TCRAP_Public/160329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, March 29, 2016, Vol. 19, No. 61


                            Headlines


A U S T R A L I A

DICK SMITH: Appliances Online Founder Offers Employees Jobs
GO ENERGY: First Creditors' Meeting Set For April 4
RETROFLEX BUILDING: In Liquidation; Owes AUD2.4MM to Creditors


C H I N A

BEIJING CAPITAL: Fitch Expects Leverage to Have Peaked in 2015
BOHAI STEEL: Investors Dump Bonds on Debt Report
CHINA GINSENG: Xiaohua Cai Resigns as Chief Marketing Officer
CHINA OIL: Moody's Says Ba2 CFR Unaffected by Weak 2015 Results
CHINA PROPERTIES: Fitch Lowers Issuer Default Rating to 'CCC'

GENERAL STEEL: Sells Maoming Hengda for $51 Million
GUANGXI NONFERROUS: Files for Bankruptcy; Owes CNY14.5BB
GUANGZHOU R&F: Fitch to Retain Ratings on Consent Solicitation
MAOYE INTERNATIONAL: S&P Lowers CCR to 'B-' & Puts on Watch Neg.


I N D I A

ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR120.4MM Loan
ALLIANCE GRANIMARMO: ICRA Cuts Rating on INR4.53cr Loan to D
ANAND CRANKS: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
ARM TECH: ICRA Suspends B+ Rating on INR4.0cr Bank Loan
ASHARFI GRAMODYOG: CRISIL Suspends B Rating on INR4MM Cash Loan

AVIA CERAMIC: ICRA Reaffirms 'B' Rating on INR4.0cr Term Loan
BABA BUDHA: CRISIL Suspends B+ Rating on INR103.5MM Term Loan
BHAGYODAY COTTON: ICRA Suspends B+ Rating on INR22cr Cash Loan
BOWRY MEMORIAL: CRISIL Suspends B Rating on INR58.4MM LT Loan
BSPL (INDIA): CRISIL Suspends B+ Rating on INR205MM Demand Loan

CHAYAGRAPHICS HEALTHCARE: ICRA Assigns B+ Rating to INR6.5cr Loan
CMJ BREWERIES: CRISIL Cuts Rating on INR1.64BB Term Loan to 'D'
DANDESWAR COLD: CRISIL Suspends 'D' Rating on INR47MM Term Loan
EMPEE DISTILLERIES: CARE Reaffirms 'D' Rating on INR74cr LT Loan
EXODUS FUTURA: CRISIL Upgrades Rating on INR75.5MM Loan to B-

GANPATI ADVISORY: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
GARG AGRI: ICRA Suspends B+ Rating on INR9.55cr Loan
GEETHA TIMBERS: ICRA Lowers Rating on INR0.50cr LT Loan to B+
GRAMIN VIKAS: CRISIL Suspends 'B' Rating on INR10MM LT Loan
GUJRAT SAW: CARE Reaffirms 'B' Rating on INR1.50cr LT Loan

IMPERUS CERAMIC: ICRA Reaffirms 'B+' Rating on INR5.0cr Loan
JPS LIFE: CARE Assigns 'B' Rating to INR15cr LT Loan
KAAN FISH: CARE Reaffirms B+ Rating on INR2.47cr LT Loan
KOTAK URJA: ICRA Revises Rating on INR22cr Cash Loan to B-
KINGFISHER AIRLINES: Labor Ministry to Probe PF Contributions

KIRON TRANSPORT: CRISIL Suspends D Rating on INR66.8MM Cash Loan
KUMAR AUDYOGIK: CRISIL Assigns B+ Rating to INR160MM Cash Loan
LOK ENTERPRISES: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
M L RICE: ICRA Reaffirms B+ Rating on INR23.50cr Loan
MAHABIR INDUSTRIES: CARE Assigns B+ Rating to INR9cr LT Loan

MAHALAXMI AUTOMOTIVES: CRISIL Rates INR381.7MM LT Loan at 'B'
OMKAR NESTS: CRISIL Assigns B+ Rating to INR600MM Term Loan
PAWAN OIL: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
PEARL MINERAL: CRISIL Assigns B+ Rating to INR85MM Cash Loan
PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan

PRINCE MARKETING: ICRA Reaffirms B+ Rating on INR33cr LT Loan
RACHANA SEEDS: CARE Reaffirms B+ Rating on INR11.10cr LT Loan
RAMANI TIMBER: CARE Reaffirms 'B+' Rating on INR2cr LT Loan
S.K. AGRI: CARE Reaffirms B+ Rating on INR7cr LT Loan
SAGAR ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR90MM Loan

SAHARA HOSPITALITY: CARE Reaffirms D Rating on INR506.74cr Loan
SARVODAY ASHRAM: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
SHAKUNTALA POLY: CRISIL Suspends B Rating on INR95MM Term Loan
SHANTI NIKETAN: CRISIL Reaffirms D Rating on INR65.3MM Term Loan
SHIV COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Loan

SHIV SHAKTI: ICRA Suspends B+ Rating on INR6cr Bank Loan
SHIVALIK EXPORTS: CRISIL Suspends B Rating on INR5MM Loan
SHREE JAGDAMBA: CRISIL Ups Rating on INR90MM Cash Loan to 'B'
SHREE RAMRAJA: CRISIL Assigns 'B' Rating to INR61.5MM Loan
SHRESHT INDUSTRIES: CRISIL Upgrades Rating on INR110MM Loan to B+

SHRI OMTEE: CRISIL Cuts Rating on INR100MM Cash Loan to D
SHYAM GRAMODYOG: CRISIL Suspends B Rating on INR10MM LT Loan
SIGNS WORKSPACE: ICRA Assigns 'SP 3D' Grading
SQUARE TEN: CRISIL Assigns B+ Rating to INR400MM Term Loan
SREE CHAITANYA: ICRA Assigns B- Rating to INR8.0cr Loan

SRI SHARADHA: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
STANDARD CORPORATION: CRISIL Suspends B- Rating on INR150MM Loan
TECHNO INDIA: ICRA Lowers Rating on INR16cr Loan to 'D'
UNISOURCE PAPERS: ICRA Ups Rating on INR1.55cr Loan to C+
UNITECH MERCANTILE: ICRA Assigns B- Rating to INR12cr Term Loan

VAISHNAVI COTTON: ICRA Lowers Rating on INR7cr LT Loan to B


M O N G O L I A

MONGOLIAN MINING: Moody's Says Missed Payment No Impact on Ca CFR
MONGOLIAN MINING: S&P Lowers CCR to 'D' on Missed Debt Payment


N E W  Z E A L A N D

* NEW ZEALAND: 1 in 5 Auckland Golf Clubs Technically Insolvent


X X X X X X X X

* BOND PRICING: For the Week March 21 to March 25, 2016


                            - - - - -


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


DICK SMITH: Appliances Online Founder Offers Employees Jobs
-----------------------------------------------------------
Broede Carmody at SmartCompany reports that another business has
stepped forward and encouraged Dick Smith employees to join its
ranks after all the collapsed electronic chain's stores close
down.

SmartCompany says Dick Smith is currently holding a fire sale,
with stores expected to shut their doors for the final time in
the next few weeks.

John Winning, chief executive of the Winning Group, told
SmartCompany he hopes some Dick Smith staff will be able to find
jobs with his business.

"Being a fourth generation family retail business, it's upsetting
when Australian household brands change ownership or worse go
into receivership, resulting in devastating flow-on effects for
Australian jobs and families," SmartCompany quotes Mr. Winning as
saying. "Although there is no silver bullet for the problem, we
want Dick Smith staff to know that we are always on the hunt for
great staff."

SmartCompany relates that Mr. Winning said the appliance
retailing groups is currently looking for administrative, sales,
customer experience and warehouse and logistics positions.

The roles are available in New South Wales, Victoria and
Queensland, SmartCompany notes.

Winning Group has around 500 employees and one of its largest
brands, Appliances Online, turns over around AUD200 million -- up
from around AUD150 million in 2013.

Last month Flight Centre offered Dick Smith employees a lifeline
by encouraging them to make the switch to the travel industry,
SmartCompany recalls.

However, non-casual staff at Dick Smith will have to remain
working for the electronics brand until their store closes to
ensure they receive their full entitlements, says SmartCompany.

The controlled closure process began four weeks ago, and is
expected to take around four more, adds SmartCompany.


                          About Dick Smith

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

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

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


GO ENERGY: First Creditors' Meeting Set For April 4
---------------------------------------------------
Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Go Energy Group Limited on March 21, 2016.

A first meeting of the creditors of the Company will be held at
Level 22 MLC Centre, 19 Martin Place, in Sydney, on April 4,
2016, on April 4, 2016, at 11:00 a.m.


RETROFLEX BUILDING: In Liquidation; Owes AUD2.4MM to Creditors
--------------------------------------------------------------
Retroflex Building Supplies has collapsed, owing creditors around
AUD2.4 million.

Insolvency practitioner FTI Consulting was appointed receivers
and managers of Retroflex earlier this month, while this week,
HLB Mann Judd's insolvency division was appointed as liquidator.

According to documents sent to creditors by HLB Mann Judd,
secured creditors are owed AUD337,535 while unsecured creditors
are owed AUD2.09 million.

Western Australia-based Retroflex Building Supplies distributes
building products.



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


BEIJING CAPITAL: Fitch Expects Leverage to Have Peaked in 2015
--------------------------------------------------------------
Fitch Ratings expects China-based Beijing Capital Land Ltd.'s
(BCL; BB+/Stable) leverage to have peaked in 2015.  The company's
destocking in lower-tier cities will gradually come to an end
while growth in land acquisition costs will flatten in 2016.

BCL's change in its geographic focus drove a substantial increase
in land acquisition costs in the past two years.  Land investment
in 2015 rose by 16% to CNY22.4 bil., after a 66% jump in 2014.
More than 70% of the land acquired was in Beijing and Shanghai in
2014 and 2015, as the company steered away from lower-tier cities
that are bogged down by an oversupply of residential properties.

BCL's leverage, measured by net debt/adjusted inventory,
increased to 68% in 2015 from 64% in 2014, the company's 2015
results showed.  However, leverage was off a historical high of
75% at 30 June 2015.  Fitch believes that BCL's leverage will
decline as it completes its aggressive land bank replenishment in
Tier 1 and 2 cities and future land investment stays flat.  BCL
will start to benefit from a better land bank structure, with 80%
of the land by value in five core cities: Beijing, Shanghai,
Tianjin, Chongqing and Chengdu.

At the same time, BCL's painful destocking in lower-tier cities,
which caused a significant drop in EBITDA margin to only 6% in
2015 from 17% in 2014, is closer to an end.  Margin is likely to
revert to a normal range of 15%-20% in later 2016 when BCL begins
to recognize revenue from higher-margin projects presold in 2015.

BCL has also announced that it plans to apply for an A-share
listing in mainland China.  The amount to be raised is still
uncertain at this stage.  Fitch thinks that an A-share listing
will broaden BCL's future funding channels, provide an additional
liquidity source and lower the company's funding costs.

The 2015 results were in line with Fitch's expectations, and
support the company's rating.


BOHAI STEEL: Investors Dump Bonds on Debt Report
------------------------------------------------
Bloomberg News reports that investors are dumping Bohai Steel
Group Co.'s bonds after a local news agency reported the state-
owned company is struggling with CNY192 billion ($29.6 billion)
in debt.

The steelmaker's CNY1.5 billion 2017 Dim Sum notes have dropped
CNY22 last week to CNY70 as of March 22 in the offshore market,
the biggest weekly fall since the notes were sold in 2014,
according to data compiled by Bloomberg.  The northern Chinese
city of Tianjin, where Bohai Steel is based, plans to set up a
committee of creditors to help the firm "get out of troubles,"
Bloomberg relates citing a Caixin report on March 18.

According to Bloomberg, Chinese firms are coping with rising debt
pressure as Premier Li Keqiang aims to weed out zombies in the
corporate sector amid the worst economic slowdown in a quarter
century. At least 11 companies have reneged on bond obligations
in the past two years even as the government loosened monetary
policy, Bloomberg says. Nanjing Yurun Foods Co., a sausage maker,
and Zibo Hongda Mining Co., an iron ore miner, both said they
defaulted on notes this month, relates Bloomberg.

"We will see more steel manufacturers' debt defaults this year,"
Bloomberg quotes Lawrence Lu, an analyst in Hong Kong at Standard
& Poor's, as saying. "This industry is facing serious
overcapacity problems. The government is trying to help the
industry but it will take some time for its measures to take
effect."

Bohai Steel has combined debt of CNY192 billion with 105
creditors including banks, the Caixin report said, Bloomberg
relays. The creditor committee is planning to seek a rollover of
loans from lenders, Caixin said in a separate report March 22,
citing people it didn't identify.

The recent debt restructuring at Bohai Steel and "the lack of a
government bail-out of its creditors may signal China's desire to
develop a test case for other loss-making state-owned enterprises
and governments to follow," Bloomberg discloses citing a report
from S&P dated March 23.

The steelmaker sold the bonds in 2014 with a coupon rate of
6.4 percent, according to Bloomberg-compiled data. It produced 18
million tons of steel in 2014, ranking it the world's 18th-
biggest producer, according to the World Steel Association.

Bohai Steel Group Co. Ltd. offers steel rolling, continuous
casting, and iron making services. The Company produces steel
pipes, plates, hiigh-strength wires, and other metal products.
Bohai Steel Group supplies its products to power facility, steel
structure, oil drilling, railway, and bridge construction areas.


CHINA GINSENG: Xiaohua Cai Resigns as Chief Marketing Officer
-------------------------------------------------------------
Mr. Xiaohua Cai tendered on March 21, 2016, his resignation to
China Ginseng Holdings, Inc., as the chief marketing officer of
the Company.  As disclosed in a regulatory filing with the
Securities and Exchange Commission, Mr. Cai's resignation did not
result from any disagreement regarding any matter related to the
Company's operations, policies or practices.

On the same day, the Company's Board of Directors accepted Mr.
Cai's resignation and simultaneously appointed Ms. Xiaolin Li as
its CMO and Ms. Baolan Wu as its chief operations officer.

Ms. Li has extensive experience in marketing industry.  Ms. Li
had been the marketing director of Renlongxiang pharmaceutical
Heilong Jiang Province from 2003 to 2015.  Ms. Li graduated from
Jiamusi University in 1994 with a bachelor degree and major in
Chinese Language.  Ms. Wu has extensive experience in
pharmaceutical industry and accounting experience.  Ms. Wu had
been the CFO of Heilongjiang Wanchong Pharmaceutical Co., Ltd
from October 1993 to May 2013 and she had been general manager of
Xingcheng Heilongjiang from May 2013 to March 2016.  Ms. Wu
graduated from Heilongjiang Commercial Institute in 1988 with a
bachelor degree and major in accounting.

The Company said it is currently negotiating the terms of Ms. Li
and Ms. Wu's employment agreements, and will file a copy of the
agreement when it becomes available.

