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

                      A S I A   P A C I F I C

           Monday, March 28, 2016, Vol. 19, No. 60


                            Headlines


A U S T R A L I A

BLUENERGY CMC: First Creditors' Meeting Set For April 5
COMPUDRIVE STORAGE: First Creditors' Meeting Set For April 4
IP3 SYSTEMS: First Creditors' Meeting Slated For April 6
NEWCASTLE MINING: First Creditors' Meeting Set For April 5
PEPPER RESIDENTIAL: Moody's Assigns B2 Rating to Class F Notes

PROMEC SERVICES: Placed Into Administration
VIRGIN AUSTRALIA: Moody's to Retain B2 CFR on Structure Review


C H I N A

CHINA XD PLASTICS: S&P Affirms 'BB-' LT CCR; Outlook Negative
GREENLAND HOLDINGS: Makes Deals as Default Risks Escalate
HIDILI INDUSTRY: S&P Affirms LT 'D' Corporate Credit Rating
HILONG HOLDING: Moody's Cuts Corporate Family Rating to B1
ROAD KING: Moody's Changes B1 CFR Outlook to Stable


I N D I A

A. P. BHANDARI: CRISIL Assigns B+ Rating to INR100MM LT Loan
AGARWAL TOUGHENED: CARE Assigns B+ Rating to INR6.55cr LT Loan
AIC INFRASTRUCTURES: Ind-Ra Assigns B+ Rating LT Issuer Rating
CHANDRA MODERN: CRISIL Cuts Rating on INR340MM Loan to 'B'
CHHABRA AUTOLINK: CARE Lowers Rating on INR0.27cr Loan to B+

CORONA STEEL: CRISIL Suspends B- Rating on INR10MM Cash Loan
DINESH SOAPS: CRISIL Assigns B+ Rating to INR150MM LT Loan
EMPEE DISTILLERIES: CARE Assigns 'B' Rating to INR47.50cr Loan
ENAR INDUSTRIAL: CRISIL Suspends B+ Rating on INR197.5MM Loan
GARG INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating

GEM MOTORS: Ind-Ra Assigns 'IND B' LT Issuer Rating
HABIB TEXTILES: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
HEMA CONSTRUCTION: CARE Assigns B+ Rating to INR4.50cr LT Loan
HINDUPUR STEEL: CARE Revises Rating on INR24.15cr LT Loan to BB-
JAI MATA: CARE Assigns 'B' Rating to INR9.90cr LT Loan

KALRA AGRO: CRISIL Assigns B+ Rating to INR55MM Cash Loan
KOCHAR OVERSEAS: CRISIL Suspends 'B' Rating on INR250MM Cash Loan
L N FIELDS: CRISIL Suspends B- Rating on INR150MM Overdraft Loan
MAGPPIE EXPORTS: CRISIL Suspends B- Rating on INR200MM Cash Loan
MAITRI EDUCATIONAL: CRISIL Reaffirms 'B' Rating on INR79MM Loan

MAYURA INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
MEGASOFT LTD: Ind-Ra Cuts LT Issuer Rating to 'IND D'
MILLER MERCANTILE: CRISIL Suspends B Rating on INR95MM Loan
MULPURI FOODS: CRISIL Cuts Rating on INR620MM Cash Loan to 'D'
MULPURI POULTRIES: CRISIL Cuts Rating on INR150MM Loan to D

NANAK HI-TECH: CRISIL Suspends 'D' Rating on INR77.4MM Term Loan
NEELACHAL ORGANISATION: CRISIL Suspends B Rating on INR40MM Loan
NEENA GIRDHAR: CRISIL Suspends 'B' Rating on INR61MM Term Loan
NEUMEC AND REODAR: CRISIL Assigns 'B+' Rating to INR1.0BB Loan
PARASRAM MANNULAL: CARE Reaffirms B+ Rating on INR5cr LT Loan

POONAM LEEKHA: CRISIL Suspends 'B' Rating on INR61MM Term Loan
RADHAGOBINDA RICE: ICRA Cuts Rating on INR5.40cr Loan to D
RENU CHANANA: CRISIL Suspends 'B' Rating on INR61MM Term Loan
RIZVI ESTATES: CARE Assigns 'B' Rating to INR3.33cr LT Loan
RUBBER PRODUCTS: CRISIL Reaffirms B- Rating on INR51.5MM Loan

SANCHETI ELECTRONICS: CRISIL Suspends D Rating on INR100MM Loan
SANDHU FARMS: CARE Assigns 'B' Rating to INR5cr LT Loan
SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR450MM Loan to B+
SAVITA CONSTRUCTION: Ind-Ra Assigns 'IND B-' LT Issuer Rating
SHARON BIO-MEDICINE: CARE Cuts Rating on INR367.54cr Loan to B+

SHREE SECO: CARE Reaffirms 'C' Rating on INR3.41cr LT Loan
SHYAMVI STEELS: CRISIL Suspends 'B' Rating on INR31.7MM Loan
SIMANCHAL CONSTRUCTION: CARE Ups Rating on INR3cr LT Loan to BB-
SRI LAKSHMI: ICRA Cuts Rating on INR12cr Cash Loan to D
SRI VENKATESWARA: CRISIL Cuts Rating on INR234.8MM LT Loan to D

STAR IRIS: CARE Reaffirms B+ Rating on INR3.84cr LT Loan
SUN PACKAGING: CARE Assigns 'B' Rating to INR6.50cr LT Loan
TIRUPUR THIRUKKUMARAN: ICRA Suspends B- Rating on INR20cr Loan
UMESH INDUSTRIES: CARE Revises Rating on INR9.60cr LT Loan to B+
UNIQUE ENERGOS: CRISIL Suspends 'B' Rating on INR35MM Cash Loan

UNITED INDIA: CRISIL Reaffirms B Rating on INR340MM Export Loan
VARDHMAN KNIT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
VENKATESH ASSOCIATES: CARE Assigns B+ Rating to INR10cr LT Loan


J A P A N

SHARP CORP: Hon Hai Likely to Sign Rescue Deal on March 31
SHARP CORP: S&P Cuts CCR to 'CCC' & Puts on CreditWatch Negative
SKYMARK AIRLINES: Expected To Return To Black
TOSHIBA CORPORATION: Moody's Lowers CFR to B3; Outlook Negative


N E W  Z E A L A N D

SPRINGPARK DEVELOPMENT: Wilshire Buys Firm Out of Receivership


T H A I L A N D

ASIAN REINSURANCE: A.M. Best Hikes Fin'l. Strength Rating From B
TMB BANK: Moody's Assigns ba2 Baseline Credit Assessment Rating


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A U S T R A L I A
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BLUENERGY CMC: First Creditors' Meeting Set For April 5
-------------------------------------------------------
Kimberley Andrew Strickland and David Ashley Norman Hurt of WA
Insolvency Solutions were appointed as administrators of
Bluenergy CMC Pty Ltd on March 22, 2016.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St Georges Terrace, in
Perth, on April 5, 2016, at 10:30 a.m.


COMPUDRIVE STORAGE: First Creditors' Meeting Set For April 4
------------------------------------------------------------
Aaron Kevin Lucan of Worrells was appointed as administrator of
Compudrive Storage Technology Pty Limited, trading as Store Safe,
on March 14, 2016.

A first meeting of the creditors of the Company will be held at
Suite 1, Level 15, 9 Castlereagh Street, in Sydney, on April 4,
2016, at 10:30 a.m.


IP3 SYSTEMS: First Creditors' Meeting Slated For April 6
--------------------------------------------------------
David Raj Vasudevan and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of IP3 Systems Pty Ltd on March
23, 2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne, on
April 6, 2016, at 10:00 a.m.


NEWCASTLE MINING: First Creditors' Meeting Set For April 5
----------------------------------------------------------
Ronald John Dean-Willcocks of Dean-Willcocks Advisory was
appointed as administrator of Newcastle Mining Solutions Pty
Limited on March 22, 2016.

A a first meeting of the creditors of the Company will be held at
Hannell Room, Crowne Plaza Newcastle, Corner Merewether Street &
Wharf Road, in Newcastle, on April 5, 2016, at 2:00 p.m.


PEPPER RESIDENTIAL: Moody's Assigns B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Permanent Custodians Limited (Trustee)
as trustee of Pepper Residential Securities Trust No.16.

Issuer: Pepper Residential Securities Trust No.16

  USD 225.0 million Class A1-u1 Notes, Assigned (P) P-1 (sf)
  AUD 0.0 million Class AR-u Notes, Assigned (P) Aaa (sf)
  AUD 115.9 million Class A1-a Notes, Assigned (P) Aaa (sf)
  AUD 80.4 million Class A2 Notes, Assigned (P) Aaa (sf)
  AUD 52.8 million Class B Notes, Assigned (P) Aa2 (sf)
  AUD 12.0 million Class C Notes, Assigned (P) A2 (sf)
  AUD 10.8 million Class D Notes, Assigned (P) Baa2 (sf)
  AUD 6.6 million Class E Notes, Assigned (P) Ba1 (sf)
  AUD 7.8 million Class F Notes, Assigned (P) B2 (sf)

The AUD 9.6 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

                         RATINGS RATIONALE

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans.  A substantial portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (44.2%) or made on a limited
documentation basis (36.1%).

This transaction features five possible classes of A Notes (Class
A1-u1, Class A1-u2 (if issued), Class AR-u, Class A1-a, and Class
A2), Class B Notes, Class C Notes, Class D Notes, Class E Notes,
Class F Notes and Class G Notes (split into Class G1 and Class
G2).  The Class A1-u1 Notes are USD-denominated bullet notes with
a legal final maturity of approximatedly one year.  The Class A1-
u2 (if issued) will be USD-denominated also with a legal final
maturity of one year.

The Class AR-u Notes are floating rate, pass-through AUD-
denominated notes that will not be issued at the close of the
transaction, but will be subscribed for (either publicly or by
the redemption provider) in order to fund the maturity of the
Class A1-u1 Notes or the Class A1-u2 Notes (as applicable).

In order to ensure that the Class A1-u1 Notes will be fully
repaid on the legal final maturity date, the Trustee has entered
into a Redemption Facility Agreement with National Australia Bank
Limited (NAB, Aa1(cr)/P-1(cr)) (Redemption Facility Agreement).
If required, NAB as redemption facility provider must subscribe
for Class AR-u Notes up to an amount being the difference between
the stated amount of the Class A1-u1 Notes or Class A1-u2 Notes
(as applicable) less the balance of the redemption fund.  As
such, the P-1 (sf) rating of the Class A1-u1 Notes is linked to
the P-1(cr) rating of NAB.

To facilitate the redemption of the Class A1-u1 Notes at their
legal final maturity, the Trustee will try to issue new USD-
denominated Class A1-u2 Notes with a legal final maturity of one
year.  Alternatively, the Trustee can issue new floating rate,
pass-through AUD-denominated Class AR-u Notes publicly.

To facilitate redemption of the Class A1-u2 Notes at their legal
final maturity (if issued), floating rate, pass-through AUD-
denominated Class AR-u Notes will be issued.

If there are insufficient proceeds from the proposed issuance to
fully repay the Class A1-u1 Notes or Class A1-u2 Notes (as
applicable), NAB (subject to the terms of the Redemption Facility
Agreement) must subscribe for the Class AR-u Notes and no Class
A1-u2 Notes or Class AR-u Notes (as applicable) will be issued to
investors.  The note proceeds together with the balance of the
redemption fund swapped into USD, will be used to repay the Class
A1-u1 Notes or Class A1-u2 Notes stated amount (as applicable).

The provisional ratings take account of, among other factors:

   -- Class A1-u1 Notes and Class A1-a Notes benefit from 30.00%
      credit enhancement (CE) and Class A2 Notes benefit from
      16.60% CE, while our MILAN CE assumption, the loss Moody's
      expects the portfolio to suffer in the event of a severe
      recession scenario, is substantially lower at 15.40%.
      Moody's expected loss for this transaction is 1.50%.  The
      subordination strengthens ratings stability, should the
      pool experience losses above expectations.

   -- A liquidity facility equal to the lesser of : (1) 2.5% of
      the aggregate invested amount of the notes less the
      redemption fund balance, subject to a floor of
      AUD 1,250,000; (2) The amount agreed from time to time in
      writing by the liquidity facility provider and the Trustee
      provided that the Trust Manager has notified the rating
      agency and determined that the change will not result in
      any downgrade, qualification or withdrawal of the rating of
      the notes; and (3) The aggregate outstanding principal
      amount of all mortgage loans not in arrears by more than 90
      days, as at that payment date.

   -- The experience of Pepper Group Limited (Pepper, unrated) in
      servicing residential mortgage portfolios.  This is
      Pepper's 16th non-conforming securitisation, which
      highlights the lender's experience as a manager and
      servicer of securitised transactions.

   -- A currency swap that will be provided by the Commonwealth
      Bank of Australia (CBA) (Aa2/P-1/Aa1(cr)/P-1(cr)) to
      mitigate the cross-currency risk associated with the USD-
      denominated Class A1-u1 Notes.  According the current form
      of the swap documentation and given CBA's current Aa2
      rating, swap linkage has no present rating impact on the
      Class A1-u1 Notes.  This is because the linkage between the
      Class A1-u1 Note ratings and CBA's rating as swap provider
      is mitigated by an obligation to post cash collateral and
      novate the swap if CBA is rated below A3(cr).

Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans.  To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to
ensure that the weighted average interest on all loans is at
least the rate required to meet the Trust's obligations (up to
Class F interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are:

  -- The notes will initially be repaid on a sequential basis
     until (although pro-rata between all Class A Notes), amongst
     other stepdown conditions, the latter of: (1) the second
     anniversary from closing; or (2) the Class A subordination
     is at least 33.2%. After that point, the Class A1-u1, A1-a,
     A2, B, C, D, E, F and G Notes will receive a pro-rata share
     of principal payments (subject to additional conditions).
     The Class G principal payments will be applied as an
     allocation to the turbo principal allocation.  The turbo
     principal allocation is applied in reverse sequential order,
     from Class F Notes up the capital structure.  The principal
     pay-down switches back to sequential pay, once the aggregate
     loan amount falls below 10% of the aggregate loan amount at
     closing or if there are any unreimbursed charge-offs.

  -- The yield enhancement reserve account is available to meet
     losses and charge-offs whilst any Class A Notes are
     outstanding.  The reserve account is funded by trapping
     excess spread at, initially, an annual rate of 0.30% of the
     outstanding principal balance of the portfolio up to a
     maximum amount of AUD 2,500,000.

  -- The portfolio is geographically well diversified due to
     Pepper's wide distribution network.

  -- The portfolio contains 44.2% exposure with respect to
     borrowers with prior credit impairment (default, judgement
     or bankruptcy).  Moody's assesses these borrowers as having
     a significantly higher default probability.

  -- 36.1% of loans in the portfolio were extended to borrowers
     on a limited documentation basis. Of the 36.1% low
     documentation loans, 90.6% are classified as 'alternative
     documentation'.  For these alternative documentation loans
     Pepper performs additional verification checks over and
     above the typical checks for a traditional low documentation
     product written prior to August 2009.  These checks include
     a mandatory call from a Pepper credit assessor, a
     declaration of financial position and either six months of
     bank statements, six months of Business Activity Statements
     or an accountant's letter in a format specified by Pepper.
     Pepper's alternative documentation loans have substantially
     lower arrears when compared to Pepper's historical low
     documentation loans.  Given the additional verification
     checks and the stronger arrears performance, these
     alternative documentation loans have been assessed to have a
     lower default frequency than standard low documentation
     loans.

