TCRAP_Public/160330.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

           Wednesday, March 30, 2016, Vol. 19, No. 62


                            Headlines


A U S T R A L I A

AUSTRALIAN ESCAPES: Members "Highly Unlikely" to Get Money Back
CARRINGTON FORSYTH: First Creditors' Meeting Set For April 6


C H I N A

DONGBEI SPECIAL: Defaults on Bonds After Chairman Found Dead


I N D I A

ADITYA AGRO: CRISIL Cuts Rating on INR64.4MM Term Loan to B-
AKSHA GOLD: CRISIL Suspends 'D' Rating on INR1.2BB Cash Loan
AKSHAY SPINNING: CRISIL Assigns B- Rating to INR71MM Term Loan
ARVEE LABORATORIES: CRISIL Assigns B- Rating to INR55MM Loan
ATMAN SANIFITTINGS: CRISIL Suspends B Rating on INR84.6MM Loan

BEEPEE ENTERPRISE: CRISIL Reaffirms B+ Rating on INR35MM Loan
BIJASANI GINNING: CRISIL Suspends B Rating on INR50MM Cash Loan
BLK EXIM: CRISIL Suspends 'D' Rating on INR600MM Cash Loan
CHILLIES EXPORT: CRISIL Suspends B- Rating on INR12MM Cash Loan
CHOICE PRECITECH: CRISIL Cuts Rating on INR35MM Cash Loan to D

CHRIST KNOWLEDGE: CRISIL Suspends 'B' Rating on INR104.8MM Loan
DOLBI'S GRANITE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
DURABLE CONDUCTORS: CRISIL Suspends B+ Rating on INR29.5MM Loan
ESSAR STEEL: Offers Fresh Equity for Debt Restructuring
EUREKA CLOTHING: CRISIL Assigns 'B' Rating to INR30MM Loan

FASCINATION INDIA: CRISIL Assigns B- Rating to INR40MM Loan
FRIENDLY LOGISTICS: CRISIL Suspends B+ Rating on INR125MM Loan
GANGA JAMUNA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
GLOBAL POWER: CRISIL Suspends B- Rating on INR64MM LT Loan
JAI SAKTHI: CARE Revises Rating on INR35.62cr LT Loan to BB-

JAIN HYDRAULICS: CRISIL Assigns B- Rating to INR100MM Cash Loan
JANAKI RAM: CRISIL Suspends 'B' Rating on INR20MM Cash Loan
JANHIT KARI: CRISIL Suspends 'B' Rating on INR10MM LT Loan
KAMAKSHI COTTON: CRISIL Cuts Rating on INR82.5MM Cash Loan to D
KBJ JEWEL: CRISIL Suspends 'D' Rating on INR1.05BB Cash Loan

KINGFISHER AIRLINES: Lenders Put Trademarks Up for Sale
KIRTI SOLAR: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
LIVANTO CERAMIC: CRISIL Suspends B+ Rating on INR60MM Term Loan
LORDS MARK: CRISIL Suspends B- Rating on INR95MM Cash Loan
MANSHA BUILDERS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

METRIX HEALTHCARE: CRISIL Suspends B+ Rating on INR147.5MM Loan
MG TEX: CARE Revises Rating on INR6.82cr LT Loan to BB-
MICRONS INDIA: CRISIL Assigns 'B' Rating to INR52.5MM Loan
MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR400MM Loan
MOR TRANSFORMERS: CARE Assigns B+ Rating to INR1.50cr LT Loan

NUTRI BIO: CRISIL Suspends 'D' Rating on INR45MM Term Loan
PANAMA SUNARCH: CARE Assigns B+ Rating to INR25cr LT Loan
PEKON ELECTRONICS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
PMA CONSTRUCTIONS: CRISIL Cuts Rating on INR192MM Loan to D
RAGHUNATH LAXMINARAYAN: CRISIL Rates INR100MM Cash Loan at B+

REXON STRIPS: CARE Assigns B+ Rating to INR15.25cr LT Loan
RIA HOTELS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
RISHIKA COTTONS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
S. PAL: CARE Revises Rating on INR7.87cr LT Loan to BB-
S.P. SORTEX: CRISIL Reaffirms B Rating on INR144.5MM Cash Loan

SANMATI COAL: CRISIL Suspends B+ Rating on INR85MM Cash Loan
SEBACIC INDIA: CARE Assigns 'D' Rating to INR10.54cr LT Loan
SOUTH INDIA: CARE Reaffirms 'D' Rating on INR2cr LT Loan
SRI KARVEMBU: CRISIL Reaffirms D Rating on INR65MM Cash Loan
SRI RAMCABLES: CARE Revises Rating on INR27cr LT Loan to BB-

SUKH SAGAR: CARE Lowers Rating on INR6.48cr LT Loan to 'D'
SUKHMANI MEGASTRUCTURES: CARE Assigns B+ Rating to INR11cr Loan
SUSEE POLYMERS: CRISIL Assigns B+ Rating to INR65MM LT Loan
TRANS TECH: CRISIL Cuts Rating on INR1.95BB Loan to 'D'


J A P A N

SHARP CORP: Foxconn Lag Raises Liquidation Risk, Analyst Says
SHARP CORP: Bank of Tokyo-Mitsubishi UFJ to Set New Credit Line
SKYMARK AIRLINES: Exits Bankruptcy; Predicts Operating Profit


N E W  Z E A L A N D

RENNER PARK: Sale of Golf Course Fails to Come Off


S I N G A P O R E

PARS RAM: Managing Director's Bungalow Put Up For Auction Today


                            - - - - -


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


AUSTRALIAN ESCAPES: Members "Highly Unlikely" to Get Money Back
---------------------------------------------------------------
Shae McDonald at Gold Coast Bulletin reports that the
administrator of a Southport-based discount travel company that
went bust has confirmed it is "highly unlikely" members will get
their money back.

Australian Escapes folded on March 9, leaving some of its 15,000
in the lurch with travel plans, the Bulletin relates.

Its entire workforce were also made redundant, according to the
Bulletin.

The Bulletin relates that on March 16, a message was posted on
the company website by one of its managers.

It asserted a "new holiday and travel club enterprise" was
expected to start trading on March 29 that would "honour all
promotional vouchers and existing memberships including getaway
cash points and free flights vouchers".

Ernst and Young administrator Justin Walsh was unable to confirm
the information was correct, the Bulletin relates.

"All the posts going on that website are being done without any
approval from the administrator," the Bulletin quotes Mr. Walsh
as saying.

According to the Bulletin, Mr. Walsh said he had met with
creditors and although investigations were ongoing, it was
"highly unlikely" customers would receive their money back.  "The
company will be making no further bookings for anyone . . . a
small number of people who deposited money into that account
after my appointment, they'll have their money refunded."

Australian Escapes offered memberships to customers in return for
what it claimed were "heavily discounted resort and travel
packages to over 300 resorts, hotels and holiday parks" in
Australia and overseas.


CARRINGTON FORSYTH: First Creditors' Meeting Set For April 6
------------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick Chartered
Accountants were appointed as administrators of Carrington
Forsyth Pty Ltd on March 23, 2016.

A first meeting of the creditors of the Company will be held at
Wesley Mission, The Pacific Room, Lower Level Ground, 220 Pitt
Street, in Sydney, on April 6, 2016, at 10:00 a.m.



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


DONGBEI SPECIAL: Defaults on Bonds After Chairman Found Dead
------------------------------------------------------------
Channel News Asia reports that Dongbei Special Steel Group Co.
has defaulted on an CNY852 million (US$131 million) bond payment,
days after its chairman was found dead in an apparent suicide.

The news agency relates that Dongbei Special Steel said on
March 28 it was unable to pay the interest or principal due on a
one-year bond, while another CNY1.01 billion on a shorter-term
bill due next week was also "uncertain".

According to CNA, the company said last week that its chairman
and Communist Party chief Yang Hua had been found hanged at his
residence in a case now under investigation. The company
statement has since been removed from its website.

The report relates that as China's growth slows to its weakest
level in 25 years, the country has been hit by a series of
corporate defaults. The steel sector, already burdened by
overcapacity, has been especially hurt as demand slows, the
report says.

CNA says China makes more steel than the rest of the world
combined, and the government plans cuts of up to 150 million
tonnes in production capacity over five years.

One of China's largest steelmakers, state-owned Wuhan Iron and
Steel, plans to shed up to 50,000 jobs, as the government
struggles to reduce overcapacity while growth in the world's
second-largest economy slows, according to the report.

In April last year, power equipment maker Baoding Tianwei Group
Co. failed to make a coupon payment of CNY85.5 million, in what
was said to be the first bond default by a state-owned firm, the
report recalls.

Also last year, privately-owned technology firm Cloud Live Tech
Group was unable to pay both principal and interest on a five-
year, CNY480 million bond issue sold in 2012, CNA relates.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry,



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


ADITYA AGRO: CRISIL Cuts Rating on INR64.4MM Term Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of M/s Aditya Agro - Chhindwara (Aditya Agro) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     2.8      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')
   Term Loan             64.4      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects Aditya Agro's stretched liquidity because
of low cash accrual vis-a-vis debt obligation. The cash accrual
is expected to be inadequate to meet debt obligation in 2015-16
(refers to financial year, April 1 to March 31) and over the
medium term. The shortfall will be met through funds from
promoters in the form of unsecured loans or equity infusion.

The rating reflects Aditya Agro's susceptibility to level of
operating cash flow, and its below-average capital structure
because of debt-funded project for constructing a warehouse.
These weaknesses are partially offset by committed timely funding
support from promoters, and limited exposure to project risk
because of advanced stage of implementation and lease agreement
with Food Corporation of India (FCI) providing long-term revenue
visibility.
Outlook: Stable

CRISIL believes Aditya Agro will benefit over the medium term
from its lease agreement with FCI. The outlook may be revised to
'Positive' if the firm successfully ramps up operations on timely
implementation of its project, and generates substantial cash
accrual, leading to better liquidity. Conversely, the outlook may
be revised to 'Negative' in case of delay in project completion
or in receipt of rent from FCI.

Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.