Meanwhile, on March 19, 2016, the company hosted a conference at
which they did a presentation to potential distributors of
Ginseng juice product and those investors of their new eye-
protection project.  A copy of CSNG Distributor Conference
Presentation is available for free at http://is.gd/9h4Lnr

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of Dec. 31, 2015, China Ginseng had $8.49 million in total
assets, $19.93 million and a total stockholders' deficit of
$11.97 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


CHINA OIL: Moody's Says Ba2 CFR Unaffected by Weak 2015 Results
---------------------------------------------------------------
Moody's Investors Service says that China Oil and Gas Group
Limited's (COG) weak 2015 results are in line with Moody's
expectations and will not immediately affect the company's Ba2
corporate family and senior unsecured ratings and the stable
ratings outlook.

"COG's weak 2015 results are in line with our expectations, as
the anticipated deterioration from the sluggish upstream
operations and prolonged delays in the cost-through of its
Qinghai projects have already reflected in its Ba2 ratings," says
Ivy Poon, a Moody's Assistant Vice President and Analyst.

"Nevertheless, we expect COG's overall financial profile to
improve moderately in 2016, mainly driven by the improving
average dollar margin of its city piped gas operations," adds
Poon.

The company's 2015 credit metrics deteriorated -- as Moody's
previously commented -- with adjusted retained cash flow/debt of
around 11% and debt/capitalization of around 53%. Such results
hover at the tolerance levels for its Ba2 ratings.

The impairment provisions of HKD507 million recorded in COG's
upstream business because of the weakness of oil prices, along
with its weak performance in 2015, diminished its financial
headroom relative to the tolerance levels for its Ba2 ratings.

The company's upstream business accounted for 5.8% of COG's total
revenue in 2015 and 14.8% of its total assets at end-2015.

Moody's notes that COG's Qinghai projects have finally received
regulators' approval for cost pass-through in December 2015. A
successful cost-pass through will allow COG to partially rectify
the delays in its tariff adjustments during 2014 and 2015 and
improve the company's average dollar.

Moody's estimates that the company's EBITDA margin will improve
to 19%-22% in 2016-2017 from 15% in 2015.

As a result, Moody's says that COG's overall financial profile
will improve moderately in 2016, and will remain in line with the
parameters of its current Ba2 ratings.

While Moody's expects that the softening macro-environment in
China will continue to hinder COG's growth in gas sales, the last
tariff cut in November 2015 will provide cost incentives for
industrial and commercial customers and stimulate gas
consumption.

China Oil and Gas Group Limited is mainly engaged in the piped
city gas business in China. In 2014, the company expanded into
the oil and gas production business in Canada. Its revenue
reached around HKD7.4 billion in 2015.

The company is listed on the Hong Kong Exchange. Mr. Xu Tie-
liang, the company's chairman, is the largest shareholder, with a
22.1% stake at end-2015.


CHINA PROPERTIES: Fitch Lowers Issuer Default Rating to 'CCC'
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency and
Local-Currency Issuer Default Ratings (IDRs) of China Properties
Group Limited (CPG) to 'CCC' from 'B-'.  CPG's senior unsecured
rating and the rating on its outstanding USD250 mil. senior notes
have also been downgraded to 'CCC' from 'B-', with a Recovery
Rating of 'RR4'.

The downgrade reflects CPG's lack of a contracted sales track
record and not reaching sales targets communicated to Fitch.
CPG's lack of operational cash flow provides limited visibility
of its ability to meet debt-servicing obligations.

                        KEY RATING DRIVERS

Inadequate Contracted Sales.  CPG had less than HKD300m
contracted sales in each of 2013 and 2014 as well as limited
sales in 1H15. This is despite carrying HKD450m in completed
inventory and a growing number of properties under development
for sale, totalling HKD5.7 bil. at end-June 2015.  Fitch expects
contracted sales to increase to around HKD800m in 2016, as the
company launched phase 3 of its Chongqing Manhattan project in
March 2016 and restarted selling its Shanghai Concord project in
late 2015.  However, contracted sales would remain limited,
merely covering operational costs.

Lack of Operational Depth.  CPG generated limited recurrent
rental income of HKD1m in the six months ended June 2015, despite
holding investment properties with a carrying value of over HKD60
bil.  Most of CPG's properties are located in prime locations of
downtown Shanghai and Chongqing, which kept its total debt to
property asset-carrying value ratio as low as 12% (total debt
excluding shareholder's loan).  However, Fitch considers the
prime locations of its properties alone insufficient to support
the company's business profile, given its lack of operating
performance.

                            KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- achieving contracted sales of HKD800m after launching
      phase 3 of Chongqing Manhattan and restarting selling its
      Shanghai Concord project

   -- refinancing the majority of its HKD1.67 bil. short-term
      debt, as it consists of secured borrowings backed by CPG's
      key property assets, which Fitch does not expect to
      depreciate in the next 12 months

   -- no new land acquisition in 2016

   -- limited development expenditure in 2016

                       RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- contracted sales of over HKD3bn per year on a sustainable
      basis and the company undertaking reasonable project
     developments

Negative: Developments that may, individually or collectively,
lead to negative rating action include:

   -- a deterioration in CPG's liquidity

                              LIQUIDITY

Tight Liquidity Position.  Fitch assumes most of CPG's liquidity
will come from debt refinancing and shareholder loans.  This is
due to uncertainty as to how much cashflow can be generated by
contracted sales, CPG's onshore borrowings, excluding shareholder
loans, are secured and amounted to around HKD5.6 bil. at end-
1H15. CPG pledged assets with an aggregate carrying value of over
HKD50bn to secure these onshore debts. Based on this, if the
pledged assets in Shanghai and Chongqing do not depreciate, Fitch
expects that CPG would be able to refinance its secured
borrowings.

Repaying the USD250 mil. offshore unsecured notes is more
uncertain compared with CPG's onshore secured debts, although the
company still had unpledged property assets at end-1H15 with a
total carrying value of HKD15 bil. that could allow it to raise
additional secured debt.

                   FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR downgraded to 'CCC' from 'B-'
  Long-Term Local-Currency IDR downgraded to 'CCC' from 'B-'
  Senior unsecured ratings downgraded to 'CCC' from 'B-';
    Recovery
   Rating of 'RR4'USD250m 13.5% senior unsecured notes due 2018
   downgraded to 'CCC' from 'B-'; Recovery Rating of 'RR4'


GENERAL STEEL: Sells Maoming Hengda for $51 Million
---------------------------------------------------
General Steel Holdings, Inc., announced that the Company, along
with its 1% minority interest holder, have jointly signed an
equity transfer agreement to sell 100% of the equity interest in
Maoming Hengda Steel Co., Ltd., to Tianwu Tongyong (Tianjin)
International Trade Co., Ltd, for RMB331.3 million or
approximately $51 million.

The Company expects to receive total proceeds of RMB328.0 million
(approximately $50 million), of which RMB262.3 million
(approximately $40 million) will be paid within five days after
the signing of the Agreement, and the remainder RMB65.7 million
(approximately $10 million) will be paid within one year.  The
Company estimates that it will be able to realize a net equity
gain of RMB452.7 million (approximately $70 million), which
should substantially enhance its net book value.

Henry Yu, Chairman and interim chief executive officer of General
Steel commented, "Today's announcement is another critical step
in the Company's business transformation, which also included the
recently-completed sale of the Company's steel manufacturing
business.  This transaction allowed us to unlock the value in
Maoming Hengda's land assets, which we believe should greatly
enhance our capital structure and solvency, enabling us to
strengthen our existing business while exploring additional
business opportunities."

                   About General Steel Holdings

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

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

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

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


GUANGXI NONFERROUS: Files for Bankruptcy; Owes CNY14.5BB
--------------------------------------------------------
Caixin reports that a state-owned nonferrous metals company that
documents show has CNY14.51 billion in liabilities said it filed
for bankruptcy late last year.

According to Caixin, Guangxi Nonferrous Metals Group Co., a
state-owned enterprise in the southern region of Guangxi, said in
a statement given to the Shanghai Clearing House, on February 22
that it filed an application for bankruptcy in Nanning
Intermediate People's Court in December.

The Shanghai Clearing House is a state-backed financial
institution for the interbank market, Caixin notes.

Guangxi Nonferrous owed CNY14.51 billion to 108 creditors, namely
subsidiaries, financial institutions, suppliers, construction
companies and private bondholders, according to documents one
company executive showed Caixin.

The largest creditors are a subsidiary named Guangxi China Tin
Group Co. Ltd., which is owed CNY1.63 billion, and China
Development Bank, which holds a debt of CNY1.60 billion, Caixin
relays.

"The nonferrous industry is facing downward pressure and the
company had limited return on new investments in the past few
years," Caixin quotes a person close to Guangxi Nonferrous as
saying. "These factors have resulted in tight cash flow."

The firm has received government subsidies but still reported a
loss of CNY2.29 billion from 2012 to 2014, its financial reports
show.

In June last year, Guangxi Nonferrous said it was having
difficulty repaying its bonds, citing excess capacity and falling
prices, Caixin recalls.

The problem was solved when China Development Bank agreed to
help, a bank employee told Caixin. But Guangxi Nonferrous
defaulted on two other bond payments that were due in November
and February, he said.

The company is being restructured, several people with the
knowledge of the matter said, Caixin relates.

According to Caixin, the sources said Guangxi Nonferrous'
executives met with creditors on March 18 to discuss
restructuring, but no detailed plans were drawn up. The
management team said at the meeting that the Guangxi government
promised to see that the restructuring was done in six months.

Guangxi Nonferrous was founded in 2008 in Nanning by the State-
owned Assets Supervision and Administration Commission, a central
government agency that oversees state-owned enterprises, with
registered capital of CNY1.16 billion.

The Guangxi government wants to protect its nonferrous metals
industry, a person with the knowledge of the matter said, and
added that Guangxi Nonferrous's subsidiaries are still operating,
adds Caixin.

Guangxi Non-ferrous Metals Group Co., Ltd. engages in mineral
exploration business in China. It explores for tin, zinc,
antimony, indium, tungsten trioxide, rubidium, and other
resources. The company is also involved in mining development,
engineering and construction, property investment, trading, and
land development businesses.


GUANGZHOU R&F: Fitch to Retain Ratings on Consent Solicitation
--------------------------------------------------------------
Fitch Ratings says that ratings on Guangzhou R&F Properties Co.
Ltd. (R&F; BB/Negative) and its bonds due in 2016, 2019, 2020
will not be affected even if the proposed waivers and amendments
in the consent solicitation announced on March 24, 2016, are
adopted.

The principal purpose of the consent solicitation is to obtain
waiver from bondholders to avoid a technical default and give the
company more flexibility in offshore and onshore debt-raising,
dividend payouts and stock repurchases, hedging strategy, as well
as investments in minority interests and financial products.

R&F breached the restricted payment terms as it distributed 2015
interim dividends without satisfying the Fixed Charge Coverage
Ratio (FCCR) requirement, which the company had originally
expected to satisfy.  Final financial statements for the last 12
months to September 2015 indicated that the FCCR was between
2.5x-3.0x when dividends were paid; this was due to unexpected
delays in the delivery of high-margin properties sold, and
certain of its financing and refinancing plans of replacing high-
cost debt with low-cost debt.

The discrepancy was a result of actual earnings not in line with
management's expectation at the dividend declaration date, but
failing to obtain waiver from bondholders would lead to an event
of default.

The proposed amendments, if adopted, will provide R&F with more
funding and operational flexibility to support its current
expansion, though this would require higher indebtedness.  Fitch
does not expect our view on R&F to change solely due to the
adoption of the proposed amendments.  However, R&F's rating may
come under pressure if more than 25% or more bondholders do not
approve the waiver, or if weak churn and margin continue to exert
pressure on leverage.

Major proposed amendments of the indentures include:

   -- lowering the fixed-charge coverage ratio requirement to not
      less than 2.50x from not less than 3.00x;
   -- redefining certain terms including "Consolidated EBITDA",
      "Consolidated Net Income", "Consolidated Interest Expense",
      which may result in an increase in its fixed-charge
      coverage ratio;
   -- increasing the purchase money indebtedness basket from 20%
      to 30% of total assets;
   -- increasing the general basket from USD15 mil. to USD30
      mil.;
   -- increasing the permitted investment basket from 10% to 25%
      of total assets;
   -- removing FCCR requirement to dividends payment and share
      repurchases, provided dividends declared / paid or the
      considerations paid for stock repurchase do not exceed 25%
      of the consolidated profit for the year;
   -- loosening permitted investment provisions with regard to
      investments in minority interest, spin-off entities,
      trusts / funds / asset management plans primarily in real
      estate projects;
   -- raising the "Cross Default" threshold from USD10 mil. to
      USD20 mil.;
   -- carving out certain future subsidiaries organized outside
      the PRC from provision of any guarantee for the notes as
      long as the consolidated assets of all such subsidiaries
      that do not provide any guarantee does not exceed 20% of
      total assets; and
   -- amending the conditions for hedging obligations.


MAOYE INTERNATIONAL: S&P Lowers CCR to 'B-' & Puts on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based department store operator
Maoye International Holdings Ltd. to 'B-' from 'B'.  S&P also
lowered its long-term issue rating on the company's senior
unsecured notes to 'CCC+' from 'B-'.  At the same time, S&P
lowered its long-term Greater China regional scale rating on the
company to 'cnB' from 'cnB+' and on the notes to 'cnB-' from
'cnB'.  S&P placed all the ratings on CreditWatch with negative
implications.

"We lowered the rating and placed it on CreditWatch to reflect
Maoye's heightened refinancing risk, given the lack of
improvement in its liquidity position," said Standard & Poor's
credit analyst Shalynn Teo.  "The scale of the company's
potential asset disposals is uncertain, and any improvement in
liquidity will largely depend on issuance of domestic bonds or
notes."

Maoye's liquidity remains burdened by weakening revenues from its
department-store operations and property sales, which are
unlikely to improve materially in the next 12 months.  S&P
therefore revised its assessment of its liquidity to weak from
less than adequate.

Although Maoye has a large portfolio of self-owned commercial
properties in good locations, the company has a limited track
record of selling assets to reduce debt and improve liquidity, in
S&P's view.  In addition, Maoye's high reliance on the domestic
bond markets may put further pressure on its refinancing in the
event of a liquidity crunch in China.

Maoye's liquidity risk is likely to remain high, with its
substantial short-term debt maturities, low cash balance, and
weak operating performance.  Nevertheless, the company has
established good access to the domestic bond markets.

"We expect Maoye's operating performance to remain sluggish over
the next 12 months, given weak retail sales and rising
competition," said Ms. Teo.  "As a result, we anticipate that the
company will not generate significant operating cash flows to
repay debt."

In addition, S&P anticipates property sales will remain weak
because the company may not be able to expedite sales and rapidly
reduce inventory levels in times of distress.  However, S&P
expects the company to be able to meet its interest payments.
S&P anticipates that Maoye's EBITDA interest coverage will be
1.5x-2.0x in the next 12 months, compared with S&P's estimate of
2.0x as of Dec. 31, 2015.

S&P aims to resolve the CreditWatch within three months,
depending on Maoye's ability to execute a concrete refinancing
plan for its near-term debt maturities.

S&P may lower the ratings by one or more notches if Maoye does
not present a credible and comprehensive refinancing plan to
address its short-term debt maturities and sustainably improve
its liquidity profile.  A downgrade could materialize if: (1)
Maoye fails to secure refinancing with longer tenor debt; (2) the
company's reduction in property inventory is slower than S&P
expects; (3) its operating cash flows are substantially lower
than S&P estimates; or (4) Maoye takes on more debt-funded
expansion or acquisitions.

