% in 2016
    and 2017;
-- No material debt-funded M&A plans; and
-- Dividend payments to resume in 2017 at 50% payout on
    normalised net profit.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Indosat Ooredoo's Local-Currency Issuer Default Rating (LC
    IDR) could be upgraded if FFO-adjusted net leverage falls
    below 1.5x, and both free cash flows and net income are
    positive on a sustained basis.
-- Indosat Ooredoo's Foreign-Currency IDR (FC IDR) could be
    upgraded if there is a positive rating action on Indonesia's
    Country Ceiling.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Indosat Ooredoo's LC IDR could be lowered if FFO-adjusted net
    leverage rises above 3.0x on a sustained basis or if there is
    any weakening of the links between Indosat Ooredoo and
    Ooredoo.
-- A negative rating action on Indonesia's Country Ceiling will
    result in a corresponding action on Indosat Ooredoo's FC IDR.

FULL LIST OF RATING ACTIONS

PT Indosat Tbk
-- Long-Term Local-Currency IDR upgraded to 'BBB+' from 'BBB';
    Outlook Stable
-- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
    Stable
-- Foreign-Currency senior unsecured rating affirmed at 'BBB'
-- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
    Stable

The ratings on the following instruments were affirmed:

-- Rupiah-denominated senior unsecured bonds at 'AAA(idn)'
-- Rupiah-denominated sukuk at 'AAA(idn)'
-- IDR9trillion bond programme and issues under the programme at
    'AAA(idn)'
-- IDR1trillion sukuk ijarah programme and issues under the
    programme at 'AAA(idn)'



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


MONGOLIAN MINING: Loan Nonpayment Triggers Cross-Default on Bonds
-----------------------------------------------------------------
David Yong at Bloomberg News reports that Mongolian Mining Corp.
didn't make principal and interest payments on a $200 million loan
facility and wasn't able to get a temporary waiver from banks,
triggering a cross-default on its bonds.

Bloomberg relates that the miner failed to make the payments on
the loan facility taken from BNP Paribas SA and Industrial &
Commercial Bank of China Ltd. in March 2014, and didn't get a
waiver from the lenders, according to a stock exchange filing. The
situation constitutes a cross-default event in the terms of other
indebtedness including its $600 million of 8.875 percent notes, it
said, Bloomberg relays.

Bloomberg notes that miners worldwide are facing a cash crunch
amid a slump in commodity prices to the lowest since 1999, with
coal having lost 60 percent in value in the past five years.
According to Bloomberg, Asian peers including PT Berau Coal
Energy, Winsway Enterprises Holdings Ltd. and Hidili Industry
International Development Ltd. have reneged on their dollar bonds
as China's slowdown crimped demand for the fuel used in firing up
steel plants.

"The development is not surprising given the distressed state of
the company," Bloomberg quotes Trung Nguyen, a credit analyst in
Singapore at Lucror Analytics Pte, as saying. "It has been burning
cash rather fast when coal prices keep declining. We expect
bondholders to take a big haircut when the company restructures
its debt."

The 8.875 percent March 2017 notes traded at 18.3 cents on the
dollar to yield 302 percent as of 9:50 a.m. on March 23 in
Hong Kong, according to Bloomberg-compiled prices. The securities
have lost about 14 cents this year, having already crashed by 75
cents in the preceding three years. They were sold at par, or 100
cents, in 2012.

Bloomberg relates that Mongolian Mining said it hasn't received
any notice from the lenders or bondholders demanding immediate
repayment.  The company, which took the loan facility to repay
another debt, has proposed forbearance agreements with the banks,
and will discuss the matter with the steering committee of the
note holders and their advisers, it said, Bloomberg relays.

"Lenders will find it increasingly difficult to keep extending the
term of the existing facilities, while there is little hope of
turning the company around under the heavy debt load," Bloomberg
quotes Nguyen of Lucror Analytics as saying. "Perhaps by not
extending the facilities, and forcing a debt restructuring, the
company can emerge with a healthier balance sheet and can start to
focus on its operation."

Mongolian Mining Corporation (HK:0975) -- http://www.mmc.mn/-- is
a Mongolia-based producer and exporter of hard coking coal in
Mongolia. The Company, along with its subsidiaries, is engaged in
the mining, transportation and sale of coal. It owns and operates
two open-pit mining of coking coal at its Ukhaa Khudag (UHG) and
Baruun Naran deposit both located Southern Gobi province of
Mongolia. The Company's operations include mining, processing,
transportation and sale of coal. The Company's subsidiaries
include Mongolian Coal Corporation Limited, Mongolian Coal
Corporation S.a.r.l., Energy Resources Corporation LLC, Energy
Resources LLC, Energy Resources Rail LLC, Energy Resources Mining
LLC and Transgobi LLC.



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


EMILY PROJECTS: SFO Probes Property Development Company
-------------------------------------------------------
The New Zealand Herald reports that the Serious Fraud Office is
investigating a property development company that built two
central Auckland apartment towers.

The Herald relates that the now-defunct company Emily Projects
developed the Celestion Apartments on Auckland's Anzac Avenue.

The SFO confirmed last week it had an investigation underway
regarding Emily Projects, the Herald relays.

