TCRAP_Public/160404.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

            Monday, April 4, 2016, Vol. 19, No. 65


                            Headlines


A U S T R A L I A

ALLEGIANZ PTY: AFS License Suspended; Fails to File Report
ARORA INTERNATIONAL: First Creditors' Meeting Set For April 12
BLACK WIDOW: First Creditors' Meeting Set For April 11
HYDRA ENERGY: Business and Assets Up For Sale
MJH PARKING: First Creditors' Meeting Slated For April 11

TWO BROS: Placed Into Liquidation
VIRGIN AUSTRALIA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


C H I N A

APEX TOP: Moody's Rates Prop. US$ Sr. Perpetual Securities (P)Ba3
CHINA SHANSHUI: Posts CNY6.7BB Net Loss in 2015
EVERGRANDE REAL: Moody's Says Weak Results No Impact on B2 CFR
HONGHUA GROUP: Fitch Lowers IDR to 'B-'; Outlook Negative
LONGFOR PROPERTIES: Moody's Says Results Demonstrate Resilience


I N D I A

AAJ KA: CRISIL Lowers Rating on INR468.5MM Loan to 'D'
AANCHAL CEMENT: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
ARENE LIFE: CRISIL Suspends B+ Rating on INR65MM LT Loan
ARROW POWER: Weak Financial Strength Cues ICRA SP 3D1 Grading
ATRI INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR127MM Loan

AURO INDUSTRIES: CRISIL Suspends B+ Rating on INR65MM Cash Loan
AVADH ALLOYS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
AVADH FIBERS: ICRA Suspends B+ Rating on INR17.50cr Loan
DN PAPER: CRISIL Assigns 'B' Rating to INR60MM Term Loan
EOS HOSPITALITY: ICRA Suspends B+ Rating on INR16cr Loan

EVERNEW PROJECTS: CRISIL Suspends B Rating on INR71MM LT Loan
GANESH SPONGE: CRISIL Suspends D Rating on INR180MM Cash Loan
GITA REFRACTORIES: ICRA Suspends B- Rating on INR4cr Loan
GLADS HOME: CRISIL Suspends B+ Rating on INR60MM Cash Loan
GOKAK SUGARS: ICRA Reassigns 'B' Rating to INR20cr Loan

GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan
GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR70MM Loan
HARMILAP AGRO: ICRA Suspends D Rating on INR12.5cr Loan
HONEST MARKETING: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
K. VENKATA: ICRA Cuts Rating on INR25cr Non Fund Based Loan to B+

K.S. GOWDA: CRISIL Suspends B- Rating on INR55.5MM LT Loan
KOHINOOR GRAIN: CRISIL Assigns B Rating to INR50MM Cash Loan
KONERU CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR50MM Loan
KRISHNA NATURAL: ICRA Cuts Rating on INR8.90cr Cash Loan to B
MAA GANGA: ICRA Suspends B+ Rating on INR4.8cr Cash Loan

MARPOL PRIVATE: ICRA Lowers Rating on INR11cr Cash Loan to B+
NIRALA RICE: CRISIL Suspends B+ Rating on INR46MM Cash Loan
PARAMOUNT PHARMA: CRISIL Cuts Rating on INR100MM Cash Loan to B+
PARAS COTSPIN: CRISIL Lowers Rating on INR65MM Cash Loan to 'D'
POLYSOL INDUSTRIES: ICRA Cuts Rating on INR2cr LT Loan to B+

POWERED EPC: ICRA Assigns 'B' Rating to INR2cr Loan
PRADEEP STRUCTURAL: CRISIL Suspends B- Rating on INR27.5MM Loan
PRAKASHMANI COTTAN: CRISIL Suspends B+ Rating on INR40MM Loan
QFAB STEELS: CRISIL Suspends 'D' Rating on INR140MM Cash Loan
RADHESHYAM SPINNING: ICRA Suspends B+ Rating on INR22.5cr Loan

RAGHU EXPORTS: CRISIL Reaffirms 'B' Rating on INR360MM Cash Loan
RANI KOTHI: CRISIL Assigns B+ Rating to INR50MM Term Loan
RUKMANI INFRA: CRISIL Suspends 'D' Rating on INR360MM Loan
RUKMINI EDUCATIONAL: ICRA Reaffirms B+ Rating on INR125cr Loan
S B IMPEX: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'

S.B. SAHOO: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
SADGURU MEDICAL: ICRA Reaffirms B Rating on INR7.9cr Term Loan
SAKTHI TARPAULIN: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
SAMHITA BUILDERS: ICRA Assigns 'B' Rating to INR20cr LT Loan
SANJAY COTTON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

SATHYANARAYANA AGRO: ICRA Assigns B+ Rating to INR6cr LT Loan
SHAH HOUSECON: CRISIL Lowers Rating on INR500MM Term Loan to D
SHAKTI EARTH: CRISIL Assigns B+ Rating to INR35MM Cash Loan
SHIV STEEL: CRISIL Suspends 'B' Rating on INR57.5MM Cash Loan
SHUBH SWASTIK: ICRA Reaffirms B Rating on INR6cr Cash Loan

SMIT TELECOM: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
SOUTHERN AGENCIES: ICRA Reaffirms 'B' Rating to INR10cr Loan
SRI KRISHNA: CRISIL Suspends D Rating on INR98.7MM Term Loan
SUPREME INFRA: ICRA Assigns 'B' Rating to INR9cr LT Loan
SWISS GARNIER: CRISIL Reaffirms B- Rating on INR70MM Cash Loan

VEDANTA RESOURCES: Hindustan Special Dividend is Credit Positive
VIJAYLAKSHMI HYDRO: ICRA Suspends D Rating on INR10cr Term Loan
VIKAS COTEX: ICRA Reaffirms 'B' Rating on INR12.35cr Loan
WEST COAST: CRISIL Suspends B Rating on INR40MM Long Term Loan
WHITE LOTUS: CRISIL Ups Rating on INR104.5MM LT Loan to B+


J A P A N

AOZORA RE 2016-1: S&P Puts BB-(sf) Rating to $220MM Cl. A Notes
SHARP CORP: S&P Revises CreditWatch on 'CCC' CCR to Positive


M O N G O L I A

MONGOLIA: Moody's Assigns Definitive B2 Rating to Drawdown


P H I L I P P I N E S

POWER SECTOR: Moody's Cuts Baseline Credit Assessments to 'b1'


S I N G A P O R E

DBS BANK: Moody's Revises Rating Outlook to Negative


                            - - - - -


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


ALLEGIANZ PTY: AFS License Suspended; Fails to File Report
----------------------------------------------------------
Australian Securities and Investments Commission has suspended
the Australian financial services (AFS) licence of Melbourne-
based Allegianz Pty Ltd (Allegianz) for six months for failing to
comply with a number of key obligations as a financial services
licensee.

In particular, ASIC found that Allegianz:

  * failed to lodge financial statements, auditor reports and
    auditor opinions over consecutive years. This is in breach
    of both its legal obligations and licence conditions, despite
    repeated requests from ASIC to comply; and

  * failed to advise ASIC in writing, within 10 business days,
    of becoming aware of this significant breach.

ASIC Deputy Chair Peter Kell said, 'Licencees are required to
lodge financial statements with ASIC to demonstrate their
capacity to provide financial services. Failure to comply with
reporting obligations can be an indicator of a poor compliance
culture. ASIC won't hesitate to act against licensees who do not
meet these important requirements.'

For failing to comply with a number of basic financial services
licensee obligations, ASIC has suspended Allegianz's licence
until the Sept. 10, 2016.

Allegianz has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.
Background

Allegianz provides specialised government, commercial and
financial advisory services and has held its Australian Financial
Services Licence since July 2012.

The annual lodgement of audited accounts is an important part of
a licensee demonstrating it has adequate financial resources to
provide the services covered by its licence and to conduct the
business in compliance with the Corporations Act 2001.

The suspension of Allegianz licence is part of ASIC's ongoing
efforts to improve standards across the financial services
industry.


ARORA INTERNATIONAL: First Creditors' Meeting Set For April 12
--------------------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory was appointed
as administrators of Arora International Pty Ltd on March 31,
2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on April 12, 2016, at
10:00 a.m.


BLACK WIDOW: First Creditors' Meeting Set For April 11
------------------------------------------------------
Blair Pleash and Shahin Hussain of Hall Chadwick were appointed
as administrators of Black Widow Civil Pty Ltd on March 30, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, in Brisbane,
Queensland, on April 11, 2016, at 11:00 a.m.


HYDRA ENERGY: Business and Assets Up For Sale
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of a part or all of the
business and assets of Hydra Energy Pty Ltd. According to the
report, the company is currently under the care of administrators
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners who were appointed on March 8.

Dissolve.com.au says the assets of Hydra Energy include a
portfolio of gas and oil field developments in Western
Australia's Carnarvon basin.  The report says the management of
the company boasts of an extensive experience in commercial and
technical aspects of the field development process.


MJH PARKING: First Creditors' Meeting Slated For April 11
---------------------------------------------------------
Steven Gladman of Hall Chadwick was appointed as administrator of
MJH Parking Management Pty Ltd on March 31, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on April 11,
2016, at 10:30 a.m.


TWO BROS: Placed Into Liquidation
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Two Bros
Specialising In Fresh Pty Ltd has been placed into liquidation.
Paul Nogueira of Worrells Solvency and Forensic Accountants has
been appointed liquidator of the company on Feb. 22, 2016, the
report discloses.

Dissolve.com.au relates that the company ran a cafe, deli and
mixed grocer at Maroochydore's Big Top Shopping Centre until its
closure in mid-February.  According to the report, ASIC documents
showed that the company owed money to over 100 creditors,
totalling AUD411,059 debts.


VIRGIN AUSTRALIA: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised the
outlook on Virgin Australia Holdings Ltd. to negative from
stable. At the same time, S&P has affirmed its 'B+' corporate
credit rating, as well as its 'B-' rating and recovery rating of
'6' on Virgin's U.S. 144A/Reg-S senior unsecured notes.

"The outlook revision to negative reflects a degree of
uncertainty over Virgin Australia's near-term funding
requirements and future ownership structure," said Standard &
Poor's analyst Graeme Ferguson.

While S&P views Virgin Australia's operating performance to be
fundamentally sound, S&P expects adverse currency and working
capital movements, as well as increased capital expenditure
relative to S&P's previous base-case forecast, to affect the
airline's current debt and liquidity levels.  This may require a
sizable new funding commitment over the next 12 months.  S&P
views shareholder support as the most reliable source of funding
as prevailing credit market conditions may render bank or debt
capital markets issuance unfeasible.

Virgin Australia's nonlabor operating and capital expenses, as
well as financing obligations, are substantially denominated in
U.S. dollars.  The depreciation of the Australian dollar has
offset much of the benefit accruing to structurally lower fuel
prices.  In addition, a combination of more cautious consumer
spending patterns and increased penetration of the business
market has affected the airline's working capital.  In both
cases, payments are generally being received closer to the date
of departure, thereby raising working capital demands.  The shift
toward business travelers has also prompted capacity on
international routes to be temporarily reduced as new business
class seats are installed on the long-haul fleet.  Currency
deterioration and the re-phasing of heavy maintenance across a
substantial part of the group's fleet have also materially
affected the airline's capital expenditure.

On March 21, 2016, Virgin Australia announced that it had
obtained a 12-month A$425 million loan facility from its four
major shareholders: Air New Zealand, Etihad Airways, Singapore
Airlines, and Virgin Group. Proceeds will provide a buffer in
support of near-term liquidity requirements.  The ultimate mix of
debt and equity is subject to a review of Virgin's capital
structure, which S&P expects to conclude within the next year.
S&P expects the recommendations to be aimed at buttressing
Virgin's liquidity positon and reducing debt levels.  In S&P's
opinion, a strong and flexible balance sheet would also support
Virgin Australia's business risk profile in so far as it acts to
ward off competitive threats.

On March 30, 2016, Air New Zealand (not rated) announced that it
is contemplating the sale of all, or part of its shareholding in
Virgin Australia.  Air New Zealand currently represents 26% of
Virgin Australia's share register and funded A$131.2 million of
the recent shareholder loan.  The 'B+' corporate credit rating on
Virgin Australia is contingent upon ongoing, timely, and
coordinated shareholder support. Support is evidenced by the
recent A$425 million shareholder loan as well as an equity
injection of A$350 million in November 2013.  However, Air New
Zealand's decision to review its investment in Virgin Australia
raises some uncertainty over the future ownership structure of
the airline.

S&P do not believe there has been a fundamental deterioration in
its operating performance.  Indeed, some of the group's near-term
funding requirement is attributable to some success in winning
new business contracts.  While the operating environment remains
mixed, Virgin has transformed itself into a tough competitor
against Qantas Airways Ltd. (BBB-/Stable/A-3) within the
Australian domestic market, which we view as having duopoly-like
characteristics.  Over the past few years, Virgin has solidified
its market share.  However, Virgin Australia's share of the
domestic profit pool remains small relative its market share and
the group's international business continues to weigh on the
rating.

S&P has revised its assessment of Virgin Australia's liquidity
profile to less than adequate from adequate.  Virgin Australia is
likely to face a sizable funding requirement over the next 12
months, including the refinancing of the A$425 million
shareholder loan.  In S&P's opinion, without ongoing and timely
shareholder support, Virgin Australia would not be able to absorb
low-probability adverse events, even after factoring in capital-
spending cuts, asset sales, and cuts in shareholder
distributions.

The negative outlook reflects a degree of uncertainty regarding
Virgin Australia's forecast funding needs, future ownership
structure, and the willingness of its owners to provide ongoing,
timely, and coordinated funding support.

Mr. Ferguson added: "We could lower the rating if we assess
shareholder support to have diminished, or if the group fails to
strengthen its liquidity position over the next three-to-six
months."

S&P could return the outlook to stable if Virgin Australia's
liquidity is restored to adequate and S&P believes that future
shareholders have the capability and intent to provide ongoing,
timely, and coordinated funding support.  A stable outlook would
also be reliant on effective execution of the group's growth
strategy and continuing progress in improving key credit metrics.



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C H I N A
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APEX TOP: Moody's Rates Prop. US$ Sr. Perpetual Securities (P)Ba3
-----------------------------------------------------------------
Moody's Investors Services has assigned a provisional (P)Ba3
senior unsecured debt rating to the proposed $US senior perpetual
capital securities to be issued by Apex Top Group Limited and
irrevocably and unconditionally guaranteed by Greentown China
Holdings Limited. The outlook on the rating is positive.

At the same time, Moody's has affirmed Greentown China Holdings
Limited's Ba3 corporate family rating, Ba3 senior unsecured
rating for bonds due in 2020, and B1 senior unsecured rating for
bonds due in 2018 and 2019.

The outlook on all the ratings remains positive.

The new $US senior perpetual capital securities will be supported
by a Keepwell Deed and a Deed of Equity Interest Purchase,
Investment and Liquidity Support Undertaking provided by
Greentown's major shareholder, China Communications Construction
Group (Limited) (CCCG, unrated).

Moody's will remove the provisional status of the notes rating
after the new $US senior perpetual capital securities are issued
on satisfactory terms and conditions.

The company plans to use the proceeds of the new $US notes
issuance for refinancing existing debt and general working
capital purposes.

RATINGS RATIONALE

"The Ba3 corporate family rating primarily reflects Greentown's
standalone credit strengths and a two-notch rating uplift, based
on our expectation that the company will receive extraordinary
financial support from CCCG in times of financial distress," says
Franco Leung, a Moody's Vice President and Senior Analyst.

The two-notch rating uplift reflects (1) the strengthened support
from CCCG, as evidenced by the increased representation by CCCG
on Greentown's board; (2) its increased shareholding to 28.9%
from 24.3%; and (3) the provision of a Keepwell Deed for
Greentown's $US500 million notes due in 2020 and the proposed
perpetual notes.

Moody's notes that Greentown has benefited from CCCG's ownership
since it first obtained a stake in 2015, particularly in terms of
its strengthened funding access. Its average borrowing costs fell
to 7.3% in 2015 from 7.9% in 2014. Its liquidity has also
improved, with cash to short-term debt improving to around 121%
at end-2015 from around 75% at end-2014.

On the other hand, Greentown's standalone financial metrics have
weakened.

Its debt leverage - as highlighted by estimated revenue/adjusted
debt (including JV contributions) -- declined to around 62.5% at
end-2015 from 80.9% at end-2014.

Greentown's EBIT/interest -- including JV contributions -- also
weakened to an estimated 1.2x in 2015 from 2.3x in 2014, partly
driven by a material decrease in its reported gross profit margin
to 20.8% in 2015 from 25.4% in 2014.

In addition, the company's growth through joint ventures (JVs)
leads to lower corporate transparency and challenges in managing
cash flows of the JVs.