S&P may affirm the rating if Maoye's liquidity position improves
materially and on a sustainable basis.  This could happen if the
company: (1) raises debt through bank loans or long-term bonds to
improve its debt maturity profile; and (2) materially reduces its
inventory on property development while improving its operating
performance and cash flows.



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


ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR120.4MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Transformers
Limited (Alfa) continue to reflect the company's average
financial risk profile marked by moderate networth and weak debt
protection metrics. This rating weakness is partially offset by
an established track record, and adequate technical competence,
in the transformer industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)

   Cash Credit           120.4      CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                 1.3      CRISIL A4 (Reaffirmed)

   Letter of Credit       52.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30.8      CRISIL B+/Stable v

Outlook: Stable

CRISIL believes Alfa will continue to benefit over the medium
term from its promoters' extensive industry experience and its
technical expertise. The outlook may be revised to 'Positive' in
case of sustainable increase in scale of operations and
profitability, along with improvement in debt protection metrics
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of low revenue or profitability, or a
stretched working capital cycle, leading to deterioration in the
financial risk profile, particularly liquidity.

Set up by Mr. D K Das in 1982, Alfa manufactures small
distribution transformers and offers related technical assistance
and services, including repair work. Its manufacturing units are
in Bhubaneswar and Vadodara.


ALLIANCE GRANIMARMO: ICRA Cuts Rating on INR4.53cr Loan to D
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]BBB- (SO) with a
stable outlook assigned to the INR17.97 crore term loan facility
of Alliance Granimarmo Private Limited and has reassigned the
rating as [ICRA]D. ICRA has also withdrawn the short term rating
of [ICRA]A3 (SO) assigned to the INR33.50 crore fund based
facilities and the INR2.00 crore non-fund based facility of AGPL
and has reassigned the rating as [ICRA]D. ICRA has downgraded the
long term rating of [ICRA]B+  and the short term rating of
[ICRA]A4 outstanding on the INR4.53 crore proposed fund based
facility of AGPL to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loan facility    17.97      [ICRA]BBB- (SO) (Stable)
                                    withdrawn; [ICRA]D reassigned

   Fund based bank       33.50      [ICRA]A3 (SO) withdrawn;
   facilities                       [ICRA]D reassigned

   Non-fund based         2.00       [ICRA]A3 (SO) withdrawn;
   bank facility                     [ICRA]D reassigned

   Proposed fund          4.53       Downgraded to [ICRA]D from
   based facility                    [ICRA]B+/[ICRA]A4

The structured obligation ratings were solely based on the
strength of the corporate guarantee extended by Gimpex Private
Limited (Earlier known as Gimpex Limited), the bank facilities of
which are rated [ICRA]BBB-(Stable). The ratings address the
servicing of the rated facilities to happen as per the terms of
the underlying loan and the guarantee arrangement and the ratings
assume that the guarantee will be duly invoked, as per the terms
of the underlying loan and guarantee agreements, in case there is
a default in payment by the borrower. However, ICRA notes that
the banker did not invoke the guarantee, leading to delays on the
debt servicing.

Since the structured payment mechanism involving timely
invocation of the guarantee by the banker in the event of a
funding shortfall has not functioned, the existing structured
obligation ratings on the bank limits are not meaningful and
therefore stand withdrawn.
The ratings primarily take into account the delays in debt
servicing by the company. ICRA notes that, during 2015-16 the
company has increased its domestic sales to real estate
developers owing to weak demand for export sales. The increase in
domestic sales, where the collection cycle is higher amidst a
high inventory requirement inherent to the industry, has stressed
the company's liquidity position, as reflected by recent delays
in debt servicing.

Incorporated in 1998, AGPL is engaged in quarrying and processing
of rough granite blocks into slabs and tiles. The Company
primarily exports the granites slabs and tiles to the USA,
Europe, Africa, and Middle East. AGPL has also started executing
projects in a turnkey basis during 2013-14 and also started
trading of coal during 2014-15. The company's manufacturing
facility is located in Tada, Andhra Pradesh, with a processing
capacity of 38 lakh square foot of granite slabs per year.

The Company has also leased one Tan-Brown color granite quarry in
Karimnagar, Telangana and one Absolute Black quarry in Vanapuram,
Tamil Nadu. Average mining reserves of granite blocks from the
quarry located in Karimnagar is about 130,091 Cubic Meter (CBM)
and in Vanapuram is 164 CBM. AGPL is a part of Gimpex group,
which is engaged mainly in sales of barite, coal, iron ore, mill
scale, bauxite, maize, clinker, and bentonite.


ANAND CRANKS: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and its
short-term rating of [ICRA]A4 to the INR10.0 Crore (reduced from
INR12.50 crore) bank facilities of Anand Cranks.

                           Amount
   Facilities           (INR crore)  Ratings
   ----------           -----------  -------
   Cash Credit Facilities
   (LT Scale)               7.00     [ICRA]B+; reaffirmed

   Term Loan Facilities
   (LT Scale)               1.00     [ICRA]B+; reaffirmed

   Unallocated (LT/ST       2.00     [ICRA]B+/[ICRA]A4;reaffirmed
   Scale)

ICRA's ratings reaffirmation takes into account the steady growth
in ANC's revenues (CAGR of 28.32% over last three years)
supported by the firm's well diversified client base. The ratings
also favourably factor in the moderate capital structure of the
company with a gearing of 1.3x as on March 31, 2015. The ratings,
however, are constrained on account of pressure on ANC's
operating margins, which have resulted in modest debt coverage
indicators (DSCR declined to 1.0x in FY15 from 1.4x in FY14 and
OPBDITA/ Interest declined to 1.0x in FY15 from 1.3x in FY14).
ICRA notes that while ANC's receivable cycle improved in FY15
(debtor days of 119 days in FY15), the working capital intensity
remained high with NWC/OI of 32.1% in FY15 owing to reduced
creditor levels. Consequently, ANC's liquidity position continued
to be under pressure as is evident in the high utilisation of
bank limits. ICRA also takes note of the partnership nature of
the firm which exposes it to risks of dissolution, withdrawal of
capital etc.

ANC's ability to increase its scale of operations while managing
its working capital intensity and improving profitability and
coverage indicators would be the key rating sensitivities.

Recent Results
In FY15, ANC reported a net profit of INR0.4 Crore on an
operating income of INR35.5 Crore as compared to a net profit of
INR0.4 Crore on an operating income of INR28.8 crore, in the
previous year.

Incorporated in 2005, ANC manufactures forged parts such as crank
shafts, connecting rods, cam shafts, engines and rough steel
forgings. Mr. Jatinder Singh Anand and Mr. Savender Singh Anand
manage the firm.


ARM TECH: ICRA Suspends B+ Rating on INR4.0cr Bank Loan
-------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR4.00 Crore bank facilities and the short term rating of
[ICRA]A4 assigned to the INR11.0 crore non fund bank facilities
of Arm Tech India Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Arm Tech India Limited was incorporated in year 2003 and is
engaged in construction of civil structures of factories,
hospitals residential projects. The company has been promoted by
Mawai family and is actively managed by Mr. K K Mawai. The
promoters of the company do not have any other business. Mr. K K
Mawai is director in another company Arm Tech Infra Limited
however there are no operations in that entity.

In the past, AIL has completed civil work for factories, railway
shed, office and residential buildings for public sector clients
like GAIL, NTPC, Indian Oil, BHEL etc and private players like
Ambuja Cements, Voltas, Dabur India, Control & Switchgear, LG
etc.


ASHARFI GRAMODYOG: CRISIL Suspends B Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Asharfi
Gramodyog Sansthan (AGS).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit/Overdraft      4       CRISIL B/Stable
   facility

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

AGS is organized as a not-for-profit society and is managed by
its president Mr. Hari Kishan and secretary Mr. Asarfi Lal. The
society is located at Charra in Aligarh district of Uttar Pradesh
and provides free meals under the mid-day meal scheme and other
government mandated schemes.


AVIA CERAMIC: ICRA Reaffirms 'B' Rating on INR4.0cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B for the
INR4.00 crore term loan and INR2.50 crore fund based cash credit
facilities of AVIA Ceramic Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR1.00 crore short term non
fund based facilities of ACPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Cash
   Credit                2.50       [ICRA]B reaffirmed

   Fund Based Term
   Loan                  4.00       [ICRA]B reaffirmed

   Non Fund Based-
   Bank Guarantee        1.00       [ICRA]A4 reaffirmed

The ratings continues to remain constrained by ACPL's limited
operational track record entailing weak financial profile as
reflected by net losses, stretched capital structure and weak
debt protection metrics. While reaffirming the ratings, ICRA
takes into account highly competitive business environment given
the fragmented nature of the tiles industry. Further, rating
continues to be constrained by the vulnerability of company's
profitability to the cyclicality associated with the real estate
industry. While assigning the ratings, ICRA also notes
vulnerability of profitability due to availability of gas and
fluctuation in raw material prices.

The ratings however favorably take into account the location
advantage enjoyed by the company, giving it easy access to raw
material and presence in digitally printed segment which is
expected to result in better realizations.

AVIA Ceramic Private Limited was incorporated in 2013 and is
engaged into manufacturing of digitally printed ceramic glazed
wall tiles and floor tiles with annual production capacity of
32,40,000 boxes per annum. The company is promoted by Mr. Anand
Gami, Mr. Dhanji Gami, Mr. Nikunj Desai along with other family
members and relatives having a long experience in the line of
ceramic business.

Recent Results
In FY15 (9M), the company has reported an operating income of
INR5.37 crore and net loss of INR0.59 crore as per audited
results.


BABA BUDHA: CRISIL Suspends B+ Rating on INR103.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baba Budha Sahib Cardiac Centre Limited (BBC; part of the Pruthi
group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL B+/Stable
   Term Loan             103.5     CRISIL B+/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Pruthi Hospital (PH) and BBC. This is
because both the entities, together referred to as the Pruthi
group, operate under a common management, are in the same line of
business, and have financial fungibility.

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

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


BHAGYODAY COTTON: ICRA Suspends B+ Rating on INR22cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR23.24 crore
long term loans & working capital facilities of Bhagyoday Cotton
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loan                  1.24        [ICRA]B+ suspended

   Fund Based-Cash
   Credit               22.00        [ICRA]B+ suspended

Established in 1995, Bhagyoday Cotton Industries is engaged in
cotton ginning and pressing and cotton seed crushing operations.
The business is owned and managed by Mr. Mahesh Patel, Mr. Chiman
Patel and Mr. Mangal Patel, Mr. Govind Patel, Mr. Narendra Patel,
Mr. Bhupendra Patel and Mr. Jayesh Patel. The firm's
manufacturing facility is located at Kapadwanj in Gujarat. The
firm is equipped with 48 ginning machines, one pressing machine
and 18 expellers having capacity to produce 400 bales per day.


BOWRY MEMORIAL: CRISIL Suspends B Rating on INR58.4MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bowry Memorial Educational and Medical Trust (BMMT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      30      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      58.4    CRISIL B/Stable
   Term Loan               31.6    CRISIL B/Stable

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

Set up in 1992, BMMT operates two Central Board of Secondary
Education (CBSE)-affiliated schools and three colleges that offer
various undergraduate and postgraduate courses in Jalandhar. The
schools under the trust include Innocent Hearts School, Green
Model Town, and Innocent Hearts School, Lohara, while the
colleges include Innocent Hearts Group of Institutions, Innocent
Hearts College of Education, and Innocent Heart International
Institute of Distance Education, all in Jalandhar.


BSPL (INDIA): CRISIL Suspends B+ Rating on INR205MM Demand Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
BSPL (India) Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable
   Working Capital
   Demand Loan           205       CRISIL B+/Stable

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

BIPL was set up in 1997 by Mr. Bishwambar Lal Saboo. The Saboo
family has been involved in a similar line of business since 1992
through a partnership concern, JH Agency. BIPL took over the
partnership firm in 1997. The company has been trading in roofing
steels in Guwahati (Assam) since its inception.


CHAYAGRAPHICS HEALTHCARE: ICRA Assigns B+ Rating to INR6.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.50
crore cash credit facility of Chayagraphics Healthcare Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR1.25 crore non-fund based limit of CHPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.50        [ICRA]B+/Assigned
   Non-Fund Based
   Limit                 1.25        [ICRA]A4/Assigned

The assigned ratings are constrained by the small scale of the
firm's operations that limits economies of scale and the highly
working capital intensive nature of operations on account of high
level of inventory and stretched receivables. ICRA also takes
note of the thin profitability margin owing to the trading nature
of operations and majority revenue being derived from the low
margin product i.e. contrast media. Reliance on bank borrowings
for funding the working capital requirements coupled with the
company's low profitability has resulted in weak debt coverage
indicators. The ratings are also constrained by the risk of
technological obsolescence and the highly competitive nature of
the medical device/consumable distribution industry. The ratings,
however, positively considers the long track record of the
promoters in the medical sector and the company's association
with the reputed manufacturers such as Wipro GE Healthcare,
Samsung and Cantel. The ratings favorably consider the private
equity investment received during the current fiscal which is
expected to support the growth of the company. Going forward,
CHPL's plan to venture into the distribution of new medical
products is expected to support the revenue and profitability in
near to medium term. Further, the company's ability to
efficiently manage its working capital requirement and improve
its profitability would remain the key rating sensitivities.

Incorporated in 2014, CHPL is engaged in the trading of medical
devices and consumables such as contrast media, disinfectant
chemical and equipment, X-ray films, X-ray accessories, automatic
X-ray film processors, ultrasound equipments etc. The company is
based in Bangalore and has branch offices in Kolkata, Mumbai and
Chennai. The company is promoted by Mr. V Prasad, Mr. P Ashok,
Mr. MS Keshva and Mr. Vinay. The promoters of CHPL are also
associated with the other group concerns i.e. Prognosys Medical
Systems Private Limited and Chayahraphics (India) Private
Limited.

Recent Results

Based on provisional results for 9M FY 2016, CHPL reported net
loss of INR0.17 crore on an operating income of INR21.84 crore.
For FY 2015, the company reported a net loss of INR0.08 crore on
an operating income of INR33.64 crore.


CMJ BREWERIES: CRISIL Cuts Rating on INR1.64BB Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of CMJ Breweries Private Limited (CMJ) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            544      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term     114      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan             1643      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects delays by CMJ in servicing of its term
debt obligations because of weak liquidity.

CMJ also faces risks related to geographical concentration in
operations, and the highly regulated nature of the liquor
industry. However, the company benefits from its promoters'
extensive experience in various industries.

CMJ, incorporated in November 2007, is promoted by the Meghalaya-
based Jain family, which is engaged in businesses such as
structural steel, cement, household implements, stone products,
and food processing. The company began setting up a greenfield
brewery in 2009, which commenced operations in November 2011 with
installed capacity of 100,000 HL per annum (hlpa). It expanded
capacity to 200,000 hlpa by April 2013, and to 300,000 hlpa by
December 2014. It completed its canning line in December 2014 at
New Industrial Area in Byrnihat, Meghalaya. It has also set up a
100-kilolitres-per-day grain-based distillery for extra-neutral
alcohol, a 200,000-cases-per-month bottling unit for Indian-made
foreign liquor, a 4.2-megawatt captive power plant, a 6000-litre-
per-day malt spirit manufacturing unit, and a carbon dioxide
recovery plant. The distillery commenced operations in October
2014.


