TCRAP_Public/160405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 5, 2016, Vol. 19, No. 66


                            Headlines


A U S T R A L I A

ARRIUM LIMITED: Lenders Reject GSO Capital's $1.2BB Bailout Plan
BGL AUSTRALIA: First Creditors' Meeting Set For April 11
EXSTO GROUP: First Creditors' Meeting Set For April 14
GOENERGY INSTALLATIONS: First Creditors' Meeting Set For April 13
LAURA ASHLEY: Administration to Continue Until Middle of May

LINK ENGINEERING: Business Up for Sale
PLANET PLATINUM: Court Invalidates Appointment of Administrator
VALLEY CONCRETE: First Creditors' Meeting Set For April 11


C H I N A

ANTON OILFIELD: Moody's Retains Caa1 CFR on Mixed 2015 Results
WUZHOU INT'L: 2015 Results in Line with Caa1 CFR, Moody's Says
YUZHOU PROPERTIES: 2015 Results in Line with B1 CFR, Moody's Says


H O N G  K O N G

ASIA TELEVISION: Shuts Down; RTKH Snaps Up Frequencies
HENGDELI HOLDINGS: Moody's Lowers CFR to Ba3; Outlook Negative


I N D I A

3G TELECOM: Ind-Ra Assigns B+ Long-Term Issuer Rating
A. S. MOTORS: CARE Reaffirms B+ Rating on INR17.15cr LT Loan
ABHISHEK SOLAR: CRISIL Assigns B+ Rating to INR50MM Cash Loan
ANONDITA HEALTHCARE: Ind-Ra Assigns B+ Long-Term Issuer Rating
AQUARIOUS MARKETING: Ind-Ra Assigns BB Long-Term Issuer Rating

AS NUTRA: CARE Lowers Rating on INR13.4cr LT Loan to 'B'
BALAJI GINNING: CARE Assigns B+ Rating to INR9cr LT Loan
CHINTAMANI SHARMA: CRISIL Suspends B+ Rating on INR40MM Loan
CORNISH ALUMINIUM: CRISIL Suspends D Rating on INR140MM Term Loan
DANEWALIA TIMBERS: CRISIL Suspends 'D' Rating on INR150MM Loan

DURGASHREE BRICKS: CRISIL Suspends B Rating on INR150MM Term Loan
FRIENDS INT'L: CARE Reaffirms B+/A4 Rating on INR5.5cr Loan
GSR VENTURES: CRISIL Upgrades Rating on INR170MM LT Loan to 'B'
HIM CHEM: CRISIL Suspends 'D' Rating on INR180.9MM Cash Loan
HORIZON LEISURE: CRISIL Assigns 'D' Rating to INR271.7MM Loan

ICON HOSPITALITY: CARE Reaffirms D Rating on INR19.13cr LT Loan
IDEA SALES: CARE Reaffirms 'B' Rating on INR14cr LT Loan
INDIRA PRIYADARSHINI: Ind-Ra Lowers Rating on INR238.4M Loan to B
J.K. INDUSTRIES: CRISIL Suspends B+ Rating on INR150MM Cash Loan
JAI HIND: CRISIL Suspends 'B' Rating on INR50MM Term Loan

JAIN INFRAPROJECTS: CARE Reaffirms 'D' Rating on INR1,912cr Loan
JHAMB ENTERPRISES: CRISIL Suspends D Rating on INR144.1MM Loan
JMD ENERGY: CRISIL Assigns B- Rating to INR99MM Term Loan
K P BUILDCON: ICRA Lowers Rating on INR15.75cr Loan to B+
KHURANA COAL: CARE Reaffirms B+ Rating on INR5cr LT Loan

KOCHHAR GLASS: CRISIL Reaffirms B+ Rating on INR63MM Cash Loan
KWALITY FEEDS: Ind-Ra Lowers Long-Term Issuer Rating to BB
M.L. TRADERS: CRISIL Assigns B+ Rating to INR100MM Whse Receipts
MACHHALANDAPUR SIMLON: Ind-Ra Assigns B+ Long-Term Issuer Rating
MAGADH INDUSTRIES: Ind-Ra Affirms BB- Long-Term Issuer Rating

MATRIX BIZCOM: Ind-Ra Assigns B+ Long-Term Issuer Rating
MEDICS INTERNATIONAL: Ind-Ra Suspends B Long-Term Issuer Rating
META INDUSTRIES: CRISIL Suspends B+ Rating on INR52.8MM Loan
MFAR REALTORS: CARE Revises Rating on INR22cr LT Loan to 'B'
NIFTY LABS: ICRA Downgrades Rating on INR30.19cr Loan to B+

PACIFIC CONSTRUCTION: CRISIL Suspends B+ Rating on INR13MM Loan
PATCO PRECISION: CRISIL Assigns B Rating to INR49MM Term Loan
PRAKHHYAT INFRA: CRISIL Reaffirms D Rating on INR190MM Loan
R.B. RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
R.R. DWELLINGS: CRISIL Reaffirms 'D' Rating on INR180MM Term Loan

RAJURI STEEL: CARE Lowers Rating on INR22.40cr Loan to 'D'
RAMESHWARI FIBRES: CRISIL Suspends B+ Rating on INR59.9MM Loan
RAMINENI AGRO: CRISIL Reaffirms B+ Rating on INR100MM Loan
RAMJI AGENCIES: CRISIL Suspends B+ Rating on INR60MM Cash Loan
S.G. ENTERPRISES: CRISIL Assigns B+ Rating to INR52.5MM Cash Loan

SADHU RAM: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
SAI BHARATHI: Ind-Ra Assigns B+ Long-Term Issuer Rating
SAMUDRA VEHICLES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
SARVESH SPINNERS: CRISIL Suspends B+ Rating on INR47.5MM Loan
SAVI LEATHERS: Ind-Ra Assigns BB- Long-Term Issuer Rating

SEBACIC INDIA: CARE Reaffirms 'D' Rating on INR48.13cr Loan
SHRAMAN POLYMERS: CRISIL Suspends 'B' Rating on INR48.9MM Loan
SHREE BALAJI: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
SHREE MANDVI: CARE Lowers Rating on INR53.91cr LT Loan to 'D'
SHREE RADHE: Ind-Ra Assigns B Long-Term Issuer Rating

SHRI SARASWATI: CRISIL Assigns B+ Rating to INR100MM Loan
SHRI SHIVJOT: CARE Assigns 'B' Rating to INR9.50cr LT Loan
SOVA POWER: Ind-Ra Raises Long-Term Issuer Rating to BB-
SREE GOURIPUTRA: CRISIL Suspends B Rating on INR55MM Cash Loan
SREE VAAGESWARI: CRISIL Cuts Rating on INR30MM Term Loan to D

SRI MURUGARAJENDRA: CRISIL Suspends D Rating on INR1.4BB Loan
SRIVATSA INTERNATIONAL: CRISIL Cuts Rating on INR123MM Loan to D
SUPERIOR FOOD: CRISIL Cuts Rating on INR550MM Term Loan to D
TARA SALES: CRISIL Reaffirms 'D' Rating on INR180MM Cash Loan
TATA STEEL: Moody's to Retain Ba3 Rating on Planned Restructuring

TATHVA PROJECTS: CARE Lowers Rating on INR0.30cr LT Loan to B+
TEXIM INTERNATIONAL: CRISIL Suspends B Rating on INR55MM Loan
VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR190MM Loan
VIDYASAGAR HIMGHAR: CRISIL Reaffirms B Rating on INR123.5MM Loan
YANTRA GREEN: CRISIL Reaffirms 'D' Rating on INR311.9MM LT Loan


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: S&P Ups Corp. Credit Rating From BB+


J A P A N

SHARP CORP: Foxconn's Head Pledges Turnaround After Takeover
TOKYO ELECTRIC: S&P Assigns 'B' ST Corporate Credit Rating
TOKYO ELECTRIC: Moody's to Retain Ba3 CFR on Restructuring

* RMBS & Sales Asset Default Rates Hit Record Low, Moody's Says


M A L A Y S I A

PRIME GLOBAL: Amiruddin Bin Che Embi Quits as Director
PRIME GLOBAL: Maylee Lee Appointed as Director


X X X X X X X X

* BOND PRICING: For the Week March 28 to April 1, 2016


                            - - - - -


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A U S T R A L I A
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ARRIUM LIMITED: Lenders Reject GSO Capital's $1.2BB Bailout Plan
----------------------------------------------------------------
The Sydney Morning Herald reports that Arrium Limited's banks
will push the steel maker to entertain competing rescue plans
after they rejected a $US927 million (AUD1.21 billion) lifeline
from US vulture fund GSO Capital.

Voluntary administration is also understood to be on the table
for some of the aggrieved creditors, which means the struggling
iron ore and steel group will be scrambling for another solution
to its AUD2 billion debt problem, the report relates.

According to SMH, Arrium on April 4 entered a trading halt
"pending the release of an announcement updating the market in
relation to the recapitalisation of Arrium and its discussions
with its lenders (banks and noteholders) following the lenders'
rejection of the recapitalisation plan for Arrium involving GSO
Capital Partners LP," the company said in a statement to ASX.

GSO is the $US79 billion credit arm of private equity giant
Blackstone. Its lifeline would have left Arrium's 20-plus lenders
with about 55 cents in the dollar and was not expected to be
approved by the banks, as flagged by Street Talk, according to
SMH.

SMH notes that the agreement was set to expire at 11:59 p.m.
today, April 5.  SMH says Arrium's banks are furious that the GSO
deal was made without any consultation, and they are considering
legal action against the board for breach of duties.

One particular bone of contention is the fact that Arrium was
drawing heavily on its loan facilities while negotiating a deal
with GSO that would force the existing lenders to take a massive
haircut.

SMH notes that the creditors are now likely to push Arrium to run
a proper competitive process for a recapitalisation.

One of the options open to the banking syndicate is to push for a
voluntary administrator to be brought in to keep the company
running while alternative restructuring proposals are pursued,
SMH says.

Australia's big four banks are all part of the syndicate which
includes large Japanese lenders and US private debt holders, the
report states.

According to SMH, the trading halt is expected to stay in place
until either open of trading on April 6 or an announcement is
made in relation to a recapitalisation plan.

Arrium owns and operates a world-class global mining consumables
business, which supplies grinding media to mining companies. But
that business is the only real cash generator to service Arrium's
debts and support its under-fire steel and iron ore mining
operations, which are battling low commodity prices.

SMH says the fate of Arrium's Whyalla steelworks, a key employer
in South Australia, is bound up with any potential rescue plan.

SMH relates that Scott Martin, the Australian Workers Union
organiser for Whyalla and the Eyre Peninsula, said on April 4
after the banks rejected the GSO proposal that it raised a whole
new set of questions in the short-term because the GSO proposal
had been all about generating cash flow for Arrium. He said it
was in everyone's interests that the company kept operating.

"The deal was all about cash flow. Now that it's not happening it
begs the question of what are the banks proposing now," Mr Martin
told Fairfax Media.

South Australian Treasurer Tom Koutsantonis said on April 4 his
government was working closely with the Federal government and
the banking syndicate to ensure that Arrium continued to operate
as a steel producer.