"The proposed credit enhancement documents -- such as the
Keepwell Deed -- reinforce our assumption of likely support from
CCCG in case of a need, and mitigates the structural
subordination risk of the proposed perpetual securities," adds
Leung, who is also the Lead Analyst of Greentown.

Moody's considers the proposed perpetual securities as pure debt
instruments and accordingly does not apply any equity treatment
to these securities.

The (P)Ba3 rating for the notes reflects the following factors:

(1) the perpetual securities are irrevocably and unconditionally
guaranteed by Greentown, which implies that the rating on the
perpetual securities is closely linked to Greentown's rating;

(2) the securities are ranked pari passu with all other present
and future senior obligations of Greentown;

(3) the expected parental support provided by CCCG, given the
offering of the Keepwell Deed and Deed of Equity Purchase, as
well as the Investment and Liquidity Support Undertaking.

The positive ratings outlook reflects Moody's expectation that
Greentown's standalone credit profile will gradually improve as
the company continues to streamline its operations.

The ratings outlook could return to stable if the company: (1)
shows weakness in its liquidity position, such that its cash to
short-term debt falls below 70%; (2) shows a further contraction
in its gross profit margin to below 15%-20%; or (3) its
EBIT/interest falls below 1.5x for a sustained period.

Any evidence of weakening support from CCCG will also negatively
affect Greentown's ratings.

On the other hand, upward ratings pressure could emerge if
Greentown: (1) strengthens its liquidity profile by exercising
prudence in its financial management as well as land acquisition
strategy; (2) lowers its debt leverage such that its revenue to
adjusted debt is above 70%-75%; and/or (3) if its EBIT/interest
rises above 2x for a sustained period.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. At end-December 2015, the company had 81 projects with
a total gross floor area of 31.24 million square meters (sqm). Of
the total, 18.21 million sqm was attributable to the company.

China Communications Construction Group (Limited) is a state-
owned enterprise wholly owned by the State Council of China. The
company holds a 63.8% stake in China Communications Construction
Co. Ltd. (A3 negative), which is in turn one of the largest road
and bridge construction companies in China, and also a major port
design and construction company in the country.


CHINA SHANSHUI: Posts CNY6.7BB Net Loss in 2015
-----------------------------------------------
Eric Ng at South China Morning Post reports that China Shanshui
Cement Group, whose subsidiaries are suing Jinan city's mayor in
the yearlong fight for control between its previous and existing
boards, posted a net loss of CNY6.7 billion (HK$8 billion) for
last year.

Much of the loss was on account of a write-down on goodwill value
-- booked in previous years on assets it paid more than their net
value to acquire -- to CNY14 million from CNY2.35 billion in
2014, according to the report.

This was "due to forecasted less satisfactory [profitability]
. . . in the foreseeable future and overpayment in the
acquisitions of certain cement plants in the past", the Jinan,
Shandong province-based firm said in a filing to Hong Kong's
stock exchange, SCMP relates.

SCMP says Shanshui is China's seventh-largest cement maker. The
report relates that the nation's cement demand fell 5% last year
due to a marked slowdown in construction. Its external auditor
KPMG would not give an opinion on the fairness of its financial
statements, saying the current directors could not ensure that
accounting records have been properly maintained, since there was
no handover by the former board of directors who were all ousted
early December, the report says.

According to SCMP, the firm's bottom line was also hit by an
86% jump in administrative expenses to CNY2.32 billion, partly
due to surging legal costs as it is a defendant or plaintiff in
various Hong Kong High Court law suits involving its major
shareholders, its former management staff and its parent's
minority shareholders.

SCMP relates that the legal bills could rise this year as it has
commenced legal action against Jinan mayor Yang Luyu and deputy
mayor Su Shuwei in Hong Kong, alleging them of alleged conspiracy
with ousted China Shanshui directors to conceal its Shandong
subsidiary's company seals and litigation records and obstructing
the new board's attempt to gain access to its Jinan plant.

Revenue dropped 28.4% to CNY11.17 billion, on the back of lower
cement demand and prices as a result of a slowdown in real estate
investment.  Gross profit margin halved to 11% from 21.5% in
2014.

Finance costs surged 40% to CNY1.6 billion as it had to obtain
more costly debt financing to retire some of its debt, SCMP
discloses.

Total debt net of cash and bank deposits amounted to 386 per cent
of shareholders' equity at the end of last year, up from 140 per
cent a year earlier.

Its shares have been suspended for almost a year due to a
protracted fight between the original top management and that of
new controlling shareholder and Henan province-based former rival
Tianrui Group, adds SCMP.

                       About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on China
Shanshui Cement Group Ltd. to 'D' from 'CC'.  At the same time,
S&P lowered its long-term Greater China regional scale rating on
the company to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


EVERGRANDE REAL: Moody's Says Weak Results No Impact on B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's (B2 negative) results for 2015 are weak, but are within
expectations and have no immediate impact on its B2 corporate
family rating and negative ratings outlook.

"Evergrande's debt leverage increased materially in 2015, but the
growth in debt will likely moderate in 2016," says Franco Leung,
a Moody's Vice President and Senior Analyst.

Moody's conclusions were contained in a just released report,
"Evergrande Real Estate Group Limited: Weak 2015 Results Within
Expectations; Outlook Remains Negative".

The company reported a material increase in gross debt to around
RMB297 billion at end-2015 from RMB156 billion at end-2014, while
its perpetual capital securities also rose by RMB23 billion to
RMB76 billion.

The increase in debt was partly driven by its sizable spending on
land acquisitions, as it paid RMB69 billion in cash in 2015,
highlighting its highly acquisitive appetite.

As a result, debt leverage -- as measured by adjusted revenue to
debt, including perpetual capital securities -- dropped
significantly to 36% in 2015 from 53% in 2014, weakly positioning
the company's rating.

Moody's expects that the company will continue to pursue debt-
funded acquisitions and hence revenue/debt will remain weak.

But Moody's also expects the ratio to trend above 40% over the
next 12 months, as the company continues to generate strong cash
inflows from property sales and has an abundant cash balance to
support its business growth.

In particular, Moody's expects it to repay some of its perpetual
securities in the coming 6-12 months before their financing costs
start to step up.

In 2015, Evergrande recorded strong contracted sales of RMB201
billion, an approximate 53% increase year-over-year. This
followed strong contracted sales of RMB131.5 billion in 2014, up
31% from 2013.

At end-2015, the company's land bank totaled about 156 million
square meters (sqm) across 162 Chinese cities. Moody's expects
its diversified land bank portfolio and increased investments in
first- and second-tier cities in recent years will continue to
support its sales growth in the next 12-18 months.

Evergrande's liquidity profile remains weak, despite an
improvement in cash/short-term debt to 103% at end- 2015 from 75%
at end-2014. While its cash balance increased to RMB164 billion
from RMB59 billion, its short-term debt surged to RMB159 billion
from RMB80 billion over the same period.

"Moody's expects Evergrande to be able to refinance its short-
term debt, despite our projection that its operating cash flow --
together with its cash on hand at end- 2015 -- will unlikely
fully cover its short-term debt and committed land payments over
the next 12 months."

Moody's also believes that the aggressive sell-back options
offered to its property buyers in presales contracts -- an option
to sell back their purchased properties -- adds uncertainty to
its cash flows. We expect cash outflows will consequently
increase should the property market weaken.

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded
its business across the country over the past few years. At 31
December 2015, its land bank totaled 156 million square meters in
gross floor area across 162 Chinese cities.


HONGHUA GROUP: Fitch Lowers IDR to 'B-'; Outlook Negative
---------------------------------------------------------
Fitch Ratings has downgraded China-based Honghua Group Limited's
Long-Term Issuer Default Rating to 'B-' from 'B', with Negative
Outlook.  The oil rig producer's senior unsecured rating has also
been downgraded to 'B-' from 'B', with a Recovery Rating of
'RR4'.

The downgrade reflects the deterioration of the company's
financials in a sharp industry downturn.  The company did not
manage to unlock cash from working capital as revenue dropped
dramatically.  Margin also declined, which further pressured cash
flow.

The Negative Outlook reflects our view that the industry outlook
remains uncertain.  The company's liquidity might come under more
pressure if the downturn persists.

                         KEY RATING DRIVERS

Weaker-than-Expected Results: Honghua's 2015 results were much
weaker than Fitch estimated as market conditions continued to
deteriorate.  Honghua's revenue declined 46.0% to CNY4.2 bil. in
2015.  EBITDA fell 56% to CNY310 mil.  Its EBITDA margin narrowed
to 7.3% from 9.1% in 2014.  Its core land drilling rigs segment
recorded operating losses in 2H15 while its offshore drilling
rigs and engineering services segments were unprofitable at the
operating level.

Revenue, Margin Decline in Downturn: Honghua's core business
segment has been badly hit by the decline in oil prices.  Its
revenue from land drilling rigs and related parts plunged as
downstream clients scaled back capex and operating activities.
The operating margin of these two segments was not as resilient
as expected through the cycle - the margin almost halved to 6.2%
in 2015 from about 12.0% when oil prices were buoyant.  The poor
financial profile would limit Honghua's investment in new
technology and R&D activities, which would hurt its long-term
market position.

Challenges in New Businesses: Honghua's diversification into
offshore drilling rigs and engineering services has not been
successful so far.  The offshore market is likely to be more
volatile than the onshore market due to the higher cost structure
in general, which would put a new player like Honghua at a
disadvantage.  The company posted a CNY137m operating losses in
2015 for this segment.  Honghua's engineering services segment
also had operating losses of CNY163 mil., due to the decline in
daily rates.

Debt Remains High: Honghua's net working capital to revenue ratio
surged to 75% in 2015 (2014: 29%), indicating it is increasingly
difficult to collect receivables.  As a result, Honghua did not
reduce debt as much as we expected during the industry downturn.
Net debt remains at CNY3.1 bil. (2014: CNY3.1 bil.) and the net
debt to EBITDA ratio surged to 10x (2014: 4.3x).

Adverse Operating Environment: The continued fall in global oil
prices has negatively affected the oil and gas value chain.  As
major producers scale back on capex and operating activities,
Honghua's order book is shrinking and its margin is under
pressure.  Fitch expects the weak operating environment to
persist.  Hence, Honghua's business performance is unlikely to
rebound to the previous peak in the next 12-18 months.

Liquidity Still Adequate: Honghua has CNY2.3 bil. of debt due
within one year.  Meanwhile, it has CNY1.6 bil. of cash on hand
and CNY11.4 bil. in unused banking facilities.  It has also
received approval to issue not more than CNY1.5 bil. in short-
term debt facilities in the domestic capital market.  The company
pared capex and is gradually reducing its working capital needs,
it should be able to generate positive free cash flow.  Overall,
Fitch believes Honghua has sufficient financial resources and
access to meet its liquidity needs.

                          KEY ASSUMPTIONS

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

   -- Revenue to stabilize from 2017 onwards
   -- Working capital requirement to decrease following the
      falling revenue
   -- Margin for core operating segments to remain stable
   -- Operating cash flow in non-core operating segments to turn
      positive after 2017

                       RATING SENSITIVITIES

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

   -- Weakened liquidity, including challenges in rolling over
      short-term debt
   -- Sustained revenue decline and margin pressure
   -- Sustained negative free cash flow generation

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

   -- The company avoids breaching negative rating guidelines
      over the next 12-18 months


LONGFOR PROPERTIES: Moody's Says Results Demonstrate Resilience
---------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Co. Ltd.'s
(Ba1 stable) results for the fiscal year ended 31 December 2015
(FY2015) demonstrate the company's strong recurring income
growth, stable gross margins and EBIT interest coverage, against
the backdrop of a challenging operating environment.

The company's recurring rental income increased by a strong 62%
year-on-year to RMB1.4 billion, benefiting from: 1) full year
rental income from four malls that opened in 2014; 2) rental
income from two new malls that opened in 2015; and 3) higher
occupancy rates as well as positive rental reversions at its
malls.

"Gross recurring income in 2015 covered 47% of Longfor's gross
interest costs, which is in line with our expectations," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.
"We expect such coverage to trend towards 60% by end-2016."

Longfor's overall gross margin of 27.4% was slightly higher than
the 26.5% seen at end-2014. At the same time, its EBIT coverage
of interest stayed strong at 4.6x at end-2015 compared to 5.1x at
end-2014.

Moody's says that Longfor will likely maintain gross margins of
around 25%-28% over the next 12-18 months, and EBIT/interest
coverage will register around 4.9x-5.3x at least until end-2016.
Both results would position the company well when compared with
its Ba peers.

Healthy contracted sales growth will likely continue through end-
2016. The company reported contracted sales of RMB54.5 billion
for FY2015, an 11% year-on-year growth.

Year-to-date sales of RMB6.6 billion at end-February 2016 cover
11% of its 2016 full year target of RMB62 billion, which in turn
represent growth of 14% year-on-year. With 72 key projects
available for sale, up from the 62 in 2015 -- of which, 15 are
new -- the company's sales target for full year 2016 is
achievable.

Moody's points out that Longfor's modest reliance on debt funded
growth supports its Ba1 corporate family rating.

Longfor's total debt grew by around 9% to RMB52.3 billion at end-
2015 from RMB47.7 billion at end-2014. Revenue/debt coverage fell
to 91% at end-2015 from 107% at end-2014, mainly due to the 9%
year-on-year decline in development revenue, attributed to the
lower recognition of property development related to its projects
in Beijing.

Moody's expects its leverage -- as measured by revenue/adjusted
debt -- to remain at around 90%-95%.

Longfor also strengthened its debt maturity profile and lowered
its average borrowing cost in 2015 through widening its financial
channels.

Longfor's consolidated average borrowing costs fell to 5.7% at
end-2015 from 6.4% at end-2014. Its debt maturity profile
lengthened notably to 5.2 years at end-2015 from 4.5 years at
end-2014.

With one of the lowest borrowing costs among developers that are
not backed by state-owned enterprises, and a lengthened debt
maturity profile, Moody's believes Longfor's financial position
is one of the strongest among its Ba-rated peers.

Moody's further points out that Longfor's liquidity position is
strong. The company reported a cash to short-term debt of about
294% at end-2015, up from 239% at end-2014.

Its cash holdings -- including restricted cash -- totaled RMB18.2
billion at end-2015; an amount which, in addition to its
operating cash flow, is sufficient to cover its debt of RMB6.2
billion maturing over the next 12 months from end-2015, and total
committed outstanding land payments of RMB8 billion during the
same period.

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a leading brand name in the municipality.

As of end-2015, it had an attributable land bank of 30.5 million
square meters in gross floor area, spanning 23 cities in five
major regions in China.



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


AAJ KA: CRISIL Lowers Rating on INR468.5MM Loan to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aaj
Ka Anand Papers Limited (AKAPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            380      CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Funded Interest        152      CRISIL D (Downgraded
   Term Loan                       from 'CRISIL A4+')

   Letter of Credit       468.5    CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Term Loan              202.2    CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Working Capital        317.3    CRISIL D (Downgraded
   Term Loan                       from 'CRISIL A4+')

The downgrade reflects delays by the company in debt servicing
and its continuously overdrawn bank lines because of weak
liquidity. Liquidity has deteriorated mainly due to unprecedented
stretch in its working capital cycle.

AKAPL has a weak financial risk profile because of a small net
worth, inadequate debt protection metrics, and an aggressive
capital structure. Moreover, it has a modest scale of operations,
large working capital requirement, and low profitability.
However, it benefits from its promoters' extensive experience in
the print media industry.

AKAPL, based in Pune, was formed as a proprietorship firm in
1971; this firm was reconstituted as a closely held company in
1993, promoted by Mr. Shyam Agarwal. The company prints and
publishes Hindi, Marathi, and English daily newspapers: Aaj ka
Anand, Sandhyanand, and Life 365, respectively. It also owns a
30-room budget hotel, Citi-o-tel, at Pune. AKAPL is currently
being managed by Mr. Anand Agarwal.


AANCHAL CEMENT: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aanchal Cement Limited (ACL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL B/Stable
   Letter of Credit       97.5     CRISIL A4

The suspension of ratings is on account of non-cooperation by ACL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACL is yet to
provide adequate information to enable CRISIL to assess ACL'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'.
ACL was set up in 1995 by Mr. Sumit Bagaria as Kalika Cement
Company Pvt Ltd. In 2008, the company was acquired by the
Kolkata-based Goel family, and reconstituted as a public limited
company, named Kalika Cement Ltd (KCL). In 2012-13 (refers to
financial year, April 1 to March 31), KCL was renamed as ACL to
reflect the group's brand, Aanchal. ACL trades in clinker and
cement. The company also operates a cement grinding unit in
Asansol (West Bengal). ACL manufactures ordinary portland cement
(OPC).