DANDESWAR COLD: CRISIL Suspends 'D' Rating on INR47MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Baba
Dandeswar Cold Storage Private Limited (BDCSPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              39       CRISIL D
   Term Loan                47       CRISIL D
   Working Capital Loan      1.5     CRISIL D

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

BDCSPL, incorporated in 2012-13 (refers to financial year,
April 1 to March 31), provides cold storage services to potato
famers and traders. The company is owned by the West Bengal-based
Manna family. Its cold storage commenced operations from April
2014.


EMPEE DISTILLERIES: CARE Reaffirms 'D' Rating on INR74cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the lt bank facilities and
assigns 'CARE D' rating to the st bank facilities of Empee
Distilleries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     74.00      CARE D Reaffirmed
   Short term Bank Facilities    35.20      CARE D Assigned

Rating Rationale

The ratings take into account instances of delays in debt
servicing by Empee Distilleries Limited (EDL).

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 endingMarch
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).


EXODUS FUTURA: CRISIL Upgrades Rating on INR75.5MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Exodus Futura Knit Private Limited (EFKPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        14.5      CRISIL A4 (Upgraded from
                                   'CRISIL D')
   Cash Credit           53        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')
   Proposed Fund-        75.5      CRISIL B-/Stable (Upgraded
   Based Bank Limits               from 'CRISIL D')
   Term Loan             56        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by EFKPL
over the past six months through February 2016. Liquidity
improved aided by sufficient cash accrual, moderate bank limit
utilisation (77 percent for the six months ended January 2016),
and promoters' funding.

The ratings continue to reflect EFKPL's modest scale of
operations and high working capital intensive operations
resulting in stretched liquidity. Financial risk profile
continues to remain above average, because of its moderate net
worth and debt protection metrics. The company also benefits from
its promoter's extensive experience in the garments industry.
Outlook: Stable

CRISIL believes EFKPL 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 profitability leading to healthy cash accrual and
improvement in working capital cycle. 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.

EFKPL, established in 2000, was taken over by the present
promoter, Mr. Anil Bagaria, in 2006. The company manufactures
garments at its facility in Sonarpur (West Bengal).


GANPATI ADVISORY: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR5.0
crore working capital facility of Ganpati Advisory Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.0         [ICRA]B+; assigned

ICRA's rating is constrained by the intensely competitive nature
of the industry in which GAL operates, which exerts pressure on
its operating margins; this has led to continued net losses over
the past few years. The rating also considers GAL's lack of own
clinker manufacturing facilities, which leads to an adverse cost
structure and exposes the company's profitability to volatility
in clinker prices. This, along with the impact of trading
operations has led to thin and volatile operating profit margins,
with the weak profitability also resulting in weak coverage
indicators.

The rating, however, derives support from the company's
experienced management and its healthy net worth (despite
undergoing some erosion due to net losses), and its favourable
location which ensures easy availability of raw material i.e.
clinker, fly ash and gypsum. The rating also factors in the
company's established relationships with its customers and
suppliers (through various group companies).

A sustained improvement in scale and operating profitability,
along with efficient management of its working capital cycle will
be the key rating sensitivities.

Ganpati Advisory Limited (GAL) was incorporated as a closely held
public limited company in 2003. It was formed to invest in group
concerns, which are engaged in the manufacturing of cement.
However, it has started cement manufacturing by establishing its
own facility in 2013 with an installed capacity of 0.12 million
tonnes of cement per annum. The company manufactures and sells
cement under the brand names of 'Shakti' and 'Kohinoor Gold
Cement', having an ISI 1489 Part I certification. Mr. Anil Kumar
Agrawal, Managing Director of the company looks after the day-to-
day operations of the company. He also heads the other group
companies engaged in a similar line of business.

Recent Results
The company achieved an operating income of INR40.99 crore and a
net loss of INR0.56 crore in FY15, as against an operating income
of INR21.93 crore and a net loss of INR0.81 crore in the previous
year.


GARG AGRI: ICRA Suspends B+ Rating on INR9.55cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9.55 Crores
fund based facilities of Garg Agri Foods Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GEETHA TIMBERS: ICRA Lowers Rating on INR0.50cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR0.50
crore long-term fund based limits of Geetha Timbers from
[ICRA]BB- to [ICRA]B+. ICRA has re-affirmed the short-term rating
of [ICRA]A4 assigned to the INR9.50 crore short-term non-fund
based limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           0.50         [ICRA]B+; Revised from
                                      [ICRA]BB- (Stable)

   Short Term Non-
   fund Based Limit      9.50         [ICRA]A4/Re-affirmed

The revision in rating takes into account the deterioration in
financial profile as evidenced by de-growth in operating income
on account of reduced demand owing to slump in the construction
industry, the firm's small scale of operations restricting scale
economies and the inherently highly competitive nature of the
industry with presence of large number of unorganized players.
The rating considers the susceptibility of the firm's margins to
fluctuations in foreign currency exchange rates with timber
sourcing primarily done through imports and exposure to the price
risk on account of fluctuation in cost price and selling price of
timber. The rating also take into account the weak financial
profile marked by leveraged capital structure, weak coverage
indicators and high working capital intensity on account of high
inventory holding. Besides, the ratings also take into account
the risks inherent in partnership nature of the firm, including
the limited ability to raise capital and the risk of capital
withdrawal, among others.

The ratings, however, favourably factor in the promoter's
extensive experience in the timber trading business, the firm's
established relationships with suppliers ensuring timely
availability of quality timbers and regular funding support
extended to the firm from promoters. The ratings also take note
that the firm deals in teak wood which is the most premium
quality wood and the improvement in the firm's collection
efficiency as evidenced by decline in debtor days during 2014-15
and YTD (Year till date) 2015-16. Going forward, the revival in
demand will be critical for healthy turnaround in operations for
the firm. The ability of the firm to scale up its operations,
improve the capitalization & coverage indicators and reduce the
working capital intensity will be the key credit monitorables.

Geetha Timbers was incorporated in 1978, by Mr.Gopal V. Patel and
Mr. Keshavlal V. Patel. The firm is engaged in the import of
round timber logs which are subsequently sawn and sized at its
saw mill into various commercial sizes as per the requirement of
its customers. The firm procures majority of its raw material
requirements from trading houses located in Singapore and sells
them in domestic market (mainly south India) to wholesalers,
construction companies and individual customers. Its main
facilities are located at Tumkur road and Mysore road at
Bangalore in Karnataka. The firm has total sawing capacity of 550
cubic feet per shift per day as on March 31, 2015.

Recent Results
During 2014-15, GT reported a profit before tax of INR0.41 crore
on an operating income of INR11.00 crore, as against a profit
before tax of INR0.35 crore on an operating income of INR12.10
crore during 2013-14.


GRAMIN VIKAS: CRISIL Suspends 'B' Rating on INR10MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Gramin
Vikas Sewa Sansthan (GVSS).

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

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

GVSS is organized as a not-for-profit society and is managed by
its president Mr. Vinod Kumar and secretary Mr. Dinesh Kumar. The
society is located at Charra town-ship of district Aligarh of
Uttar Pradesh. The society provides free meals under mid-day meal
scheme and various other government mandated schemes.


GUJRAT SAW: CARE Reaffirms 'B' Rating on INR1.50cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gujrat Saw Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE B Reaffirmed
   Short-term Bank Facilities     6.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Gujrat Saw Mill
(GSM) continue to factor in the small scale of operations, low
profitability and vulnerability of the margins to fluctuations in
currency rates on account of exchange rate movements and
international timber prices. The ratings are also constrained on
account of high working capital intensity, weak debt coverage
indicators, leveraged capital structure, intense competition in
the industry and partnership nature of the entity.

The ratings continue to draw strength from the experienced
partners, location advantage and geographically diversified
revenue stream.

The ability of the firm to maintain its profitability margins by
managing the volatility in raw material prices and exchange rate
fluctuation along with management of the working capital
requirements remains the key rating sensitivity.

Established on December 16, 1976, GSM is engaged in the business
of import, processing and trading of timber logs and with four
partners sharing profit equally. The firm is based in Nagpur
(Maharashtra) and has branch offices at Gandhidham (Gujarat) and
Manglore (Karnataka).

The firm has a wood saw mill in Lakadganj, Nagpur, spread over an
area of 20,000 square feet (sq.ft.) comprising four machines with
total installed capacity of 1,200 cubic metric tonnes (CMT) per
annum.

GSM imports majority of its timber requirement from Myanmar,
Singapore and Dubai. The imported timber is then cut into
different sizes in the saw mills and supplied to wholesalers of
timber in the states of Haryana, Gujarat, Delhi, Maharashtra and
Uttar Pradesh. The main varieties of wood which the firm imports
are Burma Teak Wood and Malaysian Saal. Termed as commercial
wood, these varieties of woods are primarily used for interior
decoration and furniture.

During FY15 (refers to the period April 1 to March 31), GSM
earned a PAT of INR0.10 crore on a total income of INR18.21 crore
as against a PAT of INR0.04 crore on a total income of INR19.70
crore for FY14.


IMPERUS CERAMIC: ICRA Reaffirms 'B+' Rating on INR5.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR4.80
crore (reduced from INR6.70 crore) term loan and INR5.00 crore
(enhanced from INR3.00 crore) cash credit facility of Imperus
Ceramic Private Limited. ICRA has also reaffirmed short term
rating of [ICRA]A4 to the INR1.00 crore non-fund based bank
guarantee of Imperus Ceramic Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B+ reaffirmed
   Term Loan             4.80       [ICRA]B+ reaffirmed
   Bank Guarantee        1.00       [ICRA]A4 reaffirmed

The ratings continues to be constrained by ICPL's weak financial
profile as evident from net losses coupled with leveraged capital
structure and weak coverage indicators in its first full year of
operation. The reaffirmation of ratings are further constrained
by ICPL's small size of operations which, along with the high
competitive intensity; is likely to exert pressure on margins.
ICRA also notes the dependence of operations and cash flows of
the company on the performance of the real estate industry which
is the main consumer sector, and vulnerability of profitability
to fluctuating prices of fuel and power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry engaged in this line of
business through other associate concerns. The rating further
takes into account the stabilization of operations achieved by
company in FY 15 as evident from increase in utilization of
production capacity, Fiscal benefit in terms of interest subsidy
received from state government as well as location advantage
enjoyed by ICPL giving it easy access to raw material.

Imperus Ceramic Private Limited (ICPL) was incorporated on 25th
April, 2013. The company is promoted by Mr. Deepak Moradiya, Mr.
Vikram Ashar, Mr. Akshayali Rahemani and Mr. Deepak Detroja along
with other family members and relatives having a long experience
in the line of ceramic business. The promoters have been involved
in the ceramic industry since many years through other group
concerns. The company is engaged in manufacturing of digitally
printed ceramic wall tiles with a production capacity of 32400
MTPA. The commercial production commenced from February 2014
onwards.

Recent Results
For the year ended 31st March 2015, the company reported an
operating income of INR19.38 crore and net loss of INR0.73 crore.


JPS LIFE: CARE Assigns 'B' Rating to INR15cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of JPS Life
Sciences Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.00      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of JPS Life Sciences
Private Limited (JPS) factors in small scale of operations with
low net worth base, project execution risk, and debt funded
capital expenditure associated with setting up of unit,
reputation risk along competition from existing players. These
rating constraints are partially offset by the support from
the experienced promoters, moderate profitability margins,
positive outlook and high growth potential for the healthcare
sector.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins and
capital structure along with its ability to successfully execute
the project in envisaged time and cost shall be the key rating
sensitivities.

Incorporated in 2008, JPS Life Sciences Private Limited (JPS) is
promoted by Dr. Anurag Mehrotra and Dr. Pooja Mehrotra. The
company is currently operating a hospital having cardiac care
unit equipped with Cath Lab which is managed by Dr. Anurag
Mehrotra and Dr. Pooja Mehrotra at Moradabad, Uttar Pradesh.
Further, the company is setting up a multispecialty hospital at
Moradabad, Uttar Pradesh. The commercial operation of the new
hospital is expected to start in August, 2016. The hospital will
be multi-specialty hospital offering medical facilities in
various medical & surgical fields.

The hospital will be equipped with an operation theatre, Internal
Care Unit (ICU) with advance ventilator support. The company is
setting up a hospital unit with total project cost of INR21.31
crore which will be funded through term loan of INR15.00 crore
and balance through promoter's contribution.

In FY15 (refers to the period April 1 to March 31), JPS has
achieved a total operating income (TOI) of INR1.90 crore with
PBILDT and profit after tax (PAT) of INR0.44 crore and INR0.16
crore, respectively, as against TOI of INR1.58 crore with PBILDT
and PAT of INR0.31 crore and INR0.09 crore, respectively, in
FY14. The company has achieved sales of INR2.13 crore during
10MFY16.


KAAN FISH: CARE Reaffirms B+ Rating on INR2.47cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kaan Fish Oil Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.47       CARE B+ Re-affirmed
   Short-term Bank Facilities    6.00       CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Kaan Fish Oil
Company (KFOC) continue to remain constrained on account of
the decline in total operating income during FY15 (refers to the
period April 1 to March 31) coupled with thin profit margins,
leveraged capital structure, weak debt coverage indicators and
elongated working capital cycle. The ratings are further
constrained due to KFOC's modest scale of operations,
susceptibility of profit margins to forex fluctuations,
seasonality associated with the sea food industry coupled with
limited financial flexibility owing to the proprietorship
nature of constitution.

The ratings, however, continues to draw strength from the wide
experience of the proprietor in the sea food industry coupled
with location advantage in terms of proximity to raw material
procurement area.

KFOC's ability to increase scale of operations coupled with
improvement in profitability, capital structure along with
efficient working capital management would remain the key rating
sensitivity.

KFOC was established in 2008 as proprietorship firm by Mr Mehir
Hariram Cham. The firm was primarily engaged in manufacturing of
fish meal. Subsequently in 2011, KFOC installed facilities for
processing of frozen sea foods and also set up an ice plant with
capacity of 150,000 units. It also expanded its sterilizer's
capacity (for fish meal) from 4,000 metric tonnes per annum
(MTPA) to 8,000 MTPA. KFOC has a production cum storage facility
located at Porbandar (Gujarat) with total installed capacity of
3,000 MTPA for processing of frozen sea food and cold storage
facilities with capacity of 1200 tons for preserving processed
sea foods. The firm mainly exports to Japan and Russia. KFOC also
has an associate concern in the name of 'Kan Victual Pvt. Ltd.
(KVPL; rated CARE BB/CARE A4)', which is engaged in production
and export of frozen
Surimi (fish paste).

During FY15 (A), KFOC reported a TOI of INR16.30 crore and PAT of
INR0.06 crore as against TOI of INR35.40 crore and PAT of INR0.13
crore during FY14 (A). During 10MFY16 (Provisional), KFOC has
achieved TOI of around INR8.55 crore.