"It is a vital national asset and both levels of government are
working to ensure its ongoing viability," Mr Koutsantonis, as
cited by SMH, said.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
international mining and materials company. The Company's
principal activities are mining and supply of iron ore and other
steelmaking raw materials to steel mills internationally and in
Australia; the manufacture and supply of mining consumables
products globally; the manufacture and distribution of steel long
products and recycling of ferrous and non-ferrous scrap metal.
Its key businesses include Mining, Mining Consumables, Steel and
Recycling. Arrium Mining is an exporter of hematite ore with
operations in South Australia.


BGL AUSTRALIA: First Creditors' Meeting Set For April 11
--------------------------------------------------------
Sule Arnautovic of Jirsch Sutherland was appointed as
administrator of BGL Australia Pty Ltd on March 30, 2016.

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


EXSTO GROUP: First Creditors' Meeting Set For April 14
------------------------------------------------------
Morgan Lane and Michael Griffin of Worrells Solvency were
appointed as administrators of Exsto Group Pty Ltd on April 4,
2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, 8th Floor 102, Adelaide
St, in Brisbane, Qld, on April 14, 2016, at 10:30 a.m.


GOENERGY INSTALLATIONS: First Creditors' Meeting Set For April 13
-----------------------------------------------------------------
Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Goenergy Installations Pty Limited, Goenergy Pty
Limited, Goenergy Shared Services Pty Limited, and Solco Solar
Products Pty Limited on April 1, 2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 22 MLC Centre, 19 Martin Place, in Sydney
NSW, on April 13, 2016, at 11:30 a.m.


LAURA ASHLEY: Administration to Continue Until Middle of May
------------------------------------------------------------
Eloise Keating at SmartCompany reports that the voluntary
administration of Australian retail chain Laura Ashley will
continue until at least the middle of May, after the company's
administrators were granted an extended time period for which to
hold the second meeting of creditors.

The Australian arm of Laura Ashley collapsed into voluntary
administration on January 7, with Ross Blakeley, Quentin Olde and
John Park from FTI Consulting appointed to manage the
administration and find a buyer for the business, according to
SmartCompany.

At the time, Laura Ashley Australia was operating 38 stores
across the country under a licence agreement from Laura Ashley
UK.

Seven stores were closed at the end of January, with another five
outlets earmarked for closure in mid-February, SmartCompany says.

In a statement issued to SmartCompany late last week, FTI
Consulting said the Supreme Court of Victoria granted orders to
extend the convening period for the second creditors' meeting to
May 19.

"We sought this extension after receiving indicative offers for
the acquisition of the business assets as a going concern, and
now require more time to progress negotiations with those
parties," administrator Ross Blakeley said in the statement.
"While the negotiations are ongoing, the administrators are
hopeful that the process will lead to a binding sale."

According to the report, the administrators said creditors and
Laura Ashley employees have been kept informed of the process.

The Australian operators of Laura Ashley were established in 1971
and specialise in selling clothing, homewares and furniture.

The business also operates four stores in New Zealand, however,
the appointment of administrators only applies to the retailer's
Australian stores.

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into
clothing.  The company was founded in Australia in 1971 and
operates 38 stores in Australia and four in New Zealand under a
licence agreement from Laura Ashely UK.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2016, SmartCompany said external directors were called in
on Jan. 7 to manage the business, with Ross Blakeley, Quentin
Olde and John Park from FTI Consulting appointed as
administrators.

The appointment of administrators only applies to the retailer's
Australian stores.  Laura Ashley's New Zealand stores and Laura
Ashley UK are not affected by the collapse of the Australian
business, SmartCompany said.


LINK ENGINEERING: Business Up for Sale
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Link Engineering
Group has been put up for sale by receivers Ferrier Hodgson.
Dissolve.com.au relates that the receivers are seeking
expressions of interest for the purchase of the engineering
business and related equipment as well as plant found in Whyalla,
South Australia.

Link Engineering was founded in 2002 offering general engineering
and maintenance services, machining, steel fabrication, minor
hydraulics, scaffolding and pneumatics services. The assets and
business for sale include 0.8 hectare property, plant and
equipment, leased premises, circa $19 million turnover, existing
contracts as well as skilled and dedicated workforce,
Dissolve.com.au discloses.


PLANET PLATINUM: Court Invalidates Appointment of Administrator
---------------------------------------------------------------
Following a successful application by Australian Securities and
Investment Commission, the Supreme Court of Victoria has made a
declaration that the appointment of Gideon Rathner as voluntary
administrator of Planet Platinum Ltd on May 4, 2015, was invalid,
void and of no effect.

In making the declaration, the Court found that the only reason
the directors had appointed Mr Rathner as an administrator was
for the improper purpose of stopping ASIC from appointing a
provisional liquidator to the company, and not because they had
formed a view that it was insolvent or likely to become
insolvent.

The Court also found that Mr Rathner failed to take reasonable
steps to confirm the validity of his appointment and that based
on the information he had at the time, there was an insufficient
basis for him to be satisfied that Planet Platinum was either
insolvent or likely to become insolvent.

The Court ordered that Mr Rathner pay the sum of $136,594 to the
liquidator of Planet Platinum, being a sum of money received by
Mr Rathner from the company and over which he claimed a lien. Mr
Rathner will be entitled to make a claim for payment from the
liquidator for any work that Mr Rathner completed which
benefitted Planet Platinum, with the liquidator to assess that
claim in due course.

ASIC Commissioner John Price said, 'The Judge's decision is a
reminder that insolvency practitioners must be satisfied of the
validity of an appointment before accepting appointments as
administrators.'

On April 21, 2015, filed an application with the Court seeking
the wind up of Planet Platinum and the appointment of a
provisional liquidator. On May 4, 2015 -- and prior to the
hearing of ASIC's application -- the Planet Platinum board
(consisting of Mr John Trimble and his son, Mr Michael Trimble)
appointed Mr Rathner as an administrator of the company.

Under 463A of the Corporations Act 2001, a company may appoint an
administrator only if the board holds a bona fide opinion that
the company is insolvent or likely to become insolvent.

On June 12, 2015, the Court appointed Mr John Lindholm as
provisional liquidator Planet Platinum and terminated Mr
Rathner's administration.

On Sept. 7, 2015, the provisional liquidator provided a report to
the Court that concluded that Planet Platinum was not insolvent
at the time of Mr Rathner's appointment as administrator.

On Dec. 1, 2015, the Court ordered the wind up of Plant Platinum
and the appointment of Mr Lindholm as liquidator.


VALLEY CONCRETE: First Creditors' Meeting Set For April 11
----------------------------------------------------------
Christopher Darin and Nicholas Malanos of Worrells Solvency &
Forensic Accountants were appointed as administrators of Valley
Concrete and Civil Pty Ltd, trading as Maitland Formwork and
Civil, on March 30, 2016.

A first meeting of the creditors of the Company will be held at
Suite 1 Level 15, 9 Castlereagh Street, in Sydney, on April 11,
2016, at 11:00 a.m.



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C H I N A
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ANTON OILFIELD: Moody's Retains Caa1 CFR on Mixed 2015 Results
--------------------------------------------------------------
Moody's Investors Service says that Anton Oilfield Services
Group's mixed financial results for 2015 have no immediate impact
on its Caa1 corporate family and senior unsecured bond ratings.

The ratings outlook is negative.

"Anton's financial and liquidity positions remain weak for the
parameters of its Caa1 rating category, despite the improved
financial leverage for 2015," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

"On the other hand, Anton's financial leverage declined in 2015,
helped by a fall in debt and improved earnings, and we expect
leverage to remain at current levels over the next 12--18
months," adds Lu.

Adjusted debt/EBITDA fell to 8.5x in 2015 from 9.7x at end-2014.
And adjusted debt fell to RMB2.52 billion at end-2015 from
RMB2.75 billion at end-2014, primarily driven by the repayment of
the RMB300 million medium term notes which matured in May 2015.

Anton's revenue fell by 11.5% year-on-year to RMB1.83 billion in
2015 from RMB2.07 billion in 2014, underpinned mainly by lower
exploration and production spending from its customers amid lower
global oil prices.

Its adjusted EBITDA margin improved to 16.2% in 2015 from 13.6%
in 2014, owing to cost controls, especially reductions in
headcount.

Consequently, adjusted EBITDA rose to RMB297 million in 2015 from
RMB282 million in 2014.

Moody's expects adjusted debt/EBITDA to remain at about 8.0x-9.0x
over the next 12--18 months, supported by: (1) flat revenue
growth in 2016, owing to continued low exploration and production
spending by customers, as well as mid-single-digit growth in
revenue in 2017, underpinned by increasing business traction from
its overseas operations; (2) an expected slightly improved
adjusted EBITDA margin, driven by cost controls; and (3) a slight
increase in its debt levels to support capital expenditure.

Its adjusted EBITDA/interest remained unchanged at 1.6x in 2015
and should stay around this level over the next 12-18 months.

These ratios are weak for the Caa1 rating category.

Its liquidity position remains weak.  Unrestricted cash/short-
term debt fell to 53% at end-2015 from 77% at end-2014.  Given
its weak liquidity levels and overall weak financial profile,
Moody's expects Anton's refinancing risk to remain elevated.

But this risk is partly mitigated by the long tenor of its debt
maturity profile, and its ability to obtain finance by pledging
receivables due from Chinese oil majors.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.

The company is a leading Chinese oilfield-services provider, and
focuses on China's fast-growing natural gas sector.

It offers integrated oil/gas field services solutions, covering
various phases of field development, including down-hole
operation services, well completion technologies, drilling
technologies, and tubular services, globally.


WUZHOU INT'L: 2015 Results in Line with Caa1 CFR, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that Wuzhou International Holdings
Limited's weak 2015 financial results and liquidity position were
broadly in line with Moody's expectations and fall within the
parameters of the company's Caa1 corporate family rating and Caa2
senior unsecured rating.

The outlook for the ratings is negative.

"Wuzhou's credit profile and liquidity position have weakened
materially because of the weaker economic environment in China
and tougher business operating conditions," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

Its cash holdings -- including restricted cash -- totaled RMB2.6
billion at end-2015; an amount which, in addition to its
operating cash flow, is insufficient to cover its debt of RMB2.8
billion maturing over the 12 months from end-2015 -- excluding
convertible notes -- as well as total committed outstanding land
payments of around RMB200-RMB300 million during the same period.

Wuzhou's contracted sales totaled RMB6.0 billion in 2015, down 9%
year-on-year.  The sales proceeds collected were low, at around
RMB3.6 billion and representing a cash collection rate of just
60%.

Continual debt-funded growth -- despite its weak collection on
contracted sales -- stretched its liquidity position.  Moody's
estimates that Wuzhou spent around RMB3.4 billion on capex and
land premiums in 2015.

Moody's expects that Wuzhou's contracted sales and cash
collections will remain weak over the next 12-18 months, because
of the slowdown in the Chinese economy.  Such weakness will add
uncertainty to its ability to refinance short-term debt.
Successful issuance of domestic bonds will ease temporarily the
pressure on Wuzhou's liquidity.

Wuzhou's ratings could come under downgrade pressure if its
liquidity levels deteriorate further and the company cannot repay
its debt obligations.