ARENE LIFE: CRISIL Suspends B+ Rating on INR65MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Arene
Life Sciences Limited (ALSL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable
   Long Term Loan         65       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by ALSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ALSL is yet to
provide adequate information to enable CRISIL to assess ALSL'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, ALSL manufactures bulk drug intermediaries.
Promoted by Mr. K Satyanarayana Reddy and his associates, the
company's manufacturing facility is near Hyderabad (Telangana).


ARROW POWER: Weak Financial Strength Cues ICRA SP 3D1 Grading
-------------------------------------------------------------
ICRA has assigned 'SP 3D1' grading to Arrow Power Controls (APC),
indicating the 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake off-grid
solar projects. The grading is valid till March 17, 2018 after
which it will be kept under surveillance.

Grading Drivers
Strengths
* Vast experience of the promoter of more than fifteen years in
power electronics industry and four years in solar photo voltaic
(PV) industry
* Established relationship of the firm with its customers and
suppliers
* Diversified customer base belonging to residential, commercial
and agricultural segments
* Favorable growth prospects aided by government initiatives in
terms of incentives and subsidies in photo voltaic (PV) segment
Risk Factors
* Modest scale of operations with revenues of INR1.56 crore in
2014-15
* Limited track record of the firm in rendering photovoltaic
system integration services
* Modest return on capital employed of 6.17% for 2014-15
* High working capital intensity of operations of 37% as on
March 31, 2015 owing to high inventory levels
* Large number of organized and unorganized players in solar
power industry making it highly competitive

SI Related Business - Moderate Performance Capability

Promoter Track Record:

The promoter of the firm, Mr. Sudhakar Borker, holds more than
fifteen years of experience in the field of power electronics and
solar power industry. He holds a diploma in electronics from NMAM
Institute of technology. The firm was originally promoted to
manufacture inverter and UPS; however it diversified into the
solar PV business in 2012-13. The firm has completed 41 KWp of
solar module installations as on date and has 5 projects in hand
for installation of 35 KWp.

Technical competence and adequacy of manpower:

The firm has an in-house design and installation team which looks
into the various technical aspects of installation and post
installation services. The team members of APC are well trained
for the design and assembling of solar PV systems, street lights,
LED lighting, water pumps, UPS etc. The firm has a workforce of
around 15 members who have prior experience in solar space. The
employed manpower has been adequate for the limited number of
projects undertaken so far. Additional manpower is hired on
contract basis based on requirement during project installation
and commissioning.

Quality of suppliers and tie ups:

The firm procures materials such as SPV modules, batteries etc.
from reputed suppliers like Suntrop Solar, Southern Batteries,
Festolyte Batteries etc. The firm looks into the timeliness of
delivery and rates offered by them. As per feedback from the
suppliers, they are satisfied with the involvement, information
flow, payments etc.

Customer and O&M Network:

The customer profile of the firm mainly includes residential,
commercial and agricultural clients. The firm has executed
projects in Karnataka, Tamil Nadu and Kerala. The firm's quality
deliverables, timely execution and prompt after sales service
have led to satisfactory feedback from customers. The firm has 11
associates/dealers in Bangalore, Mysore, Kochi, Bijapur,
Mangalore, Puttur, and Suliya for providing O&M services. The
service team of the firm can respond to customer complaints
within 24 hours for urban locations and within 48 to 72 hours for
remote locations.


ATRI INFRASTRUCTURE: CRISIL Suspends B+ Rating on INR127MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Atri Infrastructure Private Limited (AIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             127       CRISIL B+/Stable

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

AIPL was founded by Mr. Girish Patel along with his wife, Mrs.
Anita Patel and their son, Mr. Jayshil Patel, in 2006. The
company constructs residential and commercial buildings in
Gujarat. AIPL's ongoing residential project, Casario, in
Gandhinagar (Gujarat), is scheduled for completion by October
2014.


AURO INDUSTRIES: CRISIL Suspends B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Auro Industries Limited (AIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        1.5       CRISIL A4
   Cash Credit          65         CRISIL B+/Stable
   Letter of Credit     13         CRISIL A4

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

Mr. Madhusudan Goenka promoted Auro Enterprises in 1990 as a
proprietorship concern for manufacturing foundry fluxes. AIL,
incorporated as a public limited company in 1995, took over the
entire business of Auro Enterprises. AIL trades in a variety of
electrical equipment that are used in industries which control
pollution in steel and cement plants. AIL also trades in
batteries for UPS, motor vehicles and in lighting products.


AVADH ALLOYS: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Avadh Alloys Private
Limited (AAPL) continue to reflect its small scale of operations
in a competitive industry, geographical concentration in revenue,
and below-average financial risk profile because of low networth,
moderate gearing, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       15       CRISIL A4 (Reaffirmed)
   Proposed Cash
   Credit Limit            4.8     CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by promoters' extensive
experience in the steel industry, and established customer base.
Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant and sustained
revenue growth and efficient working capital management lead to a
substantial increase in accrual. Conversely, the outlook may be
revised to 'Negative' if operating margin declines, adversely
impacting cash accrual, or if working capital requirement
increases considerably, resulting in deterioration in financial
risk profile.

Update
Operating revenue declined 12 percent to INR373.8 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR423.8 million in 2013-14, and is expected to decline by 50
percent to INR187 million in 2015-16 (Rs.175.3 million in the 11
months through February 2016) due to weak demand and significant
decline in steel product realisations. Sales continue to be
concentrated in Uttar Pradesh. Operating margin may remain modest
at 4-5 percent over the medium term.

Financial risk profile continues to be below average, with modest
networth of INR43.5 million as of March 2015. Due to limited
accretion to reserve, the networth is expected to remain modest,
and gearing moderate at 2.0-2.5 times over the medium term as
well. AAPL has no large capex plans for 2016-17 and 2017-18. Debt
protection metrics continue to be weak, with interest coverage
and net cash accrual to total debt ratios at 1.5 and 0.04 time,
respectively, in 2014-15.

Working capital requirement remains large, with sizeable gross
current assets, inventory and receivables-expected at 228, 125
and 78 days, respectively, as of March 2016. Weak demand due to
slowdown in the steel industry should keep inventory high over
the medium term as well. Bank line utilisation was high,
averaging 97 percent over the 15 months through February 2016.
Liquidity, however, is supported by unsecured loans (outstanding
at INR40.2 million as of February 2016) extended by the promoters
from time to time.

AAPL, incorporated in 1991, manufactures mild steel (MS) ingots,
runner risers, MS strips, MS pipes, shutter frames, and U-
channels. The manufacturing facility at Muzzafarnagar has
capacity of 12,000 tonnes per annum.


AVADH FIBERS: ICRA Suspends B+ Rating on INR17.50cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR17.50 crore
working capital facilities of Avadh Fibers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit               17.50         [ICRA]B+ suspended

Avadh Fibres Private Limited (AFPL) was incorporated in 2008 and
is promoted by Mr. Girdhar Vekaria and Mr. Amit Vekaria and other
family members. The company is engaged in cotton ginning,
pressing and cotton seed crushing to produce cotton bales, cotton
seed oil and cake. The company has installed 30 ginning machines
and 4 crushing machines with an installed capacity of 300 cotton
bales per day and 50 MT of cotton seed oil per day.


DN PAPER: CRISIL Assigns 'B' Rating to INR60MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of DN Paper Mill (DNPM).

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

The rating reflects DNPM's initial phase of operations in the
highly fragmented and competitive paper industry, and
susceptibility to fluctuations in waste paper prices. These
weaknesses are partially offset by advantageous location of plant
because of proximity to packaging industry, and promoters'
experience in the packaging industry.
Outlook: Stable

CRISIL believes DNPM will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations at the proposed plant, and higher-than-expected
revenue and profitability, leading to substantial cash accrual.
Conversely, the outlook may be revised to 'Negative' if there are
delays in commencement of operations, or if cash accrual is lower
than expected during the initial phase, resulting in pressure on
liquidity.

DNPM, established in 2015 by Mr. Nilesh Mungara and his family
members, is setting up a plant to manufacture kraft paper in
Rajkot with capacity of 19,500 tonne per annum. Commercial
production is expected to start in May 2016.


EOS HOSPITALITY: ICRA Suspends B+ Rating on INR16cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR16.00 Crore
bank facilities of EOS Hospitality Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


EVERNEW PROJECTS: CRISIL Suspends B Rating on INR71MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Evernew Projects Private Limited (EFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable
   Letter of Credit       14       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     71       CRISIL B/Stable

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

EPPL was established in 2012and was taken over by the present
management, Mr Satish Kumar Sanjwani and Mr. Bhisham Sanjwani, in
April 2013. The company is engaged in the manufacturing of veneer
and plywood with its manufacturing facility is located in West
Bengal.


GANESH SPONGE: CRISIL Suspends D Rating on INR180MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ganesh Sponge Private Limited (GSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            180       CRISIL D
   Funded Interest
   Term Loan               16.7     CRISIL D
   Long Term Loan         142.7     CRISIL D
   Proposed Long Term
   Bank Loan Facility       0.6     CRISIL D

The suspension of rating is on account of non-cooperation by GSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GSPL is yet to
provide adequate information to enable CRISIL to assess GSPL'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'.
GSPL, incorporated in 2004, manufactures sponge iron. Mr. S K
Dalmiya is the company's chairman and his son, Mr. Vikash
Dalmiya, is its managing director.


GITA REFRACTORIES: ICRA Suspends B- Rating on INR4cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- outstanding
on the INR4.00 crore fund-based limits and on the INR1.30 crore
proposed facilities of Gita Refractories Private Limited. ICRA
has also suspended the short-term rating of [ICRA]A4 outstanding
on the INR1.20 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


GLADS HOME: CRISIL Suspends B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Glads Home Appliances Private Limited (GAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     40       CRISIL B+/Stable

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

Set up in 1996, GAPL is a distributor of consumer durable goods
in Chennai. Its day-to-day operations are managed by Mr. Arun
Daniel Robi.


GOKAK SUGARS: ICRA Reassigns 'B' Rating to INR20cr Loan
-------------------------------------------------------
ICRA has reassigned the long-term rating from [ICRA]BB(SO) with
negative outlook to [ICRA]B outstanding on the term loans and
fund based facilities of Gokak Sugars Limited aggregating to
INR36.00 crore (reduced from INR47.74 crore).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           16.00       [ICRA]B reassigned
   Fund Based Limits    20.00       [ICRA]B reassigned

The reassigned rating takes into account the parentage of Shree
Renuka Sugars Limited (SRSL) which has a 93% equity stake in the
company and the financial support given by SRSL through unsecured
loans and corporate guarantee provided to the bankers of GSL. The
rating also favourably considers the forward integration of the
company's sugar business into co-generation operations which
negates the sugar cyclicality to some extent.

The rating is however constrained by the weak financial profile
of the company due to the depressed sugar prices prevalent during
Sugar Year (SY)3 2015 coupled with the high sugarcane costs which
resulted in losses for the company in the sugar business. The
company's capital structure is also stretched (gearing of 4.3
times as on March 31, 2015) due to the reduction in net worth
owing to net losses. ICRA however positively notes the recovery
in the sugar prices seen over the past 4-5 months supported by
the reduced estimates on domestic sugar production for SY2016
along with the higher export quantity of 40 lakh MT mandated by
the Central Government. The rating also takes into account the
risks arising out of the inherent cyclicality in sugar business,
exposure to agro-climatic risks and vulnerability to regulatory
policies, apart from the exposure to price fluctuations for the
company's trading business.

Gokak Sugars Ltd (GSL), incorporated in 2000, is a Belgaum
(Karnataka) based sugar manufacturing company with a 2500 TCD
(Tonnes Crushed per Day) cane crushing plant. The plant is
forward integrated with a 14 MW co-generation unit. The company
was initially setup by local promoters; subsequently, Shree
Renuka Sugars Ltd acquired 87% stake in the company in October
2008 and has gradually increased its equity holding in GSL to
about 93% as on date with the remaining equity held by one of the
original promoters.

For FY2015, GSL reported net loss of INR11.23 crore on an
operating income of INR117.45 crore. For FY2014, GSL reported net
loss of INR15.44 crore on an operating income of INR277.91 crore.

Shree Renuka Sugars Limited (SRSL) is one of the largest private
sector sugar manufacturers in the country, promoted by first
generation entrepreneurs, viz. Murkumbi family, with a combined
crushing capacity of about 42,000 TCD (across seven units) in
India and 59,520 TCD (across four units) in Brazil. The plants in
India are located in the states of Maharashtra and Karnataka. The
company has significant presence in South Brazil through
acquisitions of Renuka Vale do Ivai in March 2010 (100% owned)
and Renuka do Brasil (formerly Euipav Acucar e Alcohol) in July
2010 (50.34% stake, which was increased to 59.4%4 by March 2012).

SRSL has been one of the first mills to be fully forward
integrated into distillery (using molasses, a by-product of
sugar) and co-generation (based on bagasse) operations. SRSL
mainly manufactures fuel grade ethanol that can be blended with
petrol. Global distillery capacity of SRSL is 4,160 KL per day
(KLPD) with Indian distillery capacity at 930 KLPD (630 KLPD from
molasses to ethanol and 300 KLPD from rectified spirit to
ethanol) and Brazil distillery capacity at 3,230 KLPD. The
company has a total co-generation capacity of 584 MW with a total
exportable surplus of 356 MW. The company also carries out
refining activity, i.e. conversion of raw sugar to white sugar,
from its 2,500 TPD unit at Haldia (West Bengal) and 3,000 TPD
unit at Kandla (Gujarat).

Renuka Vale do Ivai was previously a distressed Brazilian sugar
and ethanol producer with a total crushing capacity of 3.1
million MT per annum and it has strategic stake in warehouses and
loading facilities at Paranagua port in Brazil. Renuka do Brasil
has sugar/ethanol mills with integrated co-generation facilities.
It has about 10.5 million MT annual crushing capacity along with
co-generation capacity of 295 MW.

For FY2015, SRSL reported net loss of INR295.1 crore on an
operating income of INR5,744.2 crore. For 9m-FY2016, SRSL has
reported net loss of INR505.5 crore on an operating income of
INR4,044.2 crore (unaudited). On a consolidated basis, for
FY2015, SRSL reported net loss of INR1,813.6 crore on an
operating income of INR10,087.6 crore.


GOKUL COTTON: ICRA Reaffirms B Rating on INR9cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR9.00
crore cash credit facility, INR2.25 crore (reduced from INR2.65
crore) term loan facility and INR8.75 crore (enhanced from
INR8.35 crore) unallocated limits of Gokul Cotton Industries.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           9.00         [ICRA]B reaffirmed
   Term Loan             2.25         [ICRA]B reaffirmed
   Unallocated Limits    8.75         [ICRA]B reaffirmed

The reaffirmation of the rating takes into account Gokul Cotton
Industries' (GCI) relatively small scale of operations, its low
profitability due to limited value additive nature of operations
and intense competition in a fragmented industry, and its
leveraged capital structure and weak debt coverage indicators.
The rating further takes into account the firm's exposure to
commodity price volatility, agro-climatic conditions and cotton
export-related government regulations. ICRA also notes that GCI
is a partnership firm and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the credit profile.

The rating, however, continues to positively consider the
experience of the partners in the cotton industry and the
location advantage of the firm giving it easy access to high
quality raw cotton.

Incorporated in September 2013, Gokul Cotton Industries (GCI) is
engaged in the business of cotton ginning & pressing. The firm
commenced commercial production from April 2014 from its
manufacturing facility located at Rajkot in Gujarat. The unit is
equipped with 32 ginning machines and one pressing machine, with
a processing capacity of ~16000 metric tonnes per annum (MTPA) of
raw cotton. GCI is a partnership firm and the promoters have
extensive experience in the cotton industry.

Recent Result
In FY15, GCI reported an operating income of INR23.87 crore and
profit after tax of INR0.09. Further, during 9M FY16 (as per
unaudited provisional financials), GCI reported an operating
income of INR10.40 crore and profit before depreciation and taxes
of INR0.57 crore.


GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's rating on the long term bank facility continues to
reflect Grand Hyundai's (GH) below-average financial risk profile
because of a weak total outside liabilities to tangible net worth
ratio and debt protection metrics.

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

   Inventory Funding
   Facility               70       CRISIL B+/Stable (Reaffirmed)

   Term Loan              10       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the modest scale of operation in an
intensely competitive automobile dealership industry, and low
bargaining power with its principal, Hyundai Motor India Ltd
(Hyundai). These weaknesses are mitigated by the promoters'
extensive experience and strong relationship with its principal.
Outlook: Stable

CRISIL believes GH will continue to benefit from the extensive
experience of the promoters in the industry. The outlook may be
revised to 'Positive' if revenue and profitability of the firm
improves significantly while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if a larger-
than-expected, debt-funded capital expenditure programme or a
sharp decline in revenue or profitability or deterioration in
working capital management weakens the financial risk profile.