  -- 44.5% of the loans in the portfolio were extended to self-
     employed borrowers.  Moody's analysis of historical
     delinquency and default data has indicated that loans
     granted to self-employed borrowers have a greater propensity
     to default compared to loans granted to employed PAYG
     borrowers.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans.  The Australian job market and the housing
market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN
CE and mean expected loss -- differed.  The analysis assumes that
the deal has not aged.  Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the Aaa losses were to be
19.25%, versus the 15.40% Moody's credit enhancement and the
median expected loss were 1.88% as opposed to 1.50%, the model-
indicated rating for the Class A1-a Notes and Class A2 Notes
would drop one notch to Aa1.  The over-subordination at closing
reduces the probability of ratings migration.  Using these same
assumptions, the ratings on the Class B and Class D Notes drop 1
notch, Class C, Class E and Class F Notes drop 2 notches.  The P-
1 rating of the Class A1-u1 Notes is linked to the P-1 rating of
NAB as the redemption facility provider.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction.  Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction.  A definitive rating may differ from a
provisional rating.


PROMEC SERVICES: Placed Into Administration
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Promec Services
Pty Ltd has been placed into administration. Geoffrey Niels
Handberg and Shane Cremin of Rodgers Reidy have been appointed
administrators of the company on March 18, 2016.

According to the report, workers of the mine hire company have
been told by the administrators that there are unlikely to be job
losses. The company has 8 people each at its location in Broken
Hill and Cobar in western New South Wales.

The administrators said Promec has been affected by the poor
performance of the Tasmanian operations, Dissolve.com.au relates.


VIRGIN AUSTRALIA: Moody's to Retain B2 CFR on Structure Review
--------------------------------------------------------------
Moody's Investors Service says that Virgin Australia Holdings
Limited's announcement on March 21, 2016, that it would review
its capital structure and strengthen its balance sheet is credit
positive, but will not immediately affect the company's B2
corporate family rating, B3 senior unsecured rating, or the
stable outlook on the ratings.

Moody's points out that as part of the review, Virgin Australia
intends to strengthen its balance sheet by securing a 12-month
AUD425 million loan facility from its major shareholders: Air New
Zealand Limited (Baa2, stable), Etihad Airways PJSC (unrated),
Singapore Airlines Limited (unrated) and Virgin Group Limited
(unrated).

"The new facility comes as part of the ongoing support provided
by Virgin Australia's strategic shareholders and will strengthen
the airline's liquidity levels," says Ian Chitterer, a Moody's
Vice President and Senior Analyst.

"However, the move provides only temporary support to Virgin
Australia's credit profile," adds Chitterer.  "The announcement
that the company will undertake a review of its capital structure
is therefore important for the medium-term credit profile of the
airline, and will need to be concluded before any rating impact
can be assessed."

Moody's analysis is contained in its just-released report titled
"Virgin Australia Holdings Limited: Virgin's Capital Structure
Review and Shareholder Loan are a Credit Positive Response to
Balance Sheet Challenges," and is co-authored by Chitterer, and
Surani Meegahage, an Associate Analyst.

Moody's points out that Virgin Australia's B2 corporate family
rating is predicated on the deleveraging of its business.
However, since 2013, the airline has not reduced its Debt/EBITDA
as quickly as Moody's has expected.

Moody's further points out that Virgin Australia's adjusted
debt/EBITDA for the 12 months ended Dec. 31, 2015, was at 7.2x, a
result which exceeds Moody's tolerance level of 6.5x for Virgin
Australia's B2 corporate family rating.

The report explains that while Moody's expresses a rating
tolerance level in terms of adjusted debt/EBITDA, Moody's remains
focused on the dollar amount of Virgin Australia's debt, because
Moody's notes that fuel price volatility can have a major impact
on the ratio.  Virgin Australia's adjusted debt will therefore
have to fall by an absolute amount to improve the company's
credit profile.

Virgin Australia has also reported that its operating cash flow
deteriorated to AUD10 million for the six months ended Dec. 31,
2015, versus AUD65 million in the previous comparable period.

In addition, its unrestricted cash balance fell by 24% to AUD544
million at Dec. 31, 2015, compared to AUD719 million for the year
ended June 30, 2015, weakening the company's liquidity and credit
profiles.

The report also says that while Moody's recognizes that Virgin
Australia's overall earnings are on a positive trajectory -
supported by its transformation program and low fuel prices - the
pace of improvement has been below Moody's expectations.

Moody's explains that after a domestic capacity war during fiscal
2013-2014, which saw Virgin Australia's yields and margins
weaken, the company reported a positive underlying EBIT in its
domestic business of AUD 130 million for the six months ended 31
December 2015.  However, its international business still remains
challenged, reporting an underlying loss of AUD31 million for the
six months ended Dec. 31, 2015, inclusive of the adverse
profitability of Bali of AUD19.2 million.

Moody's points out that Virgin Australia's major shareholders
last supported the company in December 2013 with an equity
raising of AUD350 million.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1020662



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C H I N A
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CHINA XD PLASTICS: S&P Affirms 'BB-' LT CCR; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Service said it revised its rating
outlook on China XD Plastics Co. Ltd. to negative from stable.
In line with this revision, S&P lowered the long-term Greater
China regional scale rating on the China-based auto application
manufacturer to 'cnBB' from 'cnBB+'.  At the same time, S&P
affirmed the 'BB-' long-term corporate credit rating on the
company.  S&P lowered the long-term issue ratings on the
outstanding senior unsecured notes that China XD Plastics
guarantees to 'B+' from 'BB-' and the Greater China regional
scale rating to 'cnBB-' from 'cnBB+'.

"We revised the outlook to reflect the significant downside risk
that China XD Plastics faces over the next 12 months because of
weak market conditions, intensifying competition, and possible
delays in expansion projects," said Standard & Poor's credit
analyst Apple Lo.  "We believe these factors could weaken the
company's EBITDA margin more than we previously anticipated and
keep its ratio of debt to EBITDA consistently above 4x."

China XD Plastics' financial performance was much weaker than S&P
had anticipated in 2015 and compared with 2014.  The company's
revenue declined 10% annually, the EBITDA margin fell to 16.5%
from 17.7%, and the ratio of debt to EBITDA increased to 3.9x
from 2.7x.

S&P expects China XD Plastics' profitability to remain under
significant pressure over the next 12 months.  The slowing growth
in China's auto market and new capacity through the modified
plastics market, including China XD Plastics' expansion in
Sichuan, and market fragmentation could continue to erode prices
and lower utilization.  The company's concentrated customer base
and limited operating scale could heighten the downside risk,
given the currently difficult industry conditions.  Accordingly,
S&P expects the company's ratio of debt to EBITDA to be slightly
higher than our downgrade trigger of 4.0x in 2016, which would
suggest a financial risk profile that is weak for the rating.

S&P affirmed the corporate credit ratings because of China XD
Plastics' strong cash position, with about US$240 million in
unrestricted time deposits available for debt repayment.
Further, S&P notes that while the company's EBITDA margin has
declined significantly over the past three years, it is still
higher than industry peers' due to its low labor costs and
operating efficiency.  This is despite the company's narrow
business scope and geographic diversification, and intense
competition from its larger domestic and international peers.

The affirmation of the corporate credit ratings also reflects
S&P's base-case assumptions that China XD Plastics' ratio of debt
to EBITDA could decrease below 4x over next 12-18 months.  S&P
expects the company's resumption of shipments to its Korean
customers and the commissioning of new capacity to increase its
revenue and cash flows even if margins decline due to price
erosion.  The base case also assumes that China XD Plastics can
control its operating expenses and development costs, and
maintain its adequate liquidity.  Nonetheless, S&P recognizes
material downside risk to its forecast because of slowing demand
and intensifying competition.

S&P lowered the rating on China XD Plastics' guaranteed notes by
one notch because S&P believes subordination risk has risen
without strong offsetting factors to fully mitigate the
disadvantages that noteholders face.  The company's priority
liabilities increased to 61% of total consolidated assets in
2015, from 52% in 2014.  This is above Standard & Poor's
threshold of 30% for the rating on the senior debt of
speculative-grade companies to be two notches lower than the
corporate credit rating on the issuer.

However, S&P recognizes that China XD Plastics' diversity in its
operating assets through multiple subsidiaries could partly
offset the disadvantage that noteholders face.  In the event of
insolvency, S&P believes the prospects for residual value
remaining for the parent company's creditors improve because
individual operating subsidiaries wind up with shortfalls and
surpluses.  Accordingly, the issue rating is therefore just one
notch below the corporate credit rating.

S&P could lower the ratings if: (1) China XD Plastics'
profitability weakens substantially because of competition or
operational risks, such that the ratio of debt-to-EBITDA is above
4.0x on a sustained basis; or (2) the company's liquidity profile
weakens, such that the ratio of the sources to uses of liquidity
falls below 1.2x or S&P believes the company's relationship with
banks or its credit standing deteriorates; or (3) the company's
business risk profile weakens, an indication of which would be a
failure to meet utilization and sales target, or EBITDA margins
continuing to significantly decline.

S&P could revise the outlook to stable if China XD Plastics'
ratio of debt to EBITDA remains substantially below 4.0x on a
sustained basis.  This could happen if the company resumes
revenue growth, somewhat stabilizes margins, improves order
intake, and gradually increases production at new facilities.


GREENLAND HOLDINGS: Makes Deals as Default Risks Escalate
---------------------------------------------------------
Bloomberg News reports that Greenland Holdings Corp., China's
third-largest developer, is sustaining its pace of deal making
even as bond investors start to price in a higher risk of
default.

The report says the yield spread on Greenland Holdings Corp.'s
$600 million 5.875 percent 2024 notes over U.S. Treasuries has
widened 47 basis points this year to 404. There is a 6.89 percent
probability it will miss debt payments in the next 12 months,
according to the Bloomberg Default Risk model that tracks metrics
including share performance, debt and cash flow. While the risk
of default has declined from a late-January peak of 8 percent,
it's the highest among the nation's biggest developers, Bloomberg
says.

Bloomberg relates that Greenland announced CNY2 billion ($308
million) in Chinese acquisitions since December -- after buying
properties in Los Angeles and Toronto in a global push since 2012
-- and on March 18 said it will list hotel-focused real estate
investment trusts in Singapore. According to Bloomberg, China
International Capital Corp. said the expansion had burdened
Greenland with debt and that the company's reputation could be
damaged after a Caixin magazine report on March 1 that
20.5 percent-owned affiliate Shanghai Yunfeng Group Co. was in
default.

"The high leverage is due to its rapid business expansion and
slow pace of contracted sales collection," Bloomberg quotes
Franco Leung, an analyst at Moody's Investors Service in Hong
Kong, which has a negative outlook on the company, as saying. "We
don't apply rating uplift from government support because
Greenland is primarily a property developer and it's unlikely
that a developer would receive extraordinary funding support from
the government at times of stress."

Greenland, 48 percent owned by the Shanghai government, has good
liquidity and has never had any defaults, said Wang Yuxing, a
spokesperson for the company, Bloomberg relays.

"As a big global company, we respect and protect our creditors
and we will try to improve operational efficiency," Mr. Wang, as
cited by Bloomberg, said. The developer isn't responsible for
Yunfeng's bond payment issues "because Greenland didn't guarantee
the notes," she said.

Bloomberg recalls that Caixin magazine reported on March 1 that
Yunfeng was in default on CNY2 billion of privately placed notes
in January after early repayment clauses were triggered. An
official at Yunfeng's general office who declined to be
identified refused to comment. Shanghai's State-owned Assets
Supervision and Administration didn't respond to a fax seeking
comment.

Greenland's yield spread on its 2024 notes over U.S. Treasury
went as high as 460 basis points on Jan. 26. That compares to an
average of 193 basis points for for the Bank of Merrill Lynch
China investment-grade dollar bond index, Bloomberg notes. The
developer's shares declined 16.8 percent this year. New-home
prices gained in 47 cities in February, led by gains in major
hubs, compared with 38 in January, the National Bureau of
Statistics said on March 18.

"The company's property projects are concentrated in second-tier
cities," CICC analysts Xu Yan and Ji Jiangfan wrote in a March 1
report, Bloomberg relays. "There is uncertainty in selling
property inventory, which could harm its liquidity."

Greenland had total debt of CNY249 billion at the end of
September, according to Bloomberg-compiled data, which dwarfs its
cash and cash equivalents of CNY38 billion at the end of
September. Its total debt was 359 percent of its equity as at end
of September. This compares to the median ratio of 87 percent for
Chinese developers with market cap of at least CNY10 billion,
Bloomberg discloses.

Moody's rates Greenland's dollar notes Baa3, or one level above
junk, while Standard & Poor's scores the bonds BBB-. The
Bloomberg Default Risk model's reading -- which is based on
quantitative analysis of borrowers and not designed to be an
official evaluation -- is equivalent to a non-investment grade.
It is the worst among the 15 Chinese builders with market cap of
at least $5 billion and compares with an average probability of
1.5 percent.


HIDILI INDUSTRY: S&P Affirms LT 'D' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed the
long-term 'D' (default) corporate credit rating on Hidili
Industry International Development Ltd.  S&P then withdrew the
ratings at the company's request. Hidili is a China-based coal
producer.

S&P affirmed the rating prior to the withdrawal because Hidili
has not repaid the principal and accrued interest on its U.S.
dollar notes and a bank loan of approximately Chinese renminbi
(RMB) 600 million.  The outstanding principal amount of the U.S.
dollar notes is approximately US$182.8 million.  Hidili is
currently restructuring the notes.


HILONG HOLDING: Moody's Cuts Corporate Family Rating to B1
----------------------------------------------------------
Moody's Investors Service has downgraded Hilong Holding Limited's
corporate family rating to B1 from Ba3.

The rating outlook is negative.

This action concludes Hilong's review for downgrade, which was
initiated on 22 January 2016.

RATINGS RATIONALE

"The rating downgrade and negative outlook reflect the negative
impact on Hilong's revenue growth, profitability and liquidity
position, which will be negatively affected over the next 12-18
months by the low and volatile oil prices," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

"They also reflect Hilong's increased financial leverage, which
positions the company in the high B range," adds Lu.

The rating action also considers Moody's major reduction in its
oil price assumptions on 21 January 2016 in light of ongoing
oversupply in the global oil markets.

Moody's assumes Brent crude, the international benchmark, to
average $33 per barrel (bbl) and $38/bbl in 2016 and 2017,
respectively.

This marks a $10/bbl per year reduction from Moody's previous
assumptions.

Hilong's revenue declined by a modest 3.6% to RMB2.48 billion in
2015, mainly driven by a 54.5% decline in drill pipes amid the
weak oil price environment but partially offset by its new
offshore engineering services segment with a weaker gross margin.

The low oil prices expected over the next two years will present
challenges and uncertainties to the company, including (1) lower
demand for Hilong's oilfield equipment manufacturing and
services, mainly its drill pipes products, and oilfield services
because upstream oil and gas companies will continue to cut back
on capital spending; and (2) weaker employment for Hilong's
securing offshore engineering services.

Moody's expects Hilong's revenue to decline by 11% to RMB2.2
billion in 2016 but to remain flat at RMB2.2 billion in 2017.