AKSHA GOLD: CRISIL Suspends 'D' Rating on INR1.2BB Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Aksha
Gold Ornaments Limited (Aksha; formerly known as KBJ Gold
Ornaments Ltd.).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1200      CRISIL D

The suspension of ratings is on account of non-cooperation by
Aksha with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Aksha is yet to
provide adequate information to enable CRISIL to assess Aksha'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 ratings, CRISIL has consolidated the business
and financial profiles of Aksha, KBJ Jewel Industry India Pvt.
Ltd.(KBJ Jewel; formerly known as KBJ Jewellery Private Limited),
Shakuntala Gold Ornaments Limited( Shakuntala; formerly known as
KBJ Gems and Jewellery Limited) and BLK exim Limited (BLK;
formerly known as KBJ exports Limited) together referred as 'KBJ
Group' on account of business synergies within the group due to
common manufacturing facilities, common set of customers,
financial fungibility within group companies

Aksha Gold Ornaments Limited (Aksha), incorporated in 2009, by
Mumbai based Mr. Mohit Kamboj, a third generation entrepreneur,
and is engaged in the trading of gold Jewellery such as necklaces
(primarily mangalsutra), bracelets, earrings, bangles and other
type of related allied products

KBJ Gold is part of Mumbai based KBJ group engaged in wholesale
gold jewellery manufacturing. Apart from Aksha, KBJ group has
other entities named KBJ Jewel Industry India Pvt. Ltd.(KBJ
Jewel; formerly known as KBJ Jewellery Private Limited),
Shakuntala Gold Ornaments Limited( Shakuntala; formerly known as
KBJ Gems and Jewellery Limited) and BLK exim Limited (BLK;
formerly known as KBJ exports Limited). All the entities are
based at Mumbai with common manufacturing facilities, common set
of customers, common promoters and management.


AKSHAY SPINNING: CRISIL Assigns B- Rating to INR71MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Akshay Spinning Mills (ASM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             71        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    20.2      CRISIL B-/Stable
   Cash Credit           32.5      CRISIL B-/Stable
   Import Letter of
   Credit Limit           1.3      CRISIL A4

The ratings reflect ASM's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its small
scale of operations in the highly fragmented cotton yarn
industry. These weaknesses are partially offset by the benefits
that the firm derives from its partners' extensive experience in
the textile industry.
Outlook: Stable

CRISIL believes that ASM will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if increase in net cash accrual leads to
stronger debt protection measures; or if infusion of substantial
capital strengthens the capital structure. Conversely, the
outlook may be revised to 'Negative' if ASM posts low cash
accruals, or if its working capital management weakens, or if it
undertakes a substantial debt-funded capital expenditure
programme.

Established in 1996, ASM is a partnership firm based in Panipat
(Haryana). It manufactures cotton and cotton-based yarn. The firm
is promoted by Mr. Sanjay Garg and Ms. Aruna Gupta.

For 2014-15 (refers to financial year, April 1 to March 31), ASM
reported a provisional book profit of INR1.6 million on net sales
of INR243.8 million (up from INR1.6 million and INR224.1 million,
respectively, for 2013-14).


ARVEE LABORATORIES: CRISIL Assigns B- Rating to INR55MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Arvee Laboratories (India) Private
Limited (ALPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             40.6      CRISIL B-/Stable
   Cash Credit           55        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    44.4      CRISIL B-/Stable

The rating reflects the company's exposure to intense competition
in the highly competitive chemical industry, large working
capital requirement, and average financial risk profile because
of a small networth. These rating weaknesses are partially offset
by the extensive industry experience of its promoters.
Outlook: Stable

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

ALPL, incorporated in 2012, is promoted by Mr. Shalin Bharat
Chokshi and Mr. Sudhakarbhai Chhotabhai Patel. The company
manufactures polymer modifiers, drug intermediaries, and contrast
media intermediaries used in the textile, pharmaceutical,
fertiliser, and other industries. Its facility is in Ahmedabad,
Gujarat.


ATMAN SANIFITTINGS: CRISIL Suspends B Rating on INR84.6MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Atman
Sanifittings Private Limited (ASPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           30        CRISIL B/Stable
   Long Term Loan        84.6      CRISIL B/Stable
The suspension of rating is on account of non-cooperation by ASPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ASPL is yet to
provide adequate information to enable CRISIL to assess ASPL'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'.

ASPL, based in Cuttack (Odisha), was incorporated in 2013. The
company will be primarily manufacturing polyvinyl chloride (PVC)
fittings, plastic mouldings, and different types of joints. It is
being promoted by Mr. Santosh Kumar Mohanty and his family
members.


BEEPEE ENTERPRISE: CRISIL Reaffirms B+ Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Beepee Enterprise
Private Limited (BEPL) continue to reflect BEPL's below-average
financial risk profile, marked by a modest networth and weak debt
protection metrics, its large working capital requirements, and
its modest scale of operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the textile industry, and its established
relationships with customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)

   Foreign Demand
   Bill Purchase          20       CRISIL A4 (Reaffirmed)

   Letter Of Guarantee     3       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BEPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer relationships. The outlook may be
revised to 'Positive' in case of a substantial increase in BEPL's
scale of operations and profitability, leading to higher cash
accruals, or if the company's capital structure or working
capital cycle improves. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's financial
risk profile, most likely due to further lengthening of its
working capital cycle or a decline in its revenue and
profitability.

BEPL was incorporated in 2003, promoted by Mr. Chandrakishor
Poddar along with his sons, Mr. Anup Poddar and Mr. Anil Poddar.
The company manufactures of bed sheets, table cloths, serviettes,
chair covers, table linen, duvets, and mats. BEPL's customers
include various reputed players such as Air India Ltd, Taj Hotels
Resorts and Palaces, and Hotel Leela Ventures Ltd.


BIJASANI GINNING: CRISIL Suspends B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bijasani Ginning and Pressing Factory (BGPF).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      11.3      CRISIL B/Stable
   Standby Line of Credit   7.5      CRISIL B/Stable
   Term Loan                3.0      CRISIL B/Stable

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

Established in 2007, BGPF is a partnership firm of Mr. Sajay
Choudhri and Mr. Umesh Choudhri. The firm has a cotton ginning
and pressing unit at Dharangaon, Jalgaon (Maharashtra).


BLK EXIM: CRISIL Suspends 'D' Rating on INR600MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of BLK Exim
Limited (BLK; formerly known as KBJ Exports Limited; part of the
KBJ Group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            600      CRISIL D

The suspension of rating is on account of non-cooperation by BLK
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BLK is yet to
provide adequate information to enable CRISIL to assess BLK'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 ratings, CRISIL has consolidated the business
and financial profiles of Aksha Gold Ornaments Limited (Aksha;
formerly known as Aksha Gold Ornaments Limited) , KBJ Jewel
Industry India Pvt. Ltd.(KBJ Jewel; formerly known as KBJ
Jewellery Private Limited), Shakuntala Gold Ornaments Limited(
Shakuntala; formerly known as KBJ Gems and Jewellery Limited) and
BLK exim Limited (BLK; formerly known as KBJ exports Limited)
together referred as 'KBJ Group' on account of business synergies
within the group due to common manufacturing facilities, common
set of customers, financial fungibility within group companies

BLK was incorporated in 2011 by Mr. Mohit Kamboj, a Mumbai-based
third generation entrepreneur; it manufactures gems. The company
is part of the Mumbai-based KBJ group engaged in wholesale gold
jewellery manufacturing such as necklaces (primarily
mangalsutras), bracelets, earrings, bangles and other related
products.

BLK is part of Mumbai based KBJ group engaged in wholesale gold
jewellery manufacturing. Apart from BLK, KBJ group has other
entities named of Aksha Gold Ornaments Limited (Aksha; formerly
known as Aksha Gold Ornaments Limited), KBJ Jewel Industry India
Pvt. Ltd. (KBJ Jewel; formerly known as KBJ Jewellery Private
Limited), and Shakuntala Gold Ornaments Limited( Shakuntala;
formerly known as KBJ Gems and Jewellery Limited). All the
entities are based at Mumbai with common manufacturing
facilities, common set of customers, common promoters and
management.


CHILLIES EXPORT: CRISIL Suspends B- Rating on INR12MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chillies Export House Ltd (CEHL).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                 12       CRISIL B-/Stable

   Export Packing Credit      37.5      CRISIL A4

   Foreign Bill Negotiation   22.5      CRISIL A4

   Proposed Long Term Bank
   Loan Facility               8.0      CRISIL B-/Stable

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

CEHL, incorporated in 1963, is promoted by Mr. AV Karunanidhi.
The company processes chilli powder, stemless chillies, and
oleoresins.


CHOICE PRECITECH: CRISIL Cuts Rating on INR35MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Choice Precitech India Pvt Ltd (Choice) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         6.3      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           35        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit      10        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan        21.6      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Standby Line of       5.0       CRISIL D (Downgraded from
   Credit                          'CRISIL B/Stable')

   Working Capital       20        CRISIL D (Downgraded from
   Demand Loan                     'CRISIL B/Stable')

The downgrade reflects instances of delay by Choice in servicing
its debt. The delays have been caused by weakening in liquidity.

Choice's scale of operations in the intensely competitive casting
and forging industry remains small, while its working capital
requirements continue to be large. Moreover, financial risk
profile remains constrained by small networth, moderate gearing,
and weak debt protection metrics. However, the company benefits
from its promoters' extensive industry experience.

Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.


CHRIST KNOWLEDGE: CRISIL Suspends 'B' Rating on INR104.8MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Christ
Knowledge City (CKC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Term Loan        104.8     CRISIL B/Stable

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

Christ Knowlegde City (CKC) was established in 2009 by Mr.
Paulose as a trust registered under the Indian Trust Act, 1881.
The trust runs the Christ Knowledge City offering various
undergraduate and postgraduate courses in engineering and Master
in Computer Applications (MCA). It is based in Mannoor, Ernakulam
Dist. (Kerala).