Set up in April 2012, GH is mainly engaged in Hyundai's
dealership for sale of cars, spares and service of vehicles in
Kerala. The firm has seven showrooms and three service centers.
The day to day operations are managed by Mr.Mohammed Iqbal.


HARMILAP AGRO: ICRA Suspends D Rating on INR12.5cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR12.50 crore
fund based facilities of Harmilap Agro Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


HONEST MARKETING: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Honest Marketing Private Limited (HMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Proposed Cash
   Credit Limit           40       CRISIL B/Stable

The rating reflects HMPL's moderate scale of operations, modest
operating profitability and below average financial risk profile
marked by modest net worth and weak debt protection metrics.
These weaknesses are partially offset by promoters' extensive
experience in the liquor industry and healthy relationships with
principal and customers.
Outlook: Stable

CRISIL believes that HMPL will continue to benefit from the
extensive experience of its promoters in the liquor distribution
segment. The outlook may be revised to 'Positive' if there is a
sustained improvement in its cash accruals supported by growth in
its scale of operations and margins while improving its working
capital management. Conversely, the outlook could be revised to
'Negative' if the financial risk profile deteriorates on account
of decline in its operating profitability or on account of a
stretch in its working capital cycle or any significant debt
funded capex plans or extension of any further support to its
group entities or associates.

Incorporated in 1990, Honest Marketing Private Limited (HMPL) is
engaged in the distributorship of alcoholic beverages within
Nasik district, Maharashtra for Diageo India Pvt. Ltd ('CRISIL
AA-/Stable'), Allied Blenders and Distillers Pvt. Ltd ('CRISIL
BBB+/Positive/CRISIL A2'), Carlsberg India Pvt. Ltd. and Nashik
Vinters Pvt. Ltd. The day-to-day operations are currently handled
by Mr. Sumeet Gupta, Mr Manish Patel, Mr. Bhupinder Singh and Mr.
Yohan Rubthe.


K. VENKATA: ICRA Cuts Rating on INR25cr Non Fund Based Loan to B+
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR9.00 crore
fund based limits and INR25.00 crore non fund based limits of
K. Venkata Raju Engineers and Contractors Private Limited
(KVRECPL) from [ICRA]BB- to [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      9.00        [ICRA]B+ (revised from
                                      [ICRA]BB-)

   Non Fund Based        25.00        [ICRA]B+ (revised from
   Limits                             [ICRA]BB-)

The rating revision primarily factors in deteriorated liquidity
profile of the company as reflected by the full utilization of
fund based limits on account of high levels of receivables with
substantial amounts pending for more than six months from various
projects being executed for state government departments of
Andhra Pradesh. The rating is further constrained by the decline
in operating income by ~25% in FY2015 due to slow order book
execution; and leveraged capital structure with gearing at 1.69
times as on March 31, 2015 owing to withdrawal of capital during
the conversion of partnership firm to private limited entity in
June 2014.

The rating however positively factors in the long experience of
the promoter in the construction industry; limited geographical
concentration risk with projects spread across Andhra Pradesh,
Tamil Nadu, Jharkhand, Odisha, Karnataka, etc. and order book of
~Rs. 140 crore as on December 31, 2015 that provides revenue
visibility in the medium term.

Going forward, the ability of the firm to improve its liquidity
position and increase its scale of operations will remain the key
credit rating drivers from credit perspective.

Established in 1990, K. Venkata Raju Engineers & Contractors is
an infrastructure construction company engaged in the
construction of highways, runways, over-bridges, power
transmission lines and more. In June 2014, the firm was
incorporated as K Venkata Raju Engineers & Contractors Private
Limited. The company has operations in several states such as
Andhra Pradesh, Telangana, Maharashtra, Jharkhand, and Odisha.

Recent Results
As per the audited results for FY2015, the company reported
profit after tax of INR1.30 crore on turnover of Rs 46.47 crore
as against profit after tax of Rs 4.12 crore on turnover of
INR66.29 crore during FY2014.


K.S. GOWDA: CRISIL Suspends B- Rating on INR55.5MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of K.S.
Gowda Educational Trust (KSGET).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      3       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     55.5     CRISIL B-/Stable
   Term Loan              41.5     CRISIL B-/Stable

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

KSGET was set up in 2005 by Mr. Ashok Kumar. The trust operates
three schools, one industrial training centre, one pre-university
college, and a degree college Sullia (Karnataka).


KOHINOOR GRAIN: CRISIL Assigns B Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kohinoor Grain Processing Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       43.5      CRISIL B/Stable
   Cash Credit           50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     6.5      CRISIL B/Stable

The rating reflects KGPL's exposure to project implementation
risk and subsequent ramp up in its sales, expected modest scale
of operations, and an average capital structure during the
initial phase due to debt-funded project and working capital
requirements. These weakness are partially offset by the
extensive experience of the promoters in the agro-products
processing industry and their committed funding support to the
company.

Outlook: Stable

CRISIL believes KGPL will benefit over the medium term from the
promoters' extensive experience in the agro-processing industry.
The outlook may be revised to 'Positive' if the company
commissions its ongoing project in the anticipated timeline and
demonstrates better sales growth in the initial stage of
operations leading to higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens on
account of a time or cost overrun in the project, slower ramp up
in sales or a significant stretch in the working capital cycle.

KGPL was incorporated in December 2012 by Mr. Azeem Panjwani and
Mr. Nandkumar Mahajan. It is setting up a flour mill unit in
Nagpur. The unit will process wheat into food articles such as
maida, wheat flour, suji, and rava. The company is a part of
Nanded (Maharashtra)-based Kohinoor group, which has longstanding
presence in edible oil and wheat products processing.


KONERU CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Koneru
Constructions Private Limited (KCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable
   Proposed Cash
   Credit Limit           10       CRISIL B+/Stable
   SME Care Loan           5       CRISIL B+/Stable
   Term Loan               5       CRISIL B+/Stable

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

KCPL was incorporated in 2006 by Mr. K V Prasad. The company is
engaged in civil and structural fabrication. The company is based
in Vijayawada, Andhra Pradesh.


KRISHNA NATURAL: ICRA Cuts Rating on INR8.90cr Cash Loan to B
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]B+
assigned to the INR8.90 crore cash credit facility and INR1.05
crore term loan facility of Krishna Natural Fibre Private
Limited. The rating suspension done in November 2015 has been
revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.90       [ICRA]B downgraded
   Term Loan             1.05       [ICRA]B downgraded

The revision in rating takes into account relatively small scale
of company's operations with significant decline reported in
turnover during FY15 owing to decline in sales volumes as well as
decline in sales realizations following lower cotton prices;
coupled with weak financial risk profile characterized by low
profitability, high gearing levels and weak coverage indicators.
The rating is further constrained by KNFPL's low bargaining power
on account of low value addition in the business and highly
competitive and fragmented industry structure owing to low entry
barriers and the vulnerability of the company's profitability to
raw material (i.e. cotton) prices, which are subject to
seasonality, crop harvest and regulatory risks with regards to
MSP for raw cotton.

The rating, however, favourably factors in the long-standing
experience of the company's promoters in the cotton industry and
favourable location of the company's manufacturing facility at
Kadi in Gujarat giving it an easy access to quality raw material.

Incorporated in October 1999, Krishna Natural Fibre Private
Limited (KNFPL) is engaged in the business of ginning and
pressing of raw cotton. The manufacturing facility of the company
is situated at Kadi in Mehsana district of Gujarat. The facility
is equipped with twenty-four ginning machines and one pressing
machine with total installed capacity to manufacture ~250 cotton
bales per day. The company is promoted by Mr. Nathalal Jani and
Mr. Bipin Patel along with other family members/relatives who
have a long-standing experience in the cotton industry.

Recent Results
During FY2015, KNFPL reported an operating income of INR36.04
crore and profit after tax of INR0.02 crore as against operating
income of INR68.76 crore and profit after tax of INR0.08 crore
during FY14. Further, in 10M FY 2016 (as per unaudited
provisional financials), KNFPL reported operating income of
INR34.16 crore and profit before depreciation and taxes of
INR0.15 crore.


MAA GANGA: ICRA Suspends B+ Rating on INR4.8cr Cash Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR4.80 crore cash credit facility and the short term rating
of [ICRA]A4 assigned to the INR0.3163 crore bank guarantee
facility of Maa Ganga Rice Mill. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the entity.


MARPOL PRIVATE: ICRA Lowers Rating on INR11cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the rating assigned to INR11.00 crore cash
credit facilities of Marpol Private Limited to [ICRA]B+ from
[ICRA]B-. Further ICRA has also reaffirmed the short term rating
as [ICRA]A4 to INR1.00 crore short term fund based facilities
which are sublimit within cash credit limits and INR8.00 crore
non fund based facilities of Marpol.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Scale - Cash
   Credit                11.00        Revised to [ICRA]B+
                                      from [ICRA]B-

   ST Scale - Fund
   Based                 (1.00)       [ICRA]A4 reaffirmed

   ST Scale - Non
   Fund Based             8.00        [ICRA]A4 reaffirmed

The rating revision reflects improved profitability in current
fiscal supported by favorable raw material prices with sharp fall
in crude prices along with general improvement in cost structure.
Improved accruals have supported liquidity profile and capital
structure to an extent with gearing improving to 1.2x as on
Dec'15 from 1.8x as on Mar'15. The margins, though, are expected
to moderate to normalized levels with raw material price benefits
to be temporary. The net worth of the company has been thin on
back of loss making operations between FY12-FY14 though accruals
are expected to support the financial profile going forward. The
sales growth of the company has been affected by general slowdown
in the user segment (majorly automobile and consumer durables).
Further given working capital intensive nature of business, sales
growth remains function of ability to extend credit to
distributors. The company has moderate scale of operations in an
intensely competitive industry and faces price based competition
from large MNCs as well as unorganized players. ICRA also take
note of sizeable advances recoverable from certain erstwhile
company directors which have been disputed since long. Any write-
off on same can strain the capital structure of the company.

The company has shown signs of recovery in last and current
fiscal driven by improved offtake from user industry along with
rationalization of cost structure though sustaining the
improvement and scaling up the operations remain critical for
meaningful improvement of the credit profile of the company. ICRA
take note of technically qualified promoters and established
track record of the company in the powder coating segment with
well spread dealer network. The company has backward integration
in form of resin manufacturing to fulfill part of its raw
material requirement and well equipped R&D setup to cater to
varied need of end users. The long term outlook for the domestic
powder coating segment remain favorable given general growth
prospects of Automobile OEMs and Consumer Durable segment though
the industry faces margin pressures in near to medium term given
over supply in the industry and susceptibility of raw material
prices to currency fluctuations and crude prices.

Founded in 1986, Marpol Private Limited (Marpol) is in the
business of manufacturing and marketing powder coatings, which
find application in the industrial paints segment. Marpol's
manufacturing facility is located in central Goa and consists of
a resin manufacturing plant with a capacity of 2400 tpa and five
powder coating manufacturing lines with an aggregate capacity of
12,000 tpa. The company has also set up pulverising capacity at
Baddi, Himachal Pradesh to service the key northern industrial
centres and also benefits from fiscal incentives offered by the
government. The company has commercialized over 2000 shades and
300-350 different shades are in regular production.


NIRALA RICE: CRISIL Suspends B+ Rating on INR46MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nirala Rice Mill Private Limited (NRMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1        CRISIL A4
   Cash Credit           46        CRISIL B+/Stable
   Standby Line of
   Credit                 5        CRISIL B+/Stable
   Term Loan              8        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
NRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NRMPL is yet to
provide adequate information to enable CRISIL to assess NRMPL'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 2009, NRMPL is engaged in the milling and
processing of parboiled rice. Its rice mill is located near
Bardhaman (West Bengal). The company's day-to-day operations are
managed by Mr. Soumen Kesh.


PARAMOUNT PHARMA: CRISIL Cuts Rating on INR100MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Paramount Pharma to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

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

   Letter of Credit       100      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects the deterioration in the business
risk profile of the firm, marked by a decline in revenue. Revenue
is expected to decline to around INR245million in 2015-16 (refers
to financial year, April 1 to March 31) as against INR470 million
in 2014-15. The decline in operating income is due to intense
competition in the industry coupled with lower realizations.
Despite the decline in revenue, the working capital cycle is
expected to remain stretched on account of the firm's inability
to liquidate inventory, thereby weakening its liquidity profile.
CRISIL believes Paramount Pharma's ability to sustain revenue and
operating margin, along with efficient management of working
capital requirements, will remain key rating sensitivity factors
over the medium term.

The ratings continue to reflect Paramount Pharma's modest scale
of operations in the highly fragmented pharmaceutical industry
and its large working capital requirements. These weaknesses are
partially offset by the extensive experience of the partners in
the industry and a moderate financial risk profile marked by
moderate gearing and debt protection metrics.
Outlook: Stable

CRISIL believes Paramount Pharma will continue to benefit over
the medium term from the partners' extensive industry experience.
The outlook may be revised to 'Positive' if there is large cash
accrual driven by an increase in the scale of operations and
operating margin or if the firm improves its working capital
management, thus enhancing the liquidity profile. Conversely, the
outlook may be revised to 'Negative' if the cash accrual is low
or if there is a decline in operating margin or increase in the
working capital cycle, or if the firm undertakes a large, debt-
funded capital expenditure programme, weakening the financial
risk profile, particularly liquidity.

Paramount Pharma is a partnership firm set up in 2006 by Mr. S S
Nandwana, Mr. Pankaj Nandwana, and Mr. Rajat Nandwana. It
manufactures bulk drugs such as paracetamol, chloramphenicol, and
chloramphenicol-palmitate. Its manufacturing facility is in
Kathua (Jammu and Kashmir [J&K]). Mr. S S Nandwana has experience
of over 30 years in the pharmaceutical industry.


PARAS COTSPIN: CRISIL Lowers Rating on INR65MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Paras Cotspin Limited (PCL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           65        CRISIL D (Downgraded
                                   from 'CRISIL BB/Stable')

   Proposed Long Term    24        CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

   Rupee Term Loan       80        CRISIL D (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects delays in servicing of bank debt on
account of stretched liquidity driven by its sizeable maturing
debt while its net cash accruals are low.

The financial risk profile remains below average, because of
moderate gearing and modest net worth, and small scale of
operations in the intensely competitive cotton spinning industry.
The company, however, benefits from its promoters' extensive
experience in the cotton spinning industry.

Incorporated in 2007 and promoted by Mr. Dinesh Kataria and his
family and friends, PCL began commercial production in 2008-09
(refers to financial year, April 1 to March 31); 2009-10 was its
first full year of operations. The company manufactures cotton
yarn (10-18 counts) at its facility in Samana, Punjab.


POLYSOL INDUSTRIES: ICRA Cuts Rating on INR2cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB- to [ICRA]B+ to
the INR2.00 crore long term fund based limits of Polysol
Industries. The short term rating of [ICRA]A4 has been reaffirmed
to the INR9.80 crore non fund based limits.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term Fund
   Based Limits (CC)        2.00      [ICRA]B+ downgraded

   Short Term Non
   Fund Based Limits (LC)   9.00      [ICRA]A4 reaffirmed

   Short Term Non
   Fund Based Limits
   (Forward Contracts)     0.80      [ICRA]A4 reaffirmed

The ratings revision of Polysol Industries (PI) factor in its
stretched liquidity on account of the increase in receivables,
high dependence on working capital borrowings and creditors and a
leveraged capital structure on account of an increase in external
borrowings. The ratings also factor in the concentrated product
profile, exposing it to demand fluctuations in the key user
industries, the vulnerability of the margins to the fluctuations
in the prices of raw materials and to the competitive pressure
prevailing in the chemical industry. ICRA further takes note of
the risk of capital withdrawals given its constitution as a
partnership firm.

The assigned ratings, however, favourably factor in the
significant experience of the partners in the business of
manufacturing and trading of chemicals.

Polysol Industries was established on 1st April 1996 as a
partnership firm. The firm is managed by Mr. Shailesh B. Desai,
Mr. Umang S. Desai and Mrs. Nilima S. Desai. It is engaged in the
manufacturing of Aluminium Sulphate and Poly Aluminum Chloride
Solution. The firm also carries out trading activities. The firm
is a part of the Polysol Group, consisting of three entities. The
other two entities are Gujarat Polysol Chemicals Pvt. Ltd. and
Urmi Polymer Industries. Both the entities are engaged in the
business of chemicals.

The firm has its registered office at Vapi, Gujarat and its
manufacturing unit is located in GIDC, in the district of Valsad,
Gujarat.