"Its adjusted EBITDA margin declined to 24.1% in 2015 from 30.3%
in 2014, owing to a lower gross margin and higher operating
expenses. The lower gross margin was underpinned by pricing
pressure and a change in revenue mix toward the weaker margin
businesses. We expect this lower margin revenue mix situation to
persist," adds Lu.

Moody's expects its adjusted EBITDA margin to decline slightly
over the next two years, underpinned by a lower gross margin from
pricing pressure, but partially offset by expense controls.

Driven by weaker earnings and a higher adjusted debt level,
Hilong's adjusted debt/EBITDA increased to 4.6x in 2015 from 3.3x
in 2014.

Moody's expects Hilong's adjusted debt/EBITDA to remain at 4.5x-
5.0x over the next 12-18 months, supported by expected lower cash
flow from operations offset by smaller capital expenditure
(capex) to maintain operations.

Moody's also expects Hilong's adjusted EBITDA/interest to decline
to 3.5x to 4.0x over the next 12-18 months from 4.2x in 2015.
These levels position the company in the high B range.

Hilong's liquidity position is weak. Moody's estimates that the
company's cash, undrawn committed facilities and expected cash
flow from operations are insufficient to cover its maintenance
capex and short-term debt maturing in the next 12 months. As a
result, the company has to rely on successful refinancing to
support its liquidity.

Hilong's B1 rating considers its strong market position in the
drill pipes and coating material industry in China (Aa3
negative). Its long-term contracts in oilfield services with
major oil companies -- including Royal Dutch Shell Plc (Aa1
review for downgrade) as well as GCL-Poly Energy Holdings Ltd
(unrated) -- also provide some income visibility in the next 12-
18 months.

But Hilong's rating is constrained by its small-scale operation
and exposure to volatile oil prices, which affect drilling
activities.

The rating is further constrained by its high customer
concentration, although its major customers are oil giants in
China and other countries.

Moreover, Hilong's fairly diversified geographic coverage also
partly offsets the challenges from customer concentration.

"The negative outlook reflects our concern that Hilong's revenue
growth, profitability and liquidity position will be negatively
affected in the next 12-18 months by the low and volatile oil
prices, which create uncertainties associated with its
operations."

Hilong's ratings will be further downgraded if its financial
position deteriorates such that adjusted debt/EBITDA exceeds
5.0x-5.5x, or EBITDA/interest slips below 3.0x-3.5x on a
sustained basis.

Such a deterioration could result from: (1) a material slowdown
in its businesses possibly as a result of the low and volatile
oil prices; (2) a decline in profit margins; and/or (3)
substantially higher financing costs.

A deterioration in Hilong's liquidity position -- with its cash
(including undrawn committed facilities) to short-term debt ratio
falling below 0.5x, or evidence that the company is unable to
access bank funding -- also affects the ratings negatively.

A rating upgrade in the near term is unlikely, given the negative
rating outlook and the weak operating environment for oilfield
equipment manufacturers and oilfield services providers.

The rating outlook, however, could return to stable if the
company (1) secures stable drilling and oilfield services
contracts and employment for offshore engineering services and
improves its drill pipes business meaningfully, thereby
supporting a stable financial profile. Such developments would be
indicated by adjusted debt/EBITDA below 4.0x-4.5x and
EBITDA/interest above 4.5x-5.0x on a sustained basis; (2)
improves its liquidity position, with cash (including undrawn
committed facilities) to short-term debt above 1.0x; and (3)
demonstrates its ability to refinance its short-term debt and
fund its capex.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: (1) oilfield
equipment manufacturing and services, (2) line pipe technology
and services, (3) oilfield services, and (4) offshore engineering
services.

The company listed on the Hong Kong Stock Exchange in 2011. Mr.
Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 58.6% equity interest at end-
2015.


ROAD KING: Moody's Changes B1 CFR Outlook to Stable
---------------------------------------------------
Moody's Investors Service has changed the outlook of Road King
Infrastructure Limited's B1 corporate family rating and senior
unsecured debt ratings to stable from positive.

At the same time, Moody's has affirmed both ratings.

RATINGS RATIONALE

"The rating affirmation and the change to a stable outlook
reflect our expectation that Road King's credit profile will now
be more in line with other B1-rated Chinese property peers over
the next 12-18 months due to a slower pace of sales growth," says
Dylan Yeo, a Moody's Analyst.

Moody's notes that Road King's contracted sales in 2015 were 15%
lower than 2013, mirroring the volatility common for single-B-
rated property peers with stable outlooks.

At the same time, Road King's contracted sales in 2015 grew 11%
year-on-year, a low gain as the base in 2014 was low, to reach
RMB10.4 billion, helped by an increase in average selling prices
and supportive policy measures in 2H 2015.

The company's conservative approach to and the slow growth in
contracted sales also mean it will take a longer time for it to
grow in scale and, in the foreseeable future, its scale will
therefore remain comparable to its single-B-rated property peers.

In addition, the company's reported gross margin trended down to
23.2% in 2015 from 26.2% in 2014, as it recognized the lower-
margin presales concluded in 2014.

Moody's expects its reported gross margin to further compress
towards 21-22% in 2016, in line with margin compression across
the industry.

Road King's EBIT/interest coverage decreased to 2.9x in 2015 from
3.7x in 2014 due to (1) a fall in EBIT, a result of its declining
margins; and (2) RMB depreciation in 2015 which increased its
interest costs as 53% of its total reported debt were foreign-
currency-denominated offshore bank borrowings and bonds.

On the other hand, debt leverage -- as measured by adjusted
revenue/debt -- improved to 78.5% from 74.4% in 2014 because
total adjusted debt fell to HKD16.6 billion at end-2015 from
HKD17.8 billion at end-2014.

The debt reduction was due to the company's conservative approach
on land acquisitions, which resulted in land premiums payments
falling by about RMB1.2 billion year-on-year.

Moody's expects Road King to maintain its adjusted revenue/debt
and EBIT interest coverage ratios at around 74-78% and 2.8-3.0x
in 2016 respectively. Such levels support its B1 rating level.

Moody's notes that Road King's RMB2.2 billion notes due at end-
2016 will add refinancing pressure. The company's cash balance
declined to HKD3.3 billion in 2015 from HKD4 billion in 2014, but
short-term debt -- including the RMB2.2 billion notes --
increased to HKD6.2 billion from HKD4.8 billion. As a result, its
cash to short-term debt ratio declined to 53.2% in 2015 from
84.5% in 2014.

Moody's expects the refinancing risk on the RMB2.2 billion notes
could be mitigated by the company's good track record of access
to the offshore bank and debt markets.

Road King's B1 ratings reflect its developing track record in
property development and the company's cautious approach to land
acquisitions and financial management. As a result, the company
has maintained adequate liquidity throughout the cycles.

Another strength is the stable cash flow from its toll road
investments and stable debt leverage.

On the other hand, the rating is constrained by the company's
small scale and the geographic concentration of its land bank.

The ratings outlook is stable, reflecting Moody's expectation
that Road King will continue to maintain prudent financial
management while growing its property development and toll road
businesses, and thereby preserving stable credit metrics and an
adequate liquidity position.

Upward rating pressure could emerge if Road King (1) grows in
scale without sacrificing its profit margins, (2) grows its toll
road dividends and improve interest coverage from recurring
income above 0.5-0.6x on a sustained basis; (3) maintains stable
credit metrics -- EBIT/interest above 3.0x, revenue-to-debt of
80% and above, and (4) holds adequate liquidity with cash/short-
term debt above 1.0x on a sustained basis.

On the other hand the ratings could face downgrade rating
pressure if (1) Road King's liquidity position deteriorates due
to weaker sales, aggressive land acquisitions, or delays in its
refinancing plans; (2) its toll road dividends decline such that
interest coverage from recurring income falls below 0.35x, or (3)
operating performance of its property segment deteriorates, such
that gross margin declines below 20% on a sustained basis.

Credit metrics indicating downgrade pressure include homebuilding
EBIT/interest below 2.5x or revenue/debt lower than 65% on a
sustained basis.

Road King Infrastructure Limited is a Hong Kong-listed company
that (1) invests in toll road projects, comprising nine major
expressways and highways across six provinces in China: Anhui,
Guangxi, Hebei, Hunan, Jiangsu and Shanxi, and (2) a property
development portfolio with land bank of 5.4 million square meters
(sqm) across eight provinces and municipalities, including
Beijing, Shanghai, Tianjin, Henan, Hebei, Shandong, Jiangsu and
Guangdong, at 31 December 2015.



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


A. P. BHANDARI: CRISIL Assigns B+ Rating to INR100MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of A. P. Bhandari Developers (APBD).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       100      CRISIL B+/Stable

The rating reflects exposure to risks related to implementation
and saleability of the project accentuated by initial stage of
construction, and susceptibility to cyclicality inherent in the
Indian real estate industry. These weaknesses are mitigated by
the promoters' extensive experience in Pune's real estate market,
and their funding support.
Outlook: Stable

APBD will benefit over the medium term from its promoter's
extensive experience and long-standing presence in the real
estate business. The outlook may be revised to 'Positive' if
initial healthy sales of units and timely receipt of customer
advances lead to healthy cash inflow. Conversely, the outlook may
be revised to 'Negative' if the cash inflows are lower owing to
time and cost overruns in project implementation, lower-than-
expected sales, or delays in receipt of customer advances.

APBP was set up in 1992 by Bhandari family. The firm is the part
of AP Bhandari group which is engaged in real estate development
largely in Pune for the past 12 years. APBP currently is
implementing Akshay Galaxy, a residential cum commercial real
estate project with 172 residential units and around 37
commercial.


AGARWAL TOUGHENED: CARE Assigns B+ Rating to INR6.55cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Agarwal Toughened Glass India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.55       CARE B+ Assigned
   Short-term Bank Facilities    0.10       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Agarwal Toughened
Glass India Private Limited (ATPL) are primarily constrained on
account of implementation risk associated with its debt-funded
green-field project for manufacturing of toughened glass and its
presence in the highly fragmented and competitive glass industry.
The ratings, further, constrained on account of vulnerability of
operating margin to the fluctuation in the prices of soda ash and
fuel.

The ratings, however, continue to derive strength from
experienced management with strong group support. Successful
implementation of project within envisaged time and cost
parameters and stabilization of its operations with achievement
of envisaged level of TOI and profitability with efficient
working capital management are the key rating sensitivities.

Jaipur-based (Rajasthan) ATPL was incorporated in October, 2009
by Mr. Uma Shankar Agarwal and Mr. Mahesh Kumar Agrawal with an
objective to set up a greenfield project for manufacturing of
toughened glass (single and double glazed) at Jaipur. The project
was started in January, 2015 with estimated total project cost of
INR8.41 crore to be funded through debt equity mix of 2 times.
Till January 11, 2015, the company has incurred total cost of
INR3.51 crore towards the project funded through term loan of
INR0.20 crore, share capital of INR2.49 crore and remaining
through unsecured loans. The company has envisaged that project
will be completed by end of March, 2016 and is expected to
commence its operations from April 1, 2016. The plant of the
company will have processing capacity of 5.90 Lakh Square Meter
Per Annum (LSMPA) of toughened glass.

Further, the promoters of ATPL have been engaged in the trading
of glass since 1997 through its group concern, Agarwal Glass
House (AGH). ATPL's products will be sold under the brand name of
'Agarwal Tough' mainly in North India viz. Uttar Pradesh, Delhi,
Haryana, Punjab and Rajasthan.


AIC INFRASTRUCTURES: Ind-Ra Assigns B+ Rating LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AIC
Infrastructures (AIC) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The rating reflects AIC's small scale of operations and moderate
credit metrics.  In FY15, revenue was INR766.31 mil. (FY14:
515.55 mil.), EBITDA interest coverage was 2.06x (1.75x), net
leverage was 5.32x (5.46x) and EBITDA margins were 6.41% (6.71%).
The ratings also factor in AIC's weak order book position of
INR120 mil. (0.15x FY15 revenue) outstanding at end-December
2015. AIC's liquidity is moderate, as reflected in the 96%
average maximum use of its fund-based limits during the 12 months
ended December 2015.  The ratings also factor in the partnership
form of the organisation.

However, the ratings draw support from its managing partner's
experience of over two decades in the construction industry.

                       RATING SENSITIVITIES

Positive: A substantial improvement in revenue and profitability,
resulting in an improvement in credit metrics, will be positive
for the ratings.

Negative: Lower visibility of revenue growth, underpinned by a
weak order book position, or a decline in operating profitability
resulting in sustained deterioration in credit metrics, would be
negative for the ratings.

                         COMPANY PROFILE

Incorporated in 1995, AIC is a Mumbai-based partnership firm
engaged in infrastructural development activities for road
construction.

AIC's ratings:

   -- Long-term Issuer Rating: assigned Long-term 'IND B+';
      Outlook Stable
   -- INR140 mil. fund-based limits: assigned Long-term 'IND B+';
      Outlook Stable
   -- INR60 mil. non-fund-based limits: assigned Short-term
      'IND A4'


CHANDRA MODERN: CRISIL Cuts Rating on INR340MM Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Chandra Modern Builders (india) Private Limited (CMB) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              340      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that the company's
liquidity will be constrained over the medium term owing to low
cash inflow visibility against sizeable term debt obligation in
2016-17 (refers to financial year, April 1 to March 31). The low
cash inflow is mainly because of lower-than-expected demand for
its ongoing project. The company has sold 253 flats till date out
of a total 594 flats launched, and has already received around 50
percent of the amount due from customers who purchased flats.
Thus there is minimal assured cash flow for completing the
remaining project, leading to increased dependence on external
borrowing. In the absence of any significant funding support from
promoters, liquidity will be constrained due to lack of assured
cash flow for completion of the project and debt servicing.

The rating reflects CMB's exposure to risks related to its
ongoing project and to cyclicality in the real estate industry.
These rating weaknesses are partially offset by the track record
of the company's promoters in successful and timely completion of
earlier housing projects.
Outlook: Stable

CRISIL believes CMB will continue to benefit over the medium term
from its promoters' track record of successful and timely
completion of earlier housing projects. The outlook may be
revised to 'Positive' in case of successful completion of the
ongoing project within the stipulated timeline, along with
higher-than-expected realisations, leading to improvement in cash
inflow. Conversely, the outlook may be revised to 'Negative' in
case of large, debt-funded expansion, or any time or cost overrun
in completion of the ongoing project, resulting in weakening of
the company's financial risk profile.

Incorporated in 2005 and based in Lucknow, CMB is managed and
promoted by Mr. Alok Chandra and Mr. Ashish Chandra. The company
develops real estate for construction of residential units. It is
currently developing one residential project in Shaheed path,
Lucknow.


CHHABRA AUTOLINK: CARE Lowers Rating on INR0.27cr Loan to B+
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Chhabra Autolink Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     0.27       CARE B+ Revised from
                                            CARE B
   Long-term/Short-term Bank     8.40       CARE B+/CARE A4 LT
   Facilities                               rating revised from
                                            CARE B and ST rating
                                            reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Chhabra Autolink Private Limited (CAPL) take into
account the improvement in profit margins, capital structure and
debt coverage indicators during FY15 (refers to the period April
1 to March 31). The ratings however, continue to remain
constrained on account of its moderate liquidity, leveraged
capital structure and weak debt coverage indicators. CAPL's
presence in the working capital-intensive automobile dealership
business, pricing constraints and margin pressure arising out of
highly competitive segment and direct linkage to the cyclical
automobile industry further constrain the ratings.