KOTAK URJA: ICRA Revises Rating on INR22cr Cash Loan to B-
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR30.00
crore1 fund based limits of Kotak Urja Private Limited from
[ICRA]B+ to [ICRA]B-. ICRA has also revised the long-term rating
assigned to the INR16.57 crore unallocated limits of the company
from [ICRA]B+ to [ICRA]B-. ICRA has re-affirmed the short-term
rating assigned to the INR12.00 crore non fund based limits and
INR16.57 crore unallocated limits at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Cash Credit           22.00      [ICRA]B-; revised from
                                    [ICRA]B+

   Fund Based Working
   Capital Term Loan      8.00      [ICRA]B-; revised from
                                    [ICRA]B+

   Non-Fund Based
   Letter of Credit       5.00      [ICRA] A4; Re-affirmed

   Non-Fund Based
   Bank Guarantee         7.00      [ICRA] A4; Re-affirmed

   Fund Based/Non        16.57      [ICRA]B-; revised from
   Fund Based                       [ICRA]B+/[ICRA]A4 re-affirmed
   Unallocated

Rating Rationale
The ratings revision primarily takes into account the consistent
overdrawal in the cash credit facility of the company and the
instances of letter of credit devolvement in the past. ICRA takes
note of the stretched liquidity position of the company on
account of delayed payment realizations leading to higher debtor
days, which combined with reduced creditor days, has increased
the working capital intensity of the company in FY15 and 9m FY16.
This, combined with reduced margins has led to negative cash flow
from operations of the company in FY15. ICRA, however, takes note
of the company's strategy to reduce the receivables by decreasing
the exposure to the government segment and targeting the private
sector which resulted in marginal improvement in FY15. The
company also witnessed thin revenue growth in FY15 and no
significant growth in revenue is expected in FY16 on account of a
change in company strategy to target clients with better credit
profile so as to reduce the receivables and ease the liquidity
pressures. The ratings also take into consideration weak net
margins due to increase in interest expenses, and stretched debt
protection metrics with NCA/Total debt of 2.1% and interest
coverage ratio of 1.1 during FY15. The solar sector is also
exposed to intense competition with large number of
organized/unorganized players which has kept the profitability
metrics of KUPL under pressure.

The ratings, however, continue to favorably factor in the
significant track record of the company in the solar industry
since 1997, its established brand, market position and strong in-
house research and development team. Further, the company has a
very diversified and strong client base including government,
residential and commercial buyers. The ratings also take into
consideration the company's efforts to reduce the higher
borrowing costs through low cost external commercial borrowings
which may boost the company's profitability to an extent in the
near term. Going forward, the company's ability to scale-up the
operations by keeping in check the working capital and the
profitability will remain the key rating drivers.

Kotak Urja Private Limited (KUPL) is a Bangalore based company
and was incorporated in 1997. It is engaged in the design,
development, manufacture, integration, installation,
commissioning and after sales service of various solar
photovoltaic (lighting) and solar thermal (heating) applications.
KUPL has the facilities to manufacture solar water heating
systems and solar photo-voltaic modules. The company also has a
R&D facility to design & develop new solar photo-voltaic products
and provide customized solutions to customers to suit their
requirements.


KINGFISHER AIRLINES: Labor Ministry to Probe PF Contributions
-------------------------------------------------------------
Press Trust of India reports that the Labour ministry will soon
launch an investigation into the provident fund contributions
made by Kingfisher Airlines for its employees when the carrier
was functioning, Union minister Bandaru Dattatreya has said.

"We have not examined the issue so far. I will look into that. We
will examine (all the issues)," Dattatreya told PTI.

The news agency says beleaguered businessman Vijay Mallya, who is
facing legal proceedings for allegedly defaulting on loans of
over INR9,000 crore from various banks, is currently under
scanner by multiple agencies, including CBI.

PTI relates that an open letter written by women employees of KFA
recently alleged that the company did not pay salaries, but kept
depositing PF due to fear of action from the authorities.

According to the report, former Kingfisher Airlines (KFA) pilot
Captain Kedar Wagh said the defunct company owes him INR45 lakh
towards his salary dues.

He further said that many former employees are trying to come
under one banner and start a legal battle for their dues, the
report relates.

"We are trying to form a group and approach the Supreme Court
seeking justice. We have received positive responses from over
900 former employees. We are in the process of gathering more
(employees on the platform)," PTI quotes Wagh as saying.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and
competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue
to reflect delays by KFAL in servicing its debt; the delays have
been caused by the company's weak liquidity and continued losses
at the operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete
erosion of KFAL's net worth, leading to its weak financial risk
profile. Presently, the company does not carry out any commercial
operations.


KIRON TRANSPORT: CRISIL Suspends D Rating on INR66.8MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kiron Transport Company Private Limited (KTCPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            66.8      CRISIL D
   Proposed Long Term
    Bank Loan Facility    63.2      CRISIL D
   Term Loan              20        CRISIL D

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

KTCPL, incorporated by Guwahati (Assam)-based Mr. Pulak Goswami,
is an authorised dealer of the commercial vehicles of Tata Motor
Ltd's in several districts of lower Assam. The company is also
engaged in the transportation business.


KUMAR AUDYOGIK: CRISIL Assigns B+ Rating to INR160MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Kumar Audyogik Vikas Pvt Ltd (KAV; part
of the RL Masala group). The rating reflects RL Masala group's
below-average financial risk profile because of weak liquidity,
high gearing and weak debt protection metrics, low operating
margin and working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           160       CRISIL B+/Stable
   Term Loan              30       CRISIL B+/Stable

These rating weaknesses are mitigated by healthy sales growth and
diversified product and customer profile. The rating also factors
in the promoters' extensive experience in the spice trading and
manufacturing business and their funding support.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KAV and Raghunath Laxmi Narayan Pvt
Ltd (RLN). This is because both the companies, together referred
to as the RL Masala group, are owned and managed by same promoter
family and are in the business of similar products.
Outlook: Stable

CRISIL believes the RL Masala group will continue to benefit over
the medium term from its diversified product and customer
profile. The outlook may be revised to 'Positive' in case of
improvement in financial risk profile backed by higher-than-
expected profitability and accrual and better working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in financial risk profile owing to
decline in profitability or stretched working capital cycle.

RLN was set up in 1994 and is involved in wholesale trading of
dry fruits and spices. Its operations are based in Sangli
(Maharashtra) and Varanasi (Uttar Pradesh). The company is owned
and managed by Varanasi-based Maheshwari family.

The Maheshwari family acquired KAV in 2002 and this company
started spice manufacturing in Varanasi in 2008 under its own
brand 'R L Masala'


LOK ENTERPRISES: ICRA Reaffirms B+ Rating on INR1.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR1.00 crore1 fund based bank limit of Lok Enterprises. ICRA
has also reaffirmed the short term rating of [ICRA]A4 assigned to
the INR10.00 crore non fund based bank limits of LE.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Scale-Fund
   Based Limits-CC       1.00         [ICRA]B+ Reaffirmed

   ST Scale-Non
   Fund Based Limits    10.00         [ICRA]A4 Reaffirmed

The rating reaffirmation for Lok Enterprises (LE) continues to
reflect thin profit margins due to the low value additive nature
of the business and high TOL/TNW of 9.53 times, which in turn
limits financial flexibility. The ratings are further constrained
by the high competitive intensity in the business, and
susceptibility of the margins to exchange rate risks as well as
any adverse fluctuations in commodity prices, which are in turn
dependent on agro climatic factors. ICRA also notes that Lok
Enterprises is a partnership firm and any significant withdrawals
from the capital account would affect its net worth and thereby
the gearing levels. The rating however favourably factors in the
promoter's experience in the agro trading business, diversified
customer base and various import incentives in the form of zero
duty on import of pulses.

Lok Enterprises is a partnership firm established in 2002 by Mr.
Sri Prakash Goenka and Mr. Lokesh Goenka as partners and has its
registered office in Mumbai, Maharashtra. The firm is a trading
house engaged in the business of trading of various forms of
pulses and beans into the domestic market. The firm has a group
concern - U Goenka Sons Pvt Ltd (rated [ICRA]B and [ICRA]A4 by
ICRA) present in the similar line of business.

Recent results
LE recorded a profit before tax of 0.35 crore (provisional) on an
operating income of INR40.92 crore during the nine months of
FYs16 and net profit of INR0.24 crore on an operating income of
INR42.47 crore for the period ending March 31, 2015.


M L RICE: ICRA Reaffirms B+ Rating on INR23.50cr Loan
-----------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating for INR23.50 crore
(Enhanced from INR20 crore) fund based bank facilities of M L
Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     23.50        [ICRA]B+ (re-affirmed)

The reaffirmation takes into account MRM's presence in a highly
competitive nature of the industry, its moderate scale of
operations, weak profitability metrics, high gearing level and
consequently weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high inventory holding period and risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of
partners etc. However, the ratings favorably factor in MRM's
experienced promoters with long track record in rice milling
industry.

M L Rice Mill is a partnership firm established in 1983 promoted
by Mr. Janak Raj and his family members. The firm is primarily
engaged in milling of basmati rice. The firm is also engaged in
converting semi processed rice into parboiled Basmati rice. MRM's
milling unit is based out of Jalalabad, Distt. Ferozpur, Punjab
which is in close proximity to the local grain market.

Recent Results
During the financial year 2014-15, the company reported a profit
after tax (PAT) of INR0.42 crore on an operating income of
INR67.19 crore as against PAT of INR0.35 crore on an operating
income of INR57.55 crore in 2013-14. In the first eight months of
FY16, the company reported, on a provisional basis, an operating
income of INR22.72 crore.


MAHABIR INDUSTRIES: CARE Assigns B+ Rating to INR9cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mahabir
Industries.

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

Rating Rationale

The rating assigned to the bank facilities of Mahabir Industries
(MHI) is primarily constrained by its small and fluctuating scale
of operations, low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained by partnership nature of its
constitution, presence in a fragmented and competitive industry,
and vulnerability of profitability margins due to presence in the
highly volatile agro-commodity business. The rating constraints
are partially offset by experience of partners and moderate
operating cycle. Going forward, the ability of the firm to
increase its scale of operations while improve the profitability
margins and capital structure shall be the key rating
sensitivities.

Mahabir Industries (MHI) is a partnership firm established in
1992 and is currently managed by Mr. Daulat Ram Khurana and his
sons, Mr. Manoj Kumar Khurana and Mr. Naveen Khurana, sharing
profit and losses in the ratio 34:33:33. They collectively look
after the overall operations of the firm. The firm is engaged in
extraction of rice bran oil at its processing facility located in
Karnal, Haryana, with an installed capacity to extract 150 tons
of rice bran oil per day. The key raw material required by the
firm is rice bran which is procured from rice mills located in
Delhi, Kolkata, etc. The firm sells rice bran oil to various
edible oil refineries in Himachal Pradesh and Gujarat.

In FY15 (refers to the period April 1 to March 31), MHI has
achieved a total operating income (TOI) of INR39.80 crore with
PBILDT and profit after tax (PAT) of INR1.22 crore and INR0.08
crore, respectively, as against TOI of INR42.83 crore with PBILDT
and PAT of INR1.25 crore and INR0.08 crore, respectively, in
FY14. Furthermore, in 7MFY16 (refers to the period April 01 to
October 31) (as per unaudited results), the firm had achieved
total operating income of INR23.16 crore.


MAHALAXMI AUTOMOTIVES: CRISIL Rates INR381.7MM LT Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mahalaxmi Automotives Private Limited
(MAPL, part of Mahalaxmi group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan        310      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility  381.7    CRISIL B/Stable
   Inventory Funding
   Facility               220      CRISIL B/Stable
   Bank Guarantee          33.3    CRISIL A4
   Cash Credit             55      CRISIL B/Stable

The ratings reflect Mahalaxmi Group's below-average financial
risk profile marked by modest networth, high gearing and moderate
debt protection metrics, and stretched liquidity marked by high
upcoming repayments. These rating weaknesses are partially offset
by the Mahalaxmi group's promoter's extensive industry experience
and diversified revenue profile.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MAPL and Mahalaxmi Transport (MT).
This is because these two entities, together referred to as the
Mahalaxmi group, belong to the same promoters and are in the same
line of business and have significant operational and financial
synergies.

Outlook: Stable

CRISIL believes that Mahalaxmi Group will benefit over the medium
term from its extensive industry experience of promoters. The
outlook may be revised to 'Positive' if the company achieves
higher than expected revenues while maintaining its profitability
or if there is capital infusion leading to improvement in the
capital structure. Conversely, the outlook may be  revised to
'Negative' if Mahalaxmi Group's financial risk profile weakens
because of stretch in working capital cycle, or decline in
revenues or profitability, or due to large than expected debt
funded capital expenditure.

MT set up in 2006, and MAPL, incorporated in 1997, is promoted by
Baramati based, Mr. Sadashiv Satav and his sons, Mr. Nitin Satav
and Mr. Sachin Satav. The group is engaged in dealership of two
wheelers of Hero Motocorp Ltd (HCL, rated CRISIL AAA/CRISIL
FAAA/Stable/CRISIL A1+) dealership of passenger vehicles of
Maruti Suzuki India Ltd (MSIL, rated CRISIL AAA/ Stable/CRISIL
A1+), transportation of vehicles for automotive companies and
providing buses on rent to Pune Mahanagar Parivahan Mahamandal
Limited (PMPML).


OMKAR NESTS: CRISIL Assigns B+ Rating to INR600MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Omkar Nests Private Limited (ONPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              600      CRISIL B+/Stable

The rating reflects ONPL's large debt obligations, dependence on
new bookings in a sluggish industry, susceptibility to risks and
cyclicality inherent in the Indian real estate industry, and
exposure to project risks for its ongoing commercial project. The
ratings also reflects sizeable delays in project due to
litigation between National Green Tribunal and Greater Noida
Industrial Development Authority. These weaknesses are partially
offset by the extensive experience of ONPL's promoters in real
estate development in Noida (Uttar Pradesh) and Jammu,
comfortable demand for ongoing projects, supported by moderate
bookings and receipt of customer advances for residential
projects and comfortable debt service coverage ratio of the
project.

Outlook: Stable

CRISIL believes that Omkar Nests Private Limited (ONPL) will
continue to benefit over the medium term from its promoters'
extensive experience in the real estate industry in Nodia. The
outlook may be revised to 'Positive' in case of a considerable
increase in bookings of units and in receipt of customer
advances, leading to substantial cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of significant
pressure on ONPL's liquidity because of low customer bookings for
the remaining units of its ongoing projects, delays in receiving
customer advances, or substantial external funding requirement
for execution of new projects.

Incorporated in 2000, Omkar Nests Private Limited (ONPL) is a
Delhi based company engaged in real estate development. ONPL is
owned by Mr. Omkar Nath, Mr. Kamal Krishan and Mr.Vimal Kumar who
have an experience of more than a decade in constructing multi-
storey building in National Capital Region and Jammu. ONPL has
taken two residential and township projects, i.e., Royal Nest
(Greater Noida) and Royal Nest (Jammu).

ONPL reported a net profit of INR11.4 million on net sales of
INR663.2 million in FY 2014-15 against net profit of INR0.6
million on net sales of INR234 million in FY 2013-14.