Recent Results
In FY15, the company reported a profit before tax of INR0.39
crore on an operating income of INR49.98 crore. As per the 9M
unaudited results of FY16, the company reported a profit before
tax of INR0.16 crore on an operating income of INR22.31 crore.


POWERED EPC: ICRA Assigns 'B' Rating to INR2cr Loan
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the Rs 2.0
crore fund based Secured Over Draft facility of Powered EPC
Services Limited (PESL). ICRA has also assigned a short term
rating of [ICRA]A4 to INR5.06 crore non-fund based Bank Guarantee
facility of PESL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Secured Over Draft     2.00       [ICRA]B (assigned)
   Bank Guarantee         5.06       [ICRA]A4 (assigned)

The ratings assigned are constrained by the small scale of
operations that limits operational and financial flexibility to
an extent, the fragmented nature of the industry with the
presence of large number of players and the low bargaining power
with the customers that keeps the profitability under check. The
ratings factor in the moderate financial profile of the company
marked by low net worth and exposure of the firm's profitability
to changes in raw material prices during the course of the
project execution. The ratings, however, positively factors in
the established presence of the promoters in the various business
activities like information and communication solutions, telecom
equipments, telecom networks, e-governance networks and real
estate development. The ratings also take into account the demand
from varied sectors and the positive long-term outlook in key
end-user industries such as power and infrastructure.

Powered EPC Services Limited, established in 2011, initially is
an electrical contractor that executes projects for UTL group
companies like Betul Wind Farms Ltd, later PESL had diversified
its customer base and started executing electrical projects to
various private players like ANL- Embassy Consortium and Sun
Photo Voltaic Energy Pvt Ltd etc. Dr. P Raja Mohan Rao and Mr. C
V Rao are the promoters of the company. The contract work mainly
involves procurement of materials from the vendors and erection
of substations and transmission lines, among others, before
handing over the projects to the customers. PESL is associated
with United Telecom Limited, group company, which has vast
experience in telecom equipments.

Recent Results
During FY15 the company reported a net profit of INR0.79 crore on
an operating income of INR27.21 crore as against a net profit of
INR0.63 crore on an operating income of INR10.37 crore during
FY14.


PRADEEP STRUCTURAL: CRISIL Suspends B- Rating on INR27.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pradeep Structural Development Private Limited (PSDPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4
   Bill Discounting       10        CRISIL A4
   Cash Credit            27.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B-/Stable
   SME Credit              2.5      CRISIL B-/Stable

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

PSDPL was established in December 2004 by Mr. Pradeep Roy and his
wife, Mrs. Aparna Roy. The company manufactures equipment, such
as cooling water pump houses, structural shades, stop-log gates,
and girders that are used in power plants. The company has a
steel fabrication unit, with an installed capacity of 2000 tonnes
per annum. PSDPL is also engaged in civil construction work,
which includes construction of roads and buildings.


PRAKASHMANI COTTAN: CRISIL Suspends B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Prakashmani Cottan Industries (PCI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40         CRISIL B+/Stable
   Cash Term Loan        11.2       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     8.8       CRISIL B+/Stable

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

Set up in 2011, PCI is a partnership firm promoted by Mr.
Bhikhaji Khodaji Vaghela and his sons. PCI undertakes cotton
ginning and pressing operations at its production facility in
Patan (Gujarat).


QFAB STEELS: CRISIL Suspends 'D' Rating on INR140MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Qfab Steels Private Limited (QSPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           140         CRISIL D
   Letter of Credit       30         CRISIL D
   Proposed Long Term
   Bank Loan Facility      1.7       CRISIL D

The suspension of ratings is on account of non-cooperation by
QSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, QSPL is yet to
provide adequate information to enable CRISIL to assess QSPL'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 2009-10 (refers to financial year, April 1 to
March 31), GCPL is promoted by Mr. Rajesh Singhi and Mr. G R
Binani. The company manufactures bright bars. In February 2014,
GCPL was acquired by Mr. Samir Kar and Mr. Trayambakeshwar
Samadder; the company manufactures wagons for the railways, as on
date.


RADHESHYAM SPINNING: ICRA Suspends B+ Rating on INR22.5cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR35.00
crore long term fund based facilities & [ICRA]A4 rating
reaffirmed to the INR2.05 crore, short term non fund based
facilities of Radheshyam Spinning Mill Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-
   Term Loans            22.50      [ICRA]B+ Suspended

   Fund Based-
   Cash Credit           12.50      [ICRA]B+ Suspended

   Short - Term
   Scale Non Fund
   based- Bank
   Guarantee              1.65      [ICRA]A4 Suspended

   Non Fund based-
   Credit Exposure
   Limit                  0.40      [ICRA]A4 Suspended

Radheshyam Spinning Mill Private Limited (RSMPL) was incorporated
in March 2011 by Mr. Ramnik Bhalala, Mr. Dhansukh Nandaniya, Mr.
Rahul Patel and other 3 promoters. The company has installed 1440
rotors having an installed capacity of producing 5520 MTPA of
denim yarn. The commercial production of spinning unit has
commenced from 05th June 2013 against the estimate of April 2013
due to delay in getting power connection from GEB. Mr. Ramnik is
also a director in Shree Ram Cottex Industries Private Limited
which is engaged in cotton ginning and pressing as well as
cottonseed crushing activities.


RAGHU EXPORTS: CRISIL Reaffirms 'B' Rating on INR360MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghu Exports India
Private Limited (REPL) continue to reflect the company's weak
financial risk profile, because of high gearing and weak debt
protection metrics, small scale and working capital-intensive
operations, customer concentration, and volatility in raw
material prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
promoters in the leather industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           360       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       23.5     CRISIL A4 (Reaffirmed)

Outlook: Stable

REPL will maintain its business risk profile over the medium
term, supported by its promoters' experience in the leather
industry. The financial risk profile is expected to remain weak
because of high gearing and weak debt protection metrics, and
large working capital requirements. The outlook may be revised to
'Positive' if REPL's scale of operations increases substantially,
while it diversifies its customer profile and improves its
capital structure and working capital management. Conversely, the
outlook may be revised to 'Negative' if the operating margin
declines, or capital structure weakens, most likely because of
increase in working capital borrowings or a large debt-funded
capital expenditure.

REPL, a partnership firm started by Mr. Praveen Kumar in 1986,
was incorporated in 2003. The company manufactures and exports
finished leather and other products, including leather tool bags,
cotton/canvas tool bags, polyester tool bags, leather garments,
and leather upholstery.

For 2014-15 (refers to financial year, April 1 to March 31), REPL
had net profit of INR2.1 million on net sales of INR700.9
million; the company had net profit of INR4.1 million on net
sales of INR764.6 million for 2013-14.


RANI KOTHI: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Rani Kothi Banquets Private Limited
(RKBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           20        CRISIL B+/Stable
   Term Loan             50        CRISIL B+/Stable

The ratings reflect the company's modest though improving scale
of operations, exposure to intense competition in the hospitality
industry, and expected deterioration in the financial risk
profile due to ongoing large, debt-funded capital expenditure
(capex). These weaknesses are partially offset by the promoters'
extensive experience and established brand name in the
hospitality segment and continuous funding support from the
promoters.

For arriving at the rating, CRISIL has treated unsecured loans
from the promoters amounting to INR81 million as on March 31,
2015, as neither debt nor equity as they are expected to remain
in the business over the medium term.
Outlook: Stable

CRISIL believes that RKBPL will continue to benefit over the
medium term from the extensive industry experience of the
promoters along with their funding support. Its financial risk
profile is, however, expected to remain constrained over the
period on account of its ongoing capex and seasonality in
revenue. The outlook may be revised to 'Positive' in case of
significant improvement in the financial risk profile, most
likely through capital infusion or an increase in the cash
accrual. Conversely, the outlook may be revised to 'Negative' if
there is a delay in ramp up of new venues, a decline in
profitability, or larger-than-expected, debt-funded capex
programme, leading to deterioration in the financial risk
profile.

RKBPL was set up a proprietorship firm in 1980. The firm was
reconstituted as a private limited company in 2010 by the Sawlani
family of Nagpur. The company is currently engaged in providing
banquets, lawns and farm houses, wedding decor, and catering for
marriages and events. Currently, RKBPL owns two banquets/lawns in
Nagpur and is in the process of adding a new banquet hall and
starting a restaurant in Nagpur.


RUKMANI INFRA: CRISIL Suspends 'D' Rating on INR360MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rukmani Infra Projects Private Limited (RIPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL D
   Letter of credit &
   Bank Guarantee        360        CRISIL D
   Proposed Long Term
   Bank Loan Facility     89        CRISIL D
   Term Loan              11        CRISIL D

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

RIPPL was originally set up in 2003 as a sole proprietorship
firm, Rukmani Engineering Works; the firm was reconstituted as a
partnership firm in 2005, and as a private limited company with
the present name in 2008. Promoted by Mr. Udaynath Sahoo and his
family, RIPPL fabricates, installs, and maintains heavy
structures on a jobwork basis and erects boilers mainly for
thermal power and steel plants.


RUKMINI EDUCATIONAL: ICRA Reaffirms B+ Rating on INR125cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR125.00 crore
term loan facility of Rukmini Educational Charitable Trust.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            125.0        [ICRA]B+/Reaffirmed

The reaffirmation of the ratings continue to factor in the
leveraged capital structure, due to debt funded capital
expenditure being consistently undertaken by the trust, modest
coverage indicators and debt repayment burden of the existing
loans. Moreover, the rating continues to take into consideration
the concentration risk arising of the fact that majority of the
fee generation is accounted by engineering courses. Also, the
revenue growth and the profitability of the trust remain exposed
to the persisting high competitive intensity in the region and
strong regulatory controls in the education sector which may
restrict its flexibility to increase fees and student strength.
The rating, however, favourably takes note of the healthy
profitability and the growth witnessed by the trust in terms of
revenue and occupancy levels during FY 2015 and the current
fiscal. ICRA continue to draw comfort from the strong background
of the trustees and their association with Divyasree Group which
is engaged in the real estate activities.

RECT is a Bangalore based educational trust operating in
engineering, science, management and pre-university education
fields since 2000. It was earlier known as Bheemaneni Education
Systems Trust. Its management was taken over by present trustees
(headed by Mr. P Shyama Raju of DivyaSree group) in 2004. Reva
University (RU) under RECT was notified as a Private University
in 2013 under the Government of Karnataka Act no. 80 of the year
2012. It presently has 3 campuses in Bangalore. Student strength
of the trust is close to 11000.

Recent Results For FY 2015, RECT reported a net profit of INR6.07
crore on an operating income of INR86.42 crore, as against a net
profit of INR6.92 crore on an operating income of INR68.08 crore
in FY 2014.


S B IMPEX: CRISIL Lowers Rating on INR40MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S B Impex (SBIMP) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Export Packing         52.5     CRISIL A4 (Reaffirmed)
   Credit

   Long Term Loan          1.5     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     28.5     CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in the firm's
credit risk profile on account of a substantial decline in its
scale of operations and stretch in its working capital cycle.
Revenue is expected to decline to more than halve to INR300
million in 2015-16 (refers to financial year, April 1 to March
31) from INR760 million in 2013-14 on account of increased
competition. Gross current assets are likely to double to 200
days as on March 31, 2016, from 95 days as on March 31, 2014, on
account of significant inventory build-up. The firm's ability to
improve working capital cycle on a sustainable basis remains a
key rating sensitivity factor.

The ratings reflect SBIMP's large working capital requirement,
susceptibility of its profitability to fluctuations in foreign
exchange rates and tobacco prices, and vulnerability to
regulatory risks in the tobacco industry. The ratings also factor
in below-average financial risk profile because of modest
networth, high total outside liabilities to tangible networth
ratio, and weak debt protection metrics. These weaknesses are
partially offset by promoters' extensive industry experience and
established customers relationships.
Outlook: Stable

CRISIL believes SBIMP will benefit over the medium term from its
promoters' extensive industry experience and its established
relationships with customers. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the firm's working capital cycle, or in networth because of
sizeable equity infusion by promoters. Conversely, the outlook
may be revised to 'Negative' in case of steep decline in
profitability, or significant deterioration in capital structure
on account of stretch in working capital cycle.

SBIMP was set up as a partnership firm by Mr. S Ram Prasad and
his son Mr. S Hemanth in 2008. The firm trades in tobacco, and is
based in Guntur.


S.B. SAHOO: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR7.00 crore2 cash credit facility of S.B. Sahoo & Co. Pvt.
Ltd.  Earlier, the rating was suspended in the month of November
2015 in the absence of the requisite information from the
company, which currently stands revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Cash Credit           7.00         [ICRA]B+ reaffirmed

The re-affirmation of the rating factors in SBSCPL's weak
financial profile as reflected by nominal profits and cash
accruals as inherent in the trading business, highly leveraged
capital structure and weak debt coverage indicators coupled with
the company's susceptibility to inventory price risk, given that
the purchases of cement and steel are not backed by confirmed
orders. On account of sizeable stock maintained along with credit
period extended to dealers, the working capital intensity remains
high for the company resulting in a tight liquidity position. The
rating also incorporates its small scale of current operations
despite product diversification in the current financial year.
The rating further takes note of the low bargaining power against
established suppliers, highly competitive and fragmented nature
of the trading business, which is characterized by low entry
barriers and in turn keeps margins under pressure. The rating
however positively factors in the long track record of the
promoters in the cement and steel trading business along with
established relationship with reputed suppliers, which ensures
regular supply of raw materials.

Going forward, increasing scale of operations and managing of
working capital requirements will remain key sensitivities from a
credit perspective.

Incorporated in November 2010, S.B. Sahoo & Co. Pvt. Ltd.
(SBSCPL) is currently engaged in the trading of cement, fly ash
bricks and steel products like TMT bars and rods. The company is
an authorized dealer for reputed cement, bricks and steel product
manufacturers. In 2011, the company took over the entire business
of the partnership firm, M/s S.B. Sahoo which was in the same
line of business since 2005.

Recent Results
During the first nine months of 2015-16, the company has reported
a turnover of INR24.00 crore (provisional). SBSCPL reported a net
profit of INR0.09 crore on an operating income of INR32.86 crore
during 2014-15, as against a net profit of INR0.07 crore on an
operating income of INR32.86 crore during 2013-14.


SADGURU MEDICAL: ICRA Reaffirms B Rating on INR7.9cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR7.9 crore term loans and the INR1 crore cash credit
facility of Sadguru Medical & Research Centre Pvt. Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit
   Term Loans            7.9        [ICRA]B Re-affirmed

   Fund Based Limit
   Cash Credit           1.0        [ICRA]B Re-affirmed

The re-affirmation of the rating takes into account SMRCPL's
small scale of operations with a single hospital located in
Cuttack, Odisha, exposing the company to geographical
concentration risks. ICRA notes the unfavorable capital
structure, and the part debt funded expansion project that SRMPL
has undertaken in the current year. The rating also takes into
consideration the increasing working capital intensity of its
operations owing to stretched payment cycles of Government
agencies and other empanelled organizations, as well as the
considerable stocking of medicines that adversely impacts its
liquidity position. Although the existing team of doctors has
been associated with SMRCPL for a long time, recruiting and
retaining good doctors is likely to remain a key challenge. The
rating further takes cognizance of the experience of the
promoters in the healthcare industry, its moderate financial
profile as reflected by healthy operating profitability and
comfortable debt coverage indicators, and the positive demand
outlook for healthcare services in the country on the back of
better affordability through increasing per capita income, change
in demographic profile and increase in health insurance
penetration. ICRA, moreover, notes the tie-ups of the hospital
with various insurance companies, corporate clients and third
party administrators (TPA) ensuring steady revenues. In ICRA's
opinion, the ability of the hospital to improve its occupancy
levels, while maintaining its profitability without significantly
increasing the debt levels, would remain the key rating
sensitivities, going forward.

Established in 2004, Sadguru Medical & Research Centre Pvt. Ltd.
commenced operations during FY2012 The company runs a multi-
speciality hospital in Cuttack, Odisha, with a total capacity of
100 beds. The chairman, Dr. Pradip Kumar Mohanty, and the vice-
chairman, Dr. Samita Mohanty, have been associated with the
hospital since its inception.

Recent Results
SMRCPL reported a net profit of INR0.62 crore in FY2015 on an
operating income (OI) of INR8.01 crore as compared to a net
profit of INR0.51 crore on an OI of INR6.58 crore during FY2014.