The ratings continue to derive strength from CAPL's association
with Chevrolet Sales India Private Limited (CSIPL) as authorized
dealer for passenger cars and diversified portfolio of allied
services.

The ability of CAPL to increase its scale of operations,
diversify its revenue mix with higher contribution from high
margin vehicle servicing and improve its profitability, liquidity
position and capital structure remain the key rating
sensitivities.

Indore-based (Madhya Pradesh), CAPL was incorporated in 2011 and
is promoted by Mr Amarjeet Singh Chhabra and Mr Vanit Chhabra.
The company has entered into an authorized dealership agreement
with Chevrolet Sales India Private Limited (CSIPL), a wholly-
owned subsidiary of General Motors Company Inc. (USA), for the
sale of its passenger cars in Indore, Madhya Pradesh. CSIPL
represents the Chevrolet brand in India and operates in the
retail business through dealership network. Besides being engaged
in the trading of mid-size to high-end range of Chevrolet
passenger cars, CAPL also provides after sales services, and
sells car spare parts and accessories at its Chevrolet authorized
outlet.

CAPL has a Chevrolet car showroom at Indore, Madhya Pradesh,
which is operated on lease while the repair and maintenance work
on Chevrolet cars are carried at its owned workshop.
During FY15, CAPL registered a total operating income (TOI) of
INR39.28 crore with PAT of INR0.19 crore as compared with
TOI of INR53.78 crore with a PAT of INR0.20 crore during FY14.


CORONA STEEL: CRISIL Suspends B- Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Corona Steel Industry Pvt Ltd (Corona).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                 10       CRISIL B-/Stable
   Export Packing Credit       20       CRISIL A4
   Foreign Bill Discounting    20       CRISIL A4

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'

Founded in 1978, Corona manufactures a wide range of steel
accessories used in the road and construction industries. The
company is promoted by the Kolkata-based Garodia family and has
its manufacturing facility in Belur (West Bengal). Its products
include threaded rods, studs, tie rods, stakes, cut rebars,
bolts, nuts, washers, road forms, and pins and wire.


DINESH SOAPS: CRISIL Assigns B+ Rating to INR150MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Dinesh Soaps and Detergents (DSD) and assigned the
ratings of 'CRISIL B+/Stable/CRISIL A4' to the facilities. CRISIL
had suspended the ratings on September 2, 2015, as the company
had not provided the necessary information required for a rating
review. DSD has now shared the required information enabling
CRISIL to assign the ratings.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      600       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    150       CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflect the extensive industry experience of the
promoters and their funding support, and the moderate operating
efficiency of the business because of the high-seas nature of its
transactions. These strengths are partially offset by the weak
financial risk profile, because of modest networth and capital
structure, and vulnerability of operating margin to volatility in
raw material prices and foreign exchange (forex) rates.

For arriving at the ratings, CRISIL has treated the unsecured
loans of INR73.06 million as on March 31, 2015, from the partners
as neither debt nor equity (NDNE) on account of bank
subordination and because the loans are expected to remain in the
business over the medium term.
Outlook: Stable

CRISIL believes DSD will continue to benefit over the medium term
from the partners' extensive experience in the edible oils
industry. The outlook may be revised to 'Positive' if the firm
improves its risk-management practices or if there is significant
capital infusion by the partners, leading to improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if DSD incurs losses as a result of adverse movement
in forex rates or if it undertakes a debt-funded capital
expenditure programme leading to deterioration in the financial
risk profile.

Dinesh Soaps and Detergents (DSD) is a partnership firm engaged
in high-seas trading of crude palm oil. The partners have engaged
in the business over past two decades. The partners have set up
Swadisht Oils Private Limited (SOPL, rated CRISIL BB+/Stable),
Krishna Containers (KC, rated CRISIL BB-/Stable/CRISIL A4+) and
Dinesh Oils Limited (DOL, rating suspended).


EMPEE DISTILLERIES: CARE Assigns 'B' Rating to INR47.50cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the proposed NCD issue of
Empee Distilleries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Proposed Non-Convertible
   Debenture issue               47.50      CARE B Assigned

Rating Rationale

The rating assigned to the proposed Non-Convertible Debenture
issue of Empee Distilleries Limited (EDL) is constrained by
highly regulated and competitive nature of Indian Made Foreign
Liquor (IMFL) market in Tamil Nadu, significant exposure of EDL
to group entities which have weak financial standing, constrained
liquidity position of the company. The rating also takes note of
long track record of operations of EDL and improvement in
financial performance witnessed during the nine months period
ended December 2015.

EDL's ability to improve its market share & profitability in
light of challenging business environment would be the key rating
sensitivities.

Promoted in 1983 by Mr M P Purushothaman, EDL is the flagship
company of the Empee group mainly engaged in the manufacturing of
Indian Made Foreign Liquor (IMFL) in the states of Tamil Nadu
(TN), Kerala and Karnataka. EDL has a licensed capacity of 7.2
million cases per annum, spread among these three states. EDL
also produces power through a bio-mass based power plant of 10 MW
capacity in TN and has a 60 Kilo Litre per Day (KLPD) grain based
alcohol plant in Andhra Pradesh (AP).

The company registered an after tax loss of INR3 crore on a total
operating income of INR508 crore in eighteen months ending March
2015 as against a PAT of INR11 crore on a total operating income
of INR276 crore in FY13 (refers to the period April 1 to March
31).


ENAR INDUSTRIAL: CRISIL Suspends B+ Rating on INR197.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Enar Industrial Enterprises Ltd (EIEL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            197.5      CRISIL B+/Stable

   Channel Financing      200        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B+/Stable

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

EIEL was incorporated in 1978. The company is an authorised
dealer for commercial vehicles of TML in Jharkhand. EIEL is
promoted by Mr. Rajen Kamani and his family members.


GARG INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Garg Industries'
(GAIN) Long-Term Issuer Rating at 'IND BB-' with a Stable
Outlook.

                        KEY RATING DRIVERS

The affirmation reflects GAIN's continued small scale of
operations, along with its moderate credit metrics.  Its revenue
was INR404.17 mil. in FY15 (FY14: INR368.67 mil.), financial
leverage (Ind-Ra adjusted debt/operating EBITDAR) was 5.21x
(5.94x) and interest coverage (operating EBITDA/gross interest
expense) was 2.13x (2.35x).

However, the ratings factor in GAIN's comfortable liquidity
position, as reflected in the 91% average utilization of its
fund-based limits for the 12 months ended February 2016.
Additionally, the ratings continue to be supported by the
company's promoters' experience of over two decades in the steel
industry.

                       RATING SENSITIVITIES

Negative: A decline in operating profitability, resulting in
deterioration in the credit profile, could lead to a negative
rating action.

Positive: A significant improvement in the scale of operations
and/or credit profile on a sustained basis could lead to a
positive rating action.

                          COMPANY PROFILE

Established in 1948 and managed by B.M. Garg, GAIN manufactures
and exports steel hinges (square butt hinges, back flap hinges
and piano hinges), staples, nuts, bolts, brackets, etc.  It is a
Delhi-based government-recognised export house and has been
accredited with ISO: 9001-2000, CE Marking and Bureau of Indian
Standards certifications.

GAIN's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
   -- INR115 mil. fund-based limits (increased from INR100 mil.):
      affirmed at 'IND BB-'/Stable/'IND A4+'
   -- INR20 mil. fund-based limits: assigned final
      'IND BB-'/Stable/'IND A4+'
   -- INR5 mil. non-fund-based limits: affirmed at
      'IND BB-'/Stable/'IND A4+'
   -- Proposed INR5 mil. non-fund-based limits: 'Provisional
      IND BB-'/'Provisional IND A4+'; ratings withdrawn as the
      company did not proceed with the debt instrument as
      envisaged


GEM MOTORS: Ind-Ra Assigns 'IND B' LT Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GEM Motors
(India) Private Limited (GEM) a Long-Term Issuer Rating of 'IND
B'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings factor in GEM's weak credit metrics and volatile
profitability.  According to the FY15 financials, EBITDA interest
coverage was 0.7x (FY14: 0.3x) and net financial leverage was
8.2x (18.9x).  EBITDA margin fluctuated in the range of negative
1.2%-2.4% over FY12-FY15 on the changing proportion of servicing
revenue.

The ratings also factor in the company's stretched liquidity
profile with multiple instances of working capital
overutilization for up to three days during the 12 months ended
December 2015.

Debt service has been funded by interest-bearing loans from
promoters.  This debt at INR39.3 mil. constitutes around 15% of
the total outstanding debt of the company.

Ind-Ra expects an improvement in the credit metrics in FY17 as
its new showroom in Hyderabad which started operations in end-
February 2016, is likely to bring higher margins as it also has
vehicle service operations.

                       RATING SENSITIVITIES

Negative: Decline in profitability leading to stressed credit
metrics will result in a negative rating action.

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

                          COMPANY PROFILE

Incorporate in 2007, GEM is an authorized Maruti car dealer in
Hyderabad.  The company is engaged in the sales and also service
of both new and old cars.  The firm is owned and promoted by the
Yadav family.

GEM's ratings:

   -- Long-Term Issuer rating: assigned at 'IND B'/Stable
   -- INR150 mil. fund-based facilities: assigned 'IND B'/Stable
   -- INR50 mil. non-fund-based facilities: assigned 'IND A4'
   -- Proposed INR150 mil. fund-based facilities: assigned
      'Provisional IND B'/Stable


HABIB TEXTILES: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR10.00 crore1
long-term fund based bank facility of Habib Textiles Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B+; assigned
   Overdraft             5.00        [ICRA]B+; assigned

The assigned ratings are constrained by Habib Textiles Pvt Ltd's
(HTPL) stretched financial risk profile characterized by weak
profitability levels, the leveraged capital structure and weak
coverage ratios. Moreover, the ratings are further affected by
the company's tight liquidity position emanating from high
inventory levels, which in turn entail high utilization of
working capital limits.

Further, the ratings are constrained by the susceptibility of
profitability to adverse movement in yarn and fabric prices. ICRA
also takes note of the limited pricing flexibility within the
industry given the highly competitive and fragmented nature of
textile industry.

The ratings, however, favourably factor in the experience of
promoters in the textile industry spanning over four decades as
well as the company's well diversified customer base spread
across the domestic market. ICRA also takes into account the
favourable location of manufacturing unit in the textile hub of
Bhiwandi, providing easy access to raw material and fabric
processors.

Habib Textiles Pvt. Ltd. (HTPL), promoted by Ansari family was
incorporated in 2003, though the promoters were involved in the
industry for more than four decades. The company is engaged in
manufacturing of fabric both, greige and finished, used mainly as
shirting material. It has its head office and manufacturing
facility located at Bhiwandi, Thane. The company also has a sales
office at Surat.


HEMA CONSTRUCTION: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Hema Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.50      CARE B+ Assigned
   Short-term Bank Facilities     4.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hema Construction
(HCN) are primarily constrained on account of its modest scale of
operation in the highly competitive government civil construction
industry, highly fluctuating profitability and its constitution
as proprietorship concern. The ratings are, further, constrained
on account of customer and geographical concentration, moderate
solvency and liquidity position and absence of price escalation
clause led to vulnerability of margins to fluctuation in the raw
material prices.

The ratings, however, favourably take into account the experience
of the proprietor with long track record of operations in the
civil construction industry and its strong order book position.

The ability of the firm to increase its scale of operations by
securing more contracts along with timely execution of existing
contracts with efficient management of working capital alongwith
improvement in accounting policies followed would be the key
rating sensitivities.

Udaipur-based (Rajasthan) HCN was formed in 1978 by Mr. Harish
Gaurav as a proprietorship concern. HCN is mainly engaged in the
business of construction, installation and commissioning of water
supply lines, construction of sewage lines and sewage treatment
plants and construction & repair of roads. HC is registered 'AA'
class (highest in the scale of AA to E) approved contractor with
Public Works Department (PWD), Rajasthan, Rajasthan Housing Board
(RHB), Railway Department, Rajasthan Avas Vikas and
Infrastructure Limited (RAVIL) and Public Health Engineering
Department (PHED).
It gives labour work on sub-contract basis to other contractors.

During FY15 (refers to the period April 1 to March 31), HCN has
reported a total operating income of INR2.91 crore (FY14:
Rs.23.79 crore) with a PAT of INR 0.14 crore (FY14: INR0.19
crore). During 11MFY16, HC has registered TOI of INR14 crore.


HINDUPUR STEEL: CARE Revises Rating on INR24.15cr LT Loan to BB-
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Hindupur Steel & Alloys Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.15      CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Hindupur Steel & Alloys Pvt. Ltd. (HSAPL) are on account of
improvement in the scale of operations, profit levels & margin,
leverage ratios and debt service coverage indicators.

However, the ratings continue to remain constrained by its raw
material price fluctuation risk, intense competition due to
fragmented nature of the industry and working capital intensive
nature of operation. The rating, however, derive strength
from the wide experience of the promoters in the iron and steel
industry and presence of forward integration for manufacturing of
rolled products from MS ingots.

Going forward, the ability to scale up operations along with
improvement in profit margins and ability to manage its working
capital effectively will be the key rating sensitivities.

Hindupur Steel & Alloys Private Limited (HSAPL), incorporated in
May 2009, was promoted by brothers Mr Suresh Goyal andMr Vikas
Goyal based in Raipur, Chhattisgarh. The company has initially
set up a M.S. Ingot plant at Anantpur, Andhra Pradesh with an
installed capacity of 18,000 MTPA. The commercial production
commenced since July 2011.

Furthermore, with a view of forward integration, HSAPL has set up
a rolling mill for manufacturing bars, angles and beam at its
existing manufacturing facility with an installed capacity of
30,0000 MTPA. The commercial operation from the same
has started inMarch 2013. HSAPL is a closely held family managed
business. The board of the company comprises two members,
representing the promoters.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR174.14
crore (FY14: INR105 crore) and a PAT of INR1.76 crore (in FY14
net loss: INR2.35 crore). Furthermore, the company has
achieved a total operating income of INR159.10 crore during
9MFY16 (refers to the period April 1 to December 31).


JAI MATA: CARE Assigns 'B' Rating to INR9.90cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Jai Mata Di
Food Processing Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    9.90        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Jai Mata Di Food
Processing Pvt. Ltd. (JMFP) is constrained by its project
implementation risk, highly fragmented and competitive nature of
industry, high regulations by government, high working capital
intensity and exposure to vagaries of nature. The aforesaid
constraints are partially offset by the experience of the
promoters, proximity to raw material sources and subsidy
entitlement.

Timely completion of the project without any cost & time overrun
and derive benefit from it would be the key rating sensitivities.

JMFP was incorporated in November 2014 by Mr Sanjay Kumar, Mrs
Sabita Devi and Mrs Ruma Devi of Patna, Bihar. The company is
currently setting up a rice milling unit at Patna, Bihar, with a
proposed aggregate processing capacity of 22,810 metric tonne per
annum (MTPA), which is in the vicinity to a major rice growing
area. The project is estimated to be set up at a cost of INR12.57
crore (excluding margin money for working capital of INR0.97
crore) to be financed at a debt equity ratio of 1.26:1. The
company has already invested INR2.10 crore towards land, site
development, etc. till February 26, 2016, which was met through
promoter's contribution. The project is expected to be
operational by January 2017.