DOLBI'S GRANITE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dolbi's Granite
Exports Private Limited (Dolbi's Granite) a Long-Term Issuer
Rating of 'IND D'. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect Dolbi's Granite's continuous delays in debt
repayments over the 12 months ended February 2016, due to
stretched liquidity. This can be attributed to a continuous
decline in its EBITDA margins since FY13 (FY13: 55.1%; FY14:
41.2%; FY15: 31%).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

Dolbi's Granite was established in 2001 in Virugambakkam,
Chennai, Tamil Nadu. The company trades (domestically as well as
internationally), quarries and processes granite.

Dolbi's Granite's ratings:
-- Long-Term Issuer Rating: assigned 'IND D'
-- INR50 million fund-based working capital limits: assigned
    Long-term 'IND D'
-- INR37 million term loan limits: assigned Long-term 'IND D'
-- INR15 million non-fund-based working capital limits: assigned
    Short-term 'IND D'


DURABLE CONDUCTORS: CRISIL Suspends B+ Rating on INR29.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Durable Conductors & Cables (DCC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4
   Cash Credit            29.5      CRISIL B+/Stable
   Letter of Credit        0.5      CRISIL A4

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

DCC was set up in 2010 by Solan district (Himachal Pradesh)-based
Mr. Rajeev Kohli. Ms. Sona Kohli, wife of Mr. Kohli, is the sole
proprietor of the firm. It manufactures aluminium conductor
steel-reinforced cable, all-aluminium alloy conductors, and all-
aluminium conductors.


ESSAR STEEL: Offers Fresh Equity for Debt Restructuring
-------------------------------------------------------
The Times of India reports that under pressure from banks, Essar
Steel has offered equity contribution of around INR4,500 crore
from the promoters in return for upfront concessions and a
promise to "recompense" lenders on mutually agreed terms and date
to restructure its debt.

TOI says while banks are reluctant to take a haircut in the form
of a lower interest rate or a longer repayment period, the steel
company is suggesting that it will compensate lenders with around
20% of the loan amount as a bullet payment after 15 years. "What
the company has suggested is that you help us now and it will
make sure that lenders do not incur a loss in the long run," TOI
quotes a source familiar with the discussions as saying.

According to TOI, Essar Steel has bank loans of around INR40,000
crore and bankers are concerned over repayment.  TOI relates that
sources said the Ruias of Essar have proposed a fresh equity
infusion of INR1,500 crore, while converting group loans of
INR2,850 crore into equity.  Although the steel firm is said to
be pursuing stake sale, a presentation made before the joint
lenders forum last week was silent on the issue, sources told
TOI. Banks are, however, unwilling to take a fresh haircut and
want Essar Steel to hunt for a partner, although they admitted
that this could be tough, given the depressed market conditions,
TOI says. The company has been asked to get more funds by the
lenders and ensure that payments are not impacted, said a banker,
TOI relays.

"We are yet to take a call but we can't take a hit every time,"
said a banker, pointing out that Essar Steel was one of
beneficiaries of the 5/25 scheme that has provided refinance
facility at lower rates, TOI relates. It is among a score of
companies from the steel sector, which are facing pressure from
the lenders to ensure that loan repayment is not delayed. Several
of the lenders have very high level of debt and the current
pressure in the market is adding further pressure on their
already strained balance sheet, TOI discloses.

According to TOI, Essar Steel has faced a series of setbacks,
which it has suggested were purely external -- from lack of gas
supply to delayed environmental clearance, delay in release of
working capital and damage caused by naxalites on its Vizag
facility. It has argued before lenders that there is a ramp up in
production and costs have been cut and made a case for a long
list of concessions, the report adds.

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


EUREKA CLOTHING: CRISIL Assigns 'B' Rating to INR30MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Eureka Clothing Company (ECC).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Export Packing Credit       30       CRISIL B/Stable
   Foreign Bill Discounting    30       CRISIL B/Stable
   Long Term Loan               2.4     CRISIL B/Stable
   Proposed Long Term Bank      7.6     CRISIL B/Stable
   Loan Facility

The suspension of rating is on account of non-cooperation by ECC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ECC is yet to
provide adequate information to enable CRISIL to assess ECC'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 as a partnership firm in 1994, ECC manufactures RMG. The
day-to-day operations of the firm are managed by Mr. Manickam.


FASCINATION INDIA: CRISIL Assigns B- Rating to INR40MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Fascination India (FI) and has assigned its 'CRISIL
B-/Stable/CRISIL A4' rating to the facilities. CRISIL had, on
December 25, 2015, suspended the rating as FI had not provided
the necessary information required for a rating review. The firm
has now shared the requisite information, enabling CRISIL to
assign a rating to the facilities.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing Credit      40      CRISIL B-/Stable (Assigned;
                                       Suspension Revoked)

   Foreign Bill Purchase      15      CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

   Foreign Letter of Credit    1      CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Term Loan                  10      CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term          9      CRISIL B-/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating reflects FI's small scale of operations with low
operating margin, large working capital requirement and below-
average financial risk profile, because of weak debt protection
metrics. These rating weaknesses are mitigated by the promoters'
extensive experience in the garment industry and their funding
support.
Outlook: Stable

CRISIL believes FI's business risk profile will remain
constrained by its small scale of and working capital-intensive
operations. The outlook may be revised to 'Positive' if
significant ramp up in scale of operations or more-than-expected
profitability, leads to substantial cash accrual or improvement
in working capital management. Conversely, the outlook may be
revised to 'Negative' in case larger-than-expected, debt-funded
working capital requirement or low cash accrual constrains
liquidity.

Set up in 1982, FI is a partnership firm owned and managed by Ms.
Usha Bushan and her son Mr. Vivek Bhushan, in Delhi. It
manufactures and exports readymade garments.


FRIENDLY LOGISTICS: CRISIL Suspends B+ Rating on INR125MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Friendly Logistics India Private Limited (FLIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4
   Cash Credit          125        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    12        CRISIL B+/Stable

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

FLIPL was set up as a partnership firm in the 1980s by Mr.
Yashodhar G Nayak; it was reconstituted as a private limited
company in August 2002. FLIPL provides freight transportation
services to the commercial vehicles, engineering, and steel
industries.


GANGA JAMUNA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ganga Jamuna Steel
Private Limited (GJSPL) continue to reflect GJSPL's average
financial risk profile because of high gearing and a small
networth, small scale of operations with low profitability, and
high customer concentration in revenue profile. The ratings also
factor in susceptibility to volatility in raw material prices.
These weaknesses are mitigated by the promoter's extensive
experience in the stainless steel industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       5        CRISIL A4 (Reaffirmed)
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes GJSPL will benefit over the medium term from its
promoter's experience. The outlook may be revised to 'Positive'
if significant increase in scale of operations and profitability
leads to large cash accrual and improves working capital cycle.
Conversely, the outlook may be revised to 'Negative' if
profitability margins decline steeply, or capital structure
weakens due to larger-than-expected working capital requirement
or substantial debt-funded capital expenditure.

Incorporated in 2005 and promoted by Mr. Ram Avtar Garg, GJSPL
manufactures stainless steel ingots at its facility in Sonepat,
Haryana. The facility has two electric induction furnaces, with
total ingot manufacturing capacity of around 7,200 tonne per
annum.


GLOBAL POWER: CRISIL Suspends B- Rating on INR64MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Global Power Systems (GPS; part of the GPS group).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         3       CRISIL A4
   Cash Credit           20       CRISIL B-/Stable
   Letter of Credit       3       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    64       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by GPS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GPS is yet to
provide adequate information to enable CRISIL to assess GPS'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 ratings, CRISIL has consolidated the business
and financial risk profiles of GPS and its group entity, Global
Power Services. This is because the two entities, together
referred to as the GPS group, have common promoters and fungible
cash flows.

GPS, a proprietorship concern, was set up in 2002 by Mr. Prashant
Deshmukh. The concern is an authorised distributor of diesel and
gas generators of Kohler Company. GPS also provides installation
and after-sales maintenance services to its customers.


JAI SAKTHI: CARE Revises Rating on INR35.62cr LT Loan to BB-
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Jai Sakthi Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     35.62      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating factors in the satisfactory financial
performance of the firm in FY15 (refers to the period April 1 to
March 31) marked by healthy growth in income, moderate gearing
and coverage indicators as well as moderate operating cycle.

The rating continues to be constrained by the limited operational
track record of the firm, profitability susceptible to the
volatile raw material prices and the working capital intensive
nature of operations. The rating is further constrained by the
constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital.

Going forward, the ability of the firm to effectively utilize the
additional capacity, achieve the envisaged scale of operations
and effectively manage the raw material price risk will be the
key rating sensitivities. Furthermore, the ability of the firm to
prudently manage its working capital requirements will also be a
key rating sensitivity.

JSM is a partnership concern, established in April 2010, for
production of yarn and cloth in Sulur, Coimbatore, Tamil Nadu.
JSM presently has 17 partners, all belonging to same family. The
main partners, managing operations are Mr M.S. Senthil Kumar and
Mr S. Prakash Kumar. The family was originally involved in
agricultural operations and trading in coconuts. In 2010, the
family decided to venture into the production of yarn and cloth.
Mr S. Prakash Kumar, S/o Mr K. Shanmugasundaram worked in a
nearby textile mill for a period of one year in-order to gain
hands-on experience in textile business, before constituting the
partnership business under the name JSM.


JAIN HYDRAULICS: CRISIL Assigns B- Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Jain Hydraulics Private Limited (JHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        15        CRISIL A4
   Cash Credit          100        CRISIL B-/Stable

The ratings reflect the company's below-average financial risk
profile because of high gearing and weak debt protection metrics.
Furthermore, it has large working capital requirement,
constraining liquidity. These rating weaknesses are partially
offset by the extensive experience of the company's promoter in
the waste management industry.

Outlook: Stable

CRISIL believes JHPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
sales and profitability, resulting in higher cash accrual, along
with considerable improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
significantly lower-than-expected sales or profitability, or
considerable weakening of working capital management, resulting
in deterioration in the financial risk profile.

Incorporated in 1973, JHPL primarily manufactures and assembles
waste management equipment, which it markets under its brand,
Jain Hydraulics. The company is based in New Delhi, and is
currently managed by Mr. Ajay Jain.

Net profit and net sales were INR6.1 million and INR287 million,
respectively, for 2014-15 (refers to financial year, April 1 to
March 31), against INR5.4 million and INR282.9 million,
respectively, for 2013-14.