PAWAN OIL: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Pawan Oil Industries
(POI) continue to reflect POI's below-average financial risk
profile marked by its small net worth, high gearing, and below-
average debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      150       CRISIL A4 (Reaffirmed)

The ratings of the firm are also constrained on account of its
exposure to intense competition in the edible oil industry
resulting in low profitability margins, and the susceptibility of
its profitability margins to volatility in raw material prices
and changes in government regulations. These rating weaknesses
are partially offset by the extensive experience of POI's
promoters in the edible oil industry, and the firm's efficient
working capital management.
Outlook: Stable

CRISIL believes that POI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the firm's profitability margins, or there
is a substantial increase in its net-worth on the back of
sizeable capital additions from its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline
in the firm's profitability margins, or significant deterioration
in its capital structure caused most likely by a large debt-
funded capex or a stretch in its working capital cycle.
POI was set up by Mr. Kedarmal Agrawal and his family members in
1991. The firm refines, and trades in, edible oils. It is based
in Hyderabad.


PEARL MINERAL: CRISIL Assigns B+ Rating to INR85MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Pearl Mineral And Mines Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            85       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable

The rating reflects PMPL's modest scale of operations in the
intensely competitive granite industry. The rating factors PMPL's
below-average financial risk profile marked by small networth and
high gearing. These rating weaknesses are partially offset by the
extensive industry experience of the promoters in the granite
industry.
Outlook: Stable

CRISIL believes that PMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if the
company's revenue and profitability increase significantly on a
sustainable basis while improving its capital structure. The
outlook may be revised to 'Negative' if PMPL's liquidity
deteriorates most likely due to stretched receivables or if
PMPL's relationship with customers deteriorates or if the company
undertakes large debt-funded capex leading to deterioration in
the financial risk profile.

Incorporated in 2010, PMPL is engaged in mining and export of
granites, particularly black galaxy granites. The company is
promoted by Mr. Ch. Venkata Nagaraja and his family.


PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Perody Builders
Private Limited (PBPL) continues to reflect the company's
susceptibility to saleability risk related to recently completed
project and to project risk in upcoming real estate project in
Bengaluru; the rating also factors in PBPL's exposure to
cyclicality in the Indian real estate industry. These weaknesses
are partially offset by promoters' extensive experience and
established track record.

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

Outlook: Stable

CRISIL believes PBPL will continue to benefit over the medium
term from promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if better-
than-expected booking of units and customer advances enhance
liquidity. Conversely, the outlook may be revised to 'Negative'
if low cash flow from operations due to subdued response to
projects or delay in receiving customer advances impacts debt-
servicing ability.

Established in 2001 by Mr. P Ramakantha Shetty and his family,
PBPL undertakes residential real estate development in Bengaluru.


PRINCE MARKETING: ICRA Reaffirms B+ Rating on INR33cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR33.00 crore, long-term loans and the short-term rating of
[ICRA]A4 assigned to the INR25.00 crore, short-term, non-fund
based facilities of Prince Marketing.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term loans       33.00       [ICRA]B+/reaffirmed

   Short-term, non-
   fund based limits     25.00       [ICRA]A4/reaffirmed

The rating takes into account the scope for future value-
unlocking through sale of two assets owned by the firm and
association with Prince Group which has enabled the firm to have
strong relationships with suppliers and distributors alike. The
ratings are tempered by the weak capital structure for the firm
following two property acquisitions over the past three years
which were mainly debt funded. With Prince Pipes and Fittings
Private Limited being the only customer now, accruals from low-
value, trading operations remain weak and interest burden on term
loans remain high, liquidity profile continues to remain
stretched.

Prince Marketing (PM) is a partnership firm started in 2001 and
was primarily engaged in trading of raw materials utilized in
plastic manufacturing. The key products traded by PM are PVC
resins, PVC ball valve, and other petroleum products such as EVA,
PPE and HDPE. The firm is jointly held by Mr. Jayant Chheda
(Managing Director, PPFL) and family.

Recent Results
For the twelve months ending March 31, 2015, the firm has
reported profit before tax (PBT) of INR1.5 crore on an operating
income of INR112.6 crore as compared to a PBT of INR(2.5) crore
on an operating income of INR93.5 crore for the twelve months
ending March 31, 2014.


RACHANA SEEDS: CARE Reaffirms B+ Rating on INR11.10cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rachana Seeds Industires Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.10       CARE B+ Reaffirmed
   Short-term Bank Facilities   39.00       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Rachana Seeds
Industries Private Limited (RSIPL) continue to remain constrained
on account of its weak financial risk profile marked by thin
profit margin, highly leveraged capital structure, weak debt
coverage indicators and tight liquidity position. The ratings
further continue to remain constrained due to susceptibility of
its profit margins to fluctuations in the raw material prices and
foreign exchange rates and its presence in highly fragmented and
seasonal agro-commodity industry.

The ratings, however, continue to take into account vast
experience of the promoters, long track record of the company
in the groundnut processing industry and its proximity to the raw
material source. The ratings also factor increase in total
operating income (TOI) during FY15 (refers to the period April 1
to March 31).

RSIPL's ability to improve its profit margins in light of the
volatile raw material prices coupled with improvement in the
capital structure and debt coverage indicators remain the key
rating sensitivities. Furthermore, better management of
working capital thereby improving liquidity position would also
remain crucial.

RSIPL was formed in 1985 as a partnership firm Rachana Seeds
Industries (RSI) by Mr Vikram Duvani along with his mother Mrs
Sarojben Duvani. In October 2011, the firm was reconstituted into
a private limited company under its current name. RSIPL is
engaged in the business of processing and trading of agro
commodities mainly groundnut seeds.  The company generates more
than 80% of its revenue from processing of groundnut seeds. RSIPL
operates from its facility located at Junagadh, Gujarat. RSIPL
sells groundnut and groundnut seeds in the domestic markets as
well as exports it to Japan, Ukraine, Netherland, Canada,
Indonesia and Pakistan.

As per audited FY15 financials, RSIPL has reported total
operating income (TOI) of INR142.11 crore (FY14: INR93.53 crore)
and profit after tax (PAT) of INR0.58 crore (FY14: INR0.53
crore).


RAMANI TIMBER: CARE Reaffirms 'B+' Rating on INR2cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ramani Timber Mart.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Reaffirmed
   Short-term Bank Facilities      7        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ramani Timber Mart
(RTM) continue to factor in the small scale of operations,
vulnerability of the margins to fluctuations in currency rates,
high working capital intensity, leveraged capital structure,
intense competition in the industry and proprietorship
nature of the entity.

The ratings continue to draw strength from the experienced
proprietor, location advantage and geographically diversified
revenue stream.

The ability of the firm to maintain its profitability margins by
managing the volatility in raw material prices and exchange rate
fluctuation along with management of the working capital
requirements remains the key rating sensitivity.

RTM is a Nagpur-based (Maharashtra) firm which was established by
Mr Panchan Patel, Mr Nibji Patel and Mr Lalji Patel as a
partnership firm in 1963. Later in 1997, it was reconstituted as
a
proprietorship firm by Mr Panchan Patel. RTM is engaged in the
trading of Burma teak wood and sawing of the same into various
sizes as per customer requirements. The firm's head office is
situated in Nagpur with branch offices located in Gandhidham
(Gujarat) and Mangaluru (Karnataka). RTM has a saw mill in
Lakadganj in Nagpur, spread over an area of 6,400 square feet
(sq.ft.) with sawing capacity of 44,000 cubic feet per annum
(CFPA).

The import of raw material is carried out at all the offices
whereas indigenous procurement is done solely at the Nagpur
office. About 75% of RTMs' raw material is procured from overseas
suppliers and 25% of the raw materials are procured from local
players. The firm imports wood primarily from Singapore. The main
variety of wood which the firm imports is Burma Teak Wood, termed
as commercial wood; which is primarily used for interior
decoration and furniture. Apart from these, the firm also imports
African Teak and Ivory Coast teak wood.

During FY15 (refers to the period April 1 to March 31), RTM
earned a PAT of INR0.44 crore on a total income of INR15.27 crore
as against a net loss of INR0.05 crore on a total income of
INR16.57 crore for FY14.


S.K. AGRI: CARE Reaffirms B+ Rating on INR7cr LT Loan
-----------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
S.K. Agri Products Pvt. Ltd.

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

Rating Rationale

The rating assigned to the bank facilities of S.K. Agri Products
Pvt. Ltd. (SAP) is primarily constrained by its short track
record & small scale of operations in the highly fragmented and
competitive agro industry with leveraged capital structure and
weak debt service coverage indicators. The rating is further
constrained by seasonality associated with the sector, working
capital intensive nature of operations and its exposure to the
vagaries of nature.

The above constraints outweigh the comfort derived from the
experience of the promoters in the seed processing business and
locational advantages arising from its presence in the agro
cluster of Uttarakhand.

The ability of SAP to grow its scale of operation along with
improvement in capital structure and effective working capital
management would be the key rating sensitivities.

SAP was incorporated in January 2011 by Mr Sudhanshu Jindal and
his family members. The company is engaged in the processing and
trading of wheat & paddy seeds. The seed processing unit of the
company is located at Nainital, Uttarakhand, having a processing
and grading capacity of 7,500 tonnes per annum (TPA) as on March
31, 2015. SAP purchases the breeder seeds (initial level or raw
seeds) of wheat and paddy from the state authorities or
agriculture universities and provides them to farmers for
germination. After the receipt of germinated foundation seeds
from the farmers, the company gets them certified from a seed
certifying agency. These certified seeds are graded and then sold
to the retailers and distributors in Uttar Pradesh, Bihar,
Punjab, Uttranchal, Haryana and West Bengal. SAP sells the
certified
seeds under the brand name of 'SK Agri Seeds'.

For FY15 (refers to the period April 1 to March 31), SAP achieved
a total operating income (TOI) of INR10.36 crore with PBILDT and
PAT of INR0.87 crore and INR0.09 crore, respectively, as against
TOI of INR9.07 crore with PBILDT and PAT of INR0.64 crore and
INR0.08 crore, respectively, for FY14. Moreover, the company has
achieved TOI of INR10.90 crore for 9MFY16 (refers to the period
April 1 to December 31).


SAGAR ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sagar
Enterprises (SE) continues to reflect the firm's average
financial risk profile because of modest networth and muted debt
protection metrics, and susceptibility to sales risks. These
weaknesses are partially offset by proprietor's extensive
experience in the ready-made garments industry.

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

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from its established relationship with canteen store department
(CSD). The outlook may be revised to 'Positive' if sustainable
improvement in scale of operations and profitability, backed by
diversification in clientele, leads to better cash accrual and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if liquidity deteriorates due to stretch in working
capital cycle or if any further decline in accrual results in
deterioration in debt protection metrics.

Set up as a proprietorship concern by Mr. Sunil Khanna, SE sells
ready-made garments and home furnishings. Product profile
includes more than 90 items (shirts, T-shirts, hosiery, track
suits, blankets, bedsheets, and towels) that are sold to CSD and
central police canteen. Manufacturing is entirely outsourced to
local players.


SAHARA HOSPITALITY: CARE Reaffirms D Rating on INR506.74cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sahara Hospitality Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    506.74      CARE D Reaffirmed
   Short-term Bank Facilities    20.00      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Sahara Hospitality Limited
(SHL) continue to take into account the on-going delays in
servicing of term loan obligations.

SHL is a 100% subsidiary of one of the Sahara Group companies,
viz, Sahara Prime City Limited (SPCL). SPCL, the real estate
company of the Sahara Group, has developed residential projects
which include townships, premium group housing projects,
hospitals and hotels. The flagship project of SPCL is 'Sahara
City Homes', a chain of townships proposed to be developed across
217 cities in India. Sahara Group is promoted by Mr Subrata Roy
having interests in finance, infrastructure and housing, media &
entertainment, consumer products, manufacturing, services and
trading.

SHL operates Sahara Star Hotel in Mumbai, the construction of
which was planned in three phases. Phase-I of the project was
completed in October 2007, wherein 223 rooms and 9 specialty
restaurants outlets where constructed. Phase II and III includes
construction of 209 rooms (186 rooms in phase-II and remaining in
phase-III), new restaurants, banquets and conference facilities,
meeting rooms, swimming pool (4,100 sq ft), internationally
branded salon, preview theater, gymnasium, health clubs, squash
and badminton courts, a 5-floor tower with banquet hall, business
centre, night clubs, event hall (25-ft height), entertainment
zone and pent house, etc.

The development of phase-II and phase-III of the project was
delayed due to non-disbursement of part-term loans which
has resulted in escalation in construction costs. Thus, the
overall project cost has further gone up to INR1,635.62 crore.
However, the Phase II has been completed and is operational.
Phase III of the project has been envisaged to be completed by
March 31, 2016; whereby 86.46% of the cost has been already
incurred.


SARVODAY ASHRAM: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of Sarvoday Ashram (Sarvoday) and has assigned its
'CRISIL B+/Stable' rating to the society's bank facilities.
CRISIL had earlier, on January 28, 2016, suspended the ratings as
Sarvoday had not provided the necessary information required for
a rating review. The society has now shared the requisite
information, enabling CRISIL to assign a rating to the company's
bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects Sarvoday's small scale of operations, intense
competition to its khadi products from machine-made fabric, and
its average financial risk profile because of substantial
outstanding receivables from government organisations in the form
of rebates. These weaknesses are partially offset by its
promoters' extensive industry experience, its established market
position in the khadi industry, and the Government of India's
favourable policies for the industry.
Outlook: Stable

CRISIL believes Sarvoday will continue to benefit from its
established presence and favourable government policies for the
khadi industry. The outlook may be revised to 'Positive' if the
society reports more-than-expected topline and profitability, or
improves working capital management significantly. Conversely,
the outlook may be revised to 'Negative' if its financial risk
profile deteriorates because of sizeable debt-funded capital
expenditure or stretch in working capital cycle.

Sarvoday was established by the late Mr. Rohan Lal Chaturvedi in
1952 in Etah, Uttar Pradesh. It is affiliated to the Khadi and
Village Industries Commission (KVIC), and spins, weaves, and
markets khadi clothes under its Ekmatra brand. The founder's son,
Mr. Manoj Chaturvedi, is its current elected chairman.

The society had net surplus of INR4.1 million on net income of
INR92.3 million in 2014-15 (refers to financial year, April 1 to
March 31), against net surplus of INR2.2 million on net income of
INR113.0 million in 2013-14.


SHAKUNTALA POLY: CRISIL Suspends B Rating on INR95MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shakuntala Poly Industries Pvt Ltd (SPIPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      38.5      CRISIL B/Stable
   Term Loan               95        CRISIL B/Stable

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

SPIPL, incorporated in 2014, is setting up a unit for
manufacturing cement/rice bags in Birbhum (West Bengal). The
company is managed by Mr. Birender Kumar and is likely to start
commercial operations by May 2015.


SHANTI NIKETAN: CRISIL Reaffirms D Rating on INR65.3MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shanti Niketan Trust
(SNT) continue to reflect instances of delay in servicing debt
due to weak liquidity, which is in turn because of delay in
receiving government grants.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      6.5       CRISIL D (Reaffirmed)
   Term Loan              65.3       CRISIL D (Reaffirmed)

SNT also has a weak financial risk profile because of a small
networth and high gearing, is highly dependent on government
grants to service debt, and has geographical concentration in
revenue with low demand prospects for education in Uttar Pradesh.