According to the report, the probe was being conducted under part
of the law where the SFO has reasonable grounds to believe that an
offence involving serious or complex fraud may have been
committed.  The SFO would not comment any further.

The Herald recalls that one of the Celestion Apartment owners, Tan
Lee Lin, went to the High Court last month to keep Emily Projects
on the Companies Register.

According to the Herald, Ms. Lin said she and others were given a
rental guarantee by Emily Projects which has not been met, causing
"significant losses for all apartment owners".

While Emily Projects' liquidators, Timothy Downes and Greg
Sherriff, did not want to delay winding up the company until the
SFO had finished its investigation, Lin pushed to keep it on the
register, the Herald relays.

The Herald relates that Ms. Lin said that if Emily Projects'
director, Leonard John Ross, is shown to "have acted fraudulently
or improperly in breach of his duties" the apartment owners as
creditors of the company intend to pursue an action against him or
intend to seek an order requiring the liquidator to pursue these
claims.

According to the report, Justice Christian Whata said in his
decision this month that he was satisfied that Ms. Lin has
demonstrated a "legitimate interest" in keeping the company
registered, namely to enable any claim or action based on the
outcome of the SFO investigation.

"I am concerned, however, to avoid leaving EPL [Emily Projects
Ltd] and the liquidators in an indefinite limbo while the SFO
investigation is being completed - it not being entirely clear
what stage the investigation has reached or will reach," the
judge, as cite by the Herald, said.

Although he said that Emily Projects should stay on the Companies
Register, this order would only last six months, the report
states.

The Herald relates that another creditor of Emily Projects,
according to Justice Whata's decision, said he has reason to
believe that Ross fraudulently obtained funding for the
development of Celestion Apartments. The creditor, Blair Brooks,
said that he also had reason to believe that Ross used company
funds to build his own house near Auckland's Cheltenham Beach, the
report relays.

According to the Herald, Mr. Ross said he "absolutely" denied all
the allegations and would "strenuously defend" them.

He noted that the allegations had been fully investigated by Emily
Projects' liquidator, the report says.

"He found there's no truth whatsoever to these allegations,"
Mr. Ross told the Herald.

Emily Projects' first liquidator, Christopher Horton, said in a
March 2014 report that "allegations of misconduct" had been looked
into, the Herald recalls.

"As a result of the extensive investigation work undertaken, the
liquidator is satisfied that the allegations of misconduct are
without foundation," the Herald quotes Mr. Horton as saying.

Mr. Horton resigned as liquidator later that year and Downes and
Sherriff took over.

The Herald adds that Downes and Sherriff presented their final
report to the Companies Office last October and said investors had
claimed NZ$2.89 million from the firm and two other creditors had
claimed NZ$671,000.

These creditors had been paid NZ$420,310, a return of 11.8c in the
dollar, the Herald discloses.



=====================
P H I L I P P I N E S
=====================


KORONADAL RURAL: MB Places Bank Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) placed Koronadal Rural Bank (South
Cotabato), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 428
dated March 10, 2016. As Receiver, PDIC took over the bank on
March 11, 2016.

Koronadal Rural Bank is a three-unit rural bank with Head Office
located at Alunan Avenue, Koronadal City, South Cotabato. Its two
branches are located in Gen. Luna, Digos City, Davao del Sur, and
in Sto Ni¤o, Koronadal City, South Cotabato. Based on the Bank
Information Sheet filed by the bank with the PDIC as of
December 31, 2015, Koronadal Rural Bank is owned by John S.
Oropeza (14.68%), Neil S. Oropeza (13.68%), Mark S. Oropeza
(12.02%), Rogaciano L. Oropeza (5.34%), Oroderm Services, Inc.
(4.22%), Soledad Farm A/I Corp. (4.22%), Oroderm Corporation
(4.00%), Mindanao Derm Glow Ventures Inc. (4.00%), Oropeza Medical
Group, Inc. (4.00%), Davao Radiant Beauty Center, Inc. (4.00%),
Davao Golden Beauty Center, Inc. (4.00%), Better Than Natural
Beauty Center, Inc. (3.48%), Marbel Dermplace Inc. (3.23%), Ilo-
ilo Dermfix, Inc. (3.23%), Ponciano Rivera, Sr. (2.69%), Solid
Gold Commercial Corp. (2.60%), Amelda S. Oropeza (2.60%), and
Davao Neo Custom Grafix, Inc. (2.00%). The Bank's President is
Mark S. Oropeza and its Chairman is Prospero P. Mojica.

Latest available records show that as of December 31, 2015,
Koronadal Rural Bank had 368 accounts with total deposit
liabilities of PHP8.3 million. Total insured deposits amounted to
PHP7.2 million or 86.63% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts maintained
by business entities, or when they have outstanding obligations
with Koronadal Rural Bank or acted as co-makers of these
obligations. Depositors have to ensure that they have complete and
updated addresses with the bank. PDIC will start mailing payments
to these depositors at their addresses recorded in the bank by the
3rd week of March 2016.

Depositors may update their addresses until March 17, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC will start claims settlement operations for these
accounts by the 4th week of March 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on March 21, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may also
call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342), the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631,
or send their e-mail to pad@pdic.gov.ph.



                             *********

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.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***