JANAKI RAM: CRISIL Suspends 'B' Rating on INR20MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Janaki
Ram Steel and Power Private Limited (JRSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit       80       CRISIL A4

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

JRSPL set up in 2004, is involved in the manufacture of steel
ingots. The daily operations of the company are managed by Mr.
Narayan Singh.


JANHIT KARI: CRISIL Suspends 'B' Rating on INR10MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Janhit
kari Sewa Samiti (JHSS).

                        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 JHSS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JHSS is yet to
provide adequate information to enable CRISIL to assess JHSS'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'.

JHSS is organized as a not-for-profit society and 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.


KAMAKSHI COTTON: CRISIL Cuts Rating on INR82.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamakshi Cotton Industries Ginning and Pressing Unit (KCI) to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           82.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    32.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

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

The downgrade reflects instances of delay by KCI in servicing its
debt. The delays have been caused by weakening in liquidity.

KCI's scale of operations in the highly fragmented cotton ginning
industry remains modest, and its financial risk profile continues
to be constrained by high gearing, small networth, and weak debt
protection metrics. However it benefits from its promoters'
extensive industry experience.

Established in 2008 as a partnership concern, KCI gins and
presses raw cotton, and sells cotton lint and cotton seeds. The
firm also undertakes extraction of cottonseed oil. It is promoted
by J. Bhaskar Rao and his family members and is based in
Karimnagar (Telangana).


KBJ JEWEL: CRISIL Suspends 'D' Rating on INR1.05BB Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of KBJ
Jewel Industry India Pvt. Ltd. (KBJ Jewel; formerly known as KBJ
Jewellery Private Limited).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1050      CRISIL D
   Proposed Long Term
   Bank Loan Facility      50      CRISIL D

The suspension of rating is on account of non-cooperation by KBJ
Jewel with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KBJ Jewel is
yet to provide adequate information to enable CRISIL to assess
KBJ Jewel'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 ratings, CRISIL has consolidated the business
and financial profiles of KBJ Jewel, Aksha Gold Ornaments Limited
( Aksha; formerly known as KBJ Gold Ornaments Ltd.), Shakuntala
Gold Ornaments Limited( Shakuntala; formerly known as KBJ Gems
and Jewellery Limited) and BLK exim Limited (BLK; formerly known
as KBJ exports Limited) together referred as 'KBJ Group' on
account of business synergies within the group due to common
manufacturing facilities, common set of customers, financial
fungibility within group companies

KBJ Jewel was incorporated in 2006, by Mr. Mohit Kamboj, a
Mumbai-based third generation entrepreneur; it manufactures plain
gold jewellery. The company is part of the Mumbai-based KBJ group
engaged in wholesale gold jewellery manufacturing such as
necklaces (primarily mangalsutras), bracelets, earrings, bangles
and other related products

KBJ Jewel is part of Mumbai based KBJ group engaged in wholesale
gold jewellery manufacturing. Apart from KBJ Gold, KBJ group has
other entities named Aksha Gold Ornaments Limited ( Aksha;
formerly known as KBJ Gold Ornaments Ltd.), Shakuntala Gold
Ornaments Limited( Shakuntala; formerly known as KBJ Gems and
Jewellery Limited) and BLK exim Limited (BLK; formerly known as
KBJ exports Limited). All the entities are based at Mumbai with
common manufacturing facilities, common set of customers, common
promoters and management.


KINGFISHER AIRLINES: Lenders Put Trademarks Up for Sale
-------------------------------------------------------
The Times of India reports that lenders to Kingfisher Airlines
have put on the block the trademarks of the airline including the
famous flying bird logo which was adopted from the UB Group's
iconic Beer brand. The reserve price for the trademarks, which
will be auctioned on April 30, has been fixed at INR366 crore,
the report says.

According to TOI, the trademarks include the tag lines 'Fly the
Good Times', 'Funliner', 'Fly Kingfisher' label in addition to
the brand name and the logo which have been separately
copyrighted by Kingfisher.

TOI notes that KFA had pledged the trademarks as collateral with
the banks while obtaining loans -- a standard practice worldwide.
At its peak, when it was close to being the largest private
airline in the country with international flights to UK, the
brand was valued at Rs 4,100 crore by Grant Thornton. But with
the airline being grounded for over three years the brand has
suffered, TOI says.

Also Kingfisher promoter Vijay Mallya had an interest in the KFA
brand as the brand image was shared with Kingfisher Beer, says
TOI.  According to the report, Kingfisher Beer is owned by then
group company United Breweries which could not advertise in India
as there are laws against liquor advertisements. However, United
Breweries is now controlled by Heineken. "United Breweries owns
the Kingfisher beer and water brands, and the airline brand holds
no relevance to us," said the company's managing director Shekhar
Ramamurthy speaking to TOI earlier this month. It is not known
whether the banks going ahead with the auction would change
matters for the liquor company as it risks rivals acquiring the
brand, the report states.

TOI adds that lenders are trying to recover dues of Rs 6963 crore
as on January 2014. Including the accumulated interest on these,
the total dues are now close to INR10,000 crore. In addition,
there are claims from employees, tax and airport authorities, TOI
notes.

                     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.


KIRTI SOLAR: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kirti Solar
Limited (KSLT) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

KSLT's ratings reflect its small scale of operations and moderate
credit profile. During FY15, its revenue was INR267 million
(FY14: INR213 million), interest coverage was 1.3x (1.4x) and net
leverage was 1.2x (1.3x). Its liquidity position has been
moderate, with 80% average utilisation of its fund-based working
capital limits during the 12 months ended February 2016.

However, the ratings benefit from KSLT's strong association, in
terms of strong operational linkages and common promoters, with
its parent entity Pekon Electricals Limited (PELT; 'IND BB-
'/Stable). Consolidated financials for PELT and KSLT indicate
that revenue was INR1277 million, interest coverage was 1.3x and
net leverage was 4.7x during FY15.The ratings also benefit from
its promoters' experience of almost a decade in the manufacture
of solar products.

RATING SENSITIVITIES

Positive: An improvement in its scale of operations and overall
credit profile will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2001, KSLT is an unlisted public limited entity
that manufactures solar products. It has a registered office in
Kolkata. It is managed by Dhiraj Bhagchandka, Rachit Jalan and
Aditya Bhagchandka. As at end-February 2016, KSLT had an
outstanding order book of INR242.58 million.

KSLT's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR60 million fund-based limits: assigned 'IND BB-'/Stable
-- INR40 million non-fund-based limits: assigned 'IND A4+'


LIVANTO CERAMIC: CRISIL Suspends B+ Rating on INR60MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Livanto Ceramic Private Limited (LCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        7.5       CRISIL A4
   Cash Credit          30         CRISIL B+/Stable
   Term Loan            60         CRISIL B+/Stable

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

Incorporated in February 2011, LCPL has a non-vitrified ceramic
floor tile manufacturing unit in Morbi (Gujarat). LCPL is
promoted by Mr. Praful Patel, Mr. Prafulkumar Detroja, Mr.
Rameshkumar Patel, Mr. Nileshkumar Desai, Mr. Jayesh Rangpariya,
and Mr. Anilkumar Surani The unit commenced its commercial
production since October 2011.


LORDS MARK: CRISIL Suspends B- Rating on INR95MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lords
Mark Industries Private Limited (LMPPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           95        CRISIL B-/Stable
   Term Loan             15        CRISIL B-/Stable

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

LMPPPL was incorporated in 1998 as Lord's Marketing and Research
Pvt Ltd, promoted by Mr. Sachidanand Upadhyay and Mr. Vijay
Borkar. After the exit of Mr. Borkar from the company, Mr. Rajesh
Chavan and Mr. G M Ansari joined as directors in 2008, when the
company got its present name. LMPPPL started manufacturing paper
in 2006. Its products include carbonless paper, heat-sensitive
thermal paper, high-density polyethylene bags, and low-density
polyethylene bags. The company is venturing into sale of fire
extinguishers and garments.


MANSHA BUILDERS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mansha Builders
& Contractors Pvt Ltd (MBAC) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The ratings reflect MBAC's small scale of operations with revenue
of INR180.53 million in FY15 (FY14: INR128.55m) and moderate
EBITDA margins of 8.53% (9.81%). MBAC's business is highly
susceptible to government regulations and availability of
tenders/projects; any adverse change in the policy could hamper
the operations severely. MBAC current order book position stands
at INR117m for FY17.

Also, the liquidity position of the company is tight with around
95% maximum average utilisation during the 12 months ended
January 2016.

The ratings factor in MBAC's moderate-to-weak credit metrics with
interest coverage (operating EBITDA/gross interest expense) at
2.82x in FY15 (FY14: 2.28x) and financial leverage (total Ind-Ra
adjusted debt/operating EBITDAR) of 4x (5.1x).

The ratings, however, are supported by the firm's established
track record of over four decades in civil construction work.

RATING SENSITIVITIES

Negative: Significant deterioration in the EBITDA margin leading
to a decline in the credit metrics will be negative for the
ratings.

Positive: Substantial growth in the revenue and a sustained
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Established 2009, MBAC is into engineering, procurement and
construction work mainly relating road construction. It mainly
executed orders for Haryana Public Works Department.

MBAC's ratings are as follows:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR40 million fund-based working capital limit: assigned
    Long-term 'IND BB-'/Stable and Short-term 'IND A4+'
-- INR60 million non-fund-based limit: assigned Short-term 'IND
    A4+'


METRIX HEALTHCARE: CRISIL Suspends B+ Rating on INR147.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Metrix Healthcare Private Limited (MHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           52.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility   147.5      CRISIL B+/Stable

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

Incorporated in 2004, MHPL is engaged in distribution and
marketing of pharmaceutical formulations in the form of tablets,
syrups, capsules, and injections. The company gets its products
manufactured through third parties and sells these under its own
brand. It is promoted by Mr. Yogesh Gupta, Ms. Nirupama Gupta,
and Mr. Anuj Gupta.