"Wuzhou's credit metrics, such as its leverage and EBIT interest
coverage weakened substantially in 2015," adds Lau, who is also
the Lead Analyst for Wuzhou.

Wuzhou's revenue fell 23% year-on-year in 2015 to RMB3.3 billion,
while its adjusted debt rose by 38% to RMB7.5 billion.

As a result, its revenue/adjusted debt fell to 44.2% in 2015 from
78.9% in 2014.  Moody's expects Wuzhou's revenue to debt to stay
weak over the next 12-18 months and register 46%-52%.

Moody's points out that Wuzhou's gross margin fell sharply to
21.5% in 2015 from 34.8% in 2014, primarily due to a fall in the
average selling price of properties sold, as the company cleared
inventory through steep price cuts.

Consequently, its EBIT/interest deteriorated to 0.4x in 2015
compared to 1.8x in the previous year. Over the next 12-18
months, Moody's expects Wuzhou to show gross margins of 21%-23%,
and its EBIT/interest should stay at around 0.45x-0.50x.

Moody's further points out that Wuzhou's Caa1 CFR and negative
ratings outlook also reflects the company's weak financial
profile.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Wuzhou International Holdings Limited specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes in China.

At Dec. 31, 2015, the company exhibited a total of 39 projects in
12 provinces and municipal cities, including 22 merchandising and
logistics centers and 17 multi-functional commercial complexes.
At the same time, its land bank totaled approximately 8.3 million
square meters in gross floor area.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou was
51.45% owned by its two founders, Mr. Shu Cecheng and Mr. Shu
Cewan at 14 January 2016.

This publication does not announce a credit rating action.


YUZHOU PROPERTIES: 2015 Results in Line with B1 CFR, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Yuzhou Properties Company
Limited's 2015 results are broadly in line with Moody's
expectations and support its ratings and stable outlook.

Yuzhou has a B1 corporate family rating and B1 senior unsecured
rating.

"Yuzhou's robust profitability and EBIT/interest coverage
continue to support its ratings, while its strong liquidity
profile partly mitigates the risk of high leverage," says Franco
Leung, a Moody's Vice President and Senior Analyst.

"Yuzhou's largely stable gross profit margin -- at 35.8% during
2015 from 36.3% during 2014 -- exceeded that of its property
peers, thanks to its relatively low land costs and effective cost
controls," adds Leung, also the International Lead Analyst for
Yuzhou.

In addition, Yuzhou's strong contracted sales performance, up 17%
year-on-year to RMB14.0 billion during 2015, will support revenue
growth over the next 12-18 months.

Moody's expects the company's average borrowing costs will also
continue to trend down in the next 12-18 months because of lower
onshore financing costs.  Its average funding cost at end-2015
had fallen by 1.49 percentage point to 7%.

Consequently, EBIT/interest coverage should further improve to
3.0x-3.3x in 2016 from 2.9x in 2015, which is a solid level for
its rating categories.

"However, Yuzhou's leverage -- as measured by revenue/adjusted
debt -- remains high for its rating level, even though partly
mitigated by its strong liquidity profile," says Cindy Yang, a
Moody's Analyst, and the Local Market Analyst for Yuzhou.

Yuzhou's adjusted debt increased by around 30% to RMB20.1 billion
from RMB15.4 billion in 2014.

As a result, the company's revenue/adjusted debt remained low at
51.6% at end-2015, unchanged from 2014, despite 32.4% year-on-
year growth in revenue to RMB10.4 billion in 2015 from RMB7.8
billion in 2014 on the back of strong contracted sales growth.

The increase in debt was partly due to the company prefunding
part of the debt that is maturing or can be redeemed early in
2016.  In February 2016, Yuzhou redeemed early and in full --
with internal cash resources -- the HKD1.5 billion in guaranteed
bonds due 2019.

While Yuzhou will likely continue to replenish its land banking
in tier-1 and strong tier-2 cities this year, Moody's expects it
will fund its purchases with cash flow from contracted sales and
its large cash holdings rather than with debt.

As a result, revenue/adjusted debt should gradually recover to
60%-65% over the next 12-18 months, supported by increased
revenue recognition.

The company's liquidity profile remains strong, with total cash
of RMB11.9 billion at end-2015.  Its cash to short-term debt rose
to 300% at end-2015 from 257% at end-2014.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Yuzhou Properties Company Limited is a Fujian-based developer,
focusing on residential housing in Xiamen.  Its land bank was
small, at around 8.56 million square meters in gross floor area
at Dec. 31, 2015.  Of this land bank, 26% was located in Hefei,
22% in Xiamen, and 13% in Quanzhou.  The rest of its land bank
was located in Bengbu, Shanghai, Fuzhou, Tianjin, Longyan,
Zhangzhou and Nanjing.



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H O N G  K O N G
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ASIA TELEVISION: Shuts Down; RTKH Snaps Up Frequencies
------------------------------------------------------
Reuters reports that Asia Television, the Hong Kong TV channel
that was the world's first Chinese-language TV broadcaster,
closed down a few seconds before midnight on April 1.

ATV, which was born as Rediffusion and operated for 59 years, put
out its last live newscast in Chinese at 10:30 p.m., April 1.  It
filled the remaining time with the partial rerun of a Miss Asia
beauty pageant, programming which had latterly become the
channel's staple, the report says.

According to Reuters, the company was stripped of its broadcast
license by the Hong Kong government, due to a series of
mismanagement incidents, and, broke, has been in the hands of
court-appointed administrators for the since February.

Reuters relates that ATV's ownership over the past decade has
been continually in turmoil and did not stabilize long enough for
management to turn around ATV's declining audiences and plunging
advertising income.

Within minutes of ATV's last transmission, its frequencies were
taken up by government-owned Radio Television Hong Kong (RTKH).
At roughly the same time PCCW-backed HKTVE also started to
transmit its digital free television program channel, ViuTV
Channel 99, through radio waves, the report says.

"These new free TV services will provide additional program
choices for TV viewers," the report quotes Greg So, government
Secretary for Commerce and Economic Development, as saying.

"ATV has been broadcasting in Hong Kong for 59 years, producing a
wealth of classic television programs. With the launching of new
free TV services, I hope that the television industry of Hong
Kong will be brought to a new height."

According to Reuters, the company's current shareholders have
pointed to a new life for ATV on the Internet after free-to-air
broadcasting has ended, but that may put it at odds with the
liquidators who issued redundancy notices in February. Some 400
former ATV staff have applied for compensation from a government
fund after ATV failed to pay their salaries for January and
February.

Uncertainties remain as to whether ATV can still make use of its
right to broadcast in the Cantonese-speaking Guangdong region of
China, known as 'landing rights,' and the fate of its vast news
and program libraries, adds Reuters.


HENGDELI HOLDINGS: Moody's Lowers CFR to Ba3; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 Hengdeli
Holdings Limited's corporate family rating and senior unsecured
bond rating.

The rating action concludes Moody's review for downgrade
initiated on Feb. 19, 2016.

The ratings outlook is negative.

                        RATINGS RATIONALE

"The downgrade of Hengdeli's ratings reflects our concerns over a
rapid deterioration in the high-end retail watch market in China
and Hong Kong, which has in turn lowered the company's revenues
and weakened its credit metrics," says Lina Choi, a Moody's Vice
President and Senior Credit Officer.

Hengdeli reported a 9.9% year-on-year decline in its 2015 revenue
to RMB13.3 billion.

Moody's notes that the revenue decline accelerated in 2H 2015 to
13.3% from 6.2% in 1H 2015, indicating further deterioration on a
sequential basis.

Hengdeli's Hong Kong business demonstrated the highest year-on-
year revenue decline of 27%, while its China business recorded a
7% revenue decline from 2014.

Its Hong Kong operations were more reliant on revenues from the
sales of high-end watches.

In Moody's view, the revenue decline could be more severe if the
company had not increased its discount commission.

Despite this strategy, the company's inventory level was high, as
reflected by the inventory days-on-hand, which rose to 248 days
in 2015 from 227 days in 2014.

Moody's also notes that the company's selling, general and
administrative expenses as a percentage of total revenues went up
to an all-time-high of 24.9% in 2015 as the company's gross
revenues declined.

Its adjusted EBITDA margin (after adjusting for one-off items)
also fell to 12.1% in 2015 from 13.0 % in 2014 due to revenue
weakness and increased commission costs.

In view of the slowing economy in China, Moody's does not
anticipate meaningful improvements in Hengdeli's revenue or
profitability.

Though the company has proactively diversified its product mix in
favor of mid-end products, sales of discretionary-type products
will face formidable challenges amid subdued consumer sentiment.

Therefore, the company's revenue will remain weak and uncertain
for the next 12--18 months.

Moody's estimates that the company will suffer a revenue decline
of 5%-10%.  And its adjusted EBITDA margin will fall to around
10%.

The company's credit metrics -- measured by adjusted debt/EBITDA
and retained cash flow/net debt -- will be 5x-5.5x and 15%-18%,
respectively.  Such levels position the company in the lower Ba
rating level.

On the other hand the company's liquidity position remains
strong. Its cash to short term debt ratio was high at 2.7x as of
end-2015.

In addition, the company's business has been cash generative and
it reported annual positive operating cash flow.  Moody's
estimates Hengdeli's operating cash flow to be around RMB500
million in 2016.

Hengdeli's Ba3 corporate family rating reflects the company's
leading position in China's fast-growing market for luxury and
fine watches, supported by its large retail and distribution
network.
The rating is also supported by the execution of the company's
strategy to shift its product mix towards mid-end watches from
high-end products, as well as an increased focus on customers in
Tier 2 to Tier 4 cities.

In addition, the rating takes into account the company's solid
track record of achieving growth, its good liquidity profile, and
its close relationships with key suppliers, including Swatch
Group and LVMH. Both companies are also strategic shareholders.

On the other hand, the rating is constrained by Hengdeli's
exposure to the economic cycles associated with luxury and fine
watches.

Because of the weaker demand for luxury and fine watches in an
economic downturn, Hengdeli's strategy of offering discounts on
certain products has led to a decline in its profitability.

The negative outlook reflects Moody's expectation that Hengdeli's
revenue, profitability and credit metrics will continue to be
under pressure in the next 12-18 months, when economic growth in
China will likely remain slow.

Given the negative ratings outlook, upgrade ratings pressure is
unlikely.  However, the ratings outlook could return to stable,
if Hengdeli can (1) arrest the fall in revenue and profitability;
and (2) improve its credit metrics such that its adjusted debt to
EBITDA ratio is below 4.5x--5.0x and adjusted retained cash flow
to net debt in excess of 15%-18% on a sustained basis.

However, Hengdeli's ratings will be under downgrade pressure if
its revenue, profitability and cash flow continue to decline,
such that its (1) adjusted debt/EBITDA is in excess of 5.0x-5.5x,
or (2) retained cash flow/net debt trends below 12 %-15%, all on
a sustained basis.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005 and its market capitalization was HKD5.3 billion as of 2
September 2015.  As of end-2014, the Zhang family was the largest
shareholder, with a 31.96% stake, followed by Swatch Group
(unrated) (9.12%) and LVMH Group (unrated) (6.37%).