SNT was set up in 2008 in Meerut and offers courses in
engineering, MBA, Post Graduate Diploma in Management (PGDM), and
polytechnic. The trust has sanctioned capacity of 1000 students
(360 in bachelor of technology, 120 in PGDM, 120 in MBA, 300 in
polytechnic, and 100 in bachelor of education) and is affiliated
to Mahamaya Technical University.


SHIV COTTON: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR5.00 crore cash credit facility and INR1.50 crore term loan
facility of Shiv Cotton Industries- Tankara.

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

   Fund Based Term
   Loan                  1.50        [ICRA]B; reaffirmed

The reaffirmation of the rating continues to factor in Shiv
Cotton Industries' (SCI) modest scale of operations and stretched
financial profile characterized by thin net profitability, low
debt coverage indicators and high working capital utilization
during cotton season. The ratings also continue to be constrained
by the highly competitive and fragmented industry structure with
the limited value additive nature of operations which leads to
pressure on profitability. The rating further continues to be
constrained by the vulnerability of profitability to adverse
movements in agricultural produce prices and regulatory policy
changes in terms of export and MSP. Also, being a partnership
firm, any substantial withdrawal by the partners can have an
adverse impact on the capital structure of the firm.
The rating, however, continues to factor in the favorable
location of the firm giving it easy access to high quality raw
cotton.

Shiv Cotton Industries (SCI) was incorporated as a partnership
firm in May 2013. Firm is engaged in ginning and pressing of raw
cotton. The manufacturing unit is located in Tankara, Rajkot
district of Gujarat. It has 24 ginning machines and 1 pressing
machine with an installed capacity to produce 250 cotton bales
per day (24 hours operation). At present the firm is owned and
managed by, Mr. Pankajbhai Ghetia, Mr. Rameshbhai Aghera, Mr.
Dilipbhai Kalola and Mr. Virjibhai Ghetiya.

Recent Results
In FY15, the firm reported an operating income of INR29.86 crore
and a net profit of INR0.02 crore. In FY16, till end of December
2015, the firm has reported an operating profit of INR0.63 crore
on the operating income of INR12.11 crore.


SHIV SHAKTI: ICRA Suspends B+ Rating on INR6cr Bank Loan
--------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR6.00 Crore bank facilities of Shiv Shakti International. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Shiv Shakti International (SSI) was incorporated in the year
2005. SSI is engaged in the business of milling and processing of
basmati rice and has an installed milling capacity of 8 tons/hour
of paddy and a sorting capacity of 8.0 tons/hour. The firm's
plant is in Mithhapur (Ambala), Haryana. The operations of the
firm are managed by Mrs. Anju Bala and her son Mr. Ankur Garg.


SHIVALIK EXPORTS: CRISIL Suspends B Rating on INR5MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivalik Exports (SE).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Bank Guarantee             5        CRISIL A4
   Export Packing Credit      7.5      CRISIL A4
   Foreign Bill Purchase     20        CRISIL A4
   Foreign Bill Purchase      5        CRISIL B/Stable
   Letter of Credit          15        CRISIL A4
   Proposed Short Term
   Bank Loan Facility        50        CRISIL A4
   Standby Line of Credit    10        CRISIL A4

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

Set up in 1993, SE is a partnership firm that manufactures and
exports ready-made garments for women and men. It is managed by
Mr. Gangesh Agarwal and Mr. Ashok Agarwal, along with other
family members. The firm manufactures and exports woven and
knitted garments, which include women's tops, polo-necks,
blouses, and skirts; men's casual shirts and trousers; and
children's wear. SE mainly exports to the US, which contributes
about 80 per cent of its revenue; the balance is from the
European and Indian markets. The firm has a capacity to
manufacture about 0.15 million garments per month at its unit in
Faridabad (Haryana).


SHREE JAGDAMBA: CRISIL Ups Rating on INR90MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank loan
facilities of Shree Jagdamba Cotton Ginning and Pressing Factory
(SJCGPF) to 'CRISIL B/Stable' from 'CRISIL B-/Stable.

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

   Term Loan                5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SJCGPF shall
sustain its improved business risk profile over the medium term
marked by increase in revenues. SJCGPF reported revenues of over
INR200 million for 10 months ended January 2016 and is expected
to maintain healthy revenue growth of about 20 per cent compared
to 2014-15 (refers to financial year April 1st to March 31st),
supported healthy demand. The upgrade also reflects SJCGPF's
moderate liquidity marked by improving accruals backed by
improving operating profitability. The company is expected to
generate cash accruals of around INR4.0 to 4.0 million over the
medium term against debt repayment obligation of INR1.8 to 2.0
million for 2016-17.

The rating also reflects SJCGPF's modest scale of operations in
the highly fragmented cotton industry, and its weak financial
risk profile, marked by a modest net worth, high gearing, and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the cotton industry, and the proximity of its
production facility to the cotton-growing belt of Gujarat.
Outlook: Stable

CRISIL believes that SJCGPF will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations along with its
profitability, or if there is sizeable capital infusion by its
promoters, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SJCGPF's
profitability declines, or if it undertakes a substantial debt-
funded expansion programme, or if its working capital management
weakens, resulting in significant weakening in its financial risk
profile.

SJCGPF, based in Handod (Gujarat), was set up in 1970s and is
managed by Mr. Mayurkumar Shah and family. The company is into
ginning and pressing of raw cotton. It has its facility at
Handod, with a capacity of more than 350 bales of cotton per day.

SJCGPF reported a Profit after tax (PAT) of INR3.70 million on a
sales of INR217 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR2.30 million on sales
of INR425 million for 2013-14.


SHREE RAMRAJA: CRISIL Assigns 'B' Rating to INR61.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Ramraja Cars Private Limited (SRCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Fund-
   Based Bank Limits     61.5      CRISIL B/Stable
   Cash Credit           37.5      CRISIL B/Stable
   Drop Line Overdraft
   Facility              21.0      CRISIL B/Stable

The rating reflects the company's nascent stage of operations and
exposure to intense competition in the automobile dealership
industry. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters
and benefits derived from dealership of Honda Cars India Ltd
(HCIL).
Outlook: Stable

CRISIL believes SRCPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of higher-than-
expected revenue or cash accrual, considerable improvement in
working capital management, or infusion of substantial capital,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual or further weakening in working capital
management, or significant debt-funded capital expenditure,
leading to deterioration in the company's financial risk profile,
particularly liquidity.

Incorporated in 2015, SRCPL is promoted by the Jhansi-based
Anandani family. The company is an authorised dealer of HCIL
passenger vehicles in Jhansi, where it has one showroom-cum-
workshop. Operation was started from September 2015.


SHRESHT INDUSTRIES: CRISIL Upgrades Rating on INR110MM Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shresht Industries Private Limited (SIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             15      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     110      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that SIPL's business and
financial risk profiles will continue to improve over the medium
term, because of healthy growth in revenue and profitability
leading to better capital structure and debt protection metrics.
SIPL had achieved revenues of INR302 million for the nine months
ended December 31, 2015, and is estimated to achieve revenues of
INR 420 million for 2015-16 (refers to financial year, April 1 to
March 31) aided by increase in order execution. CRISIL expects
SIPL to have moderate revenue growth over the medium term, backed
by its strong demand for its products and its moderate order
book.

The rating continues to reflect SIPL's modest scale of
operations, its large working capital requirements, and its
below-average financial risk profile because of small net worth
and moderate debt protection metrics. These weaknesses are
partially offset by benefits derived from its promoters'
extensive industry experience and its moderate order book aiding
revenue visibility.
Outlook: Stable

CRISIL believes SIPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers larger than
expected revenues and operating margin leading to healthy
accrual, or improves working capital management. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected revenue and profitability or increase in working capital
requirement, leading to less-than-expected accrual and
deterioration in financial risk profile.

Based out of Hyderabad and incorporated in 2013, SIPL
manufactures water purifiers for domestic and industrial use,
under the Shresht RO brand. The company is promoted by Mr.
Pattela Gaurav and his family.

SIPL had profit after tax (PAT) of INR1.8 million on net sales of
INR112 million for 2014-15 against PAT of INR0.3 million on net
sales of INR2.5 million for 2013-14.


SHRI OMTEE: CRISIL Cuts Rating on INR100MM Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Omtee Steel Private Limited (SOSPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Term Loan      21.1    CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by SOSPL in servicing
its term loan obligations because of its weak liquidity.

The company has a modest scale and working capital intensive
nature of operations. It also has a below-average financial risk
profile because of a weak capital structure and subdued debt
protection metrics. However, it benefits from the extensive
experience of its promoters in the steel industry and their
funding support.

SOSPL, incorporated in 2009 and promoted by the Jain family,
manufactures thermo-mechanically treated (TMT) bars. The company
has recently backward integrated into manufacturing billets from
sponge iron. Operations are managed by Mr. Deepak Jain and his
brother, Mr. Anil Jain.


SHYAM GRAMODYOG: CRISIL Suspends B Rating on INR10MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shyam
Gramodyog Sansthan (SGS).

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

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

SGS is organized as a not-for-profit society and is located at
Charra in Aligarh district of Uttar Pradesh. The society provides
free meals under the mid-day meal scheme and other government
mandated schemes.


SIGNS WORKSPACE: ICRA Assigns 'SP 3D' Grading
---------------------------------------------
ICRA has assigned a 'SP 3D' grading1 to D' Signs Workspace
Innovations Private Limited, indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake on-grid solar projects. The grading is valid for a
period of two years from March 11, 2016 after which it will be
kept under surveillance.

Grading Drivers

Strengths
* Proven experience of promoters in the solar business
* Moderate order book in place

Risk Factors
* Small scale of operations with limited projects executed
   till date
* Low net worth base of the company
* Competitive pressure from other players in the industry

Fact Sheet

Year of Formation
August 2012

Office Address
Unit No: 302A, Building no 8, Jogani Industrial Complex, Sion,
Chunabhatti (East), Mumbai - 400022

Partnership Pattern
Srinivas Racha - 70%
Rajita Racha - 10%
Karan Racha - 10%
Mohd Umer Kalsekar - 10%

Incorporated in August 2012, DWIPL is primarily engaged in
designing & installation of graphics (glass, wall etc) for
interior spaces primarily in corporate offices. However, the
company entered into solar space in 2014-15 and is now also
engaged in designing, implementation, commissioning and
maintenance of PV based solar power projects. Till date the
company has executed approx 146 KW of solar projects.

Promoter Track Record: The promoter of the company Mr. Srinivas
Racha has done a technical course in solar and has more than 2
years of experience in the solar industry.
* Technical competence and adequacy of manpower: For the solar
initiative the company has also put in place executives, who have
proven experience in the solar space. DWIPL has total of 8
employees excluding the promoter. Out of 8 employees, 4 are semi
skilled, 2 have ITI background and other 2 have technical
background.

* Quality of suppliers and tie ups: DWIPL procures Solar PV
Modules from Deshmukh Solar Energy Private Limited. Other
components such as electrical parts, invertors, batteries etc.
are procured from Vitronics Controls. The company has been
associated with its suppliers for more than 1.5 years.

* Customer and O&M Network: DWIPL has order book of approx 98 KW
for both commercial & residential purpose. The company provides
one year defect liability period and gives back to back guarantee
for the equipments as given by the OEM itself. Going forward, the
company also plans to undertake O&M contracts.

Financial Strength - Weak

Revenues
Rs. 6.82 crore in FY15

Return on Capital Employed (RoCE)
84.69% in FY15

Total Outside Liabilities / Tangible Net worth
3.22 times in FY15

Interest Coverage Ratio
6.58 times in FY15

Net-Worth
Rs. 0.64 crore as on March 31, 2015

Current Ratio
1.34 times

Relationship with bankers
Bankers are satisfied with company's conduct

The overall financial profile of the company is weak given small
scale of operations and low net-worth base.


SQUARE TEN: CRISIL Assigns B+ Rating to INR400MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Square Ten Developers (STD).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan      400       CRISIL B+/Stable

The rating reflects the extensive experience of STD's partners in
the real estate business. These strengths are partially offset by
the firm's exposure to significant risks associated with its
ongoing project and risks related to cyclicality in the real
estate industry.
Outlook: Stable

CRISIL believes that STD will continue to benefit over the medium
term from the extensive experience of the promoters in the real
estate sector. The outlook may be revised to 'Positive' if the
customer response to its projects is significantly better than
expected leading to higher cash flow generation and improvement
in financial risk profile. The outlook shall be revised to
'Negative' if cash flow from operations are significantly below
expectations, either due to subdued response to the project or
lower than envisaged flow of advances, significantly affecting
its debt servicing ability.

STD, setup in 2011, is a partnership firm between Mr. Vallabhbhai
Ramjibhai Patel, Mr. Abhin Kalathiya, Mrs. Sweta Kalathiya and
Mrs. Vanitaben Hiteshbhai Kalathiya. The firm is engaged in real
estate construction and is currentlu constructing a residential
complex in Palghar district, Maharashtra, under the name Shinning
Villa.


SREE CHAITANYA: ICRA Assigns B- Rating to INR8.0cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to INR8.00 crore
proposed fund based facilities of Sree Chaitanya Corporation
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed fund
   based limits          8.00         [ICRA]B-; Assigned


The assigned rating is constrained by weak financial profile of
SCCPL characterized by thin profitability and low net worth
resulting in high gearing and TOL/TNW as on March 31, 2015;
highly fragmented nature of the coal trading business along with
intense competition among a number of unorganised players, which
keep margins under pressure, and exposure to the risks in
relation to availability and fluctuation in prices of coal in the
domestic market. The company remains exposed to high counterparty
credit risk as the sales are not LC backed.
The ratings, however, favorably factor in the experience of the
promoters in the coal trading business and the company's
proximity to port, which aids to an extent in sourcing of coal.
The rating also reflects the healthy growth in OI at a CAGR of
75% to INR56.36 crore during FY 12-FY 15 albeit on a low base
primarily driven by increase in coal trading volumes.
Going forward, SCCPL's ability to maintain its revenue growth and
profitability amidst competitive pressures; and managing its
working capital intensity will remain the key rating
sensitivities.

Setup in 2011 as a proprietorship concern, M/s. Chaitanya
Industries was later converted to private limited company during
FY 15. SCCPL was promoted by Mr. R.Kanaka Rao for trading of iron
ore fines. Subsequently, several other commodities like coal,
rice, maize, granite blocks were added to the portfolio. SCCPL
purchases coal from local importers and supplies to traders who
deal with end customers across pharma and sponge iron units based
out of Visakhapatnam.

Recent results
For FY 2014-15, the company had a profit after tax (PAT) of
INR0.64 crore and operating income of INR57.17 crore as compared
to a PAT of INR0.57 crore on an operating income of INR36.29
crore for FY 2013-14.The company reported operating income of
INR23.34 crore and operating profit of INR0.39 crore during (6M)
FY 16.