KALRA AGRO: CRISIL Assigns B+ Rating to INR55MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable 'rating to the long-
term bank facilities of Kalra Agro Industries (KAI). The rating
reflects KAI's below-average financial risk profile because of
high gearing and average debt protection metrics, and modest
scale of operations in the highly fragmented rice industry. These
weaknesses are mitigated by its partners' extensive experience
and funding support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             19.5      CRISIL B+/Stable
   Cash Credit           55        CRISIL B+/Stable
   Foreign Letter of
   Credit                 5.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes KAI will benefit over the medium term from its
partners' extensive experience and funding support. The outlook
maybe revised to 'Positive' if financial risk profile strengthens
due to higher-than-expected revenue growth, leading to large cash
accrual or capital infusion along with efficient working capital
management. Conversely, the outlook maybe revised to 'Negative'
if lower-than-expected cash accrual, sizeable working capital
requirement, or large, debt-funded capital expenditure weakens
liquidity.

KAI was promoted as a partnership firm in 2014 by Mr. Aseem
Kalra, Mr. Deepak Kalra, Mr. Rajeev Kalra and Mr. Yogesh Kalra.
It started commercial operations in January 2015. The firm is
engaged in milling and processing of basmati rice. Its production
facilities are in Fazilka, Punjab, with a milling and sorting
capacity of around 4 tonne per hour, utilised at 85-90 percent.


KOCHAR OVERSEAS: CRISIL Suspends 'B' Rating on INR250MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kochar Overseas Private Limited (KOPL).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               250      CRISIL B/Negative

   Foreign Bill Purchase      60      CRISIL A4

   Packing Credit            120      CRISIL A4

   Proposed Long Term
   Bank Loan Facility        120      CRISIL B/Negative

   Proposed Short Term
   Bank Loan Facility        100      CRISIL A4

   Term Loan                  35      CRISIL B/Negative

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

KOPL was established in 2006, promoted by Mr. Ajit Singh Kochar.
The company mills and processes basmati and non-basmati rice and
processes parboiled rice. It sells its products in the overseas
and domestic markets. KOPL's facilities, in Amritsar (Punjab),
have milling capacity of 8 tonnes per hour; the company also has
two sorting plants.


L N FIELDS: CRISIL Suspends B- Rating on INR150MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of L N
Fields Private Limited (LNFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     150      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
LNFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LNFPL is yet to
provide adequate information to enable CRISIL to assess LNFPL'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'
LNFPL was founded in 1998 by Mr. Arvind Karnani and his family,
as a trader of agro chemicals used in tea plantation industry.
The company is based in Kolkata (West Bengal).


MAGPPIE EXPORTS: CRISIL Suspends B- Rating on INR200MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Magppie Exports Private Limited (MEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL B-/Stable

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

Incorporated in 1994 and based in Delhi, MEPL trades in stainless
steel coils, sheets, and circles mainly used in the automobile
and utensil industries. The company has its own warehouses in
Delhi, Kundli (Haryana), and Mumbai. Its day-to-day operations
are looked after by its promoter, Mr. Sulekh Jain.


MAITRI EDUCATIONAL: CRISIL Reaffirms 'B' Rating on INR79MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maitri Educational
Society (MES) continue to reflect the geographical concentration
in MES' revenue and exposure to intense competition in the
education sector. These rating weaknesses are partially offset by
MES's established market position and the extensive experience of
its promoters in the education sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         48       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     13       CRISIL B/Stable (Reaffirmed)

   Term Loan              79       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MES will continue to benefit over the medium
term from its established market position and sound operating
capabilities. The outlook may be revised to 'Positive' if the
society increases its scale of operations and cash accruals
substantially, most likely by adding courses or by expanding its
geographical reach. Conversely, the outlook may be revised to
'Negative' if MES undertakes a large debt-funded capital
expenditure programme or if its cash accruals decline as a result
of reduced student intake.

MES was set up in 2004 and offers degree courses in nursing and
dentistry. The society started operations with a nursing college
in 2004 and set up a dental college in 2005. It is affiliated to
Ayush & Health Science University (AHSU), Raipur.


MAYURA INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank loan facilities of Mayura Industries (MI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           50        CRISIL B-/Stable
   Long Term Loan        15.6      CRISIL B-/Stable

The rating reflects MI's modest scale and working capital
intensive nature of operations, its weak financial risk profile
marked by weak debt protection metrics and a small net worth.
These weaknesses are partially offset by benefits derived from
the extensive experience of MI's management in the agro commodity
segment and its established relation with its customers and
suppliers.
Outlook: Stable

CRISIL believes that MI would continue to benefit from the
extensive industry experience of its promoters and its
established relation with its customers and suppliers over the
medium term. The outlook may be revised to 'Positive' if MI's
revenues and profitability improve considerably, while
maintaining its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of substantially
lower than expected revenues or in case of major debt-funded
expansions or withdrawal of capital by partners that will
deteriorate MI's financial profile.

Established as a partnership firm in 2012, MI is engaged in
trading and fractionation of palm oil. Based in Kakinada (Andhra
Pradesh), the firm is promoted by Mr. M.V.V.Satyanarayan Rao. The
firm started its commercial production in July, 2014.

MI reported a net loss of INR2.4 million on net sales of INR323
million for 2014-15 (refers to financial year, April 1 to
March 31).


MEGASOFT LTD: Ind-Ra Cuts LT Issuer Rating to 'IND D'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Megasoft Ltd's
Long-Term Issuer Rating to 'IND D' from 'IND BB+(suspended)'.
The Outlook was Negative.  Simultaneously, Ind-Ra has reassigned
Megasoft a Long-Term Issuer Rating of 'IND B+' with a Stable
Outlook.

                        KEY RATING DRIVERS

The downgrade reflects Megasoft's stressed liquidity position, as
evident in multiple instances of overutilization of its fund-
based limits for more than 30 days during the eight months ended
October 2015.

The reassignment of the 'IND B+' rating reflects an improvement
in Megasoft's liquidity position since November 2015, when
management said it introduced improvements in the collection
process, resulting in a reduction in delays.  However,
overutilization persisted as at end-February 2016, with fund-
based working capital facilities being over utilized by up to 11
days since November 2015.

The ratings also factor in the company's continued decline in
revenue in FY15 (15 months ended March 2015) and weak credit
metrics.  Revenue declined to INR1,007 mil. in FY15 (2013:
INR1,005 mil.), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 2.2x (2.2x) and net financial leverage
(total adjusted net debt/operating EBITDA) was 3.9x (4.0x).  Its
EBITDA margins remained volatile at 18.6%-23.0% during FY11-FY15.
9MFY16 results indicate revenue of INR426 mil., operating EBITDA
margin of 14.1% and EBITDA interest coverage of 1.01x.

However, the ratings continue to be supported by Megasoft's
operational track record and experience of over a decade in
setting up prepaid cellular billing infrastructure and offering
related services in the Americas, Europe and Middle East.

                       RATING SENSITIVITIES

Positive: Improvement in its liquidity position will be positive
for the ratings.

Negative: Further deterioration in revenue and profitability,
resulting in further stress on liquidity, will lead to a further
rating downgrade.

                         COMPANY PROFILE

Incorporated in 1999, Megasoft (represented by its telecom brand,
XIUS) is engaged in the sale of licences for products related to
pre-paid billing, mobile commerce, mobile roaming and mobile
advertising to telecom operators.  Its head office and
development centre are located in Hyderabad.

Megasoft's ratings:

  -- Long-Term Issuer Rating: downgraded to 'IND D' from
     'IND BB+(suspended)'; reassigned 'IND B+'/Stable
  -- INR150 mil. fund-based working capital limits: downgraded to
     'IND D' from 'IND BB+(suspended)' and reassigned
     'IND B+'/Stable
  -- INR70 mil. non-fund-based limits: downgraded to 'IND D' from
     'IND A4+(suspended)' and reassigned 'IND A4'


MILLER MERCANTILE: CRISIL Suspends B Rating on INR95MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Miller
Mercantile Private Limited (MMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL B/Stable
   Letter of Credit      300       CRISIL A4

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

MMPL, incorporated in 2006, commenced commercial operations in
2012-13. The company is involved in ship-breaking. It operates
from two plots (leased from the Kolkata Port Trust) at Kolkata
Dock System. MMPL is promoted by Mr. Shekhar Luhiya, Mr. Arun
Jain, and Mr. Abdul Karin Jaka.


MULPURI FOODS: CRISIL Cuts Rating on INR620MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Mulpuri Foods and Feeds Private Limited (MFFPL;
part of the Mulpuri group) to 'CRISIL D' from 'CRISIL BB/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           620       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Long Term Loan        150.8     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 MFFPL, Mulpuri Fisheries Pvt Ltd
(MFPL), 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.


MULPURI POULTRIES: CRISIL Cuts Rating on INR150MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Mulpuri Poultries (MP; part of the Mulpuri group)
to 'CRISIL D' from 'CRISIL BB/Stable'.

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

   Long Term Loan        131.1     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 MP, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Fisheries Private Limited (MFPL) 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.


NANAK HI-TECH: CRISIL Suspends 'D' Rating on INR77.4MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nanak
Hi-Tech Private Limited (NHT).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL D
   Term Loan              77.4      CRISIL D

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

NHT was incorporated in 2008; the company is promoted by
Jharkhand based businessmen Mr. Gunwant Singh Saluja and his son
Mr. Harindar Singh Saluja. The company is engaged in trading of
Mild Steel bars and sheets and the entire sales are made in the
local markets (Jharkhand).


NEELACHAL ORGANISATION: CRISIL Suspends B Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Neelachal Organisation Private Limited (NOPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable
   Letter of Credit       15        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B/Stable
   Term Loan              17.5      CRISIL B/Stable

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

NOPL manufactures laminated particle boards and medium-density
fibre boards. It has set up a manufacturing facility in Kolkaka
in 2013 with capacity of 9.22 million square feet per annum. The
company is promoted by Mr. Ral Lal Agarwala, Mr. Manish Jajodia,
and Mr. Bikash Jajodia.


NEENA GIRDHAR: CRISIL Suspends 'B' Rating on INR61MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Neena Girdhar & Wanti Devi (NGWD; part of Agreement Members).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              61       CRISIL B/Stable

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

Agreement Members have signed a joint agreement with The Haryana
State Cooperative Supply and Marketing Federation Ltd (HAFED,
rated CRISIL A-/Stable) for leasing 70,000 metric tonnes (MT) of
warehouse capacity to facilitate storage of agro based products
storage in Sadalpur Village, Adampur District, Hisar (Haryana).
The tenure of the agreement is of 10 years till May 2024.


NEUMEC AND REODAR: CRISIL Assigns 'B+' Rating to INR1.0BB Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Neumec and Reodar Builders JV (NRDJ).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan    1000      CRISIL B+/Stable

The rating reflects NRDJ's exposure to inherent risks and
cyclicality in the real estate industry, and geographical
concentration in its operations. These weaknesses are partially
offset by its promoters' established track record in the real
estate industry, and its prudent funding mix for ongoing project.
Outlook: Stable

CRISIL believes NRDJ will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected customer advances and timely implementation of project,
leading to healthy cash accrual. On the other hand, the outlook
may be revised to 'Negative' if there is time and cost overrun in
the project, or significant pressure on the firm's liquidity
because of delays in receipt of customer advances, leading to
pressure on revenue and profitability.

NRDJ is a 30-70 JV between Neumec Builders and Developers (NBD)
and Reodar Builders Pvt Ltd (RBPL), set up for a slum
rehabilitation project, Neumec-Reodar Terraces, at Wadala in
Mumbai .


PARASRAM MANNULAL: CARE Reaffirms B+ Rating on INR5cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Parasram Mannulal Dall Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Parasram Mannulal
Dall Mills Private Limited continues to remain constrained on
account of its modest scale of operations and its weak financial
risk profile characterized by low profitability, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of its
presence in the highly competitive and fragmented agro processing
industry and vulnerability of its profit margins to commodity
price fluctuations.

The rating, however, continues to draw strength from the
experience of the promoters and financial support extended in the
form of unsecured loans.

The ability of PMPL to increase its scale of operations, improve
profitability and capital structure with efficient management of
the working capital are the key rating sensitivities.

Established as a proprietorship firm in 1968, Parasram Mannulal
Dall Mill Private Limited (PMPL) is engaged in the processing and
trading of Arhar Dal (Toor Dal). PMPL sells its product under the
brand name PAPA, PM, Nari, Yellow Gold and Gaay Bachda.

The company's plant is located at Katni, Madhya Pradesh with an
installed capacity of 12000 MTPA as on March 31, 2015 and carries
cleaning, splitting, grading and colour sorting operations.
Company procures raw material from local market and other states
such as Maharashtra, Karnataka through various brokers and entire
sales are also through network of agents located at Madhya
Pradesh, Maharashtra and Karnataka.

As per audited results for FY15 (refers to the period of April 1
to March 31), PMPL reported a PAT of INR0.25 crore on a TOI of
INR89.87 crore as against PAT of 0.22 crore on a TOI of INR75.71
crore during FY14. During 9MFY16 (i.e. till December 31, 2015)
PMPL has registered a total operating income of INR73.51 crore
and PAT of INR0.22 crore.


POONAM LEEKHA: CRISIL Suspends 'B' Rating on INR61MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Poonam
Leekha & Anju Leekha (PLAL; part of Agreement Members).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              61       CRISIL B/Stable

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

About the Agreement Members
Agreement Members have signed a joint agreement with The Haryana
State Cooperative Supply and Marketing Federation Ltd (HAFED,
rated CRISIL A-/Stable) for leasing 70,000 metric tonnes (MT) of
warehouse capacity to facilitate storage of agro based products
storage in Sadalpur Village, Adampur District, Hisar (Haryana).
The tenure of the agreement is of 10 years till May 2024.


RADHAGOBINDA RICE: ICRA Cuts Rating on INR5.40cr Loan to D
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR 5.40
crore* term loan and INR 2.20 cash credit facilities of
Radhagobinda Rice Mills Private Limited from [ICRA]C+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   Term Loan              5.40       [ICRA]D (downgraded from
                                     [ICRA]C+)

   Fund Based Limits
   Cash Credit            2.20       [ICRA]D (downgraded from
                                     [ICRA]C+)

The rating action follows the recent delay in debt servicing
obligations by the company on its term loan repayment due in
December, 2015.

The rating also factors in the company's weak financial risk
profile as reflected by a decline in operating income due to
decline in realization and sales volume, resulting in lower
operating profits on an absolute basis. In addition, the capital
structure continued to remain adverse as reflected by a gearing
of 3.28 times as on 31st March, 2015. ICRA further notes that the
high debt service obligation relative to the net cash accruals is
likely to exert pressure on the liquidity position of the
company. The rating also takes into consideration RRMPL's small
scale of current operations and the fragmented nature of the
industry, which intensifies competition and puts pressure on
margins. The rating, however, favourably considers the experience
of the promoters in the rice milling business and RRMPL's
presence in a major paddy growing area, resulting in easy
availability of paddy.

Incorporated in 2009, RRMPL is currently engaged in the milling
of non-basmati rice with an installed capacity of 28,800 metric
tonne per annum (MTPA). The manufacturing facility of the company
is located at Jaunlia, in the district of Murshidabad, West
Bengal. The company started its production in July 2012.

Recent Results
The company has reported a net loss of INR 0.05 crore on an
operating income of INR 18.32 crore during 2013-14 against a net
profit of INR 0.07 crore on an operating income of INR 21.47
crore during 2013-14.