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


3G TELECOM: Ind-Ra Assigns B+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned 3G Telecom Infra
India Private Limited a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect 3G's small scale of operations and tight
liquidity on negative cash flow from operations.  In FY15 (year
end March), revenue was INR72.4 mil. (FY14: INR58.9 mil.), net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 4.1x
(2.9x) and EBITDA interest coverage was 1.8x (1.9x).  Its working
capital cycle is long (FY15: 848 days; FY14: 1,018 days) and the
cash credit facility was overused up to 13 days multiple times
during the six months ended February 2016.

The ratings are supported by 3G's operational track record of
more than five years in providing fiber optic infrastructure,
established presence in Hyderabad leading to strong client
relationships and strong order book of INR350m as of April 2015
(around 5x of FY15 revenue).

                       RATING SENSITIVITIES

Positive: Substantial growth in the revenue and an improvement in
the profitability leading to a sustained improvement in the
credit metrics will lead to a positive rating action.

Negative: A decline in the profitability resulting in a sustained
deterioration in the credit profile will lead to a negative
rating action.


                          COMPANY PROFILE

Established in 2009, 3G is an infrastructure provider of fiber
optic networks in Telangana and Andhra Pradesh.

3G's ratings are:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR30.0 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'
   -- INR30.4 mil. non-fund-based working capital limits:
      assigned 'IND A4'
   -- Proposed INR10.0 mil. fund-based working capital limits:
      assigned 'Provisional IND B+'/Stable/'Provisional IND A4'
   -- Proposed INR29.6 mil. non-fund-based working capital
      limits: assigned 'Provisional IND A4'


A. S. MOTORS: CARE Reaffirms B+ Rating on INR17.15cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
A. S. Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.15      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of A.S. Motors Private
Limited (ASMPL) continues to remain constrained primarily on
account of its moderate scale operations and its financial risk
profile marked by thin profitability coupled with leveraged
capital structure, weak debt coverage indicators and moderate
liquidity indicators. The rating also remained constrained due to
its presence in the highly competitive dealership industry
coupled with limited bargaining power against principal
automobile manufacturer. The rating factors in increase in
operating income and cash accruals along with deterioration in
capital structure during FY15 (refers to the period April 1 to
March 31).

The rating, however, continues to derive strength from the
experience of the promoters coupled with its diversified revenue
mix due to its presence in passenger car, two-wheelers and
tractors segments and its association with established Original
Equipment Manufacturers (OEMs).

The ability of ASMPL to improve the overall financial risk
profile by increasing the scale of operations along with
improvement in profitability and capital structure with efficient
working capital management are the key rating sensitivities.

ASMPL was incorporated in 1988 by Mr Sanjay Garg, Managing
Director at Gwalior, Madhya Pradesh (MP). Till June, 2014, ASMPL
was having a dealership of Tata Motors Limited's (TML) passenger
cars. However, ASMPL discontinued the dealership of TML and
established the dealership of Hyundai Motor India Limited (HMIL)
for passenger cars from July, 2014 onwards.

The company also has authorized dealership of Honda Motorcycles
and Scooters India Private Limited (HMSI). ASMPL also has
dealership of TAFE (Tractors and Farm Equipment Limited) since
2010. ASMPL has two showrooms located at Gwalior, M.P and also
provides after sales services and spare parts for HMIL, HMSI and
TAFE at its outlet.


ABHISHEK SOLAR: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Abhishek Solar Industries Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         10       CRISIL B+/Stable
   Bank Guarantee         40       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

The ratings reflect ASIPL's modest scale of operations and
working capital-intensive operations. These weaknesses are
mitigated by the promoter's considerable entrepreneurial
experience and moderate financial risk profile because of
comfortable capital structure and adequate debt protection
metrics, albeit small networth.
Outlook: Stable

CRISIL believes ASIPL will maintain a stable business risk
profile over the medium term backed by its promoter's
considerable entrepreneurial experience. The outlook may be
revised to 'Positive' if higher-than-expected operating income
and cash accrual are achieved with improvement in networth and
working capital cycle. Conversely, the outlook may be revised to
'Negative' if low revenue and cash accrual, stretched working
capital cycle, or significant debt-funded capital expenditure
weakens financial risk profile.

ASIPL, previously known as Abhishek Industries, commenced
operations in 1999 and is promoted by Mr. Nagendra Singh. The
company manufactures a wide range of solar products namely
mono/multi crystalline solar PV modules, solar lanterns, solar
street lights, solar water pumps and solar water heating system.
Its manufacturing unit is located in Ranchi.


ANONDITA HEALTHCARE: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anondita
Healthcare (AHC) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                           KEY RATING DRIVERS

The ratings reflect AHC's small scale of operations and weak
credit profile.  In FY15, its overall revenue stood at INR185.1
mil. (FY14: INR173.65 mil.), gross interest coverage (operating
EBITDA/gross interest expense) was 1.51x (2.02x) and net leverage
(total adjusted net debt/operating EBITDAR) was 5.08x (3.69x).
Its liquidity remained tight, as seen in its elongated working
capital cycle of 91 days in FY15 (FY14: 32 days) and 97% average
utilization of its fund-based limits during the 12 months ended
February 2016.

However, the ratings benefit from AHC's proprietor's experience
of over one and a half decades in the manufacture of surgical
gloves and latex condoms.

                         RATING SENSITIVITIES

Positive: Substantial top-line growth along with improvement in
credit metrics would lead to a positive rating action.

Negative: Deterioration in its EBITDA margin, leading to further
deterioration in credit metrics, would be negative for the
ratings.

                          COMPANY PROFILE

AHC was established as a proprietorship concern in 2004 by
Mr. Anupam Ghosh.  It manufactures latex condoms and surgical
gloves under two brand names: Mid Night (for condoms) and Cure
(for surgical gloves).

AHC's ratings:

   -- Long-Term Issuer Rating: 'IND B+'; Outlook Stable
   -- INR40 mil. term loans: 'IND B+'; Outlook Stable
   -- INR70 mil. fund-based working capital limits:
      'IND B+'/Stable/'IND A4'
   -- INR15 mil. non-fund-based working capital limits: 'IND A4'


AQUARIOUS MARKETING: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aquarious
Marketing Private Limited (AMPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The agency has also assigned
AMPL's INR70 mil. fund-based working capital limit
'IND BB'/Stable/'IND A4+' ratings.

                        KEY RATING DRIVERS

The ratings reflect AMPL's moderate financial and credit
profiles. In FY15, revenue was INR411 mil. (FY14: INR311 mil.),
EBITDA interest coverage (operating EBITDA/gross interest
expense) was 2.5x (1.9x), net financial leverage (total adjusted
net debt/operating EBITDA) was 0.9x (2.7x) and EBITDA margin was
2.6% (2.9%).

The ratings factor in the company's moderate liquidity as
indicated by its 59.7% average utilization of the working capital
limit during the 11 months ended February 2016.  AMPL's working
capital cycle was comfortable at around 23 days in FY15.

The ratings are supported by the three-decade-long experience of
AMPL's promoters in tea trading.

                        RATING SENSITIVITIES

Positive: A significant improvement in the revenue along with an
improvement in the interest coverage will be positive for the
ratings.

Negative: A fall in the profitability leading to sustained
deterioration in the interest coverage will be negative for the
ratings.

                         COMPANY PROFILE

Incorporated in 1991, AMPL is engaged in the trading of orthodox
and crush, tear, curl (CTC) kinds of tea both in export and
domestic markets.  AMPL's export of tea accounts for 54.34% of
the total sales and the rest of the turnover comes from domestic
sales that include sugar and imported wooden logs besides tea.

AMPL is managed by Mr. Dikshit Arya and Mrs. Uma Arya in Kolkata
and Mr. Dipak Arya.


AS NUTRA: CARE Lowers Rating on INR13.4cr LT Loan to 'B'
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
AS Nutra Tech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      13.4      CARE B Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of AS
Nutra Tech Private Limited (ASNPL) takes into account tight
liquidity position of the company in view of delay in
stabilisation of the plant, generating lower-than-expected
accruals and full utilization of bank limits. The above ratings
continue to be constrained by high overall gearing ratio due to
debt funded capex, small size of manufacturing unit,
susceptibility of profitability to volatility in raw material
prices and intense competition in the industry. The above
constraints are partially offset by the long experience of the
promoters and locational advantage of plant.

The ability of the company to achieve plant stabilisation and
envisaged profit margin from the newly commissioned unit is
the key rating sensitivity.

ASNPL incorporated in February 2010, is promoted by Shrishrimal
family of Raipur and Mr Shashi Jain. The company has a soya
nuggets manufacturing unit which is non-operational since the
past two years and the company is trading soya deoiled cake since
then. The company has set up a refinery plant (9000 MTPA) and
solvent extraction plant for manufacturing refined soya oil
(27000 MTPA) and refined rice bran oil (18000 MTPA) in April
2015.

The Board of directors consists of three members, all
representing the promoters' family.

During FY15, ASNPL incurred a net loss of INR0.29 crore on a
total operating income of INR27.18 crore. The company has
achieved a net sales of INR22 crore in 11MFY16 (provisional).


BALAJI GINNING: CARE Assigns B+ Rating to INR9cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Balaji
Ginning And Pressing.

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

Rating Rationale

The rating assigned to the bank facilities of Balaji Ginning and
Pressing (BGP) is constrained by declining income from
operations, low profitability margins, weak solvency position,
susceptibility to government policies related to price and
export of cotton, risk associated with seasonality and fragmented
nature of the industry and partnership nature of its constitution
limiting the financial flexibility of the firm.

The rating derives strength from experienced partners along with
long track record of the firm, integration into cotton seed oil
extraction resulting in zero discharge plant and locational
advantage emanating from the proximity to raw material.

The ability of the firm to improve its solvency position and
efficiently manage the working capital is the key rating
sensitivity.

BGP was established as a partnership concern in the year 2001.
The firm is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed along with trading of cotton
bales and cotton seeds. The ginning and pressing unit and oil
extraction unit is located at Yavatmal, Maharashtra. The plant
operates for 10 months in a year (from October to July).

It procures the raw material, ie, raw cotton from the local
market and sells its final product, ie, cotton bales to the
customers located in and around Yavatmal. The firm has an
installed capacity to gin and press 25,000 bales per annum and to
extract 25,000 quintals of oil per annum.

In FY15 (refers to the period April 01 to March 31), the firm
registered an income from operations of INR26.56 crore as against
the PAT of INR0.11 crore as compared with the income from
operations and PAT of INR28.15 crore and INR0.10 crore,
respectively, in FY14.


CHINTAMANI SHARMA: CRISIL Suspends B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chintamani Sharma & Sons (CSS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4
   Cash Credit            40       CRISIL B+/Stable
   Letter of Credit       30       CRISIL A4

The suspension of ratings is on account of non-cooperation by CSS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CSS is yet to
provide adequate information to enable CRISIL to assess CSS'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 1983, CSS is a partnership concern of Mr. Devinder
Kumar Sharma, his brother, Mr. Yoginder Sharma, and his son, Mr.
Bakul Sharma. The firm, based in Shahdara (Delhi), manufactures
copper wires used for electrical and industrial cables.