SRI SHARADHA: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
----------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ outstanding
on the INR5.00 crore fund based facilities Sri Sharadha Timbers.
ICRA has also reaffirmed the short-term rating of [ICRA]A4
outstanding the INR10.00 crore2 non-fund based facilities of the
Firm.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term, fund
   based facilities         5.00       [ICRA]B+ re-affirmed
   Short-term, non-
   fund based facilities   10.00       [ICRA]A4 re-affirmed

The rating action takes into account the significant growth
(albeit on a low base) in the Firm's operating income in 2014-15
on the back of healthy order flows and the favorable export
prospects which provide revenue visibility over the medium term.
The ratings also continue to factor in the long standing
experience of the promoters of more than six decades in the
timber trading business and the firm's established relationship
with its suppliers. However, the ratings are constrained by the
declining profit margins, stressed by volatility in timber prices
and exchange fluctuations. The ratings are, further, constrained
by the competitive pressure given the low entry barriers in the
business, and the risks associated with the availability of
timber, which to an extent is dependent on the trade regulations
prevailing in the supplying countries. Though the Firm's capital
structure remains comfortable with a gearing standing at 0.5
times (as on March 31, 2015), the ratings also take note of the
high TOL/TNW of 4.2 times. Going forward, the ability of the firm
to improve its profitability while sustaining the revenue growth
and efficiently managing its working capital cycle will be
critical to improving its overall credit profile.

Sri Sharadha Timbers (SST) is a proprietorship firm owned by Mr.
Narashia Manji Patel. The entity was established in the year
2002, and is into the business of sawing and trading of timber,
mainly imported wood. The customers of SST include dealers,
wholesalers and retailers.

Recent Results
For the year ending March 2015, the firm had reported a net
profit of INR0.3 crore on an operating income of INR55.5 crore as
against a net profit of INR0.3 crore on an operating income of
INR46.0 crore in FY 2014.


STANDARD CORPORATION: CRISIL Suspends B- Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Standard Corporation India Limited (SCIL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               150      CRISIL B-/Stable
   Export Packing Credit      25      CRISIL B-/Stable
   Funded Interest Term
   Loan                       25      CRISIL B-/Stable
   Letter of Credit           20      CRISIL A4
   Proposed Long Term
   Bank Loan Facility         86      CRISIL B-/Stable
   Working Capital
   Term Loan                 100      CRISIL B-/Stable

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

SCIL was originally set up as a partnership firm named Standard
Combine in 1979 by Mr. Nachattar Singh and his brother Mr.
Joginder Singh. The firm was reconstituted as a private limited
company in 1999 and as a public limited company with the current
name in 2008.

SCIL manufactures harvester combines, tractors, and cranes under
the Standard brand and has capacity to manufacture 2000 harvester
combines, 7500 tractors, and 300 cranes per annum. Its
manufacturing unit is in Barnala (Punjab).


TECHNO INDIA: ICRA Lowers Rating on INR16cr Loan to 'D'
-------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR9 crore term loan and the INR16 crore overdraft limit of
Techno India from [ICRA]C+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            9.00        Downgraded to [ICRA]D
                                     from [ICRA]C+
   Overdraft Limit      16.00        Downgraded to [ICRA]D
                                     from [ICRA]C+

The rating revision takes into account delays in timely servicing
of debt by Techno India in recent months. The rating also takes
into account the inherent cash flow mismatches, given the nature
of business of education institutes, which makes appropriate
treasury operations critical in servicing the debt-obligations in
a timely manner, limited financial flexibility of Techno India as
its fee structure is regulated by the State Government, and a
track record of moderate placements across colleges for the last
two academic sessions with a large dependence on a single company
for the placements. In addition, new admissions as a percentage
of intake capacity has declined in 2015 over the previous year
for M- tech courses offered by Techno India College and the
metric remains low for schools operated by the Trust as well.
ICRA also notes that the education industry in India is highly
regulated thus exposing the colleges to the risk of any
regulatory changes in future. In addition Techno India is
incurring substantial capital expenditure for setting up two
medical colleges and hospitals in West Bengal that will expose
the trust to execution risks. While revising the rating, ICRA
however takes note of the established track record of the trust
in imparting education, large number of courses offered through
different colleges and schools, increasing its reach among the
student community.

TI was established in 2001 as a trust in Kolkata, West Bengal and
manages three colleges offering under and post graduate courses
across engineering, management and computer application. TI also
manages eight primary and secondary level schools. Techno India
College is the flagship college of the trust contributing
significant proportion of the total fee income of the trust.

Latest Results
During FY15 TI recorded a net surplus of INR32.49 crore on an
operating income of INR72.76 crore as against a net surplus of
INR12.65 crore on an operating income of INR56.92 crore during
FY14.


UNISOURCE PAPERS: ICRA Ups Rating on INR1.55cr Loan to C+
---------------------------------------------------------
ICRA has revised the long term rating to [ICRA]C+ from [ICRA]D
for the INR1.55 crore1 of term loans and INR1.50 crore cash
credit limits of Unisource Papers Private Limited. ICRA has also
revised the short term rating to [ICRA]A4 from [ICRA]D for the
INR5.00 non-fund based bank limits of UPPL. ICRA has also revised
the ratings to [ICRA]C+/[ICRA]A4 from [ICRA]D for the unallocated
limits of INR0.28 crore of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   based-Cash Credit     1.50       Revised to [ICRA]C+
                                    from [ICRA]D

   Long Term-Term
   Loans                 1.55       Revised to [ICRA]C+
                                    from [ICRA]D

   Short Term Non-       5.00       Revised to [ICRA]A4
   fund based-Letter                from [ICRA]D
   of Credit

   Unallocated Amount    0.28       Revised to [ICRA]C+/
                                    [ICRA]A4 from [ICRA]D

The revision of ratings takes into account the improvement in
Unisource Papers Private Limited (UPPL)'s financial profile on
the back of job-work order inflow from ITC Paper Boards &
Specialty Papers Division, thereby resulting in an improvement in
profitability. With the commencement of job work order inflow and
stabilization of operations of unit II of the company in the
current year, the cost structure is expected to improve. The
ratings also take into consideration the promoter's long track
record in the business of trading and paper processing.
The ratings, however, continue to take into account the weak
financial profile of the company as is evident from the modest
scale of operations, subdued margins, weak coverage indicators
and stretched cash flows. The ratings also take into account the
regular instances of LC devolvement in the past, which further
resulted in delay in debt servicing. The company's reliance on
external borrowings to fund its balance sheet is high. However,
the conversion of unsecured loans into equity has provided some
comfort. Besides, the ratings continue to take into account the
fragmented nature of the industry with low entry barriers and the
vulnerability of margins to raw material prices and foreign
exchange fluctuations.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper trading and also executes job-
work orders for paper manufacturers and printing agencies. The
company imports high quality virgin kraft paper, processes it and
caters to the Indian packaging industry. Currently, UPPL has an
installed capacity of 56,400 metric tonne/annum at two
manufacturing units located in Pune. The company has a registered
office in Mumbai. The company undertakes job-work orders for ITC
Paper Boards & Specialty Papers Division at one of its units
located in Pune.

Recent Results
UPPPL recorded a net loss of INR1.81 crore on an operating income
of INR24.23 crore for the year ending
March 31, 2015.


UNITECH MERCANTILE: ICRA Assigns B- Rating to INR12cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR12
crore fund based bank facilities of Unitech Mercantile Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Term
   Loan                   12.0        [ICRA]B- Assigned

The assigned rating takes into account the lack of experience of
promoters in the hotel industry, exposure to project execution
risks as a significant portion of the construction work for the
hotel is yet to be carried out. ICRA notes that any further delay
in the execution of the project would lead to time and cost
overruns, however the engagement of reputed architect and
contractor mitigates this risk to an extent. The rating also
notes UMPL's exposure to funding risks, as a substantial portion
of unsecured loan is yet to be brought in, its high project
gearing that would result in high interest outgo in the initial
years adversely impacting the overall profitability of the
company at least over the medium term. The rating is further
constrained by the fact that the debt repayments would commence
around the same time, when hotel is likely to commence
operations, leading to limited elbow room for the company to
stabilize operations as per stated parameters. The company's
commercial project would remain susceptible to the cyclicality of
real estate sector exposing the entity to market risks, as only
29% of the commercial space has been sold till date.

Incorporated in December, 1996, UMPL is in the process of setting
up hotel cum commercial project on 0.98 acre of land at Sevoke
Road, Siliguri. The promoters have prior experience in the real
estate business. The three star hotel would have a room inventory
of 52 along with facilities like restaurants, bar, banquet hall.
The hotel is expected to start commercial operation by January
2017.


VAISHNAVI COTTON: ICRA Lowers Rating on INR7cr LT Loan to B
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7 crore
fund based bank facility of Vaishnavi Cotton Industries to
[ICRA]B from [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund         7.00        [ICRA]B, downgraded
   Based-Cash Credit                  from [ICRA]B+

The rating revision factors in the firm's weakened financial
profile in FY 2015 characterized by declined revenues and low
profitability on account of slowdown in cotton industry and
plummeting prices. Low profitability and high debt levels have
further pressurized the interest coverage ratio in FY 2015 which
stood at 0.90 times as on March 31, 2015. Further the operations
of the firm would continue to remain exposed to the ongoing
demand turbulences globally, adverse movements in cotton prices
which are subject to climatic conditions, and government
regulations along with intense competition in the domestic
market. ICRA also notes that VCI is a partnership firm and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The rating, however, favorably takes into account the extensive
experience of partners in the cotton industry and proximity of
the firm's plant to the cotton producing belt of India which
ensures regular and easy availability of raw materials.

Vaishnavi Cotton Industries (VCI) was set up as a partnership
firm in the year 2006 by Mr. Mukesh Patel and other family
members. It is engaged in processing of raw cotton to produce
cotton bales and cotton seeds. The manufacturing plant of the
firm is situated in Kadi, Gujarat and is equipped with thirty
ginning machines with an installed capacity to process 126 MT of
raw cotton per day.

Recent Results
VCI recorded a net profit of INR0.04 crore on an operating income
of INR33.13 crore for the year ending March 31, 2015.



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


MONGOLIAN MINING: Moody's Says Missed Payment No Impact on Ca CFR
-----------------------------------------------------------------
Moody's Investors Service says that Mongolian Mining
Corporation's (MMC, Ca negative) missed payment on the principal
instalment and interest of its bank facilities has no immediate
impact on its Ca corporate family and senior unsecured rating.

The rating outlook remains negative.

On 23 March 2016, MMC announced that it had not made certain
repayments on the principal instalments and interest on its bank
facilities with BNP Paribas (A1 stable) and Industrial and
Commercial Bank of China Limited (A1 negative).

It had also not been able to secure any waiver or forbearance
from the two banks.

The announcement also stated that this situation constitutes an
event of default under the bank facilities agreement and a cross-
default event under the indentures of its US$600 million senior
notes.

At the same time, as of the date of announcement, MMC had not
received any notice from the lenders demanding immediate
repayment of the outstanding facilities, or any notice from its
bondholders and other creditors.

"MMC's Ca ratings already incorporated the high likelihood of
default and the low expected recovery rate for bond holders,"
says Dylan Yeo, a Moody's Analyst.

MMC has been in negotiations with its bondholders and other
lenders since January 2016 to restructure its debt, and has
proposed entering into forbearance agreements with its lenders.

Moody's will monitor the progress of the debt restructuring plans
and re-assess MMC's credit profile when the plans are finalized.

The negative outlook reflects the continued uncertainty over the
outcome of the debt restructuring process.

The last rating action with respect to MMC was taken on 1
September 2015, when Moody's downgraded the corporate family
rating and senior unsecured ratings to Ca from Caa2.

Mongolian Mining Corporation (MMC) is the largest privately owned
coal mining company in Mongolia. Established in 2005, it listed
on the Hong Kong Stock Exchange in October 2010. It has two coal
mines located in the Gobi Desert, the Ukhaa Khudag mine and the
Baruu Naran mine, which was acquired in 2011.


MONGOLIAN MINING: S&P Lowers CCR to 'D' on Missed Debt Payment
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Mongolian coal miner Mongolian Mining Corp. (MMC) to
'D' from 'CCC-'.  At the same time, S&P lowered its issue rating
on the company's US$600 million senior unsecured notes to 'D'
from 'CCC-'.

S&P lowered the corporate credit rating on MMC to 'D' because the
company missed a payment on one of its amortizing bank loans.
This missed payment constitutes an event of default.  Because of
cross-default clauses, the missed payment also constitutes an
event of default on certain other debts that contain cross-
default provisions, including MMC's US$600 million outstanding
notes due in 2017.

S&P lowered the rating on the company's outstanding notes to 'D'.
Given the cross-default clauses, S&P believes it is unlikely that
MMC will make the payment on the next coupon on its outstanding
notes due March 29, 2016.

S&P understands that the company will be discussing a debt
restructuring plan with creditors over the coming weeks.  S&P
will reassess the ratings on completion of any restructuring.
The ratings would then take into account the group's business
prospects and prospective capital structure after the completion
of debt restructuring.



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


* NEW ZEALAND: 1 in 5 Auckland Golf Clubs Technically Insolvent
---------------------------------------------------------------
Maria Slade at Stuff.co.nz reports that one in five Auckland golf
clubs is technically insolvent, and the city's golfing facilities
do not match future demand for the game, according to a report
being presented to Auckland Council on earlier this month.

Stuff.co.nz relates that the document kicks off consultation
about the future of the council's investment in 13 golf courses,
and whether it's getting value for money.

According to Stuff.co.nz, Auckland Council owns or manages a
third of the region's 39 courses. The land would be worth
considerably more than its rateable value of NZ$113 million if it
was used for other purposes, the report acknowledges.

The rent the council earns from its courses varies from around
NZ$130,000 a year -- paid by Remuera Golf Club which has a lease
until 2091 -- to as little as NZ$1.

"There is not a direct relationship between the rateable value of
the land and the rents paid, or a distinction made between urban
and rural golf courses," the Golf Facilities Investment Plan
discussion document said, Stuff.co.nz relays.

Stuff.co.nz notes that an independent report on financing
commissioned by the council last year pointed out that Remuera
could have a market value of NZ$275 million, and a fair market
rent would be over NZ$16 million.

Most of Auckland's golf courses were the traditional 18 holes,
and there was "a distinct lack of introductory golf facilities"
in the face of a changing player profile, the document, as cited
by Stuff.co.nz, said.

"Traditional patterns of play based on membership of a local club
are no longer the norm, and casual play through green fees is now
a greater revenue stream for most clubs," it said.

Stuff.co.nz says golf clubs were in "survival mode", with the
average club existing on 2.5 months' worth of liquid reserves and
one in five being technically insolvent.

They were under-investing in maintenance and depreciation, notes
Stuff.co.nz.

Stuff.co.nz meanwhile says the population was growing, and it was
estimated the number of Aucklanders playing golf each year could
rise from the current 94,000 to 130,000 by 2030.

Stuff.co.nz relates that there needed to be a hierarchy of
facilities, from modified forms of the game such as Starting New
at Golf (SNAG Golf) aimed at new or junior players, right up to
Remuera, which can cater for national events.

Unlike other sport facilities golf clubs were also usually single
use, it said.

Stuff.co.nz notes that the average council course was 40 hectares
but only a third of that was actual playing surface.

Some of the remaining land could be used for other purposes
including walking and cycling trails, as was being proposed at
Chamberlain Park Golf Course in Mt Albert, adds Stuff.co.nz.



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


* BOND PRICING: For the Week March 21 to March 25, 2016
-------------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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



SRI LANKA
---------

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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