MG TEX: CARE Revises Rating on INR6.82cr LT Loan to BB-
-------------------------------------------------------
CARE revises/reaffirms the ratings assigns to the bank facilities
of MG Tex Fab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.82       CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities    0.16       CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of MG Tex Fab Private Limited (MTFPL) was primarily on
account of increase in scale of operations during FY15 (refers to
the period April 1 to March 31) along with improvement in
profitability, capital structure and debt coverage indicators.

The ratings, however, continue to remain constrained on account
of its moderate profit margins, leveraged capital structure and
moderate liquidity position. The ratings also remain constrained
due to its presence in highly fragmented industry and
susceptibility of profit margins to volatility in the prices of
raw materials.

The ratings also continue to derive strength from experienced
promoters and strategic location with easy access to raw
material and labour requirement.

MTFPL's ability to increase its scale of operations and
profitability with improvement in its capital structure while
efficiently managing its operating cycle amidst the high
competition in the segment are the key rating sensitivities.

Incorporated in 2007, MTFPL is engaged in the manufacturing of
grey fabrics (viz, French crepe, velvet, raw silk and metty
pc) from cotton and polyester yarn. MTFPL operates from its sole
manufacturing facilities located at Surat (Gujarat) with total 92
waterjet looms with an installed capacity of 120 lakh meters per
annum as on March 31, 2015. Although MTFPL was incorporated in
2007, the production commenced from October 2011. The key raw
material, ie, cotton and polyester yarn is sourced entirely from
domestic market (mainly Surat) and the revenues are also entirely
earned from the domestic market (mainly fromGujarat, Rajasthan
and Maharashtra).

MTFPL reported a total operating income (TOI) of INR27.11 crore
and PAT of INR0.54 crore during FY15 as against TOI of INR22
crore and PAT of INR0.51 crore during FY14. As per the
provisional results for 10MFY16, MTFPL has registered TOI of
INR18.12 crore.


MICRONS INDIA: CRISIL Assigns 'B' Rating to INR52.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable 'rating to the long-term
bank facility of Microns India (MI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           52.5      CRISIL B/Stable

The rating reflects MI's large working capital requirement
leading to high gearing and volatility in raw material prices
leading to decline in operating profitability. These weakness are
mitigated by the promoters' experience in the auto ancillary
industry, their funding support, and established relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes MI will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive'
if revenue and margins improve significantly, aided by prudent
working capital management, while maintaining debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens owing to decline in revenue or
margins, stretch in working capital cycle, or reduction in
promoters' support.

MI, setup in 2004-05, is a partnership firm engaged in
manufacturing & assembly of machined components. The firm is
promoted by Mr. Surendra Batra, Mr. Vineet Thukral, Mr. Ashok
Mendiratta and Mr. Chander Prakash Taneja. Its manufacturing
facilities are in Faridabad, Haryana.

Book profit was INR2.05 million on operating income of INR169
million in 2014-15 (refers to financial year, April 1 to
March 31) as against book profit of INR1.26 million on operating
income of INR126.3 million in 2013-14.


MOHAMMED ENTERPRISES: CRISIL Reaffirms B+ Rating on INR400MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mohammed Enterprises
Private Limited (MEPL) continue to reflect the company's large
working capital requirement, susceptibility of its profitability
margins to volatility in tobacco prices and fluctuations in
foreign exchange rates, and exposure to intense competitive
pressures and regulatory risks in the tobacco industry. The
ratings of the company are also constrained on account of its
below-average financial risk profile marked by its modest net
worth, moderate total outside liabilities to tangible networth
ratio, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            400      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      21      CRISIL B+/Stable (Reaffirmed)

   Short Term Loan        100      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MEPL derives from its promoters' extensive industry experience in
the tobacco industry and its established relations with
customers.
Outlook: Stable

CRISIL believes MEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if there is sustained improvement in
working capital management, or there is a better-than-expected
improvement in its capital structure on the back of sizeable
equity infusion from its promoters. Conversely, the outlook may
be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in its
liquidity profile caused most likely by a stretch in its working
capital cycle.

MEPL was originally set up as a proprietorship firm in 1985 by
Mr. Mohammed Mustafa Shaik and his family members; it was
reconstituted as a private limited company in 2000. The company,
based in the Guntur district of Andhra Pradesh, processes raw
tobacco.


MOR TRANSFORMERS: CARE Assigns B+ Rating to INR1.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
MOR Transformers & Cables Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.50       CARE B+ Assigned
   Short-term Bank Facilities    4.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mor Transformers
and Cables Private Limited (Mor) are primarily constrained
on account of its modest scale of operations with client
concentration risk, thin profitability margins and working
capital intensive nature of operations. The ratings are, further,
constrained on account of its moderate order book position and
fragmented nature of the industry leading to stiff competition
from organized and unorganized players.

The ratings, however, favourably take into account experienced
management with established track record of operations
and comfortable solvency position The ability of the company to
improve its financial risk profile with increase in scale of
operations and improvement in the profitability margin alongwith
better management of working capital are the key rating
sensitivities.

Sikar-based (Rajasthan), Mor was incorporated in 1997 by Mr Kanta
PrasadMor and Smt. Sushila Devi Mor along with their family
members. Mor is engaged in the business of manufacturing of
transformers for power transmission and distribution ranging from
16 to 3150 Kilovolt Ampere (KVA). It has its manufacturing
facility located at Sikar (Rajasthan) with an installed capacity
of 7000 transformer manufacturing per annum and has utilized
around 80% of installed capacity in FY15 (refers to the period
April 1 to March 31). The firmparticipates in tenders for supply
and repair of transformers invited by State Electricity Boards
(SEBs).

During FY15, Mor has registered TOI of INR20.30 crore with net
profit of INR0.27 crore as against INR30.05 crore with PAT
of INR0.41 crore in FY14. Furthermore, Till January 24, 2016, Mor
has achieved TOI of INR32.60 crore.


NUTRI BIO: CRISIL Suspends 'D' Rating on INR45MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nutri
Bio Pharma (NBP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL D
   Cash Credit            15       CRISIL D
   Term Loan              45       CRISIL D

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

NBP is a partnership firm set up in 2011 by Mr. N V Ramana Reddy
and his son-in-law Mr. M Bharath Reddy. The firm started
commercial operations in August 2012 expected earlier. NBP
manufactures di-calcium phosphate. It has manufacturing capacity
in Nellore (Andhra Pradesh).


PANAMA SUNARCH: CARE Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Panama
Sunarch Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      25        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Panama Sunarch
Developers (PSD) is constrained by project execution risk
emanating from pending financial closure, partial receipt of
approvals and pending clearances for the ongoing project and
presence in a highly competitive real estate sector and cyclical
nature of the industry.

However, the rating derives strength from experience of the
promoters with interest in diversified area of business including
real estate and strategic location of the project 'Silver stone'
in proximity to basic civic amenities.

The ability of the firm to secure requiste approvals and then
undertake construction activities alongwith timely execution
translating into timely inflow of the receivables are the key
rating sensitivities.

Established in the August 2011, PSD is the special purpose
vehicle (SPV) of the Pune based Panama Group which has it
diversified presence in sectors like wind energy, realty &
infrastructure
development, water resource management, agri services, financial
services, petrol pump and letting immovable property on rent &
wind mill power generation.

PSD was established with a view to execute the real estate
project named 'Silver Stone' in Handewadi, near Hadapsar, Pune.
The project comprises of two phases, out of which Phase - I
[Saleable area of 1.45 lakh square feet (lsf)] has been
completed. Currently the firm is developing Phase-II of the
project with a total saleable area of 3.37lsf named 'Silver
Stone'. The project 'Silver Stone' is a Joint-Venture (JV)
project with 36% revenue share to the land owner. The project is
expected to complete by the end of December, 2020. The Phase-II
of the project comprises of 277 residential flats, 10 row houses,
19 Shops and 72 commercial offices.

During FY15 (refers to the period April 1 to March 31), the firm
registered an income from operations of INR17.48 crore and PAT of
INR0.19 crore as against the net loss and income from operations
of INR0.89 crore and INR6.31 crore, respectively, in FY14.


PEKON ELECTRONICS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pekon
Electronics Limited (PELT) a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect PELT's moderate scale of trading operations
and a moderate credit profile as reflected in its revenue of
INR1,008 million in FY15 (FY14: INR505 million), operating EBITDA
interest coverage of 1.2x (1.3x), net leverage of 6.1x (10.5x)
and operating EBITDA margins of 1.1% (1.5%).

The liquidity position of the entity has been strong with its
average working capital utilisation being 64.1% during the 12
months ended February 2016.

The ratings are supported by the company's founders' more than
three decades of experience in the trading of processed plastic
granules.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit profile will be positive for the ratings.


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

COMPANY PROFILE

Incorporated in 1985, PELT is engaged in the trading of processed
plastic granules and duty entitlement pass book licences. Its
registered office is located in Kolkata.

It is managed by Dhiraj Bhagchandka, Suresh Kumar Jalan and
Purushottam Kumar Bhagchandka.


PELT's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR40 million fund-based limits: assigned 'IND BB-'/Stable
-- INR110 million non-fund based limits: assigned 'IND A4+'


PMA CONSTRUCTIONS: CRISIL Cuts Rating on INR192MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PMA Constructions Private Limited (PMA) to 'CRISIL D' from
'CRISIL BB-/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            110      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term      18      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan              192      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay by the company in
servicing its term debt obligation; the delays have been caused
by stretched liquidity. Liquidity is stretched on account of
increase in operational costs resulting in slowdown in business
in the third quarter of 2015-16 and consequently lower cash
accrual.

PMA has a modest scale of operations in the highly fragmented
stone-crushing industry. Furthermore, the company has a weak
financial risk profile marked by high gearing. The company,
however, benefits from the extensive experience of the promoters
in the industry.

Incorporated in 2003 and based in Faridabad, PMA is engaged in
crushing of basalt stone. The company is managed by Mr. Mukesh
Kumar.


RAGHUNATH LAXMINARAYAN: CRISIL Rates INR100MM Cash Loan at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Raghunath Laxminarayan Spices Private
Limited (RLN; part of the RL Masala group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL B+/Stable

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. 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 RLN and Kumar Audyogic Vikas Pvt Ltd
(KAV). This is because both the companies, together referred to
as the RL Masala group, are owned and managed by the 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'.