CORNISH ALUMINIUM: CRISIL Suspends D Rating on INR140MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Cornish Aluminium India Private Limited (CAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              140      CRISIL D

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

CAPL was started in 2010 by Mr. Sunil Pathak. CAPL is a Delhi
based company and is into renting of iron scaffoldings.


DANEWALIA TIMBERS: CRISIL Suspends 'D' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Danewalia Timbers Private Limited (DTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL D

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

DTPL was set up in 2011 by Mr. Surinder Garg. The company trades
in timber logs, mainly red meronti, ivory coast teak, golden
champ, and deodar, imported from Malaysia, Singapore, South
Africa, and Canada through intermediaries in these countries.
DTPL is promoted by the Garg family and has its head office in
Mansa (Punjab). It has a timber-processing unit in Gandhidham
(Gujarat).


DURGASHREE BRICKS: CRISIL Suspends B Rating on INR150MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Durgashree Bricks Private Limited (DSBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Term Loan             150       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by
DSBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DSBPL is yet to
provide adequate information to enable CRISIL to assess DSBPL'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 2013, DSBPL is setting up a plant for
manufacturing cement at Sikandrabad (Uttar Pradesh). DSBPL is
managed by Mr. Gautam Kanodia and Mr. Saurabh Lohia. The company
is likely to start operations in June 2015.


FRIENDS INT'L: CARE Reaffirms B+/A4 Rating on INR5.5cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Friends International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term
   Bank Facilities                5.50      CARE B+/CARE A4
                                            Reaffirmed

   Short-term Bank Facilities     5.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Friends
International (FIL) continue to remain constrained on account of
its relatively modest scale of operations in the highly
competitive and unorganized gems and jewellery industry, and its
financial risk profile marked by low profitability, weak solvency
position and stressed liquidity profile. The ratings, further,
remain constrained on account of the susceptibility of the firm's
profitability to adverse fluctuations in the foreign exchange
rate and constitution as a partnership firm resulting in risk of
withdrawal of capital. The ratings also factor in withdrawal of
capital by the partners as on March 31, 2015 which was reinvested
as on February 27, 2016.

The ratings, however, continue to draw strength from the long
standing experience of FIL's partners along with its
established track record of operations of more than a decade in
the industry.

FIL's ability to increase its scale of operations while improving
profitability along with improvement in the solvency position
with non-withdrawal of capital as well as efficient management of
working capital shall be the key rating sensitivities.

Jaipur-based (Rajasthan) FIL was formed in 2002 as a partnership
concern by Mr Om Prakash Dangayach along with his wife, Mrs
Pushpa Dangayach. FIL is primarily engaged in the business of
processing and export of precious and semiprecious gemstones
particularly Tanzanite, Emerald, Diamond, Morganite, Ruby,
Amethyst and Citrine through its unit located at Jaipur
(Rajasthan). FIL exports processed gemstones mainly to Hong Kong,
Thailand and USA with export sales constituted around 95% of
Total Operating Income (TOI) during FY15. It procures rough gem
stones mainly from the domestic market as well as imports from
Hong Kong, Tanzania, USA and Thailand.

Further, the 'Dangayach family' has also promoted another
companies namely Om Royal Jewellery India Private Limited
engaged in gems and jewellery industry and O.P. Builders and
Hotels Private Limited having interest in the hospitality
industry.

During FY15 (refers to the period April 1 to March 31), FIL has
reported a total operating income of INR64.86 crore (FY14:
Rs.58.76 crore), with a PAT of INR0.70 crore (FY14: INR0.54
crore). As per provisional result of 9MFY16, FIL has achieved
TOI of around INR32.50 crore.


GSR VENTURES: CRISIL Upgrades Rating on INR170MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
GSR Ventures Private Limited (GSR) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and has reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         250      CRISIL A4 (Reaffirmed)
   Overdraft Facility      10      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     170      CRISIL B/Stable (Upgraded from
                                   'CRISIL B/Stable')

The upgrade reflects improvement in GSR's business risk profile
driven by revenue growth and stable profitability. The upgrade
also factors improvement in the company's networth, which has
enhanced financial flexibility, and the consequent improvement in
capital structure. CRISIL believes the company will sustain
improvement in its financial risk profile over the medium term
supported by consistent growth in networth and management's
conservative approach towards external debt.

The company booked revenues of INR380 million till February 29,
2016, in 2015-16 (refers to financial year, April 1 to March 31)
and revenue is expected to almost double to INR491 million for
the full year of 2015-16 from INR273 million for 2014-15. The
improvement in revenues is mainly because of boost in order
approvals from governments of Telangana and Andhra Pradesh post
bifurcation. Operating margin is expected at 3-4 percent in 2015-
16 against a negative 2.7 percent in 2014-15. Because of expected
increase in networth to INR200 million as on March 31, 2016, from
INR153 million as on March 31, 2013, driven by accretion to
reserves, and reduced reliance on debt, gearing is likely to
decline to 0.2 time from 0.6 time. The gearing is likely to
remain low over the next two years supported by consistent growth
in networth and absence of major debt-funded capital expenditure.

The ratings reflect GSR's small scale of operations in the
intensely competitive construction industry, large working
capital requirement, and high geographic concentration in its
order book. These weaknesses are partially offset by its
promoters' extensive experience in the construction industry and
its above-average financial risk profile marked by moderate net-
worth, low gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes GSR will continue to 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 its scale of operations and profitability, or in
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of steep decline in profitability, or
significant weakening of capital structure caused most likely
because of stretch in working capital cycle.

GSR was set up as a partnership firm in 1971 by Mr. G. Sivakumar
Reddy and his family members, and was reconstituted as a private
limited company in 2008. It undertakes civil construction, mainly
canal earthwork excavation and construction of bridges. The
company is based in Hyderabad.


HIM CHEM: CRISIL Suspends 'D' Rating on INR180.9MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Him
Chem Limited (HCL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        12.5      CRISIL D
   Cash Credit          180.9      CRISIL D
   Funded Interest
   Term Loan             34.8      CRISIL D
   Letter of Credit      13        CRISIL D
   Term Loan            139.1      CRISIL D
   Working Capital
   Term Loan             39.7      CRISIL D

The suspension of ratings is on account of non-cooperation by HCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HCL is yet to
provide adequate information to enable CRISIL to assess HCL'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 1975, HCL has a facility to manufacture polyester
yarn in Solan (Himachal Pradesh). The company primarily
manufactures full-drawn yarn and partially-oriented yarn. It has
a capacity of up to 45 tonnes per day of polyester yarn. From
2012-13, it has also started manufacturing polyester fabric.


HORIZON LEISURE: CRISIL Assigns 'D' Rating to INR271.7MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Horizon Leisure Hotels Private Limited (HLHPL).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Proposed Long Term
   Bank Loan Facility        271.7     CRISIL D

The rating reflects delays in paying instalment on term loan due
to insufficient cash accrual. The hotel is yet to achieve optimum
occupancy level because of start-up phase, leading to low
accrual.

HLHPL also has a modest scale of operations and is vulnerable to
intense competition in the hospitality industry. These weaknesses
are partially offset by promoters' extensive experience and tie-
up with the well-known Best Western brand.

Incorporated on November 09, 2009, HLHPL is Indore-based real
estate developer Horizon group's first venture into the
hospitality sector, which it operates through a tie-up with the
Best Western group. The hotel began commercial operations in
2012-13 (refers to financial year, April 1 to March 31).

HLHPL incurred a net loss of INR16.3 million on an operating
income of INR70.5 million in 2014-15.


ICON HOSPITALITY: CARE Reaffirms D Rating on INR19.13cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Icon Hospitality Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     19.13      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Icon Hospitality
Private Limited (IHPL) continue to factor in regular instances
of delays in debt servicing on account of stressed liquidity.

IHPL was incorporated in January 28, 2003, and is a 51.07%
subsidiary of Royal Orchid Hotels Limited (ROHL). ROHL was
promoted by Mr C. K. Baljee in January 1986 and on a consolidated
basis, has a portfolio of 28 business and leisure hotels at 20
destinations in India & Africa.

IHPL owns & operates the Royal Orchid Central (ROC) hotel in
Bangalore. Royal Orchid Central (formerly Central Park) was
promoted by Sacred Hospitality Co. Ltd., a Manipal group company
and started its operation in April 1993. In February 2003, ICHPL
took over the hotel property on lease agreement from Sacred
Hospitality Co. Ltd. (Manipal Group) for the period of 25 years
for the consideration of lease rent. Subsequently, in November
2007, the lease was cancelled and property was purchased by IHPL
held by ROHL (51.00% stake), Mr P. Dayanand Pai (42.50% stake)
and Mr Satish Pai (6.50% stake).

ROC holds 4-star status, was developed on a land area of 34,906
sq. ft. and is located at a prime location in Bangalore with an
inventory of 130 rooms, 3 banquet halls and 2 restaurants.

The company incurred net loss of INR6.30 crore in FY15 (refers to
the period April 1 to March 31) on a total operating income of
INR18.27 crore as compared with a net loss of INR5.06 crore on a
total operating income of INR17.38 crore in FY14.


IDEA SALES: CARE Reaffirms 'B' Rating on INR14cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Idea Sales Agencies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       14       CARE B Reaffirmed
   Short term Bank Facilities       1.35    CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Idea Sales
Agencies Private Limited (ISAPL) continues to remain constrained
by its small scale of operations, working capital intensive
nature of operations, low profitability margin, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by the volatility associated with the coal prices and
its presence in highly fragmented and competitive nature of
industry.

The rating however, continues to take comfort fromthe experienced
promoters and stable demand outlook for coal. Going forward, the
ability of ISAPL to increase its scale of operations with
improvement in profitability margins and capital structure
coupled with effective working capital management shall be the
key rating sensitivities.

Incorporated in 2008, Idea Sales Agencies Pvt. Ltd. (ISAPL) was
promoted by Mr. Subhash Chand Tulsyan and Mr. Yogesh Kumar. ISAPL
is engaged in trading of coal. It commenced its commercial
operations in August, 2012. It procures coal domestically from
the traders as well as through direct auctions and sells mainly
to domestic power producers and brick manufacturing companies.
ISAPL has a group concern, namely, Tulsyan Coal Syndicate Private
Limited, which is engaged in similar line of business.

ISAPL achieved a total operating income (TOI) of INR57.48 crore
with PBILDT and profit after tax (PAT) of INR2.29 crore and
INR0.49 crore, respectively in FY15 as against TOI of INR51.78
crore with PBILDT and PAT of INR1.93 crore and INR0.44 crore,
respectively, in FY14.


INDIRA PRIYADARSHINI: Ind-Ra Lowers Rating on INR238.4M Loan to B
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Indira
Priyadarshini Hydro Power Private Limited's (IPHPPL) INR238.4
mil. term loan to 'IND B' from 'IND BB+' and placed it on Rating
Watch Negative (RWN).

                        KEY RATING DRIVERS

The downgrade reflects IPHPPL's continued delay in project
completion, resulting in a cost overrun of INR126.7 mil. (around
37% of the initial project cost).  The project was initially
scheduled to be completed in March 2014.  The commercial
operation date was revised to March 2016 and the management
further expects it to be revised to September 2016.  The
management informs that the delays have been on account of the
floods in Himachal Pradesh in 2013 owing to which accessibility
to the site has severely been affected.  Ind-Ra expects an
additional cost overrun due to an increase in interest during
construction on account of the delays.