RENU CHANANA: CRISIL Suspends 'B' Rating on INR61MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Renu Chanana Ranjana Chanana Pallavi Chanana & Anita Gupta
(RCPCAG; part of Agreement Members).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               61      CRISIL B/Stable

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

Agreement Members have signed a joint agreement with The Haryana
State Cooperative Supply and Marketing Federation Ltd (HAFED,
rated CRISIL A-/Stable) for leasing 70,000 metric tonnes (MT) of
warehouse capacity to facilitate storage of agro based products
storage in Sadalpur Village, Adampur District, Hisar (Haryana).
The tenure of the agreement is of 10 years till May 2024.


RIZVI ESTATES: CARE Assigns 'B' Rating to INR3.33cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Rizvi
Estates And Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    3.33        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Rizvi Estates and
Hotels Private Limited (REHPL) is constrained by project
execution risk and marketing risk with low booking status and low
level of advances received and moderately weak liquidity
position. The rating is further constrained by the cyclical
nature of the real estate industry.

The aforementioned weaknesses are partially offset by promoters
experience and long track record of operations in the real estate
industry along with established brand name of Rizvi Group and
location advantage of the project. Ability of REHPL to timely
complete the project within envisaged cost along with timely
receiving the customer advances for booked units and sale of
balance units at envisaged prices are the key rating
sensitivities.

Established in 1978, Rizvi Estates and Hotels Private Limited
(REHPL) is engaged into development of residential and commercial
real estate primarily in Mumbai, Pune and Goa. REHPL is currently
developing a residential project in Malad (East), Mumbai under
the name of Rizvi Oak. The project comprises of 3 residential
towers of 22 floors each with 216 flats total and saleable area
of 2,16,458 square feet and offers modern amenities such as a
fully equipped gym, swimming pool and children's play area. The
project further has its own sewage treatment plant and solar
power generation for water heating facilities thereby gaining
accreditation of platinum certification from LEED (Leadership in
Energy & Environmental Design).


RUBBER PRODUCTS: CRISIL Reaffirms B- Rating on INR51.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Rubber Products
Limited (RPL) continue to reflect RPL's weak financial risk
profile because of high gearing and weak debt protection metrics,
and large working capital requirement. These weaknesses are
mitigated by the promoter's experience and funding support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.5       CRISIL A4 (Reaffirmed)

   Cash Credit          51.5       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit     12.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   28.5       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RPL will benefit over the medium term from its
promoter's experience. The outlook may be revised to 'Positive'
if liquidity improves owing to better profitability and working
capital cycle. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens due to decline in
revenue or profitability or stretch in receivables.

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and reconstituted as a public listed company with the present
name in 1989. In 2006, the late Mr. Sadanand Shetty (friend of
Mr. Narayan Shetty) acquired a majority shareholding in the
company. RPL manufactures rubber products such as sheets, hoses,
coated fabric, extruded rubber products, boats and jackets, mini
water tanks (collapsible ponds), and inflammable storage spaces.
Its overall operations are managed by Ms. Sucharita Hegde,
daughter of Mr. Sadanand Shetty.


SANCHETI ELECTRONICS: CRISIL Suspends D Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sancheti Electronics Limited (SEL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL D
   Letter of Credit       50       CRISIL D
   Proposed Long Term
   Bank Loan Facility     10       CRISIL D

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

SEL was incorporated in July 2000, promoted by the Kolkata-based
Mr. Binod Kumar Sancheti and his brother Mr. Ashok Kumar
Sancheti. The company supplies cable television (TV) equipment
such as set-top boxes, hybrid fibre coaxial equipment, optic
fibre cables, and digital head ends to cable TV operators and
multi-system operators. Mr. Binod Sancheti is the managing
director and oversees the company's overall operations. Mr. Ashok
Sancheti and Mr. Surendra Sancheti (son of Mr. Binod Sancheti;
joined the company in 2001) are the directors of the company.


SANDHU FARMS: CARE Assigns 'B' Rating to INR5cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sandhu
Farms Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sandhu Farms
Private Limited (SFP) is primarily constrained by lack of
experience of the promoters in the hospitality sector, execution
& funding risk
associated with the ongoing project, revenue concentration risk
due to single property and fragmented nature of the industry with
high competition. The rating also takes note of the time &
cost overrun in the past. The rating, however, derives strength
from the strategic location of the project, major approvals being
in place and positive long-term outlook for the industry.

Going forward, the ability of the company to complete the ongoing
project within the envisaged cost & time estimates and
achievement of the projected average rental and occupancy levels
would
remain the key rating sensitivities.

Sandhu Farms Private Limited (SFP) was incorporated in August-
2013 and is promoted by Mr Manjit Singh Sandhu and Mrs Updesh
Kaur. SFP has been established with an aim to set up a marriage
palace under the name of 'Fort Patiala' having 9 rooms and 2
banquet halls at Rajpura Road, Patiala.  The same is proposed to
be spread on a land area of 4 acres and is expected to be
operational from
November, 2016. The company plans to earn majority income from
letting of banquet halls (having accommodation facility of
maximum 500 people) on rent basis for the purpose of marriage,
parties
etc.

The total project cost of INR10.86 crore is proposed to be funded
through promoters' contribution of INR3.86 crore (Rs.1.50 crore
in the form of capital and INR2.36 crore in the form of unsecured
loans) and term loan of INR7 crore (as per the new estimates).
There has been a cost overrun from the initial estimates of
INR7.91 crore. The cost overrun was mainly on account of change
in scope of the project wherein the number of rooms was increased
from earlier planned estimates. As on November 30, 2015, the
company has incurred an expenditure of INR6.68 crore, funded
through promoters' contribution of INR2.38 crore, term loan of
INR4.09 crore and advances from suppliers amounting to INR0.21
crore. The commercial operation of the project is proposed to
start from November 2016(extended from October 2016, planned
earlier).


SANJIVANI PARANTERAL: CRISIL Cuts Rating on INR450MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sanjivani Paranteral Ltd (SPL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB+/Stable/CRISIL A4+'. The rating action is based
solely on information available in the public domain as SPL has
not cooperated with CRISIL in its surveillance process.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          65      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            450      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

   Export Bill             10      CRISIL A4 (Downgraded from
   Purchase Discounting            'CRISIL A4+')

   Proposed Long Term      88      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB+/Stable')

   Term Loan               42      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The downgrade reflects the deterioration in the business risk
profile, with stagnant revenue, stretched working capital cycle,
and subdued profitability. As against earlier expectation of
sharp growth in business volumes and profitability, SPL's scale
has remained stagnant, with annual turnover of  INR1.4-1.5
billion expected in 2015-16 (refers to financial year, April 1 to
March 31) and operating margin being subdued at 8 percent for the
nine months through December 2015. The downgrade also factors in
the weak financial risk profile because of a below-average
interest coverage ratio of 1.4 times over the nine months ended
December 31, 2015, due to low profitability and high interest
costs. The capital structure has weakened with a high total
outstanding liabilities to tangible networth (TOLTNW) ratio of 2
times and networth of INR332 million as on September 30, 2015,
which has eroded from 2014 levels due to losses from operations
in the past. CRISIL believes the financial risk profile will
remain under pressure, given its stretched working capital cycle.

The ratings reflect SPL's large working capital requirement,
revenue concentration in terms of client segment, and a weak
financial risk profile because of a high TOLTNW ratio, moderate
networth, and inadequate debt protection metrics. These rating
strengths are partially offset by a moderate business risk
profile, backed by a large product basket, established
relationships with government bodies, strong marketing network,
and extensively experienced management.
Outlook: Stable

CRISIL believes SPL will benefit over the medium term from steady
demand from domestic markets over the medium term. The outlook
may be revised to 'Positive' if the financial risk profile
improves, primarily through larger-than-anticipated cash accrual
or equity infusion. Conversely, the outlook may be revised to
'Negative' if any decline in profitability or any large, debt-
funded capital expenditure or a stretch in the working capital
cycle leads to deterioration in the financial risk profile.

Incorporated in 1994, SPL manufactures mainly injectibles in the
antibiotics segment and also owns branded capsules, tablets, and
formulations. The company is promoted by Mr. Ashwin Khemka.


SAVITA CONSTRUCTION: Ind-Ra Assigns 'IND B-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Savita
Construction Private Limited (SCPL) a Long-Term Issuer Rating of
'IND B-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect SCPL's weak credit profile and tight
liquidity position.  SCPL had multiple instances of over-
utilization in its cash credit account of up to nine days over
the 12 months ended February 2016.  In FY15, its revenue was
INR121 mil. (FY14: INR83 mil.), EBITDA interest coverage
(operating EBITDA/gross interest expense) was 1.3x (0.8x) and net
financial leverage (total adjusted net debt/operating EBITDA) was
4.2x (3.3x).  Its EBITDA margins were volatile at 12.5%-23.3%
during FY12-FY15 due to steel price fluctuations.

However, the ratings are supported by the promoters' experience
of more than two decades in the steel manufacturing and
fabrication business.

                       RATING SENSITIVITIES

Positive: An improvement in its liquidity position will be
positive for the ratings.

                         COMPANY PROFILE

Incorporated in November 1995, SCPL is based in Valsad (Gujarat)
and manufactures, fabricates and erects pressure vessels, storage
tanks and duct piping; it also executes turnkey projects.  Its
monthly installed capacity is 1,200 tonnes.

SCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'; Outlook Stable
   -- INR3.9 mil. term loans: assigned 'IND B-'/Stable
   -- INR60 mil. fund-based facilities: assigned 'IND B-'/Stable
      and 'IND A4'
   -- INR100 mil. non-fund-based facilities: assigned 'IND A4'


SHARON BIO-MEDICINE: CARE Cuts Rating on INR367.54cr Loan to B+
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sharon Bio-Medicine Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     367.54     CARE B+ Revised from
   (Term Loan)                              CARE BB

   Long-term Bank Facilities     299.99     CARE B+ Revised from
   (Fund-based)                             CARE BB

   Short-term Bank Facilities
   (Non-fund-based)                 -       Withdrawn

Rating Rationale

The rating revision factors in poor operating performance
resulting into losses in FY15 (refers to the period July 1 to
June 30) and H1FY16 (refers to the period between July 1 to
December 31). The rating is further constrained by expectation of
the ongoing subdued operational performance leading to lower
operating cash flows and stretched debt coverage indicators in
the near term. Moreover, the ratings continue to be constrained
by the relatively high gearing and stretched working capital
cycle of the company.

The ratings however derive strength from SBML's experienced
promoters and international accreditations of its facilities.
The ratings continue to gain strength from its diversified
product profile further supported by contribution from its
toxicology division. The rating also takes into account
regularisation in debt servicing in recent months following
restructuring of debt.

Sustenance of growth in the formulations business, ability to
manage its working capital and profitability as well as
improvement in the capital structure remains the key rating
sensitivities.

Sharon Bio-Medicine Ltd. (SBML) is engaged in the manufacturing
of Active Pharma Ingredients (API), Intermediaries, Formulations
(own brands) and Contract Manufacturing for finished
formulations. The company has a diversified product portfolio
with presence mainly in acute therapies such as anti-infectives
and anti-biotics along with presence in chronic therapies such as
diabetes and cardiovascular. The company is predominantly a
domestic player with almost 86% of total sales in FY15 (refers to
the period July 1, 2014 to June 30, 2015) from domestic markets.
The company has three manufacturing facilities, two at Taloja in
Maharashtra and one at Dehradun. In addition, the company has two
R&D centres which are approved by the Department of Science &
Technology, Government of India. The company's Dehradun
plant is UK-MHRA approved, while the other facilities are ISO
9001-2000 certified. SBML had one wholly-owned subsidiary, Yusur
International FZE (YIFZ), incorporated in the UAE, which it has
now decided to shut down in January 2016.

The company had filed 1 ANDA and also applied for USFDA approvals
in February 2012 for its two plants; at Taloja and Dehradun. The
USFDA inspected the company's Taloja and Dehradun plant in July
and August 2015 and the company has already received approval for
the Dehradun plant from the FDA, while the approval for Taloja
plant is expected to come in the near term.

In FY15 (refers to the period July 1 to June 30), the company
reported a net loss of INR-225.86 crore (compared to INR69.62
crore net profit in FY14) on a total income of INR836.55 crore
(Rs.1,315.45 crore in FY14). Moreover in H1FY16, the company
reported a Total Income of INR217.69 crore (Rs 562.84 crore in
FY14) and a net loss of INR145.43 crore (Rs.80.75 crore loss in
FY14).


SHREE SECO: CARE Reaffirms 'C' Rating on INR3.41cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Seco Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.41      CARE C Reaffirmed
   Long-term / Short-term         6.50      CARE C/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shree Seco Private
Limited (SSPL) continue to remain constrained due to continuing
cash losses resulting into negative net-worth. The ratings
further remained constrained due to leveraged capital structure,
stressed liquidity position, susceptibility to volatile raw
material prices and intense competition in the fragmented edible
oil industry coupled with seasonal nature of operations.

The ratings, however, continue to factor in the wide experience
of the promoters in the edible oil extraction industry.
Improvement in the overall financial risk profile in light of the
competitive nature of industry is the key rating sensitivity.

Jaipur (Rajasthan) based Shree Seco Private Limited (SSPL),
formerly known as Shree Containers Private Limited, was
incorporated in 1971 by Mr. Saroj Khemka and Mr. Ramesh Khemka.
SSPL is mainly engaged in the extraction and refining of mustard
oil from mustard/rapeseed seeds at its manufacturing facility
located at Jaipur with a capacity to produce 11,540 Metric Tonnes
Per Annum (MTPA) of edible oils. Further, the company also
manufactures tin containers with an installed capacity of 6000
tins per day and pet bottles which is used for captive
consumption. SSPL has an oil milling capacity of 300 Metric
Tonnes Per Day (MTPD) to manufacture crude oil and de-oiled cake
(DOC), and has oil refining capacity of 50 MTPD as on March 31,
2015.

SSPL sells edible oil in the domestic market, while DOCs
extracted from rapeseed/mustard seeds are sold to Export Oriented
Units (EOU's) which supply to various East Asian markets such as
Vietnam, Singapore, China, Korea and Indonesia. SSPL sells edible
oil under the brand nameMangal and Tulsi in the retail market.
During FY13, the company shifted its plant from Durgapura, Jaipur
to Padasoli, Jaipur and the land at Durgapura got vacant. SSPL
decided to venture into real estate activities in order to
utilize the vacant land and for this purpose it converted its
leasehold land measuring 15607 square mts. of land situated at
Durgapura, Jaipur (from where the manufacturing facilities were
shifted) from capital asset into stock in trade on December 20,
2012. During FY14, the company entered into joint venture
agreement with Adarsh Buildestate Ltd. for the construction of
residential flats on the
said land and received INR12 crore as deposit from the said
entity. Also, during FY15, SSPL has received advances from the
customers of INR 4.29 crore as advance against booking for the
flats.

During FY15 (refers to the period April 1 to March 31), SSPL
reported a total operating income of INR155.85 crore (FY14:
INR180.76 crore) with net loss of INR3.60 crore (FY14: INR 3.64
crore). Further, as per provisional results for 9MFY16, it
reported a total operating income of INR98.82 crore.


SHYAMVI STEELS: CRISIL Suspends 'B' Rating on INR31.7MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shyamvi Steels Private Limited (SSPSL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           27.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     0.8      CRISIL B/Stable
   Term Loan             31.7      CRISIL B/Stable

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

SSPL was formed in 2006 and is a private limited company managed
by Mr. Sanjay Tomar and Mrs. Renu Tomar, both are the
promoter/directors of the Company. The company is into
manufacturing of steel ingots. The manufacturing capacity of the
Company located in Saharanpur, UP and has capacity of around 3000
MTPA.