SAKTHI TARPAULIN: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sakthi Tarpaulin Company (STC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     7.5       CRISIL B/Stable
   Long Term Loan         5         CRISIL B/Stable
   Cash Credit           40         CRISIL B/Stable
   Letter of Credit       7.5       CRISIL A4

The ratings reflect STC's modest scale of operation in a
fragmented packaging industry, and below-average financial risk
profile because of modest networth, high gearing and subdued debt
protection metrics. These weaknesses are mitigated by the
promoter's experience and established relationships with
customers and suppliers.
Outlook: Stable

CRISIL believes STC will maintain its stable business risk
profile over the medium term, backed by its promoter's experience
and established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if higher-than-expected
growth in revenue and profitability is achieved while improving
capital structure. Conversely the outlook may be revised to
'Negative' if financial risk profile weakens because of sharp
decline in profitability or revenue, large debt-funded capital
expenditure, or stretched working capital cycle.

STC, set up in 2002, manufactures plastic bags and tarpaulin
sheets, which find application in diversified industries. Its
manufacturing facility is located in Kannur, Kerala. The firm's
operations are being managed by Mr. Thankamma Sebastian.


SAMHITA BUILDERS: ICRA Assigns 'B' Rating to INR20cr LT Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR20
crore proposed bank facilities of Samhita Builders Private
Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based
   Proposed Term Loan        20.0       [ICRA]B assigned

The assigned rating factors in the long standing experience of
the promoters of SBPL in the real estate industry and the
favourable location of the ongoing project-Royal Splendor, which
is in East Bangalore, close to the IT corridor, and having
developed social infrastructure including international schools,
shopping malls and multi-specialty hospitals. ICRA also notes
that all requisite approvals for the project development are in
place.

The rating is, however, constrained by the significant market
risk associated with the entity's only ongoing project- Royal
Splendor, given the low level of bookings till date. The company
is exposed to moderate execution risk as the project is in mid
stage of construction with ~41% of the total project cost
incurred till February 2016. ICRA also takes notes of the funding
risk associated with the project, with debt yet to be tied up.
The rating also factors in the vulnerability of sales to any
downturns in the real estate demand and the competition within
the region from various established real estate developers. Going
forward, ability of the company to achieve healthy sales, collect
customer advances and execute the on-going project in a timely
manner will be the key rating sensitivities.

Samhita Builders Private Limited was incorporated in the year
2010 by Mr. R Pratap Kumar Reddy and Mrs. R Audi Lakshmi who
holds ~50% of equity shares each in the company. SBPL is engaged
in real estate development with residential assets comprising
majority of its portfolio. In the past five years, MPL has
completed six projects encompassing ~ 0.6 million square feet
(msft) of constructed area. They are currently developing one
residential apartment project -- Royal Splendor at Old Madras
Road, Bangalore, Karnataka.

Result Results
For the financial year 2014-15, the company reported a net profit
of INR1.9 crore on an operating income of INR24.7 crore, as
against a net profit of INR1.1 crore on an operating income of
INR25.7 crore in 2013-14.


SANJAY COTTON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanjay Cotton
(Gondal) (SC) continues to reflect SC's weak financial risk
profile because of a small networth and high gearing, its modest
scale of operations in the intensely competitive cotton ginning
industry, and the vulnerability to unfavourable changes in
government policies.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Working
   Capital Facility       20       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and the advantages it derives from
the proximity of its unit to the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
accrual due to improved profitability, or improvement in the
capital structure through capital infusion, or higher accretion
to reserves. Conversely, the outlook may be revised to 'Negative'
if increased working capital borrowings or large, debt-funded
capital expenditure, or any unfavourable change in government
policies leads to deterioration in the financial risk profile.

Established in May 2005 as a partnership, SC has a cotton ginning
and pressing unit with capacity to produce 200 bales per day in
Gondal. The firm's operations are managed by Mr. Dineshkumar J
Bhalodi, who has experience of 10 years in cotton ginning and
pressing.


SATHYANARAYANA AGRO: ICRA Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.00
crore fund based facilities of Sathyanarayana Agro Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based facility         6.00        [ICRA]B+ Assigned

The assigned rating is constrained by the small scale of
operations restricting financial and operational flexibility to
an extent and the highly competitive nature of the rice milling
industry, characterized by the presence of a large number of
players in the field which keeps margins of the entity under
check. ICRA also notes the risks of capital withdrawal due to
SAI's status as a partnership firm and the exposure of the entity
to agro-climatic risks, with paddy being an agricultural
commodity. The rating, however, positively factors in the long
standing experience of the promoters of more than three decades
in the rice milling industry and the favourable demand prospects
for the industry, since rice is a staple food grain and India is
the world's second largest producer and consumer of the same.
In ICRA's opinion, the ability of the entity to improve its
profitability, while managing its working capital requirements,
would be the key rating sensitivities going forward.

Incorporated in 2011, Sathyanarayana Agro Industries has a rice
milling unit at Raichur district of Karnataka with milling
capacity of 8 tons per hour (TPH). The milling unit is engaged in
processing rice/paddy into steam rice, raw rice, bran, broken
rice and husk. The promoter group has been engaged in similar
business for more than 30 years. The firm sells domestically
under its own brand named- Rich India and Namo India.

Recent Results
During 2014-15, the firm reported a net profit of INR0.25 crore
on an operating income of INR33.51 crore.


SHAH HOUSECON: CRISIL Lowers Rating on INR500MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Shah Housecon Private Limited (SHPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              500      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SHPL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity.

The rating also reflects SHPL's exposure to risks related to
completion and salability of its ongoing and proposed real estate
projects. The rating also factors in the high degree of
geographic concentration in the company's revenue profile and its
vulnerability to cyclicality in the Indian real estate industry.
However, it benefits from its promoters' extensive industry
experience.

SHPL was set up in March 2001 by the Shah family of Mumbai. Mr.
Ramji Shah and his brother, Mr. Mansukh Shah, oversee the day-to-
day operations. The company is engaged in residential and
commercial real estate development in Mumbai.


SHAKTI EARTH: CRISIL Assigns B+ Rating to INR35MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shakti Earth Movers (SEM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4
   Cash Credit            35       CRISIL B+/Stable

The ratings reflect the firm's large working capital requirement,
exposure to risks inherent in tender-based business, and modest
financial risk profile because of small networth and limited
order book. These weaknesses are partially offset by established
track record in road construction, and promoter's extensive
experience in the civil construction industry.
Outlook: Stable

CRISIL believes SEM will maintain its business risk profile over
the medium term backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
significant increase in scale of operations and sustained
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company registers less-than-expected revenue or
decline in profitability, or if it undertakes any large debt-
funded capital expenditure, leading to deterioration in financial
risk profile, or if its working capital cycle lengthens,
weakening liquidity.

SEM, a proprietorship firm of Mr. Shiv Singh Chouhan set up in
2002, undertakes civil construction for government departments in
Madhya Pradesh.

Profit after tax was INR5.3 million with net sales of INR139.7
million in 2014-15 (refers to financial year, April 1 to March
31) against profit after tax of INR9.2 million with net sales of
INR168.5 million in 2013-14.


SHIV STEEL: CRISIL Suspends 'B' Rating on INR57.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Steel Industries (SSI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           57.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    47.5      CRISIL B/Stable

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

SSI, based in Changsari (Assam), was established in 2006, as a
partnership firm by Mr. Ratan Lal Bhati and Mrs. Rukmini Devi
Bhati. The firm manufactures mild steel pipes and tubes having
application in general engineering, factory shed, agricultural
equipments, furniture, electrical and others. It also trades in
tubular poles.


SHUBH SWASTIK: ICRA Reaffirms B Rating on INR6cr Cash Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the INR6
crore cash credit facility of Shubh Swastik Dal Mill Company
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         [ICRA]B/Re-affirmed

The re-affirmation of rating takes into account SSDMCPL's modest
scale of operations, weak financial profile characterized by high
gearing, subdued coverage indicators and low return on capital
employed. The rating also notes the low entry barriers with the
fragmented nature of the business, resulting in low
profitability, and high working capital intensity of operations,
primarily because of high inventory levels that have resulted in
a stretched liquidity position. The company also remains
vulnerable to Government policies towards agro-based commodities
and agro-climatic risks that can affect the availability of
pulses in adverse weather conditions.

The ratings, however, take note of the longstanding experience
and track record of the promoters in the pulse processing
industry, the favorable outlook for pulses in the domestic
market, and the proximity to raw material sources, leading to low
landing cost and easy availability of pulses. The ability of the
entity to improve profitability, while scaling up operations,
should remain the key rating sensitivities, going forward.

SSDMCPL (erstwhile Swastik Industries, a partnership firm), had
originally started its operations in 2002, with the objective of
processing pulses. Swastik Industries was later converted into a
private limited company on June 12, 2011, which was subsequently
re-named as Shubh Swastik Dal Mill Co. Pvt. Ltd. SSDMCPL is
currently owned by the Raipur-based Sachdev family.

Recent Results
During 9M FY2016, as per provisional financials, SSDMCPL reported
a net profit of INR0.18 crore on an OI of INR24.94 crore, as
against a net profit of INR0.10 crore and OI of INR31.35 crore
during FY2015.


SMIT TELECOM: CRISIL Suspends B+ Rating on INR62.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Smit
Telecom Private Limited (STPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           62.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B+/Stable

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

Incorporated in 2007, STPL is a distributor of Samsung mobiles in
the districts of Jamnagar and Devbhoomi Dwarka (both in Gujarat).
The company's operations are being managed by Mr. Ketan Badiani.


SOUTHERN AGENCIES: ICRA Reaffirms 'B' Rating to INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
Rs 10.00 crore fund based limits of Southern Agencies.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     10.00      [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by small
scale of operations of the firm as a wholesale dealer of Godrej
Appliances and Godrej Interio and stagnated revenues of the firm
at around Rs 50-60 crore for the past 5 years though the firm was
in existence for more than six decades. The ratings are further
constrained by weak financial profile of the firm characterized
by high gearing levels of 9.58 times as at March 31, 2015 and low
profitability with operating margin 4.17%, weak interest coverage
ratio 1.49 times in FY2015; and risks inherent in a partnership
nature of firm.

The rating however takes comfort from the experience of the firm
as a wholesale dealer of Godrej products for over six decades and
its presence with 20 branches in 8 districts of Andhra Pradesh
and Telangana.

Going forward, the firm's ability to improve its scale of
operations and profitability levels while managing its working
capital requirements will remain the key rating sensitivity from
credit perspective.

Founded in the year 1950 as a partnership firm, Southern Agencies
is a wholesale dealer of Godrej products like refrigerators,
LCDs, Washing Machines, Air Conditioners, UPS, Furniture, Locks
etc. The firm also sells IFB products like microwave wovens &
washing machines, MM Foam mattresses, Usha coolers, LG and
Whirlpool refrigerators but their contribution to the overall
sales is minimal. The firm's head office is in Rajahmundry and it
has 20 branches in Kakinada, Vijayanagaram, Visakhapatnam,
Srikakulam, Khammam etc. Since its inception in 1950, the firm
has been associated with the Godrej group.

Recent Results
For 10M FY2016 (unaudited and provisional), the firm has reported
an operating income of Rs 41.41 crore and operating profit of Rs
1.86 crore as against operating income of Rs 61.81 crore and
operating profits of Rs 2.58 crore in FY2015(audited).


SRI KRISHNA: CRISIL Suspends D Rating on INR98.7MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Krishna Spinning and Weaving Mills Private Limited (SKSWML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        0.2       CRISIL D
   Cash Credit/
   Overdraft facility   21.1       CRISIL D
   Cash Term Loan       98.7       CRISIL D

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

SKSWML, incorporated in 1930 and based in Bengaluru, is engaged
in dying and printing of fabric. Its day-to-day operations are
managed by Mr. Y M Vinay.


SUPREME INFRA: ICRA Assigns 'B' Rating to INR9cr LT Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.00
crore1 term loans and the INR9.00 crore Cash Credit facilities of
Supreme Infra Products.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   Based - Term Loan      6.00        [ICRA]B/Assigned

   Long Term, Fund
   Based- Cash Credit     9.00        [ICRA]B/Assigned

The assigned rating takes into account SIP's limited track record
with FY16 being the first full year of manufacturing operations
for the firm, high competition due to presence of several un-
organised players and low entry barriers. The rating also remains
constrained on account of exposure of the firm's profitability to
fluctuations in raw material prices, and high regional
concentration risk. ICRA also notes that SIP is a proprietorship
firm and any substantial withdrawals from capital account would
impact its net worth and hence the capital structure.

The rating, however, favourably factors in the long standing
experience of promoters in the real estate industry and
established contacts with real estate players in Nagpur region.

ICRA also notes the favourable demand prospects for ready-mix
concrete (RMC) and Fly-ash bricks in the Nagpur region and the
locational advantage due to proximity to raw material suppliers
thereby reducing transportation costs. The firm will also enjoy
operational synergies since common machinery will be used for
both RMC and Fly-ash bricks manufacturing and also due to the
common customer base.

Set up in March-2015, Supreme Infra Products ('SIP' or 'the
entity') is engaged in manufacturing of ready-mix concrete (RMC)
and Fly-Ash bricks. The manufacturing facility, spread over 4.31
hectares of land, is located in Butibori, Nagpur district. The
RMC facility has an installed capacity of 432 meters3 per day
while the brick manufacturing facility has an installed capacity
of 90,000 units per day. Apart from fly-ash bricks, the unit can
also be used for manufacturing paver blocks, concrete doors and
wood panel. The manufacturing unit will also cater to in-house
consumption for other group concerns.

Recent Results
As per audited results, for the financial year ending March 2015,
Supreme Infra Products reported operating income of INR0.85 crore
and profit after tax (PAT) of INR0.53 crore.


SWISS GARNIER: CRISIL Reaffirms B- Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swiss Garnier Genexiaa
Sciences (SGGS) continue to reflect the firm's modest scale of
operations in the intensely competitive formulations industry,
and below-average financial risk profile because of weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3        CRISIL A4 (Reaffirmed)

   Cash Credit           70        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       7        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    85        CRISIL B-/Stable (Reaffirmed)

   Term Loan             80        CRISIL B-/Stable (Reaffirmed)

The ratings also factor in SGGS's risk related to the
implementation and stabilisation of the firm's ongoing project of
setting up a new contract manufacturing unit in Sikkim. These
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes SGGS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in scale of operations leading to higher-than-expected
cash accrual, and timely completion of project within the
budgeted cost. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens on account of lower-
than-expected revenue and profitability, or if there is
significant time or cost overrun in the project, or stretch in
working capital cycle.

SGGS is a Chennai-based partnership firm set up by Mr. M
Theivendran and Ms. T Rethinavalli in 2011. It manufactures
tablets, capsules, liquid-orals, and food supplements, began
commercial operations in August 2013. Its manufacturing unit is
in Sikkim.


VEDANTA RESOURCES: Hindustan Special Dividend is Credit Positive
----------------------------------------------------------------
Moody's Investors Service says that Hindustan Zinc Ltd.'s (HZL,
unrated) announcement of a special dividend is credit positive
for Vedanta Resources plc (Vedanta, B2 negative), because it
staves off some of the refinancing pressure with respect to the
company's debt maturities in the fiscal year ending 31 March 2017
(fiscal 2017).

On 30 March 2016, HZL's board of directors declared a special
golden jubilee dividend of 1,200% or INR24/share, entailing an
outflow of approximately INR122.1 billion ($1.8 billion),
including a dividend distribution tax. Vedanta's 62.9%-owned
subsidiary, Vedanta Ltd. (unrated) will receive INR65.8 billion
($982 million) of dividends for its 64.9% shareholding in HZL.

Vedanta has large debt maturities of $2.67 billion for fiscal
2017, comprising $1.50 billion at the holding company and the
remaining $1.17 billion at Vedanta Ltd. and other subsidiaries.
Of the $2.67 billion, $1.9 billion is due in April--July 2016 and
the balance of $770 million due in the remainder of the fiscal
year.

Weaker earnings and the resultant rising leverage -- against the
backdrop of a severe fall in commodity prices globally -- and
rising refinancing risk led to a three-notch downgrade of
Vedanta's issuer and senior unsecured ratings on 7 March 2016.

Moody's notes that Vedanta is making progress on refinancing, and
points out that the large dividends from HZL help lower Vedanta's
refinancing risk.

The dividends of $982 million will cover over a third of the
group's debt maturities in fiscal 2017 or almost 52% of the debt
due in the April--July 2016 period, and partly alleviate near
term liquidity risk.

At the same time, an estimated reduction in debt by almost $982
million, along with the company's cost reduction initiatives will
drive the improvement in Vedanta's consolidated leverage to 4.3x
-- 4.8x by March 2017, from 5.5x for 31 December 2015 and an
estimated 5.7x at 31 March 2016.

Vedanta will meet the rest of its fiscal 2017 debt maturities
through a combination of term loans, working capital loans and
the stretching of working capital. Moody's expects that Vedanta
will repay the intercompany receivable to provide the holding
company with the liquidity it needs to meet its debt repayments.
However the company still faces material refinancing risk in
fiscal 2018 and fiscal 2019 in the order of $2.7 billion and $4.3
billion respectively.