According to the lender's independent engineer's report dated
December 2015, the project's construction progress stands at 85%.
Though the lender's independent engineer expects the project to
be commissioned by March 31, 2016, the management and Ind-Ra's
base case projections assume commercial operations to begin post
September 2016.

The rating watch reflects residual equity risk and chances of
further delays beyond September 2016 cannot be ruled out which
could impair IPHPPL's debt servicing ability.  As of January
2016, the sponsors had infused INR139.5 mil. out of the total
requirement of INR180.7 mil.  The loan has been rescheduled and
will begin amortizing from February 2017 (based on commissioning
date as March 31, 2016).  If IPHPPL fails to achieve COD by
September 2016, it may have to financially depend on the sponsor.
Ind-Ra believes timely infusion of the sponsor funds will be a
key determinant of the future rating movements.

IPHPPL has entered into a long-term power purchase agreement with
a merchant trader, National Energy Trading and Services Ltd
(formerly Lanco Energy Trading Ltd) for 10 years at a base tariff
of INR4.50/unit.  Ind-Ra views this agreement as positive as the
payment cycle is likely to be shorter than that for a state
distribution company and higher tariff realization would make the
coverages stronger.  Also, the project is a small hydro project
covered under MNRE scheme.  This will entitle the company to
receive subsidies and renewal energy certificates if it ties up
for power sale with a state distribution company at an average
power purchase cost.

The financial performance of the plant will remain vulnerable to
hydrological risks.  IPHPPL forecasts plant load factor (PLF)
levels of 60% based on an independent hydrological study.
Although the project is on a tributary of a perennial river
(Beas), any change in water availability will have a major impact
on coverage ratios with breakeven PLF projected to be at 39%.
The project's ability to achieve the forecasted PLF will be an
important factor for future rating actions.

The rating is supported by the sponsor's over 10 years of
experience in the construction and operation of power plants.
The group has a similar operational 9.5MW hydel plant in Kangra
district, close to the current project.  It also operates power
plants using other energy sources such as coal, biomass, wind and
natural gas with a combined power generation capacity of
1,062.75MW in Tamil Nadu, Andhra Pradesh, Maharashtra, Himachal
Pradesh and Kerala.  In addition, four new plants are under
implementation.

The project's financial structure includes a provision for a debt
service reserve account covering six months' interest and
principal payments to be created within nine months from the COD.
However, the debt structure does not benefit fully from the
provision of a debt service reserve account since it would be
funded only post-COD from operational cash flows.

The debt will be repaid in 47 unequal quarterly installments
starting February 2017 and will fully amortize by August 2028.
Floating interest rates with a two-year reset on the bank loan
could introduce some volatility to the project's cash flows.
Current cost of financing for the term loan is 13%.

                       RATING SENSITIVITIES

IPHPPL's rating may be downgraded if there is a further delay in
project completion and/or absent sponsor support.

A sustained better-than-expected operating and financial
performance could result in a rating upgrade.

                         COMPANY PROFILE

IPHPPL is sponsored by the Ind Bharath group of companies, which
is mainly engaged in the power business.  The company is setting
up a 4.8MW run-of-the-river hydel power plant on Manuni khad
(tributary of Beas) in Kangra District, Himachal Pradesh.  The
revised project cost is INR469.1 mil. with a cost overrun of
INR126.7 mil.  The overrun is being funded by a mix of debt
(INR50 mil.) and equity (INR76.7 mil.).


J.K. INDUSTRIES: CRISIL Suspends B+ Rating on INR150MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
J.K. Industries (JKI).

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

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

JKI, a partnership firm established in 2000, is in the rice
milling and rice shelling business; its plant is in Fazilka
(Punjab). The firm processes basmati rice and its by-products,
such as bran, phuk, and bardana, which are sold in both the
overseas and domestic markets.


JAI HIND: CRISIL Suspends 'B' Rating on INR50MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jai Hind
Public School (JHPS).

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

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

JHPS commenced operations in 1997 in Bodh Gaya, Bihar. Mr.
Krishna Deo Prasad manages its daily operations. Currently, the
school is run by the Jai Hind Educational and Welfare Society.
JHPS is affiliated to the Central Board for Secondary Education
(CBSE) board.


JAIN INFRAPROJECTS: CARE Reaffirms 'D' Rating on INR1,912cr Loan
----------------------------------------------------------------
CARE reaafirms the ratings assigned to the bank facilities of
Jain Infraprojects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1,912     CARE D Reaffirmed
   Long/Short term Bank
    Facilities                      320     CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jain Infraprojects
Ltd. (JIL) continue to factors in the ongoing delays in debt
servicing due to stressed liquidity position.

JIL is the flagship company of the Kolkata based Jain Group,
owned by Mr Mannoj Kumar Jain. JIL was set up as a partnership
firm in 2001 and got converted into a public limited company in
November, 2006. JIL is engaged in execution of civil construction
contracts & turnkey projects mainly in the roads & highways and
housing sectors.


JHAMB ENTERPRISES: CRISIL Suspends D Rating on INR144.1MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jhamb Enterprises Private Limited (JEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           144.1     CRISIL D
   Letter of Credit       30.0     CRISIL D
   Proposed Long Term
   Bank Loan Facility    126.9     CRISIL D

The suspension of ratings is on account of non-cooperation by
JEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JEPL is yet to
provide adequate information to enable CRISIL to assess JEPL'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 1992, JEPL is promoted by the Jhamb family. The
company is engaged in ginning and pressing of cotton, and
manufacture of knitted fabrics. JEPL also trades in wool. Its
manufacturing units are in Fazilka and Ludhiana (both in Punjab).


JMD ENERGY: CRISIL Assigns B- Rating to INR99MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of JMD Energy (JE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              99       CRISIL B-/Stable

The rating reflects JE's nascent stage of operations, modest
liquidity, below-average financial risk profile, and exposure to
variability in wind speeds. These rating weaknesses are partially
offset by JE's revenue visibility aided by long-term power
purchase agreement (PPA) with Gujarat Energy Transmission
Corporation Limited (GETCO), entrepreneurial experience of
promoters, and funding support from group companies.
Outlook: Stable

JE will benefit over the medium term from its stable cash accrual
backed by its PPA. The outlook may be revised to 'Positive' if JE
reports healthy accrual, led by healthy plant load factor (PLF),
thus shoring up liquidity. Conversely, the outlook may be revised
to 'Negative' if JE reports low cash accrual, most likely because
of low PLF, or undertakes a large debt-funded capital expenditure
programme, weakening its financial risk profile, or if there are
substantial dividend payouts or withdrawal of unsecured loan.

Incorporated in 2015, JE operates a wind mill of 2.1 megawatts in
Ratadi in Kutch, Gujarat. JE belongs to the Jaybharat group of
companies. The firm commenced commercial operations from
September 2015.


K P BUILDCON: ICRA Lowers Rating on INR15.75cr Loan to B+
---------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B+ from [ICRA]BB-
for the INR15.75 crore working capital limits of K P Buildcon
Private Limited. ICRA has also reaffirmed an [ICRA]A4 rating to
the INR1.50 short term non-fund limits.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    15.75       [ICRA]B+; revised from
                                     [ICRA]BB-(Stable)

   LC/BG                  1.50       [ICRA]A4 reaffirmed

The revision in ratings is constrained by K P Buildcon Private
Limited (KPBPL)’s weak demand from its key consuming sector i.e.
telecom tower sector which has led to significant decline in
turnover in FY15, ability to diversify and boost up its order
book position in other sectors will be critical. The ratings are
further constrained on account of stretched liquidity in FY15 on
account of inventory accumulations and high receivables as
evident from consistently full utilization of working capital
limits over the last one year. The conversion of working capital
limits to the tune of INR4.75 crore into working capital demand
loan with the sizeable repayments is further expected to stretch
the debt protection metrics. The revision in ratings further
factors in the weak financial profile characterized by declining
profitability levels following high interest cost and weak
capital structure. The ratings also take into consideration
vulnerability of profitability to adverse movements in raw
material prices, with all the manufacturing contracts received by
the company being fixed value contracts and the high competitive
intensity which has put pressure on the margins.

The ratings, however, favorably consider the long experience of
the promoters in tower fabrication business and diversified
customer profile.

Incorporated in 2001 K P Buildcon Pvt. Ltd. (KPBPL) is currently
engaged in manufacturing of towers for telecom and wind mill
sector and metal structures for mounting of solar panels. KPBPL
is promoted by Mr. Faruk Patel. The manufacturing facility of the
company is located at Vadodara and Surat in Gujarat.

Recent Results
During FY 2015 the company reported profit after tax of INR0.31
Cr on an operating income of INR51.98 crore as against profit
after tax of INR0.51 crore on an operating income of INR72.19
crore.


KHURANA COAL: CARE Reaffirms B+ Rating on INR5cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Khurana Coal Sales.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.10      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Khurana Coal Sales
(KCS) continue to remain constrained by small and declining scale
of operations, low profitability margins and stressed debt
service coverage indicators. The ratings are further constrained
by the constitution of the entity as a partnership firm and
commodity price fluctuation risk.

The ratings, however, continue to draw comfort from KCS's
experienced partners, moderate capital structure and moderate
operating cycle.

Going forward, the ability of the firm to stabilize and
subsequently increase the scale of operations while improving its
profitability margins shall be the key rating sensitivities.

KCS is a partnership firm established by Ms Savitri Khurana and
Mr Jugal Kishore in 1992.

Subsequently in 1997, Mr Jugal Kishore retired from the
partnership and Mr Dheeraj Khurana joined as partner in the firm
in the same year. KCS is engaged in the trading of industrial
coal (grade D and E) which finds its application in the
manufacturing of fire bricks and used as fuel in boilers, etc.

The firm operates through coal depots (storage outlets) and has 5
depots located in the various cities of Uttar Pradesh like
Amroha, Moradabad, Rampur and Bareilly; out of which 3 of the
depots are owned by the firm and 2 of the depots are taken on
lease. Apart from brick manufacturing entities, the firm also
caters to local traders and other manufacturing units. KCS
procures coal from the large wholesalers who in turn buy from
players like Coal India Ltd. by the way of e-auctioning.

In FY15 (refers to the period April 1 to March 31), KCS achieved
a total operating income (TOI) of INR23 crore with PBILDT and PAT
of INR0.63 crore and INR0.02 crore respectively as against total
operating income of INR30.12 crore with PBILDT and PAT of INR0.64
crore and INR0.03 crore respectively in FY14. Furthermore, in
11MFY16 (refers to the period April 1 to February 29) (as per
the unaudited results), the firm achieved total operating income
of INR18 crore.


KOCHHAR GLASS: CRISIL Reaffirms B+ Rating on INR63MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kochhar Glass India
Private Limited (KGIPL) continue to reflect KGIPL's small scale
of operations and working capital intensive nature of business.
These rating weaknesses are mitigated by the extensive industry
experience of KGPL's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       15       CRISIL B+/Stable (Reaffirmed)

   Cash Credit            63       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     28       CRISIL B+/Stable (Reaffirmed)

   Term Loan              49       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KGPL will continue to benefit from its
established relations with customers and suppliers, and the
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the company reports a
material improvement in its working capital cycle or cash
accruals' generation resulting in improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle stretches, leading to
deterioration in its liquidity; or if KGPL undertakes any large,
debt-funded capital expenditure (capex) programme, thereby
weakening its financial risk profile.