REXON STRIPS: CARE Assigns B+ Rating to INR15.25cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facility
of Rexon Strips Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       15.25      CARE B+ Assigned
   Short-term Bank Facility       2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rexon Strips Ltd.
(RSL) are constrained by its modest scale of operations with low
profit margins, low capacity utilisation, volatility in raw
material prices, working capital intensive nature of operations,
intense competition due to fragmented nature of the industry &
sluggish growth in end user industries and cyclicality in the
industry.

The aforesaid constraints are partially offset by its long and
established track record and long experience of the promoter in
the same business.

The ability of the company to grow its scale of operations,
improve its profitability margins and manage its working capital
management efficiently would be the key rating sensitivities.

Rexon Strips Ltd. (RSL), promoted by the Rourkela (Orissa)-based
Kejriwal family in June, 1993, manufactures sponge iron and
ingots with capacity of 60,000 MTPA and 25000 MTPA, respectively.
The company also has a 300,000 MTPA iron ore roasted
beneficiation unit since 2011. The company procures iron ore from
Orissa Mining Company (OMC) and Aryan Mines, and coal from
Mahanadi Coalfields Ltd (MCL). RSL has a coal linkage with MCL
for monthly coal supply of 6000 tonnes. RSL markets sponge iron
and ingots in North India, primarily in Punjab and Uttar Pradesh,
and also in North-East India. The company also exports its
manufactured product to Bangladesh and Nepal (contributing around
2.00% of its total sales in FY15 -- refers to the period April 1
to March 31).

During FY15, RSL reported a total operating income of INR72.87
crore (as against INR104.12 crore in FY14) and loss of INR3.54
crore (as against profit of INR0.39 crore in FY14). The
management has maintained to have achieved turnover of INR83.48
crore in the last ten months from April 30, 2015 to January 31,
2016.


RIA HOTELS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ria Hotels
Private Limited (RHPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned its INR58.13
million long-term loans an 'IND B+' rating with a Stable Outlook.

KEY RATING DRIVERS

RHPL's ratings reflect its single property rental-based revenue
stream, along with its weak debt servicing capabilities, on
account of the marginal difference between its annual rental
income and debt commitments. For FY16, its rental income is
slated to be INR10 million and its repayment commitment is INR6.9
million (principal plus interest). This leads to an annual
surplus of only INR3.1 million for the company.

However, the ratings are supported by the fact that the entire
rent collected is deposited in escrow bank account and the
residual cash is available to the company only after the debt
service obligations have been met. The ratings are also supported
as RHPL has a strong counterparty lessor (M/s. Bestech
Hospitalities Private Limited), which has leased its property for
30 years, since 2007. Additionally, the ratings are supported by
RHPL's operations of over a decade in the real estate and
development business.

RATING SENSITIVITIES

Positive: Substantial improvement in its credit profile will be
positive for the ratings.

Negative: Termination of lease by tenants could result in a
rating downgrade.

COMPANY PROFILE

RHPL was incorporated in 2006 by Mr. Gurjeet Singh Chhabra and
Mrs. Prabjot Kaur Chhabra. Its registered office is located in
Indore, Madhya Pradesh. It was primarily established to operate
hotels and owns 30,000 sq. ft. of land at scheme 94-C, Ring Road,
Indore. The said property has been leased to M/s Bestech
Hospitalities Private Limited, which has developed and
constructed a Radisson hotel there.


RISHIKA COTTONS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rishika Cottons
Private Limited (RCPL) continues to reflect the company's working
capital-intensive operations, weak financial risk profile because
of modest networth, high gearing, and weak debt protection
metrics, and modest scale of operations in the intensely
competitive garment industry. These weaknesses are partially
offset by promoters' extensive experience and established
relationship with major customers and suppliers.

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

Outlook: Stable

CRISIL believes that RCPL would continue to benefit over the
medium term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the company's revenues and profitability margins, or there is
a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a large debt-funded capital expenditure or a stretch in
its working capital cycle.

Incorporated in 2008 in Hyderabad and promoted by Mr. Ajay
Agarwal and his brother, Mr. Vijay Agarwal, RCPL manufactures
cotton sarees and dress materials.


S. PAL: CARE Revises Rating on INR7.87cr LT Loan to BB-
-------------------------------------------------------
CARE revises the rating assigned to the lt bank facilities and
reaffirms the rating assigned to the st bank facilties of S. Pal
Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.87       CARE BB- Revised from
                                            CARE B
   Short-term Bank Facilities   10.50       CARE A4 Reaffirmed

Rating Rationale

For arriving at the ratings of the bank facilities of S.Pal
Enterprises Private Limited (SPE), CARE has considered the
combined financial and business profiles of Sri Ram Cables
Private Limited and S.Pal Enterprises Private Limited (rated
'CARE BB-/CARE A4'). Both the entities have similar business
profiles with operational and financial linkages.

The revision in the long-term rating factors in improvement in
combined financial risk profile in FY15 (refers to the period
April 1 to March 31) marked by significant growth in the scale of
operations, cash profit reported by the companies and improvement
in coverage indicators and working capital cycle. The ratings
continue to derive comfort from the experience of the promoters
in cable industry along with established track record of
operations and moderate order book.

The ratings, however, continue to be constrained by significant
exposure to group companies, raw material price volatility risk
and low entry barriers and highly fragmented industry.

The ability of the group to increase its scale of operations
while maintaining the profitability margins along with effective
management of the working capital requirements shall be the key
rating sensitivities.

SPE was incorporated in 1985 by Mr Shishpal Garg as a partnership
firm. It was converted into private limited company in 1997. Mr
Garg has vast experience of more than two decades in the
manufacturing of cables. SPE is engaged in the manufacturing of
cables and conductors including low voltage and high voltage
cables used for overhead transmission and distribution of
electricity. The company manufactures various types of cables
such as HT/LT-XLPE/PVC Power, Control, Jelly filled telecom
cables, signalling, axle counter, aerial bunched, etc, which
finds its application in railways, telecommunications,
automotive, power generation industries, etc. The company obtains
orders through competitive bidding process. It receives payments
as per the delivery of order and the tenure of these orders is
around 2-3 months. The main raw material for SPE is steel, copper
and PVC which is mainly procured from the dealers located in
Delhi NCR. Sri Ram Cables Private Limited (SRC; rated 'CARE BB- /
CARE A4') is a group associate engaged in similar line of
operations.

SPE reported a PAT of INR0.05 crore and PBILDT of INR2.34 crore
on a total income of INR44.59 crore in FY15 (FY refers to the
period April 01 to March 31) as against a PAT of INR0.02 crore
and PBILDT of INR1.46 on a total income of INR30.04 crore in
FY14. The group reported a net loss of INR1.69 crore and PBILDT
of INR8.09 crore on a total income of INR103.98 crore in FY15 as
against a net loss of INR0.07 crore and PBILDT of INR165.73 crore
on a total income of INR165.73 crore. The group has achieved a
total operating income of INR145.72 crore and PAT of INR0.41
crore till  December 30, 2015 (as per unaudited results).


S.P. SORTEX: CRISIL Reaffirms B Rating on INR144.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.P. Sortex
Rice Exports India Limited (SPSR) continues to reflect its
stretched liquidity, with almost fully utilised bank limits for
the 12 months through December 2015, on account of large working
capital requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           144.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.6     CRISIL B/Stable (Reaffirmed)

   Term Loan              32.9     CRISIL B/Stable (Reaffirmed)

The rating also factors in its moderate scale of operations, and
susceptibility to raw material price volatility and fragmentation
in the rice-milling industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SPSR's financial risk profile will remain weak
over the medium term on account of its working capital-intensive
operations. The outlook may be revised to 'Positive' in case of
significant improvement in working capital management, driven by
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of less-than-expected revenue and
cash accrual, or weakening the financial risk profile.

SPSR was set up in 2010, promoted by the Aggarwal family of
Allahabad. The company processes non-basmati rice (Parimal
variety), with milling capacity of 12 tonnes per hour.


SANMATI COAL: CRISIL Suspends B+ Rating on INR85MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sanmati Coal and Cokes Private Limited (Sanmati).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             85      CRISIL B+/Stable

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

Incorporated in 2012 and promoted by Mr. Saurabh Jain, Sanmati
trades in non-coking coal. The company, headquartered at Indore
(Madhya Pradesh), was promoted to take over the business of Mr.
Jain's proprietorship firm engaged in the same business.


SEBACIC INDIA: CARE Assigns 'D' Rating to INR10.54cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Sebacic
India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.54      CARE D Assigned

   Short-term Bank Facilities     0.46      CARE D Assigned

   Long-term/ Short-term Bank     4.00      CARE D/CARE D
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sebacic India
Limited (SIL) take into account the on-going delays in its debt
servicing on back of stressed liquidity. The liquidity has
remained stressed as SIL has been reporting operating losses
consecutively for last 3 years and operates at high leverage.

Incorporated in September 2007, Vadodara-based (Gujarat) SIL is
promoted by Mr Tushar Patel and Mr Ashwin Patel. The company is
engaged in the manufacturing of sebacic acid (derivate of castor
oil) and its by-products -- refined capryl alcohol, sodium
sulphate, glycerin and mixed fatty acid. The products find
application across various sectors like lubricants, plastic,
textile and paper. SIL's manufacturing facility is located near
Vadodara and has an installed capacity of 9,600 metric tons per
annum (MTPA) for manufacturing of sebacic acid as on December 31,
2015.

Based on FY15 (refers to the period April 1 to March 31) audited
results, SIL reported a total operating income of INR5.23 crore
(INR3.92 crore in FY14) with a net loss of INR19.03 crore (net
loss of INR18.90 crore in FY14).


SOUTH INDIA: CARE Reaffirms 'D' Rating on INR2cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned the bank facilities of South
India Eximprivate Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE D Reaffirmed
   Short-term Bank Facilities     10        CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of South India Exim
Private Limited (SIEPL) continue to remain constrained by the
stretched liquidity position resulting in delays in debt
servicing.