The golden jubilee dividend by HZL is in addition to the interim
dividend of INR1.9/share and special interim dividend of
INR1.9/share that HZL paid to Vedanta in October 2015, allowing
Vedanta Ltd access to HZL's large cash balances in excess of $5.3
billion.

While large dividends from HZL is a credit positive, Vedanta's
ratings and outlook are currently unaffected by the announcement
of HZL's special golden jubilee dividend. Moody's could consider
revising Vedanta's ratings outlook to stable from negative, if
global commodity prices recover, or if the company's profits rise
to levels close to the previous highs through cost saving
initiatives.

Metrics that could lead to a change in outlook to stable include
an adjusted leverage below 4.5x, EBIT/interest in excess of 2.0x,
and cash from operations less dividends/adjusted debt in excess
of 12.5%, on a sustained basis, and while generating positive
free cash flow.

Headquartered in London, Vedanta Resources plc is a diversified
resources company with interests mainly in India. Its core
operations are held by Vedanta Ltd, a 62.9%-owned subsidiary
which produces zinc, lead, silver, aluminum, iron ore and power.

In December 2011, Vedanta acquired control of Cairn India Ltd
(CIL), an independent oil exploration and production company in
India. CIL is a 59.9%-owned subsidiary of Vedanta Ltd.

On 14 June 2015, Vedanta Ltd announced the proposed merger of
Vedanta Ltd and CIL, in a cashless all stock transaction, subject
to approvals. If the merger goes ahead as announced, Vedanta's
shareholding in Vedanta Ltd will fall to 50.1%.

Listed on the London Stock Exchange, Vedanta is 69.8% owned by
Volcan Investments Ltd. For the year ended 31 March 2015, Vedanta
reported revenues of $12.9 billion and EBITDA of $3.7 billion.


VIJAYLAKSHMI HYDRO: ICRA Suspends D Rating on INR10cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR10.00 crore term loans of Vijaylakshmi Hydro Power Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


VIKAS COTEX: ICRA Reaffirms 'B' Rating on INR12.35cr Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR12.35
crore cash credit facility, INR1.75 crore (reduced from INR2.35
crore) term loan facility and INR5.90 crore (enhanced from
INR5.30 crore) unallocated limits of Vikas Cotex.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          12.35       [ICRA]B reaffirmed
   Term Loan             1.75       [ICRA]B reaffirmed
   Unallocated Limits    5.90       [ICRA]B reaffirmed

The reaffirmation of the rating takes into account Vikas Cotex's
(VC) relatively modest scale of operations, its low profitability
due to limited value additive nature of operations and intense
competition in a fragmented industry, and its leveraged capital
structure due to a small net-worth base. The ratings further take
into account the firm's exposure to commodity price volatility,
agro-climatic conditions and cotton export-related government
regulations. ICRA also notes that VC is a partnership firm and
any significant withdrawals from the capital account could
adversely impact its net worth and thereby the credit profile.
The rating, however, continues to positively consider the
experience of the partners in the cotton industry and the
locational advantage of the firm giving it easy access to high
quality raw cotton.

Incorporated in August 2013, Vikas Cotex (VC) is engaged in the
business of cotton ginning and pressing. The firm commenced
commercial production from February 2014 from its manufacturing
facility located at Wankaner, Dist. Rajkot in Gujarat. The unit
is equipped with 48 ginning machines and one pressing machine,
with a processing capacity of ~31000 metric tonnes per annum
(MTPA) of raw cotton. VC is a partnership firm and the promoters
have extensive experience in the cotton industry.

Recent Result
In FY15, VC reported an operating income of INR50.87 crore and
profit after tax of INR0.25 crore as against operating income of
INR3.52 crore and net loss of INR0.20 crore during FY14. Further,
in 7M FY16 (as per unaudited provisional financials), VC reported
operating income of INR13.41 crore and profit after tax of
INR0.04 crore.


WEST COAST: CRISIL Suspends B Rating on INR40MM Long Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
West Coast Spices Private Limited (WCSPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan           40       CRISIL B/Stable
   Overdraft Facility       10       CRISIL B/Stable

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

Based in Mangalore (Karnataka), WCSPL is engaged in digital
printing, graphic designing and allied services. The company's
day-to-day operations are managed by Mr.Shridhara Shettigara.


WHITE LOTUS: CRISIL Ups Rating on INR104.5MM LT Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of White Lotus Cotyledon Pvt Ltd (WLCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           70.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term   104.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             25        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in financial risk profile
on account of equity infusion by the promoters over the past 18
months ending December 2015. The promoters have infused equity of
INR 16.5 Million over the same period coupled with support from
the promoters in the form of unsecured loans, which was at around
INR 18.4 million as on March 31 2015. This has resulted in an
improvement in the debt protection metrics and capital structure.
The gearing of the company stood at 2.67 times as on March 31
2015 as against 6.95 times as on March 31 2014, further going
ahead CRISIL is of the belief that the gearing will be in the
range of 1.9 times to 2.2 times over the medium term. Further,
the debt protection metrics of the company is expected to improve
going ahead with Net Cash Accruals to Total Debt (NCATD) and
Interest Coverage Ratio (ICR) expected to improve to around 0.06-
0.08 times and 1.4-1.6 times in 2015-16 from 1.29 times and 0.05
times over March 31st  2015.

The rating reflects WLCPL's modest scale of operations in the
intensely competitive cotton ginning industry and its moderate
working capital requirements. The rating also factors in the
company's below-average financial risk profile, particularly
liquidity, marked by a leveraged capital structure and low cash
accruals. These rating weaknesses are partially offset by the
extensive industry experience of WLCPL's promoters in the cotton
ginning industry and the expected ramp-up in its operations.

Additionally, the promoters have supported the Company in the
form of unsecured loans to the tune of INR 18.4 million. The
unsecured loans have been being subordinated to bank debt and
bears low interest than on the bank facilities. Therefore, CRISIL
has treated the unsecured loans as neither debt nor equity.
Outlook: Stable

CRISIL believes that WLCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile, particularly
liquidity, on account of increase in cash accruals or equity
infusion by promoters, and improvement in its business risk
profile, most likely driven by ramp-up in its operations.
Conversely, the outlook may be revised to 'Negative' if WLCPL's
financial risk profile deteriorates due to steep increase in
debt-funded working capital requirements or lower profitability
leading to low cash accruals or deterioration in capital
structure.

WLCPL, established by the Shah family in Aurangabad
(Maharashtra), gins and presses raw cotton. The company's unit at
Vaijapur in Aurangabad (Maharashtra) has a manufacturing capacity
of 1500 quintals per day.


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


AOZORA RE 2016-1: S&P Puts BB-(sf) Rating to $220MM Cl. A Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-(sf)' rating to the $220 million Series 2016-1 Class A notes
issued by Aozora Re Ltd. (Aozora Re).  The notes will provide
indemnity cover for losses in Japan from typhoons (including but
not limited to windstorm and flood) on a per-occurrence basis
during a four-year risk period.

The rating is based on the lowest of the implied natural-
catastrophe (nat-cat) risk factor ('bb-'), which takes into
account the estimated probability of attachment based on the
variable reset feature; the rating on Sompo Japan Nipponkoa
Insurance Co. (SJNK), the ceding insurer; the rating on the
International Bank of Reconstruction and Development note held in
the collateral account; and the rating on the parent of Citibank
N.A. (London Branch).

When determining the nat-cat risk factor, S&P based its analysis
on the probability of attachment.  The initial modeled
probability of attachment and exhaustion are 1.07% and 0.73%,
respectively, and the initial modeled expected loss is 0.90%.
This transaction has a variable reset feature that allows SJNK to
adjust the modeled expected loss within a range of 0.60% to 1.35%
at each annual reset date.  Additionally, the modeled probability
of attachment cannot exceed 2.00% at any reset.  This is the
probability of attachment used to determine the nat-cat risk
factor for years 2, 3, and 4.

To assign the nat-cat risk factor, S&P applied an adjustment to
reflect that the probability of attachment may be greater than
what the model had anticipated.

RATINGS LIST

New Rating
Aozora Re Ltd. $220 mil Series 2016-1 Class A Notes due 2020
  Senior Secured Debt                         BB-(sf)


SHARP CORP: S&P Revises CreditWatch on 'CCC' CCR to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
negative the CreditWatch implications on its 'CCC' long-term and
'C' short-term corporate credit ratings, 'CCC+' long-term debt
ratings, and 'C' commercial paper program ratings on Japan-based
electronics maker Sharp Corp.  At the same time, S&P also revised
to positive from negative the CreditWatch implications on the
'CCC' long-term and 'C' short-term corporate credit ratings and
'C' commercial paper program ratings on overseas Sharp subsidiary
Sharp International Finance (U.K.) PLC.

The CreditWatch revision to positive from negative follows
Sharp's announcement on March 30 that it will issue new shares
through third-party allocations totaling JPY388.8 billion to
Taiwan's Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
its group companies by Oct. 5, 2016.  On March 30, Hon Hai also
announced it would acquire Sharp's shares. Signing of the
agreement is planned for April 2.  Despite significant
deterioration of Sharp's earnings, if the plan to increase
Sharp's capital proceeds as planned, S&P thinks its financial
standing would improve materially and it could to some degree
stabilize its main liquid crystal display (LCD) business, which
experiences wide swings in profitability, using Hon Hai's
customer base and supply chain.

On March 23, S&P lowered its long-term corporate credit ratings
on Sharp and the subsidiary to 'CCC' and placed all the ratings
on CreditWatch with negative implications.  The rating actions
reflected S&P's view that an agreement between Sharp and Hon Hai
for Hon Hai to acquire shares in Sharp would take more time.
Meanwhile, Sharp had syndicated loans with a due date of March
31, 2016, and S&P believed fulfillment of these obligations might
take a form it defines as 'SD' (selective default).  Because
Sharp and Hon Hai agreed on the acquisition, Sharp's main lender
banks have extended the maturity date of existing syndicated
loans by one month to April 30; the original due date was March
31, 2016.  S&P believes the lender banks accepted the maturity
extension on the basis that Hon Hai has much higher credit
quality than Sharp. Accordingly, S&P neither treat the extension
as a debt restructuring nor as an 'SD'.

Together with the announcement of an increase in capital, Sharp
announced a significant downward revision of its full year
earnings forecast.  S&P expects oversupply in the global LCD
market to continue, owing to an increase in production capacity
among Chinese manufacturers and vulnerable demand.  In addition,
S&P also assess Sharp's earnings from non-LCD businesses to have
deteriorated.  Accordingly, Sharp's competitiveness in business
and profitability has eroded, in S&P's view.  Nonetheless, if the
capital increase proceeds as planned, Sharp is likely to increase
the utilization rate of its LCD facilities and cut procurement
costs with the use of Hon Hai's supply chain network, thereby
somewhat reducing fluctuations in the earnings of its LCD
business.

From a financial viewpoint, the capital increase, if it proceeds
as planned, would materially improve Sharp's financial standing.
However, most of the capital raised via the transaction would go
toward investment for growth and restructuring.  Therefore, it is
unclear at this point how the transaction would alter Sharp's
capital and debt structure.  Because S&P do not expect Sharp's
earnings capacity or capacity to generate cash flows to
substantially recover in the near term, Sharp's capacity to repay
debt on a stand-alone basis excluding any support from Hon Hai is
unlikely to improve materially.

S&P will consider upgrading its 'CCC' long-term rating on Sharp
to 'CCC+' when S&P can confirm more concrete support for Sharp
from banks, such as another loan extension or a new credit
facility. Nonetheless, resolution of the CreditWatch placement
will be made when S&P believes there is certainty regarding the
outcome of the equity injection process and this may take up to
about six months, when S&P expects the deal to close.  Among
other factors, S&P will examine the degree to which enhanced
capitalization will improve Sharp's financial standing, the
competitiveness of Sharp's LCD business and prospects to improve
profitability of the business as a member of the Hon Hai group,
and Hon Hai's degree of willingness to support Sharp when S&P
removes the ratings from CreditWatch. Nonetheless, given Sharp's
eroded earnings, if S&P views Hon Hai's commitment to support
Sharp as not very strong, any upgrade of Sharp may be limited to
two to three notches.  This is despite the fact that S&P's
ratings on Hon Hai are substantially higher than those on Sharp.



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


MONGOLIA: Moody's Assigns Definitive B2 Rating to Drawdown
----------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of B2
to the drawdown under the US$5,000,000,000 Global Medium Term
Note Program of the Government of Mongolia, in line with the
Government of Mongolia's B2 issuer rating. Moody's definitive
ratings for the notes are in line with the provisional ratings of
(P)B2 assigned on 14 January, 2016 and the rating rationale set
out in the press release issued on that date.

The outlook on the Government of Mongolia's B2 rating is
negative.

RATINGS RATIONALE

Mongolia's B2 government bond rating is supported by the
country's strong economic potential, driven in large part by its
abundant natural resource wealth. However, slowing growth due to
falling commodity prices, coupled with sizeable fiscal deficits
and a thin foreign reserve cover, has weighed on credit quality.
Based on Moody's Sovereign Bond Methodology, the three-notch
ratings range for Mongolia is B2-Caa1.

The high dependency of the economy on mining and agriculture
leaves the growth path vulnerable to mineral price volatility and
occasional extremely severe winters. The development of the Oyu
Tolgoi copper and gold deposits, and other large mineral
deposits, such as high-grade coking coal in Tavan Tolgoi, will be
transformational for the Mongolian economy. Growth and inward
investment flows will, over time, curb the domestic and external
pressures that Mongolia currently faces, and support its credit
profile at a level commensurate with a B2 rating.

Moody's downgrade of Mongolia's government bond rating to B2 from
B1 in July 2014 took into account a worsening external liquidity
position and the government's expansionary policy stance. The
decision to maintain a negative outlook at that time highlighted
the risk of an additional decline in foreign exchange reserves,
continued rapid credit growth and the potential for further
deterioration in debt metrics.

"Although some of the pressures we identified in 2014 have since
abated, in January 2016 we affirmed the B2 rating and maintained
a negative outlook. The external liquidity position, including
the current account balance and the level of reserves,
deteriorated initially but has now stabilized. The central bank
has tightened monetary policy. Credit growth has cooled. And the
government has taken steps -- albeit haltingly -- to arrest the
deterioration in debt metrics."

"At the same time, the external environment has worsened. The
combination of falling commodities prices and lower growth in
China (Aa3 negative) has undermined export revenues and related
investment flows that drive output in Mongolia. Accordingly, we
expect growth to slow to 3.2% in 2016, from 11.6% in 2013. The
government has struggled to cope with the impact of the shock.
Moody's estimates that the fiscal deficit remains high, at around
6.6% as of the end of 2015. General government debt levels have
climbed further, and Moody's does not expect them to peak until
2017, at close to 60%. Economy-wide external debt has continued
to rise. Moody's projects it to hit 181.8% of GDP in 2015 and
closer to 190% in 2016. Mongolia's score on our External
Vulnerability Indicator, which measures the adequacy of foreign
reserves relative to short-term and maturing long-term external
debt, should peak at over 300% in 2017."

"However, beyond that horizon, there is a strong prospect of
growth and inward investment flows resuming to adequate levels to
address these vulnerabilities. The key driver for the affirmation
of the B2 rating is our expectation of an improvement in the
outlook for growth over the medium term, led by foreign direct
investment in large mining projects -- in particular the
development of the second phase of the Oyu Tolgoi copper and gold
mine over the next seven years. Although Mongolia's external
liquidity position will remain strained for some time, future
export and investment revenue streams from the projects should
result in credit risks moderating towards the end of this
decade."

"A resumption in growth would support the authorities' efforts to
rein in rising domestic and external debt. The government's
medium-term fiscal framework sets out a programme for reducing
first primary deficits, and subsequently fiscal deficits towards
the end of the decade. While the framework rests on a number of
optimistic assumptions, our view is that growth should keep
Mongolia's economic and debt metrics consistent with a B2 rating.
Despite the persistence of credit-negative pressures in recent
years, most of Mongolia's key credit metrics, including growth,
the fiscal balance and the debt burden, should converge with
those of similarly rated sovereigns over the rating horizon, if
mining projects materialize as Moody's anticipates."

RATING OUTLOOK

"The negative outlook illustrates our view that credit risks will
remain biased to the downside over the next 12 to 18 months.
Future growth depends on potential inward investment flows that
have yet to materialize, and on mining projects that have still
to come to fruition. External vulnerability risks, arising
particularly from Mongolia's exposure to lower commodity prices
and to slowing growth in China, are likely to remain elevated.
Foreign reserves, although stable, are low relative to maturing
long-term debt and short-term external debt, and rely heavily on
the Bank of Mongolia's near-complete draw-down on a swap line
with China. Such vulnerabilities could turn more acute as long-
term debt repayments, scheduled for 2017, 2018 and 2022,
approach."