Update
KGIPL's revenue remained flattish in 2014-15 (refers to financial
year, April 1 to March 31) at INR401 million amid subdued demand
in the construction sector driven by its established relations
with key customers, along with stable operating margin at 13.1
per cent. The company's revenue is expected to grow to INR500-550
million annually over the medium term on the back of addition of
new customers and introduction of new products. On the back of
this, KGIPL's net cash accruals are expected to increase to
INR30-35 million annually, which are expected to be sufficient
for meeting its scheduled term debt repayments. KGIPL's bank
lines continue to remain fully utilized on account of its large
working capital requirements and credit period availed by
customers. KGIPL's gross current assets (GCAs) stood at 213 days
as on March 31, 2015 with debtors of over 100 days. KGIPL's
working capital management will remain a key rating sensitivity
factor affecting its liquidity over the medium term.

KGPL was incorporated in 2000 by Mr. J L Kochhar and his son, Mr.
Sandeep Kochhar. The company manufactures toughened glass,
laminated glass and insulated glass which has application in real
estate, construction, as well as in automobile windshields


KWALITY FEEDS: Ind-Ra Lowers Long-Term Issuer Rating to BB
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kwality Feeds
Limited's Long-Term Issuer Rating to 'IND BB' from 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects Kwality's tight liquidity position and the
substantial decline in its revenue and profitability on increased
competition.

Fund-based working capital facilities were overutilized during
five of the six months ended February 2016 by up to three days.
This was on account of a stretched net cash conversion cycle of
63 days in FY15 (FY14: 40 days) on account of the extended credit
period allowed to customers.  Revenue declined 44.6% yoy to
INR524 mil. in FY15 and EBITDA margins fell further to 5.0% in
FY15 from 5.6% in FY14 (FY12: 6.6%).  The credit metrics also
deteriorated with net leverage of 2.0x at FYE15 (FY14: 1.1x) and
EBITDA interest cover of 3.0x (FYE14: 5.4x).

The direction of the credit metrics will depend on the
stabilization of operations at the company's new 20,000 metric
tonnes per annum unitshrimp feed manufacturing plant which has
been completed during FY16 at an outlay of INR10 mil. out of
which INR7.5 mil. was funded through debt.  The plant is likely
to begin operations in April 2016.

The ratings continue to be supported by the promoters' two-
decade-long experience in the fish feed business.

                        RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity position will
be positive for the ratings.

Negative: Further stress on the liquidity on a margin contraction
or further deterioration in the cash conversion cycle will be
negative for the ratings.

                          COMPANY PROFILE

Andhra Pradesh-based Kwality is a fish feed manufacturer with an
installed capacity of 60,000 metric tonnes per annum.  The
founder, along with his family, owns around 62% of the stake in
Kwality.

Kwality's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB' from
      'IND BB+' Outlook Stable
   -- INR45 mil. fund-based working capital limits: downgraded to
      Long-term 'IND BB'/Stable from 'IND BB+' and affirmed at
      Short-term 'IND A4+'
   -- INR2.5 mil. fund-based working capital limits (small and
      medium enterprises): downgraded to Long-term
      'IND BB'/Stable from 'IND BB+' and affirmed at Short-term
      'IND A4+'
   -- INR75.30 mil. long-term loans (reduced from INR97.1 mil.):
      downgraded to Long-term 'IND BB'/Stable from 'IND BB+'


M.L. TRADERS: CRISIL Assigns B+ Rating to INR100MM Whse Receipts
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of M.L. Traders (MLT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             20      CRISIL B+/Stable
   Warehouse Receipts     100      CRISIL B+/Stable

The rating reflects MLT's below average financial risk profile
because of high total outside liabilities to tangible net worth
ratio. The rating also factors in small scale of operations in
the highly fragmented rice industry. These weaknesses are
mitigated by the promoter's experience and their funding support.
Outlook: Stable

MLT will benefit over the medium term from its promoter's
extensive experience. The outlook may be revised to 'Positive' if
revenue and margins achieve significant and sustained improvement
leading to greater than expected net cash accruals. Conversely,
the outlook may be revised to 'Negative' if significant decline
in its revenue or margins, or increase in working capital
requirements, or any large, debt-funded capital expenditure
weakens financial risk profile.

MLT formed as a Hindu Undivided Family (HUF) in 2012 by Mr.
Makhan Lal Garg. During the year, firm has started processing of
rice through its leased milling capacity of 1 metric tonne per
hour (MTPH) at its plant at Mansa, Punjab. Prior that MLT was
into trading of rice and rice bran etc. till 2014-15.

On a provisional basis, MLT reported a book profit of INR1.0
million on net sales of INR96.4 million in 2014-15 (refers to
financial year, April 1 to March 31); it had reported a book
profit of INR1.1 million on net sales of INR101.0 million in
2013-14.


MACHHALANDAPUR SIMLON: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Machhalandapur
Simlon Agro Private Limited (MSAPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect MSAPL's small scale of operations and
moderate credit profile.  During FY15, MSAPL's revenue was INR47
mil. (FY14: INR44 mil.), operating EBITDA interest coverage was
2.7x (2.6x) and net leverage was 3.2x (3.4x).

Its liquidity position has been moderate, with around 90% average
utilization of its working capital limits during the six months
ended January 2016.

The ratings are supported by the company's founders' experience
of over two decades in the cold storage business.

                       RATING SENSITIVITIES

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

Negative: Any deterioration in the revenue and credit metrics
will be negative for the ratings.

                           COMPANY PROFILE

Incorporated in 2011, MSAPL is engaged in the cold storage
business.  It mainly stores potatoes and has an annual capacity
of 22500mt.  The company is managed by Mahadev Ghosh, Madhusudan
Tah, Bimal Chandra Ghosh, Asim Chandra Kumar and Haromurari Pal.

MASPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR57.5 mil. fund-based limits: assigned 'IND B+'/Stable
   -- INR35.25 mil. term loan: assigned 'IND B+'/Stable
   -- INR1.14 mil. non-fund-based limits: assigned 'IND A4'


MAGADH INDUSTRIES: Ind-Ra Affirms BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Magadh
Industries Private Limited's (MIND) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects MIND's moderate credit profile, with
EBITDA interest coverage of 1.6x in 9MFY16 (FY15: 1.7x) and net
adjusted leverage of 4.3x (3.4x).  Its EBITDA margin declined to
5.4% in 9MFY16 (FY15: 7.5%) due to a fall in realizations, but
revenue increased to INR4,277 mil. (FY15: INR3,914.4 mil.) due to
an increase in sales volume to 12,9348mt (FY15: 10,2896mt).

The ratings remain constrained by MIND's tight liquidity, as
reflected by the full utilization of its fund-based limits in the
12 months ended February 2016, on maximum balances, due to high
working capital requirements (FY15: 78 days).  The company has
applied for an enhancement in its fund-based limits; this should
ease liquidity, once sanctioned.

The ratings are supported by the decade-long experience of its
promoter in the iron and steel industry.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
to above 1.5x would lead to a positive rating action.

Negative: EBITDA interest coverage being sustained below 1.2x
would lead to a negative rating action.

                         COMPANY PROFILE

MIND is a Patna-based rolling mill manufacturing company.  It
started manufacturing thermo mechanically treated bars and wire
rod coils in 2008, prior to which it was solely trading iron and
steel products.  MIND is owned and managed by Mr. Sanju Kumar.

MIND's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
      Stable
   -- INR593.5 mil. fund-based working capital limits: affirmed
      at 'IND BB-'; Outlook Stable
   -- INR230.48 mil. long-term loan (reduced from INR300.4 mil.):
      affirmed at 'IND BB-'; Outlook Stable


MATRIX BIZCOM: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Matrix Bizcom
Services Private Limited a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  The agency has also assigned its INR250
mil. fund-based working capital facilities Long-term
'IND B+'/Stable and Short-term 'IND A4' ratings.

                          KEY RATING DRIVERS

The ratings reflect Matrix's lack of operational track record, as
it started its television content trading business in September
2015.  FY17 will be its first full year of operations.  Matrix
recorded revenue of INR158 mil. until January 2016, with EBITDA
of INR26 mil. (EBITDA margins of around 17%).  Based on 11MFY16
numbers, its net leverage would be 8.9x and EBITDA interest cover
is would be 2.5x for FY16.  Its liquidity position is tight, with
full utilization of its fund-based facilities over the six months
ended February 2016.

The ratings consider its promoters' experience of over a decade
in the business of television and digital content and the likely
improvement in its credit profile, on account of top-line and
bottom-line expansion over the medium term.

                        RATING SENSITIVITIES

Positive: Substantial growth in revenue with an improvement in
profitability, resulting in a sustained improvement in its credit
profile, may be positive for the ratings.

Negative: A substantial decline revenue or profitability, leading
to deterioration in its credit profile, may be negative for the
ratings.

                          COMPANY PROFILE

Incorporated in September 2015, Matrix is engaged in the business
of television and digital content, including digi beta tapes,
video tapes and cassettes.  It purchases content from producers
and sells it to distributors.  Currently, matrix has rights to
670 episodes across various genres such as drama, comedy,
thriller and action in regional Indian languages.


MEDICS INTERNATIONAL: Ind-Ra Suspends B Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Medics
International Lifesciences Limited's 'IND B' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  This
rating will now appear as 'IND B(suspended)' on the agency's
website.  The agency has also migrated the company's
INR1,068.4 mil. term loan limit to 'IND B(suspended)' from
'IND B'.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage of Medics International
Lifesciences.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


META INDUSTRIES: CRISIL Suspends B+ Rating on INR52.8MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Meta Industries (MI).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Export Packing Credit       52.8      CRISIL B+/Stable
   Foreign Letter of Credit    10.5      CRISIL A4
   Letter of Credit            16        CRISIL A4

The suspension of ratings is on account of non-cooperation by MI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MI is yet to
provide adequate information to enable CRISIL to assess MI'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 2007 as a partnership firm, MI exports stainless steel
kitchenware products to Europe and Latin America. Its products
include cookware, cooking utensils, storage and preparation
solutions, kitchen tools, and cutlery. Mr. Shishpal Singh, Mrs.
Mamta Singh, Mr. Kamaljeet Singh, and Mr. Ashok Alahwat are its
partners; the firm is based in Ludhiana (Punjab).


MFAR REALTORS: CARE Revises Rating on INR22cr LT Loan to 'B'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of MFAR Realtors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.00      CARE B Revised from
                                            CARE B+

   Short term Bank Facilities    10.00      CARE A4 Reaffirmed

Rating Rationale
The revision in the rating assigned to long-term bank facilities
of MFAR Realtors Private Limited (MRPL) takes into account
delay in execution of its sole real estate project owing to slow
booking pace which has also resulted in upward revision in the
project cost. The ratings continue to be constrained by high
reliance on customer advances and cyclicality inherent in the
real estate sector.