Incorporated on March 15, 2013, SIEPL is promoted by the Nandi
group of Kurnool, Andhra Pradesh (A.P.). SIEPL commenced business
from May 2013 and is engaged in the trading of Polyvinyl Chloride
(PVC)/Chlorinated Polyvinyl Chloride (CPVC) Resin, Coal and PVC
/CPVC pipes & fittings.

Nandi group, promoted by Mr. S.P.Y Reddy, is a South India-based
industrial house having diversified business interest. Apart from
trading of PVC Resin, coal & PVC pipes and fittings, the group
has presence in PVC pipes, cement, steel, dairy and construction
segment.


SRI KARVEMBU: CRISIL Reaffirms D Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Karvembu
Textiles Private Limited (SKTPL) continue to reflect instances of
delay by SKTPL in servicing its debt; the delays have been caused
by weak liquidity. The company has weak liquidity on account of
working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL D (Reaffirmed)

   Long Term Loan         65       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.6     CRISIL D (Reaffirmed)

SKTPL also has a below-average financial risk profile because of
a modest networth, moderate gearing, and average debt protection
metrics, and is susceptible to volatility in raw material prices
and to intense competition in the textiles industry; it also has
a small scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of
promoters.

Update
SKTPL continues to delay servicing its term debt; the delays have
been caused by the weak liquidity. The liquidity is likely to
remain weak over the medium term because of low cash accrual and
working capital-intensive operations.

Incorporated in 1994, SKTPL is promoted by Mr. NS Ramalingam and
others. The company commenced commercial operations in 1996 with
600 rotors; currently, it has 10,800 spindles and 1600 rotors. It
manufactures open-ended and hank yarn in counts of 10s, 12s, 16s,
20s, 30s, 34s, and 40s at its facility in Thottipalayam (Tamil
Nadu).


SRI RAMCABLES: CARE Revises Rating on INR27cr LT Loan to BB-
------------------------------------------------------------
CARE revises the rating assigned to the LT bank facilities and
reaffirms the rating assigned to the ST bank facilities of Sri
Ramcables Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      27        CARE BB- Revised from
                                            CARE B
    Short-term Bank Facilities    35        CARE A4 Reaffirmed

Rating Rationale

For arriving at the ratings of the bank facilities of Sri Ram
cables Private Limited (SRC), CARE has considered the combined
financial and business profiles of Sri Ram Cables Private Limited
and S.Pal Enterprises Private Limited (rated 'CARE BB-/CARE A4').
Both the entities have similar business profiles with operational
and financial linkages.

The revision in the long-term rating factors in improvement in
combined financial risk profile in FY15 (refers to the period
April 1 to March 31) marked by significant growth in scale of
operations, cash profit reported by the companies and improvement
in coverage indicators and working capital cycle.

The ratings continue to derive comfort from the experience of the
promoters in cable industry along with established track record
of operations and moderate order book.

The ratings, however, continue to be constrained by significant
exposure to group companies, raw material price volatility risk
and low entry barriers and highly fragmented industry.

The ability of the group to increase its scale of operations
while maintaining the profitability margins along with effective
management of the working capital requirements shall be the key
rating sensitivities.

SRC was originally incorporated in 1978 by Mr Anil Garg and Mr
Sunil Garg as a partnership firm. It was reconstituted as private
limited company in 1998. Mr Anil Garg has vast experience of more
than three decades in the manufacturing of cables. SRC is engaged
in the manufacturing of cables and conductors including low
voltage and high voltage cables used for overhead transmission
and distribution of electricity. The company manufactures various
types of cables such as HT/LT-XLPE/PVC Power, Control, Jelly
filled telecom cables, signalling, axle counter, aerial bunched,
etc, which find application in railways, telecommunications,
automotive and power generation industries. The company obtains
orders through tendering and bidding process and receives
payments as per the delivery of order. The tenure of the orders
is around 2-3 months. The main raw material for SRC is polymer,
copper and aluminum wire which is mainly procured from dealers
located in Delhi-NCR. S.Pal Enterprises Private Limited (SPE;
rated 'CARE BB-/CARE A4') is an associate company engaged in
similar line of operations.

SRC reported a net loss of INR0.12 crore and PBILDT of INR10.62
crore on a total income of INR121.14 crore in FY15 (refers to the
period April 01 to March 31) as against a net loss of INR1.71
crore and PBILDT of INR6.63 on a total income of INR73.94 crore
in FY14. The group reported a net loss of INR1.69 crore and
PBILDT of INR8.09 crore on a total income of INR103.98 crore in
FY15 as against a net loss of INR0.07 crore and PBILDT of
INR165.73 crore on a total income of INR165.73 crore. The group
has achieved a total operating income of INR145.72 crore and PAT
of INR0.41 crore till December 30, 2015 (as per unaudited
results).


SUKH SAGAR: CARE Lowers Rating on INR6.48cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sukh Sagar Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.48       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sukh Sagar Motots Pvt. Ltd. (SSMPL) is primarily driven by a
delay in debt repayment due to weak liquidity position.

SSMPL, incorporated in the year 2008, is promoted by Mr Amandeep
Singh Khanna and family members. The company has entered into an
authorized dealership agreement with Tata Motors Limited (TML)
for sales and service of passenger cars along with sale of spare
parts in Jabalpur, Madhya Pradesh. SSMPL's revenue sources
include sale of vehicles and their spare parts, service income,
target incentive from TML and commission from financers. SSMPL
has constructed and designed one showroom at Jabalpur as per the
requirement of TML on lease hold land which is owned by its group
company 'Khanna Properties Infrastructures Private Limited
(KPIPL)'. The company also operates through four branches
(showrooms) on rented basis at Katni, Dindori, Mandala, and
Shahdol.

As per the audited results of FY15 (refers to the period April 1
to March 31), SSMPL reported profit after tax (PAT) of INR0.04
crore on a total operating income (TOI) of INR19.68 crore as
against net profit of INR0.10 crore on a TOI of INR22.98
crore during FY14. As per the provisional results of 11MFY16,
SSMPL registered TOI of INR20.56 crore.


SUKHMANI MEGASTRUCTURES: CARE Assigns B+ Rating to INR11cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Sukhmani Megastructures Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      11        CARE B+ Assigned
   Short-term Bank Facilities      7        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sukhmani
Megastructures Private Limited (SMP) are primarily constrained by
its small & fluctuating scale of operations with low net-worth
base and its below-average financial risk profile characterised
by low profitability margins, weak solvency position and
elongated operating cycle. The ratings are further constrained by
the company's presence in a highly fragmented industry
characterized by intense competition. The ratings, however,
derive strength from the experienced management team, moderate
order book position, presence of price escalation clause in
contracts and diversified customer base.

Going forward, the ability of the company to successfully execute
the projects and recover contract proceeds in a timely manner
while improving its overall solvency position and managing the
working capital requirements efficiently will remain the key
rating sensitivities.

SMP was incorporated in May 2007 as a private limited company and
is currently being managed by Mr Jaspreet Singh and Mrs Parmeet
Kaur. SMP undertakes civil construction work in Punjab,
Chandigarh, Delhi, Haryana, Uttar Pradesh, Uttarakhand and Bihar
which includes infrastructure development, road works, erection
of sewage systems, earthwork, etc.

For FY15 (refers to the period April 1 to March 31), SMP has
achieved a total operating income of INR57.37 crore with PAT of
INR0.75 crore, as against the total operating income of INR49.15
crore with PAT of INR0.14 crore, for FY14. In 10MFY16
(Provisional), the company achieved total operating income of
around INR45 crore.


SUSEE POLYMERS: CRISIL Assigns B+ Rating to INR65MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Susee Polymers Private Limited (SPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     65       CRISIL B+/Stable
   Bank Guarantee          2       CRISIL A4
   Cash Credit            33       CRISIL B+/Stable

The ratings reflect SPPL's modest scale of operations in the
highly fragmented packaging industry, susceptibility to
volatility in raw material prices, and below-average financial
risk profile because of negative net worth and weak debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in the woven sacks industry and
their funding support.
Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company achieves more-than-expected
revenue and sustainable improvement in operating margin.
Conversely, the rating may be revised to 'Negative' if its
financial risk profile deteriorates because of lower-than-
expected cash accrual or increased working capital debt or large
debt-funded capital expenditure.

SPPL, incorporated in August 2007, manufactures high-density
polypropylene woven sacks. Its plant in Vellore has installed
capacity of 350 kilogram per hour.

The company is part of the Susee group and is managed by Mr.
Soundararajan Subramania Nadar, Mr. Manivannan Soundararajan, and
Ms. Nanthini.


TRANS TECH: CRISIL Cuts Rating on INR1.95BB Loan to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Trans Tech Turnkey Private Limited (TTTPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB+/Negative/CRISIL A4+'. The rating downgrade
reflects continuous over-utilisation of bank line for more than
30 days owing to invocation of bank guarantees.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            350      CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Letter of credit       1950     CRISIL D (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

   Proposed Long Term       50     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Negative')

   Proposed Short Term     100     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4+')

   Term Loan                50     CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

Financial risk profile remains weak because of leveraged capital
structure and below-average debt protection metrics. Decline in
revenue and large working capital requirements constrain business
risk profile. Benefits from a diversified end-user industry base
and the promoters' extensive experience, however, are expected
over the medium term.

Set up by Mr. Suranjan Chatterjee, Mr. Sugato Majumdar, Mr. A N
Ghosh, and Mr. Ulhas V Pradhan, TTTPL offers engineering,
procurement and construction services, ranging from design and
civil construction to mechanical, electrical, and plumbing work.
Its large-scale turnkey division caters to industrial units and
commercial buildings, while its heating, ventilation, and air
conditioning division provides design and engineering, supply,
and installation services, mainly to pharmaceutical and chemical
companies.


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


SHARP CORP: Foxconn Lag Raises Liquidation Risk, Analyst Says
-------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News report that
Sharp Corp. is facing an increasing risk of liquidation if a
rescue deal with Foxconn Technology Group is delayed further,
according to a top-rated analyst tracking the electronics maker.

Bloomberg says Jefferies Group's Atul Goyal raised his estimated
likelihood of Sharp's liquidation to a new threshold of 30% to
40% from less than 5%, citing the potential violation of the
Japanese company's debt covenants. The Singapore-based analyst,
who shares the top spot in Bloomberg's absolute return ranking
with two other peers covering Sharp, has a JPY100 price target on
the company.