Although the authorities have reversed many fiscal and monetary
policy stimulus measures from 2012 and 2013 that resulted in
credit deterioration, Moody's projects budgetary imbalances to
widen over the next year, due to shortfalls in mining revenues,
and the debt burden to increase.

WHAT COULD CHANGE THE RATING -- UP

"Given the negative outlook, there is little prospect of upward
pressure on Mongolia's rating emerging over our forecast horizon.
The rating outlook could move to stable if effective steps were
taken to address Mongolia's structural weaknesses including weak
institutions and extremely volatile growth, which in turn
reflects very high reliance on commodities. Indications that
structural weaknesses were being addressed would likely be
accompanied by positive credit indicators such as: (1) a
replenishment of official foreign exchange reserves and reduction
in external funding vulnerability; (2) predictability in mineral
resource development that bolsters fiscal, external payments and
economic prospects; (3) a strengthening of government finances."

WHAT COULD CHANGE THE RATING -- DOWN

"The current rating level assumes a strong and reasonably
imminent resumption in growth, and that the government then
proves able to reap the fiscal benefits growth brings. Should
either expectation prove unfounded, we would likely downgrade the
rating. Other more immediate factors that could trigger a
downward movement in the rating include: (1) a continued rise in
external debt relative to official international reserves; (2) a
sharp increase in credit or in inflationary pressures; (3) an
increase in government debt; (4) a significant decline in foreign
direct investment that places additional strain on the balance of
payments."

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis. Please see the most
recent credit rating announcement posted on the issuer's page on
www.moodys.com, under the research tab, for related summary
rating committee minutes included in rating announcements
published after June 3, 2013.



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


POWER SECTOR: Moody's Cuts Baseline Credit Assessments to 'b1'
-------------------------------------------------------------
Moody's Investors Service has affirmed Power Sector Assets and
Liabilities Management Corporation's (PSALM) Baa2 issuer and
backed senior unsecured bond ratings.

The outlooks for the ratings are stable.

At the same time, Moody's has lowered PSALM's Baseline Credit
Assessments (BCA) to b1 from ba3.

RATINGS RATIONALE

"The rating affirmation reflects PSALM's strategic importance as
a state-owned entity which carries out a mandated policy role for
the Philippine power sector and the government's strong
commitment to the company," says Mic Kang, a Moody's Vice
President and Senior Analyst.

PSALM's policy role is to restructure and reform the power sector
through the privatization of the power assets transferred from
National Power Corporation (NPC, Baa2 stable) and the repayment
of the NPC debt and obligations assumed by PSALM.

In addition, the Philippine government (Baa2 stable)
unconditionally and irrevocably guarantees most of PSALM's debt
and obligations and is obligated to assume any remaining assets
and liabilities at the end of PSALM's 25-year corporate life,
according to the Electric Power Industry Reform Act.

As such, Moody's believes the government's very high support for
PSALM, if and when needed, will remain intact, and PSALM's close
relationship with the government and governmental support will
remain the company's primary rating driver.

The lower BCA reflects Moody's expectation that PSALM's credit
metrics will weaken over the next 12-18 months.

In this context, Moody's expects funds from operations (FFO)/debt
and FFO/interest coverage to weaken to 3%-5% over the next 12-18
months from 6%-13% in 2013-14 and 1.5x-2.0x from 2.3x-4.3x,
respectively, mainly due to the expected reduction in cash
inflows from asset sales relating to the power plants transferred
from NPC.

Moody's notes that the proceeds from asset sales were minimal in
2015 and will likely remain low over the next 12-18 months, given
volatile capital market conditions and the fact that PSALM has
already privatized the majority of its power assets.

In addition, Moody's estimates that PSALM's cash on hand of
PHP56.5 billion as of 31 December 2014 had largely decreased in
2015 and will fall further in 2016 and thereafter. The likely
reduction in cash on hand will weaken PSALM's buffer against its
high level of debt leverage. Having said that, we expect PSALM to
maintain solid access to credit markets given its strategic
importance and high linkage with the government.

The stable ratings outlook is in line with the stable outlook for
the Philippine sovereign rating, and reflects Moody's expectation
that PSALM's strategic importance to and strong support from the
government, if and when needed, will remain intact over at least
the next 12-18 months.

An upgrade of the sovereign rating could result in an upgrade of
PSALM's ratings, given PSALM's close linkage with the government
and the government's strong commitment.

PSALM's BCA could come under upward trend if FFO/debt or
FFO/interest exceeds 6%-8% or 2.0x-2.5x on a sustained basis.

Likewise, a downgrade of the sovereign rating could trigger a
downgrade of PSALM's ratings.

In addition, any change in PSALM's policy role or indication of a
weakening of the government's support could pressure its issuer
rating.

PSALM's BCA and the rating could come under downward pressure if
FFO/debt or FFO/interest falls below 2%-3% or 1.5x on a sustained
basis.

The methodologies used in these ratings were Regulated Electric
and Gas Utilities published in December 2013, and Government-
Related Issuers published in October 2014. Please see the Ratings
Methodologies page on www.moodys.com for a copy of these
methodologies.

Power Sector Asset & Liabilities Management Corporation (PSALM),
wholly owned and controlled by the Philippine government, was
established in 2001 to take ownership of, and manage, all the
generation-related assets, liabilities, contracts with
independent power producers, real estate and other disposable
assets of NPC, including National Transmission Corporation, and
to privatize and sell these assets to liquidate NPC's financial
obligations.



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


DBS BANK: Moody's Revises Rating Outlook to Negative
----------------------------------------------------
Moody's Investors Service revised to negative from stable the
rating outlook on four Singapore financial institutions.

The institutions affected are DBS Bank Ltd. (DBS), DBS Group
Holdings Ltd, Oversea-Chinese Banking Corporation Limited (OCBC)
and United Overseas Bank Limited (UOB).

The rating action reflects Moody's expectation that a more
challenging operating environment for banks in Singapore in 2016,
and possibly beyond, will pressure the banks' asset quality and
profitability.

Moody's expects credit conditions for banks in Singapore will
continue to weaken against the backdrop of slower economic and
trade growth, both domestically and in the region. The more
challenging operating environment has been reflected in Moody's
change of Singapore's Macro Profile to "Very Strong-" from "Very
Strong".

Despite these headwinds, Singapore banks maintain very strong
buffers in terms of capital, loan loss provisions and pre-
provision income. Their funding and liquidity profiles are also
robust. As a result, Moody's has affirmed the four institutions'
credit ratings, baseline credit assessments (BCAs, where
available), adjusted BCAs, and counterparty risk assessments (CR
Assessments).

Rating outlooks provide an opinion on the likely rating direction
over the next 12-18 months, and are assigned only to banks' long-
term deposit, issuer and senior unsecured debt ratings.

A list of all affected ratings is provided at the end of this
press release.

RATINGS RATIONALE

RATIONALE FOR OUTLOOK CHANGE

The increasing challenges posed by the weakening operating and
credit conditions in Singapore, and more broadly in the region,
will likely weigh on the credit profiles of DBS Bank, DBS Group,
OCBC and UOB, leading Moody's to revise their ratings outlooks to
negative from stable.

The rating agency expects that Singapore banks will report higher
problem loan levels and will need to increase loan loss
provisions, leading to lower bottom-line profitability.

Reflecting the operating environment challenges, Moody's has
changed its assessment of Singapore's Macro Profile to "Very
Strong-" from "Very Strong". In particular, Moody's considers
that weakening credit conditions in Singapore -- including a 15
percentage point increase in private sector credit as a share of
GDP to 130% at end-2015 from 115% at end-2012 -- present
increasing risk to the banks' asset quality and profitability.

Although domestic credit growth moderated substantially in 2015,
overall leverage in the economy remains elevated compared to that
of the previous decade.

Against the backdrop of weaker economic growth and banks' tighter
credit underwriting, Moody's expects a challenging deleveraging
cycle in the corporate sector in Singapore.

Domestic firms are affected by slowing economic and trade growth
in Asia and the drop in oil and other commodity prices. This has
led to deteriorating corporate profitability, and in turn to
lower credit metrics for corporates across several industries,
including manufacturing, oil and gas, shipping, ship and rig
building, and metals and mining.

The Singapore banks are also facing increased headwinds from
slowing growth in regional economies, because foreign loans
constitute around one-half of their gross loans. Major foreign
markets for Singapore banks include China (Aa3 negative), Hong
Kong (Aa1 negative), Malaysia (A3 stable), Indonesia (Baa3
stable), Thailand (Baa1 stable) and India (Baa3 positive).
Economic and/or credit conditions have weakened in China, Hong
Kong and Malaysia, leading Moody's to recently lower its Macro
Profiles for these countries.

A looming risk for Singapore banks' asset quality is their large
exposure to oil and gas borrowers, including services companies,
which were the most affected by the collapse in oil prices.
Singapore banks' exposures to oil and gas services firms are
significant and ranged from 13% to 24% of their common equity
Tier 1 capital at end-2015.

RATIONALE BEHIND THE AFFIRMATION OF BANK RATINGS

Despite the headwinds, the three large Singapore banking groups
maintain very strong buffers in terms of capital, loan loss
provisions and pre-provision income. Their funding and liquidity
profiles are also robust. As a result, Moody's has affirmed the
four institutions' credit ratings, BCAs, adjusted BCAs, and CR
Assessments.

At end-2015, the three large Singapore banking groups reported
good core capital ratios ranging from 12.2% to 14.8%, as defined
by the ratio of Tangible Common Equity to risk-weighted assets
(TCE/RWA). The banks also posted solid returns on assets (ROA)
for 2015 of around 1%. Finally, the reserve coverage against
problem loans exceeded 120% for the three banks, providing an
additional buffer.

The three large banking groups maintain solid funding and
liquidity profiles. Their reliance on wholesale funding decreased
in 2015, and the banks scaled down the issuance of commercial
paper against the backdrop of slower regional trade finance
business. Buffers of liquid assets remained healthy, as
highlighted by all currency liquidity coverage ratios of above
120% for the three banks.

Moreover, Singapore banks' asset quality remains solid. Despite
some deterioration, the banks posted very low problem loan levels
at end-2015, ranging from 0.9% for DBS Bank and OCBC, to 1.4% for
UOB.

GOVERNMENT SUPPORT REMAINS VERY STRONG

The Aa1 deposit and senior unsecured debt ratings of DBS Bank,
OCBC and UOB continue to incorporate two notches of uplift,
reflecting Moody's expectation of a "very high" probability of
government support in case of need.

The Aa2 issuer and senior unsecured debt ratings of DBS Group --
a holding company -- also incorporate Moody's "very high" public
support assumptions. However, the ratings of this issuer are
positioned one notch lower than those of DBS Bank, to reflect the
structural subordination of creditors at the holding company
level relative to the creditors at the operating bank.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The affected banks' ratings could be lowered if their financial
fundamentals deteriorate significantly. All other rating factors
constant, the BCAs of the banks would come under adverse pressure
if any of these conditions is met: (1) non-performing loans
increase by around 50 basis points from current levels, (2)
TCE/RWA ratios decrease by around 50 basis points, (3) ROA
decrease by around 20 basis points.

The rating agency will also monitor the extent to which any
weakening in asset quality and profitability is balanced by
higher buffers, notably in the form of core capital or decreased
risk-weighted assets.

In view of their negative outlooks, Moody's does not expect any
upward pressure on the ratings of these institutions in the
medium term.

However, their outlooks could be revised to stable if macro-
economic conditions in Singapore and in the region improve and
these banks maintain sound financial metrics.

LIST OF AFFECTED RATINGS

DBS GROUP HOLDINGS LTD

-- Long-term local and foreign currency issuer rating affirmed
at Aa2;

-- Short-term local and foreign currency issuer rating affirmed
    at P-1;

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Local and foreign currency senior unsecured debt rating
    affirmed at Aa2;

-- Foreign currency senior unsecured medium-term note (MTN)
    program rating affirmed at (P)Aa2;

-- Local and foreign currency subordinated debt ratings affirmed
    at A2 (hyb);

-- Foreign currency subordinated MTN program rating affirmed at
    (P)A2;

-- Local currency preferred stock rating affirmed at A3(hyb);

-- Outlook for the company revised to negative from stable.

DBS BANK LTD.

-- Long-term local and foreign currency bank deposit ratings
    affirmed at Aa1;

-- Short-term local and foreign currency bank deposit ratings
    affirmed at P-1;

-- Short-term foreign currency commercial paper rating affirmed
    at P-1;

-- Short-term senior unsecured commercial paper rating affirmed
    at (P)Aa1;

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Foreign currency senior unsecured debt rating affirmed at
    Aa1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- Local and foreign currency subordinated debt ratings affirmed
    at Aa3;

-- Foreign currency subordinated MTN program rating affirmed at
    (P)A2;

-- Local and foreign currency junior subordinated debt ratings
    affirmed at A1 (hyb);

-- Local currency preferred stock rating affirmed at A3 (hyb);

-- BCA and adjusted BCA affirmed at aa3;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr);

-- Outlook for the bank revised to negative from stable.

DBS BANK LTD., AUSTRALIA BRANCH

-- Short-term foreign currency commercial paper rating affirmed
    at P-1.

DBS BANK LTD., HONG KONG BRANCH

-- Short-term foreign currency commercial paper rating affirmed
    at P-1;

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Local and foreign currency senior unsecured debt ratings
    affirmed at Aa1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr);

-- Outlook for the branch revised to negative from no outlook

DBS BANK LTD., LONDON BRANCH

-- Short-term foreign currency commercial paper rating affirmed
    at P-1;

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr).

DBS CAPITAL FUNDING II CORP

-- Foreign currency BACKED preferred stock non-cumulative
ratings
    affirmed at A3 (hyb).

-- Outlook for the issuer revised to no outlook from stable

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-- Long-term local and foreign currency bank deposit ratings
    affirmed at Aa1;

-- Short-term local and foreign currency bank deposit ratings
    affirmed at P-1;

-- Short-term foreign currency commercial paper rating affirmed
    at P-1;

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Foreign currency senior unsecured debt rating affirmed at
    Aa1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- Foreign currency Basel II-compliant subordinated debt rating
    affirmed at Aa3;

-- Foreign currency Basel III-compliant subordinated debt rating
    affirmed at A2 (hyb);

-- Foreign currency Basel III-compliant subordinated MTN program
    rating affirmed at (P)A2;

-- Foreign currency junior subordinated MTN program rating
    affirmed at (P)A1;

-- Local currency preferred stock rating affirmed at A3 (hyb);

-- BCA and adjusted BCA affirmed at aa3;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr);

-- Outlook for the bank revised to negative from stable.

OVERSEA-CHINESE BANKING CORPORATION LIMITED, SYDNEY BRANCH

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Local currency senior unsecured debt rating affirmed at Aa1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr).

-- Outlook for the branch revised to negative from stable.

OCBC CAPITAL CORPORATION (2008)

-- Foreign currency BACKED preferred stock non-cumulative rating
    affirmed at A3 (hyb).

UNITED OVERSEAS BANK LIMITED

-- Long-term local and foreign currency bank deposit ratings
    affirmed at Aa1;

-- Short-term local and foreign currency bank deposit ratings
    affirmed at P-1;

-- Short-term foreign currency commercial paper rating affirmed
    at P-1;

-- Local currency other short term program rating affirmed at
    (P)P-1;

-- Foreign currency senior unsecured debt rating affirmed at
    Aa1;

-- Local currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- Local and foreign currency Basel II-compliant subordinated
    debt ratings affirmed at Aa3;

-- Local and foreign currency Basel III-compliant subordinated
    debt ratings affirmed at A2 (hyb);

-- Local currency Basel III-compliant subordinated MTN program
    rating affirmed at (P)A2;

-- Local currency preferred stock rating affirmed at A3 (hyb);

-- BCA and adjusted BCA affirmed at aa3;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr);

-- Outlook for the bank revised to negative from stable.

UNITED OVERSEAS BANK LIMITED, SYDNEY BRANCH

-- Foreign currency other short term program rating affirmed at
    (P)P-1;

-- Local currency senior unsecured debt rating affirmed at Aa1;

-- Foreign currency senior unsecured MTN program rating affirmed
    at (P)Aa1;

-- CR Assessment affirmed at Aa1(cr)/P-1(cr);

-- Outlook for the branch revised to negative from stable.

UOB FUNDING LLC

-- Short-term local currency BACKED commercial paper ratings
    affirmed at P-1

-- Outlook for the issuer revised to no outlook from stable



                             *********

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

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

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


                            *********


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

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

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

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

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



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