SIMANCHAL CONSTRUCTION: CARE Ups Rating on INR3cr LT Loan to BB-
----------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Simanchal Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       3        CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     16        CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Simanchal Construction (SMC) is on account of improvement in the
scale of operations, profit levels & margin, leverage ratios and
debt service coverage indicators. However, the ratings continue
to remain constrained by its constitution as partnership firm,
small scale of operations, volatility in input prices,
geographical concentration and vulnerability of changes in budget
allocation policies and working capital intensive nature of the
business. The ratings, however, derive strength from its
experienced partners, satisfactory client portfolio and moderate
order book position.

Going forward, the ability to secure new orders & timely
execution of the same, regular & timely receipt of contract
proceeds and ability to manage working capital effectively will
be the key rating sensitivities.

SMC was established as a partnership firm in 1999, by Mr Ajay Kr.
Jha, Mr Samar Nath Singh, Mrs Sanju Jha and Mrs Neelam Singh of
Bihar as an equal partner. SMC is a small-sized Bihar-based firm
engaged in providing different types of construction services,
which include construction of roads, bridges and building for
government entities. Over the years, the firm has completed a
good number of small=sized and few medium-sized projects and has
catered to clients like Public Work Development (PWD), National
Buildings Construction Corporation Limited (NBCCL), Road
Construction Development (RCD), Rural Works Department (RWD),
Central PublicWork Development (CPWD), etc. During FY15 (refers
to the period April 01 to March 31), the company reported a total
operating income of INR76.92 crore (FY14: INR62.20 crore) and a
PAT of INR3.47 crore (in FY14: INR2.20 crore). Furthermore, the
company has achieved a total operating income of INR50.00 crore
(approx.) during 9MFY16 (refers to the period April 1 to
December 31).


SRI LAKSHMI: ICRA Cuts Rating on INR12cr Cash Loan to D
-------------------------------------------------------
ICRA has revised the long term rating assigned to Rs 12.00 crore
cash credit limits, INR 6.22 crore term loan (revised from INR
7.82 crore) and INR 5.83 crore (revised from INR 4.23 crore)
unallocated limits of Sri Lakshmi Narasimha Spinning Mills
(India) Private Limited (SLNSMIPL) to [ICRA]D from [ICRA]B+. ICRA
has also revised the short term rating assigned to INR 0.50 crore
non-fund based limits of SLNSMIPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.00       Revised to [ICRA]D
                                     from [ICRA]B+

   Term Loan              6.22       Revised to [ICRA]D
                                     from [ICRA]B+

   Unallocated Limits     5.83       Revised to [ICRA]D
                                     from [ICRA]B+

   Non-fund based Limits  0.50       Revised to [ICRA]D
                                     from [ICRA]A4

The revision in ratings takes into consideration delays in term
loan repayments owing to stretched liquidity position of the
company arising from high debtor days on account of delay in
receivables. The ratings are constrained by the small scale of
operations and vulnerability of margins to cotton and yarn price
fluctuations coupled with the intense competition in the
fragmented spinning industry which restricts pricing flexibility.
The ratings factor in regulatory risks with regards to minimum
support price for kapas and export restrictions on kapas and
yarn, which can impact margins and volume growth. ICRA notes the
low equity base, debt funded capital expenditure incurred in the
past, and high borrowings to support working capital intensive
nature of the business leading to a stretched capital structure
with a gearing of 4.91 times as on March 31, 2015. ICRA also
notes that with debt funded capital expansion plans on the anvil,
capital structure could be further stretched in the near term.
The ratings however positively factors in the longstanding
experience of promoters in the spinning & ginning industry, close
proximity to cotton growing areas of Andhra Pradesh (AP) and low
power cost and other subsidy schemes offered by the state
government providing competitive advantage.

Going forward, the ability of the company to service the debt
obligations in a timely manner by improving scale of operation
and margins, and effectively manage its working capital
requirements are the key rating sensitivities.

SLNSMIPL is promoted by K. Poli Reddy, K. Rajasekhar Reddy and K.
Narasimha Reddy. The company was incorporated in 2005. SLNPL is a
Guntur (Andhra Pradesh) based yarn manufacturing company
producing 30s and 40s carded and combed cotton yarn. The Company
commenced commercial production in July 2008 and has current
installed capacity of 15,600 spindles.

Recent Results
According to audited FY2015, the company has reported net profit
of INR 0.97 crore on an operating income of INR 52.86 crore as
against net profit of INR 0.84 crore on an operating income of
INR 45.32 crore during FY2014.


SRI VENKATESWARA: CRISIL Cuts Rating on INR234.8MM LT Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Venkateswara Poultry Farm (SVPF; part of the Mulpuri
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

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


   Long Term Loan         234.8     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 SVPF, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Fisheries Private Limited (MFPL) and Mulpuri
Poultries (MP). 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.


STAR IRIS: CARE Reaffirms B+ Rating on INR3.84cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Star Iris Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.84       CARE B+ Reaffirmed
   Long-term/ Short-term         6.00       CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Star Iris Exports
Private Limited (SIEPL) continues to remain constrained by its
declining scale of operations coupled with net losses in FY15
(refers to the period April 1 to March 31) along with leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained its presence in a highly competitive and
fragmented industry, susceptibility of margins to volatility in
the raw material prices and foreign exchange fluctuation risk.

The ratings, however, derive strength from the experienced
promoters and locational advantage.  Going forward, the company's
ability to profitably scale up its operations, improve its
capital structure and effectively manage its working capital
requirements shall be the key rating sensitivities.

Rampur-based (Uttar Pradesh) SIEPL was incorporated in November
29, 2011, by Mr Shakun Gupta and Mrs Renu Gupta; however, the
company commenced its commercial operations from March 2012. The
promoters have an experience of more than two decades in the mint
industry. The company is engaged in manufacturing and exporting
of Natural Menthol, Essential Oils and Aromatic Chemicals. The
plant has an installed capacity of 1,500 MTPA as on March 31,
2015,
which is the main menthol growing belt in India.

The company procures raw materials consisting of "Menthol" from
the local farmers. The end users of the products are
pharmaceutical and cosmetic industries. The company exports its
products in the international market mainly in China, France,
Italy and USA. SIEPL is a registered member of CHEMEXCIL (basic
chemicals, pharmaceuticals and cosmetics export promotion
council) and Shellac & Forest Products Export Promotion Council.

SIEPL achieved a total operating income (TOI) of INR20.04 crore
with PBILDT and net loss of INR2.21 crore and INR1.90 crore,
respectively, in FY15 (refers to the period April 01 to March 31)
as against TOI of INR21.64 crore with PBILDT and net loss of
INR2.26 crore and INR0.87 crore, respectively, in FY14. During
11MFY16 (unaudited), the company has achieved a total operating
income of INR20.22 crore.


SUN PACKAGING: CARE Assigns 'B' Rating to INR6.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of SUN
PACKAGING.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.50       CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or of the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Sun Packaging (SP)
is constrained by the completion and stabilization risk
associated with its green-field project for manufacturing plastic
films and containers.

The rating is also constrained on account of susceptibility of
its profit margins to volatile raw material prices and presence
in competitive plastic packaging industry.

The rating, however, draws strength from the experience of the
partners in the plastic packaging industry, commencement of
partial production and favourable demand scenario for the plastic
packaging industry. SP's ability to complete the project within
the envisaged cost and time parameters and achieve the envisaged
levels of income and profitability shall be the key rating
sensitivities.

SP was incorporated in July 2015 to setup manufacturing capacity
of 150 tonnes of blown films and 100 tonnes of moulded plastic
articles (containers) per month. SP's revenue mix would entail
manufacturing and trading of extruder plastic articles (blown
films) and injection moulding plastic articles (containers), to
be used in areas such as packaging of food grade items and as
plastic containers. Total cost of setting up the facilities is
estimated at INR6.23 crore, to be funded through term loan of
INR4.00 crore and partners' capital and unsecured loans of
INR1.73 crore and INR0.50 crore, respectively. The firm commenced
part production of blown plastic films from October 2015 and
around 45% of the project cost was incurred till January 31,
2016. Full-fledged production is expected to start from Q1FY17.


TIRUPUR THIRUKKUMARAN: ICRA Suspends B- Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR 20.00
crore fund based facilities of Tirupur Thirukkumaran Textiles
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.

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


UMESH INDUSTRIES: CARE Revises Rating on INR9.60cr LT Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Umesh
Industries Private Limited.

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Umesh Industries Private Limited (UIPL) is primarily on account
of increasing scale of operations during FY15 (refers to the
period April 1 to March 31) along with improvement in financial
risk profile. The rating continues to take comfort from the vast
experience of the promoters in the cotton ginning business and
location advantage.

The rating, however, continues to remain constrained on account
of moderate capital structure, moderate debt coverage indicators
and moderate liquidity position. Furthermore, the rating also
constrained due to its presence in lowest segment of textile
value chain and a highly fragmented cotton ginning industry with
low entry barriers along with seasonality associated with cotton
availability and vulnerability of profitability to cotton price
fluctuations and government regulations for price and supply of
cotton.

The ability of UIPL to increase its scale of operations, improve
profit margins and capital structure via efficient management of
its working capital requirements remain the key rating
sensitivities.

Harij-based (Gujarat), UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt. Ltd. (UCGPPL) and
subsequently the name of the company was changed to UIPL in
August 2010. UIPL is promoted by Mr Babulal Ishwarlal Thakkar and
is engaged in manufacturing as well as trading of cotton bales
and cotton seeds since its inception.  UIPL deals in 'Shankar 6'
type of cotton which is being sourced through local farmers and
also from agriculture marketing yards from Gujarat. UIPL operates
through its sole ginning and pressing unit located in Harij which
has an installed capacity to process 3,130 MTPA of cotton bales
and 5,723MTPA of cotton seeds as on March 31, 2015.

During FY15, UIPL reported a PAT of INR0.06 crore on a total
operating income (TOI) of INR58.82 crore as against PAT of
INR0.04 crore on a TOI of INR51.67 crore during FY14. During
11MFY16 (provisional), UIPL has achieved a turnover of
INR40.79 crore.


UNIQUE ENERGOS: CRISIL Suspends 'B' Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Unique Energos Private Limited (UEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable
   Long Term Loan         25       CRISIL B/Stable

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

Incorporated in 2010, UEPL is a private limited company that
manufactures automotive and inverter batteries at its plant in
Yamuna Nagar, Haryana. The company's directors are Mr. Sanjeev
Gupta, Mr. Sanjay Kumar, and Mr. Rajiv Gupta.


UNITED INDIA: CRISIL Reaffirms B Rating on INR340MM Export Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of United India Shoe
Corporation Private Limited (UNISCO) continue to reflect UNISCO
group's below-average financial risk profile, marked by a modest
net worth, high gearing, and average debt protection metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)

   Export Packing Credit   340       CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Discounting             147       CRISIL A4 (Reaffirmed)

   Letter of Credit         55       CRISIL A4 (Reaffirmed)

This rating weakness is partially offset by the experience of the
UNISCO group's promoters in the leather footwear industry and the
group's moderately integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UNISCO and UNICO Leather Product Pvt
Ltd (ULPP). This is because the two companies, together referred
to as the UNISCO group, are under a common management and have
fungible cash flows.
Outlook: Stable

CRISIL believes that the UNISCO group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports significant improvement in its revenue and profitability,
leading to better cash accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' if the UNISCO group's
margins deteriorate, or if it undertakes a large debt-funded
capital expenditure programme or increases investments in other
group entities, adversely impacting its financial risk profile.
About the Group

Established in 2001, UNISCO manufactures leather shoes. ULPP,
based in Kashmir, manufactures shoe uppers and supplies them to
UNISCO.


VARDHMAN KNIT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vardhman Knit
(VK) continue to reflect its small scale of, and working capital-
intensive operations in a highly fragmented industry. It also has
weak financial risk profile because of high gearing and small
networth. These rating weaknesses are mitigated by the benefits
derived from the promoters' extensive experience in the textile
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)
   Term Loan              10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VK will continue to benefit over the medium term
from its promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' if significant increase
scale of operations and profitability while maintaining working
capital management, leads to higher-than-expected accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens because of larger-than-expected
debt-funded capital expenditure (capex) or inefficient working
capital management, or if there is substantial withdrawal of
funds leading to weak liquidity.

Update
Scale of operations has remained small as reflected in its
expected operating income of INR175 million in 2015-16 (refers to
financial year, April 1 to March 31) against INR172 million in
2014-15. Business risk profile will remain stable and benefited
by the promoters' extensive industry experience and by sale of
products under own brand 'Gio'. Operating margin is expected to
be maintained at 14 percent over the medium term. Working
capital-intensive operations reflected in gross current assets of
250 days, is on account of average inventory of six months and
debtors of three months.

Adequate liquidity should be maintained, based on expected net
cash accrual of INR60 million per annum against modest debt of
INR2 million per annum over the medium term. Absence of debt-
funded capex plans over medium term and average bank limit
utilisation of 74 percent during the 9 months through December
2015, also provide comfort to liquidity.

Financial risk profile is expected to remain weak because of a
modest networth of INR32 million and high gearing of 3.5 times,
as on March 31, 2016 on account of high short-term debt and
unsecured loans of INR55 million which are repayable on demand.
In the past two years there have been instances of withdrawal of
profits from the firm. Any further withdrawals, will remain a key
rating sensitivity factor. The debt protection metrics are also
expected to remain below-average with interest coverage ratio of
1.67 times in 2015-16.

VK is a partnership firm that manufactures ready-made garments
and hosiery products at its manufacturing facility in Ludhiana.


VENKATESH ASSOCIATES: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Venkatesh
Associates.

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


Rating Rationale

The rating assigned to the bank facilities of Venkatesh
Associates (VA) factors in project execution risk with high
dependence on customer advances along with pending financial
closure, nascent stage of project with limited geographical
presence of the group in the Pune region. Furthermore, the rating
is constrained by competition from other real estate players in
the region coupled with inherent cyclicality associated with the
real estate sector along with partnership nature of constitution
leading to limited financial flexibility.

The rating factors in experience of the promoter group in real
estate development in Pune, receipt of approvals and clearances
for the Phase I of the project, strategic location of the project
having proximity to key areas of Pune city, and marketing
advantage due to presence of the other projects executed by the
group in the same vicinity.

The ability of the company to execute construction activities as
per the schedule supported by timely inflow of customer
receivables and sale of the inventory as envisaged are the key
rating sensitivities.

VA is a partnership firm (formed as a special purpose vehicle
(SPV)) formed on August 07, 2012, and belongs to Venkatesh Oxy
Group. The partners in the firm are Mr Devidas Kadam, Mr Kiran
Pawar,Mr Sandip Satav, Mr Sunil Deokar, and Mr Rahul Satav and
have equal profit sharing ratio.

Venkatesh Oxy Group is a renowned name in the real estate
development in Pune and has been in real estate business since
more than a decade.

VA is formed for the execution of a residential project named;
'Venkatesh Oxy Evolve' in two phases with a total saleable area
of 1.81 lakh square feet (lsf), situated at Wagholi (Pune).
However, the company has received approvals of Floor Space Index)
(FSI) for only 1.30 lsf (Phase I) and the remaining 0.51 lsf
would be completed under Phase II after the receipt of approvals
of FSI and
completion of formalities of Pune Municipal Corporation (PMC) by
the entity. The entity is seeking approvals for additional floors
with flats of the buildings in the Phase II. The entire land has
been acquired by entering into a joint development agreement
(JDA) with the landowner; Manibhai Cooperative Society. As per
the JDA, VA will hand over saleable area of around 0.31 sq. ft.
(ie, around 35 flats) to the landowners and the remaining 0.99
sq. ft. (ie, 113 flats) will remain under the entity for sale.