Bloomberg notes that about a month has passed since Sharp's board
chose Foxconn's bailout of more than JPY600 billion ($5.3
billion) over a competing offer from the state-backed Innovation
Network Corp. of Japan. According to Bloomberg, Foxconn Chairman
has delayed signing a final Terry Gou agreement as he seeks to
reduce the amount the Taiwanese company would pay for control of
Sharp. With INCJ out of the picture, the threat of liquidation
could force the company and its lenders to accept the new terms,
giving Foxconn access to Sharp's liquid-crystal display
technology at a lower price, Mr. Goyal, as cited by Bloomberg,
said.

"Whether this goes to bankruptcy or the deal gets signed under
new conditions, Foxconn gets what it wants -- a lower price for
Sharp's LCD technology," Bloomberg quotes Mr. Goyal as saying.
"While the banks are under time pressure, Foxconn has all the
time in the world."

Toyodo Uemura, a spokesman for Sharp, and Toshimitsu Irie, a
spokesman for INCJ, declined to comment, Bloomberg notes.

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

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


SHARP CORP: Bank of Tokyo-Mitsubishi UFJ to Set New Credit Line
---------------------------------------------------------------
The Japan Times reports that the Bank of Tokyo-Mitsubishi UFJ
(BTMU) decided on March 28 to set a new credit line for Sharp
Corp., sources familiar with the matter said, as the struggling
electronics maker seeks to sign a takeover deal with Taiwan's Hon
Hai Precision Industry Co.

Sharp's other major creditor bank, Mizuho Bank, is also expected
to make its own decision today, bringing the total amount of
loans that can be extended to JPY300 billion ($2.64 billion),
according to the report.

The Japan Times relates that Hon Hai, also known by its trade
name Foxconn, had requested that the two banks agree to extend
loans as a precondition for the Apple Inc. supplier to invest in
Sharp.

In addition to the credit line, BTMU will also accept lowering
interest rates on existing loans taken out by Sharp, according to
the sources, the report relays.

According to the report, Hon Hai had planned to buy Sharp's
preferred shares held by Mizuho and BTMU for JPY100 billion, but
the purchase may be delayed by around three years and the amount
paid will likely be scaled back.

The Japan Times notes that Sharp and Hon Hai have been working to
reach an agreement since the Taiwanese firm put the deal on hold
in late February to review the financial standing of the firm,
which had provided new information about its contingent
liabilities.

Hon Hai said on March 27 that it will hold a board meeting today,
March 30, as scheduled, where it may discuss the Sharp deal
depending on the stage of negotiations, The Japan Times reports
citing a statement to the Taiwan stock exchange.

The report adds that Sharp released a statement on March 28
saying the two companies "are holding discussions to reach a
satisfactory agreement as soon as practically possible."

The shares of Sharp rose 4 percent to JPY131 at the close in
Tokyo, on March 28 their biggest jump since March 7. The Nikkei
225 stock average advanced 0.8 percent, the report discloses.

"Some investors were beginning to fear that Foxconn was going to
walk away from the deal," the report quotes Masahiko Ishino, an
analyst at Tokai Tokyo Securities, as saying. "The shares are
rebounding on renewed confidence that the investment seems on
track."

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

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


SKYMARK AIRLINES: Exits Bankruptcy; Predicts Operating Profit
-------------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Skymark Airlines Inc. exited bankruptcy administration and
forecast its first operating profit in three years after reducing
its fleet, cutting routes and getting new funding.

Bloomberg relates that the carrier expects to report
JPY1.5 billion ($13 million) in operating profit and sales of
JPY70 billion for the year ending March 31, Skymark said in a
statement on March 28.

According to Bloomberg, Skymark also said it's targeting an
"early relisting" of its shares after filing for bankruptcy
protection last year. Private equity firm Integral Corp. took a
50.1% stake in the company as part of its turnaround, while ANA
Holdings Inc. owns 16.5% and is supporting the airline in areas
including aircraft maintenance and codesharing, the report
relates.

"We wanted to make a plan that could withstand long-term changes
in our operating environment," Masahiko Ichie, president of
Skymark, told reporters in Tokyo on March 28, Bloomberg relays.

For the year starting April 1, 2018, the airline is forecasting
operating profit of more than JPY7 billion and sales exceeding
JPY80 billion, according to Bloomberg.

Development Bank of Japan Inc. and Sumitomo Mitsui Financial
Group Inc. own the remaining shares in Skymark, the report notes.

The carrier began service in 1998 after the government
deregulated the domestic market to boost competition. Since then,
other airlines including AirDo Co. and Star Flyer Inc. have
entered the market. Skymark filed for bankruptcy protection in
January 2015 with liabilities of about 300 billion yen after
running short of cash to pay for Airbus Group SEA380 superjumbos
it had ordered.

"Things were going very well when Skymark ordered Airbus A380s,"
Bloomberg quotes Mr. Ichie as saying. "Then the economy changed,
exchange rates moved and fuel prices went up."

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

The TCR-AP, citing Bloomberg News, reported on Aug. 6, 2015, that
Skymark Airlines's creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for
Japan's third-largest airline.



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


RENNER PARK: Sale of Golf Course Fails to Come Off
--------------------------------------------------
Carmen Hall at Bay of Plenty Times reports that a NZ$4 million
deal to sell Renner Park Golf Course to a housing company has
fallen through.

Bay of Plenty Times recalls that last year about 92% of
shareholders voted in favor of selling the course despite outrage
from some past and present members.

The report relates that the vote was pushed through under its
constitution despite some opposition and prompted the formation
of the Friends of Renner Park which had started a petition to
save it as a golf course.

According to the report, Renner Park Golf Property chairman
Peter Jones confirmed the "sale has fallen through and that is
the end of it -- we will carry on and run the golf course".

It failed to meet due diligence in the contract, he said.

About 150 shareholders owned 224 shares and they were not
receiving any return on the investment, he said.

Due to competition from other golf courses for leisure golfers
times were tough, he said.

"We are struggling to keep the thing going and are certainly not
making any money," the report quotes Mr. Jones as saying.

The report says Mr Jones purchased two shares 13 years ago for
$10,000 and said "we worked like hell to finally get it open".

In his own view if it was sold as a golf course, "we could sell
it, the Japanese or Koreans might buy it".

However, he noted it would have to meet the mandate and
constitution rules.

"We can't sell, it's not our decision but if someone comes up
with another buyer we have to look at it."

According to the report, Friends of Renner Park spokesperson
Cee Kay said the group consisted of players, club members,
occasional golfers, shareholders, local residents and other
interested parties that wanted to see Renner Park preserved as a
golf course and a green space for the whole community to enjoy.

Bay of Plenty Times relates that at a meeting earlier this month
the group confirmed its commitment to lobby local council and
shareholders in the hope of securing the long-term future of the
course, despite news the prospective purchaser has pulled out.

"We are calling on the board and shareholders of Renner Park,
Tauranga City Council and any prospective purchasers to review
current plans as a matter of urgency."

A petition had been launched to gather further support that
already had 500 signatures, she said.

Shareholder Stan Taylor voted against the sale and was pleased it
did not come to fruition, Bay of Plenty Times says.

"It is good to let the public know it's not selling and will
remain as a golf course if we can keep it afloat," the report
quotes Mr. Taylor as saying.   He said it was "the power of the
people" type scenario and said "I'd really like to thank everyone
for their support."



=================
S I N G A P O R E
=================


PARS RAM: Managing Director's Bungalow Put Up For Auction Today
---------------------------------------------------------------
The Business Times reports that a freehold District 15 bungalow
in the Tanjong Katong area owned by the recently bankrupted
managing director of spice and nut trader Pars Ram Brothers has
been put up for auction as a mortgagee sale.

According to the report, the indicative price of the property, at
85 Branksome Road, is about SGD16 million, which translates to
SGD1,213 per square foot on the land area of 13,189 sq ft. On the
site is a single-storey bungalow where Kirpa Ram Sharma, who was
Pars Ram's managing director, once lived, the report discloses.

It will be offered at an auction on March 30 to be conducted by
DTZ, the sole marketing agent for the property, at The Amara
Hotel along Tanjong Pagar Road. The property has potential for
redevelopment, BT notes.

BT understands that the mortgagee (or lender) for 85 Branksome
Road is United Overseas Bank.

Mortgagee sales occur when financially stretched borrowers face
difficulties in repaying their loans and cannot secure buyers for
their properties, resulting in banks repossessing these
properties and putting them up for auction, BT notes.

BT notes that under the Urban Redevelopment Authority's Master
Plan 2014, 85 Branksome Road is zoned for residential use and is
within a "two-storey bungalow landed housing" area. On site is a
single-storey bungalow that is thought to be more than a decade
old.

The flat, regular-shaped site boasts a 30-metre-long frontage. A
potential buyer may be able to subdivide the plot for
redevelopment into a pair of bungalows or semi-detached houses
subject to approval from the authorities, DTZ said in a release,
BT relays.

"This would then represent an excellent opportunity for both
occupiers and developers to own a property in a city-fringe
location . . . Furthermore, there is the option of carrying out
additional works to enhance the asset."

DTZ did not identify the owner or mortgagee of 85 Branksome Road,
BT notes.

According to BT, checks showed that the property is owned by Mr
Sharma. BT has reported that Mr Sharma, his wife and son have
been declared bankrupt, following the liquidation of their spice
and nut trading business.

BT says Mr Sharma, 60, had given personal guarantees to a number
of banks for loans extended to Pars Ram Brothers, which was
placed under provisional liquidation in Nov 24 last year. He was
a director and major shareholder of the firm.

The Business Times understands that Mr Sharma, having liabilities
of more than US$130 million, had filed for his own bankruptcy and
was issued the order on Jan 28.

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

The company is said to owe money to between 10 and 17 banks.

Pars Ram Brothers was set up in 1937 by Mr Sharma's father. BT
notes that the firm is said to have had problems collecting
payment from customers in the Middle East. There is also
speculation that the firm was involved in speculative foreign
exchange trades and was hit by market fluctuations, adds BT.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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