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


SHARP CORP: Hon Hai Likely to Sign Rescue Deal on March 31
----------------------------------------------------------
Jiji Press reports that Sharp Corp. and Hon Hai Precision
Industry Co. are in the final stages of talks on signing an
agreement on March 31 to rescue the struggling electronics maker,
informed sources said.

Sharp's board plans to meet on March 30 to accept a cut of some
JPY100 billion in the capital injection proposed by Taiwan's Hon
Hai, better known as Foxconn Technology Group, from the initially
planned JPY489 billion, the sources said on March 25, Jiji
relates.

According to Jiji, the reduction comes in light of Sharp's
worsening financial performance for the year ending March 31 and
the revelation of the Japanese company's contingent liabilities,
which may become losses in the future.

Jiji says Hon Hai plans to acquire a stake of 66 percent in Sharp
in terms of voting rights. The deal, if concluded, will mark the
first foreign acquisition of a major Japanese electronics maker.

Hon Hai is expected to provide a JPY100 billion deposit to Sharp
before the takeover, according to Jiji.

Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, main creditor banks
for Sharp, plan to set up a new credit line of about JPY300
billion to support Sharp's finances, the report discloses.

Hon Hai is set to buy JPY100 billion in preferred shares in Sharp
held by the banks.

On Feb. 25, Sharp accepted Hon Hai's offer. But Hon Hai put off
the signing of a deal to scrutinize a list of contingent
liabilities totaling JPY350 billion Sharp presented the previous
day, Jiji notes.

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

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


SHARP CORP: S&P Cuts CCR to 'CCC' & Puts on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered to 'CCC'
from 'CCC+' its long-term corporate credit rating on Japan-based
electronics maker Sharp Corp. and has placed the rating on
CreditWatch with negative implications.  S&P also placed its
'CCC+' long-term debt ratings and 'C' short-term corporate credit
and commercial paper program ratings on Sharp on CreditWatch with
negative implications.  The downgrade and placement on
CreditWatch negative reflects S&P's view that an agreement
between Sharp and Taiwan's Hon Hai Precision Industry Co. Ltd.
(A-/Stable/--) for Hon Hai to acquire shares in Sharp will take
more time.  Meanwhile, Sharp has syndicated loans with a due date
of March 31, 2016, and S&P believes fulfillment of these
obligations may take a form we define as 'SD' (selective
default).  S&P has also lowered to 'CCC' from 'CCC+' its long-
term corporate credit rating on overseas Sharp subsidiary Sharp
International Finance (U.K.) PLC and have placed the rating on
CreditWatch with negative implications.  At the same time, S&P
placed its 'C' short-term corporate credit and commercial paper
program ratings on Sharp International Finance on CreditWatch
with negative implications.

On Feb. 25, 2016, Sharp said it will issue new shares through
third-party allotment totaling JPY489 billion to Hon Hai and its
group companies.  However, Hon Hai is yet to officially announce
the purchase.  S&P believes Sharp and Hon Hai will reach an
agreement for the Taiwanese company to acquire shares in Sharp
because both sides have said that they are working hard to
finalize a deal as soon as possible.  However, the significant
size of the share purchase leads S&P to believe Hon Hai is making
a careful assessment of Sharp's competitiveness and financial
standing, and because several steps to a final decision remain,
including board meetings at both companies, S&P believes
agreement by both companies is likely to take more time.  As a
result, the agreement will likely come after the March 31, 2016,
due date for repayment of a total JPY510 billion in credit
facilities and syndicated loans.

S&P sees an extremely low likelihood Sharp can fulfill on its own
obligations on credit facilities and syndicated loans on the due
date without support from Hon Hai or banks.  Therefore, without
an agreement with Hon Hai by March 31, 2016, S&P believes
fulfillment of these obligations will likely to take a form S&P
defines as 'SD', such as banks' acceptance of an extension of
loans.

S&P will lower to 'SD' its long- and short-term corporate credit
ratings on the company particularly if Hon Hai does not
officially announce the purchase of shares in Sharp by March 31,
2016, and S&P confirms that lender banks will accept a debt
restructuring such as an extension of syndicated loans.

S&P made no change to its 'CCC+' long-term debt rating on Sharp
but placed it on CreditWatch with negative implications.  As a
result, the long-term debt rating is one notch higher than the
long-term corporate credit rating.  Both ratings were the same
before the rating actions.

The difference between the long-term credit and debt ratings on
Sharp reflects S&P's view that the likelihood the company will
fulfill its obligations to bondholders over those to lenders has
increased further, because its main lender banks are likely to
accept an extension of loans, and upward notching of the long-
term debt rating as a result.  It also incorporates a milder
downward notching of the long-term debt rating based on the high
ratio of the company's priority liabilities to total assets.
Meanwhile, S&P placed the long-term debt ratings on CreditWatch
with negative implications because the entire support scheme for
Sharp, including Hon Hai's acquisition package, has yet to be
revealed and there remains a likelihood of a debt exchange offer,
in S&P's view.


SKYMARK AIRLINES: Expected To Return To Black
---------------------------------------------
Kyodo News reports that struggling Skymark Airlines Inc. is
expected to return to the black in the fiscal year ending on
March 31 by posting an operating profit of more than JPY1.5
billion ($13 million), sources familiar with the matter said on
March 25.

According to the report, the sources said the company's business
has been improving following restructuring efforts, including
slashing unprofitable routes, and due to declining fuel costs
because of oil price plunges.

Skymark, set up in 1996, filed for bankruptcy with the Tokyo
District Court in January last year, after plans to shift to
bigger aircraft failed and left Japan's third-biggest airline in
financial distress.

It is now expected to complete its rehabilitation proceedings
around next Monday [April 4], the sources said.

Kyodo says the airliner posted an operating profit of JPY15.2
billion in the fiscal year ended in March 2012 but fell into an
operating loss of JPY2.5 billion in the year to March 2014.

The operating loss expanded to JPY11.2 billion in the April to
December 2014 period before filing for bankruptcy.

It is now paying creditors after receiving JPY18 billion in
capital from rehabilitation sponsors, including private equity
firm Integral and ANA Holdings Inc., Kyodo discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.  Skymark said it filed at the Tokyo District
Court with JPY71 billion ($603 million) in liabilities.
President Shinichi Nishikubo is standing down and Chief Financial
Officer Masakazu Arimori is taking on the role, Bloomberg
related. Skymark was delisted from the Tokyo Stock Exchange in
March.

The TCR-AP, citing Bloomberg News, reported on Aug. 6, 201, that
Skymark Airlines's creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for
Japan's third-largest airline.


TOSHIBA CORPORATION: Moody's Lowers CFR to B3; Outlook Negative
---------------------------------------------------------------
Moody's Japan K.K. has downgraded Toshiba Corporation's corporate
family rating and senior unsecured debt rating to B3 from B2, and
its subordinated debt rating to Caa3 from Caa2.

The rating outlook is negative.

At the same time, Moody's has affirmed Toshiba's commercial paper
rating of Not Prime.

This rating action concludes the review for downgrade initiated
on Dec. 22, 2015.

                           RATINGS RATIONALE

"The rating downgrade principally reflects the consideration that
while we expect Toshiba to likely maintain an adequate level of
near-term liquidity because of its sale -- as announced on
March 17, 2016, -- of Toshiba Medical Systems Corporation (TMSC)
to Canon Inc. (Aa1, review for downgrade), the strength of the
company's core business operations and ability to manage its high
debt load are significantly challenged and uncertain in the
longer term", says Masako Kuwahara, a Moody's Vice President and
Senior Analyst.

"In addition, the ongoing liquidity of its operations remain
highly dependent upon the continued co-operation and goodwill of
its bankers", says Kuwahara.

"At the same time, the B3 rating incorporates an expectation that
Toshiba will maintain support from its banks, such that it can
maintain its solvency.  However, should this not eventuate, then
the ratings would likely be subject to further immediate negative
pressure", adds Kuwahara, who is also the Lead Analyst for
Toshiba.

The negative outlook reflects Moody's continued concerns over
Toshiba's operating performance and the execution risk involved
in achieving its business plan for FYE3/2017, as announced on
March 18, 2016.

In particular, Moody's has concerns over whether the company's
memory business will be able to generate sufficient earnings and
cash flow in the current competitive environment; a situation
which we expect will maintain downward pressure on prices.

In addition, Moody's notes that the foreign exchange environment
is unfavorable for Toshiba, and will likely add to pressure on
its financial profile.

"We are also aware that the memory business requires a sizable
commitment in terms of new capital expenditure on an ongoing
basis in order for Toshiba to maintain its product and cost
competitiveness.  We are concerned that this requirement will
further stretch cash flow at a time when cash flow pressure is at
a peak", adds Kuwahara.

On March 17, 2016, Toshiba announced -- as indicated -- the sale
of TMSC and a share transfer to Canon.  The sales price was
approximately JPY665.5 billion and Toshiba expects to post
approximately JPY590.0 billion of profit before taxes in
FYE3/2016.

The sale is part of Toshiba's restructuring plan which was
announced in December 2015.

Further, Toshiba released its business plan on March 18, 2016,
according to which it plans to complete restructuring of its
unprofitable businesses by FYE3/2016 and also expects to generate
JPY4.9 trillion of revenue and JPY120 billion of operating profit
in FYE3/2017.

However, Moody's views the business plan as aggressive, given 1)
considerable uncertainties remain over the implementation of its
restructuring plan, and 2) concerns over whether Toshiba's core
businesses can demonstrate an operating performance capable of
generating adequate earnings to service its substantial debt
load.

Upward rating pressure is extremely unlikely over the next 12-18
months due to the material challenges the company is facing.

However, the outlook could change to stable if Toshiba can fully
execute on its new restructuring plans and can stabilize earnings
and cash flow along with its current very weak financial profile.
Evidence that its liquidity position is sustainable over the
longer term would also be a prerequisite for changing the outlook
to stable.

Toshiba could face renewed downward rating pressure if earnings
stay weak, possibly due to a delay in restructuring its
unprofitable segments as planned; and/or, for example, from a
significant deterioration in the memory business beyond our
current expectations, such that its reported operating profit
margin fails to improve to the level it plans for FYE3/2017,
and/or if further large asset write-downs occur.

In addition, further evidence of a challenged liquidity position
or a non-curable breach in its bank debt covenants would also
likely place immediate pressure on the ratings.

Moreover, if Toshiba's revised corporate governance structure
fails to function properly, leading to an expectation of further
deterioration in its financial results or metrics, then immediate
negative rating pressure is also likely.  Evidence of further
material accounting irregularities would also likely lead to a
similar result.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2014.
Toshiba Corporation, headquartered in Tokyo, is one of the
largest integrated electronics companies in Japan.



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


SPRINGPARK DEVELOPMENT: Wilshire Buys Firm Out of Receivership
--------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Wilshire Group,
an Auckland residential property developer, has purchased the
failed Springpark development in Mt Wellington out of
receivership. Receivers David Ruscoe and Richard Simpson of Grant
Thornton accepted the offer, the report says.

Dissolve.com.au relates that the group already purchased a couple
of the three stages of the development from their previous owner.
The developer is looking to build new homes in 2016 in a four-
year project that involves 450-500 new properties.

According to the report, Springpark experienced delays and cost
overruns that resulted in the appointment of receivers in
December 2015.


===============
T H A I L A N D
===============


ASIAN REINSURANCE: A.M. Best Hikes Fin'l. Strength Rating From B
----------------------------------------------------------------
A.M. Best has upgraded the financial strength rating (FSR) to B+
(Good) from B (Fair) and the issuer credit rating (ICR) to "bbb-"
from "bb+" of Asian Reinsurance Corporation (Asian Re)
(Thailand). The outlook on both ratings has been revised to
stable from positive.

The upgrade recognizes the reduction in transfer risk associated
with a significant portion of Asian Re's cash and deposit
balances.

Following a series of recapitalization initiatives, Asian Re's
year-end 2015 capital position stood at USD 63 million, which was
above the USD 55 million level it reached before being hit by
catastrophe events in 2011-2012. Since then the company has
maintained positive overall results in 2013, 2014 and 2015.

Offsetting rating factors include the soft business environment
for reinsurers in which Asian Re is seeking to revive
relationships with cedants and rebuild its underwriting
portfolio.

Positive rating momentum could result from achieving a trend of
stable underwriting results as the company rebuilds its profile
and premium base.

Negative rating action could result from a material deterioration
in operating performance or any increase in assets subject to
transfer restrictions.

Ratings are communicated to rated entities prior to publication,
and unless stated otherwise, the ratings were not amended
subsequent to that communication.


TMB BANK: Moody's Assigns ba2 Baseline Credit Assessment Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a Baa2 rating to TMB Bank
Public Co. Ltd (Cayman Islands)'s proposed $US-denominated senior
unsecured notes and to be issued under its US$3 billion Euro
Medium Term Note (EMTN) program.

The bonds will have a maturity of 5.5 years and will be listed on
the Singapore Stock Exchange ("SGX-ST").

The outlook on the ratings is stable.

The senior debt rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed
by Moody's.

RATINGS RATIONALE

The Baa2 senior unsecured debt rating is anchored on TMB Bank
Public Company Limited's ba2 baseline credit assessment (BCA) and
three notches of uplift, reflecting Moody's systemic support
assumptions.

Such support is likely, given the Thai Ministry of Finance's 26%
ownership in the bank, the size and importance of the bank to the
government and the system overall, as well as the government's
record of support for Thai banks.

The ba2 BCA takes into account TMB Bank's: (1) sizeable domestic
franchise as the seventh-largest commercial bank in Thailand,
with about 4% and 5% share of system loans and deposits
respectively; (2) stable liquidity profile and capitalization
profile; and (3) improving risk profile since 2008, following a
period of reorganization, business transformation and
enhancements to risk management.

The BCA also incorporates the weaker aspects of TMB Bank's
profile, namely its: (1) lower risk-adjusted profitability
metrics when compared to its global and local peers; (2) modest
asset quality metrics, which have improved but are still weaker
than industry averages; and (3) high borrower concentration when
compared to its global and local peers, in particular, as its
loan portfolio comprises almost 42% of loans to corporates.

The principal methodology used in this rating was Banks published
in January 2016. Please see the Ratings Methodologies page on
www.moodys.com for a copy of this methodology.

TMB Bank Public Company Limited is headquartered in Bangkok,
Thailand, with a reported total assets of THB839 billion as of 31
December 2015. It is the seventh largest bank by assets in the
country.

The full list of ratings for TMB Bank Public Company Limited are:

-- Long-term foreign currency bank deposit rating at Baa2, with
    a stable outlook

-- Short-term foreign currency bank deposit rating at P-2

-- Foreign currency senior unsecured MTN program at (P)Baa2

-- Counterparty Risk Assessment at Baa1(cr)/P-2(cr)

-- BCA and adjusted BCA at ba2

The full list of ratings for TMB Bank Public Co. Ltd (Cayman
Islands) are:

-- Foreign currency senior unsecured MTN program at (P)Baa2

-- Foreign currency senior unsecured debt rating at Baa2



                            *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***