The ratings, however, derive strength from of the long experience
of the promoters in the real estate industry and good project
location.

The ability of the company to execute the project without any
further delay and increase in cost, and improve its sales
velocity at the envisaged price in a highly competitive industry
forms the key rating sensitivity.

MRPL was established in the year 2007 as a private limited
company and is promoted by Mr. P. Mohammed Ali. MRPL is executing
its first project under the name "MFAR Shimmering Heights" at
Eroor, Kochi in two phases. Phase - I of the project is expected
to be completed by December 2017 and Phase II by December 2020.
MRPL has assigned marketing activities to MFAR Holdings Private
Ltd (an associate company) and architect works to Khan Global
Engineering Consultants Private Ltd.

The company has not registered any income till FY15 (refers to
the period April 1 to March 31) owing to lower than required
booking status.


NIFTY LABS: ICRA Downgrades Rating on INR30.19cr Loan to B+
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR30.19
crore (revised from INR26.60 crore) fund based limits, INR12.00
crore non fund based limits and INR11.18 crore (revised from
INR14.77 crore) unallocated limits of Nifty Labs Private Limited
(NLPL) to [ICRA]B+ from [ICRA]BB-.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits         30.19       [ICRA]B+/revised
                                    from [ICRA]BB- (Stable)

   Long Term Non-
   Fund Based Limits    12.00       [ICRA]B+/revised
                                    from [ICRA]BB- (Stable)

   Long Term            11.18       [ICRA]B+/revised
   Unallocated Limits               from [ICRA]BB- (Stable)

The revision in ratings takes into account deteriorated liquidity
position of the company as reflected by high utilisation of
limits owing to high inventory and debtor levels. The rating is
constrained by modest scale of operations in the pharmaceutical
industry; and moderate financial risk profile of the company with
gearing of 1.39 times as on March 31, 2015 and weak debt coverage
indicators with interest coverage ratio at 1.99 times, NCA/Debt
at 14% for FY2015. The rating also considers dependence of sales
on anti-ulcerative segment and anti-psychotic segment with top 3
products contributing ~55-60% of revenues over the last 3 years
and any change in demand for these products could impact the
revenues of the company as seen during FY2014. The profitability
of the company is also exposed to forex risk in the absence of
any hedging mechanism, however the same is mitigated to some
extent as the company is involved in both import and export of
products. The rating however positively takes into account over
two decades of experience of the promoters in the pharmaceutical
industry; established relationships with reputed clients
including Dr. Reddy's, Lupin Ltd and Hetero Labs Ltd etc; and low
customer concentration with top 10 customers contributing 40% of
the total sales in FY15. ICRA also takes into account regulatory
approvals received by NLPL for various products from various
regulated and semi regulated markets over the medium term will
drive revenue growth.

Going forward, ability of the company to increase its revenue and
profitability with the help of commercialization of new products,
optimum utilization of working capital limits and further improve
its liquidity position will be the key rating sensitivities from
credit perspective.

NLPL was incorporated in 2005 and promoted by Mr. D. Kesava
Reddy, Mr. T. Yellamanda Reddy, Mr. B.Krishna Reddy, Mr. M.
Kishore Reddy and Mr. Y. Bharath Reddy having more than two
decades of experience in the pharmaceutical industry. The company
has set up a manufacturing facility at Kondapally, Krishna
District, Andhra Pradesh, with a reaction capacity of 125 KL to
produce APIs and intermediates. The company is present in many
therapeutic segments such as anti-ulcerative, anti-psychotic,
anti-fungal and anti-obese segments with special focus on anti-
ulcerative and anti-psychotics drugs. NLPL is WHO-GMP, EU-GMP,
ISO 9001:2008, ISO14001:2004 certified company. Nifty Pharma
Private Limited, a group company established by the same
promoters in 2007, has been manufacturing semi-formulations since
2009.

Recent Results
As per audited financials for FY15, NLPL reported an operating
income of INR103.51 crore with profit after tax of INR2.41 crore
as against INR90.68 crore of operating income with profit after
tax of INR2.50 crore in FY14. As per provisional no's for 6m,
FY16, NLPL reported an operating income of INR55.28 crore with
profit before tax of INR1.75 crore (unaudited and provisional).


PACIFIC CONSTRUCTION: CRISIL Suspends B+ Rating on INR13MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pacific Construction (PAC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          50      CRISIL A4
   Overdraft Facility      13      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      12      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by PAC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PAC is yet to
provide adequate information to enable CRISIL to assess PAC'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'
PAC was setup as a partnership firm in Agra (Uttar Pradesh) in
2000. The partners, Mr. Manoj Tiwari and Mr. Mahesh Upadhyay,
manage the firm. PAC has successfully implemented several civil
projects which include sewage construction, and construction of
an underpass for the Government of Uttar Pradesh.


PATCO PRECISION: CRISIL Assigns B Rating to INR49MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Patco Precision Components Private Limited
(Patco).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              49       CRISIL B/Stable
   Cash Credit            45       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    156       CRISIL B/Stable

The rating reflects modest scale of operation, large working
capital requirement and expected deterioration in capital
structure because of large debt-funded capital expenditure
planned. The rating also factors in Patco's susceptibility to
successful completion of proposed capacity expansion project and
subsequent commensurate ramp up from it. These weaknesses are
mitigated by the promoters' extensive experience in the precision
machined components manufacturing industry, established customer
base and moderate operating efficiencies.
Outlook: Stable

CRISIL believes Patco will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of better-than-expected ramp'up in
sales backed by increased capacity leading to sizeable cash
accrual and improved liquidity. Conversely, the outlook may be
revised to 'Negative' in case of delay in ramp up, lower
profitability or any significant stretch in working capital cycle
leading to significant pressure on financial risk profile,
particularly liquidity.

Patco, incorporated in 2004 by Mr. Ravindra Patil, manufactures
custom made precision turned components such as diesel fuel
injection parts, carburetors parts, switchgears parts, two and
four wheeler breaks system parts, and electrical and switchgear
parts. The company has manufacturing facility in Nashik and is
expected to undertake a project of INR200 million to expand
capacities.


PRAKHHYAT INFRA: CRISIL Reaffirms D Rating on INR190MM Loan
-----------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Prakhhyat
Infraprojects Private Limited (PIPL) continue to reflect delays
by PIPL in meeting its term loan obligations. The delays are on
account of cash flow mismatches arising from delays in
realisation from debtors.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Drop Line
   Overdraft
   Facility                50      CRISIL D (Reaffirmed)

   Proposed Long
   Term Bank Loan
   Facility                30      CRISIL D (Reaffirmed)

   Term Loan              190      CRISIL D (Reaffirmed)

PIPL is exposed to execution and off-take risks associated with
its ongoing warehouses and industrial buildings project in
Bhiwandi (Maharashtra). The company, however, benefits from its
promoters' extensive industry experience.

PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain,
Mr. Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah, and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company develops
commercial real estate and is implementing a commercial project,
K Square, comprising warehouses and industrial buildings near
Bhiwandi (Maharashtra). Its registered office is in Mumbai.


R.B. RICE: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
R.B. Rice Mill (Pvt.) Ltd. (RBRMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL D
   Term Loan              14       CRISIL D
   Warehouse Financing    25       CRISIL D

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

RBRMPL, incorporated in 2008 by Mr. Naim Khan and Mr. Rais Khan,
is engaged in the milling and processing of paddy into basmati
rice. The company has a 6 tonne per hour milling capacity located
at Chibbramau in Kannauj (Uttar Pradesh).



R.R. DWELLINGS: CRISIL Reaffirms 'D' Rating on INR180MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of R.R. Dwellings
Private Limited (RRDPL) continues to reflect instances of delay
by the company in meeting obligations on its term loan. The delay
was caused by weak liquidity. The company's project has been
considerably delayed, resulting in a significant cost overrun.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              180      CRISIL D (Reaffirmed)

RRDPL has modest business and financial risk profiles because of
time and cost overruns in its project, exposure to risks and
cyclicality inherent in the real estate sector in India, and
geographical concentration in its revenue profile. However, the
company benefits from its promoters' extensive industry
experience.
RRDPL, incorporated in 2008, is part of the Lucknow-based RR
group of companies. It is executing a residential project,
Celebrity Gardens, in Sushant Golf City at Sultanpur Road, in
Lucknow.


RAJURI STEEL: CARE Lowers Rating on INR22.40cr Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Rajuri
Steel & Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.40      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Rajuri Steel & Alloys Private Limited (RSPL) factors in the
ongoing delays in debt servicing with respect to principal
repayment and interest payments on the term loan and cash credit
account.

RSPL is a part of the Rajuri group of companies, based in Jalna,
Maharashtra and has been in the steel business for about two
decades. RSPL was incorporated in 2010 and is engaged in the
manufacturing of sponge iron at its facility located in the
Chandrapur district of Maharashtra. Having commenced
commercial operations from January 2013, the company caters
predominantly to the requirement of its group companies. Raw
material required for manufacturing includes iron ore and coal,
which is procured from adjoining states of Madhya Pradesh,
Chhattisgarh and Orissa.


RAMESHWARI FIBRES: CRISIL Suspends B+ Rating on INR59.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Rameshwari Fibres Limited (RFL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     30.8      CRISIL B+/Stable
   Term Loan              59.9      CRISIL B+/Stable

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

RFL, promoted in 2006 by Patiala (Punjab)-based Mr. Amit Garg,
Mr. Vaneet Gupta (cousin of Mr. Amit Garg), and Mr. Dharam Pal
(uncle of Mr. Amit Garg and Mr. Vaneet Gupta), manufactures
cotton yarn. The company has its manufacturing unit at Patiala.


RAMINENI AGRO: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ramineni Agro
Industries Private Limited (RAIPL) continues to reflect the
company's below-average financial risk profile because of high
gearing, a small net worth, and weak debt protection metrics, and
its working capital-intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of
RAIPL's promoters in the cotton industry and the company's
established relationship with key customers and suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          25      CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has assessed the business and
financial risk profiles of RAIPL on a standalone basis. Earlier,
the business and financial risk profiles of RAIPL and Sri
Adishankaracharya Cotton and Oil Mills Pvt Ltd (SAC) had been
combined. The change in analytical approach is becauses of the
management's decision to operate RAIPL and SAC independently;
transactions between these companies will be undertaken at arm's
length.

Outlook: Stable

CRISIL believes RAIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in revenue and profitability margins or an
improvement in net worth driven by sizeable equity infusion.
Conversely, the outlook may be revised to 'Negative' if
profitability margins decline steeply, or capital structure
weakens further due to large, debt-funded capital expenditure or
a stretched working capital cycle.

Established in 2009, RAIPL gins and presses raw cotton; it also
sells cotton lint and cotton seeds. The company, promoted by Mr.
R Srinivasa Rao and his family members, is based in Guntur.


RAMJI AGENCIES: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ramji
Agencies (RA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4
   Cash Credit            60       CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility     40       CRISIL A4

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

Incorporated in 2012 by Mr. Santosh Gupta, RA is a partnership
firm and distributes Lava International Ltd smartphones named
Xolo. It is an authorised distributor of Xolo mobiles in South
Delhi. Before April 2013, the firm was engaged in distribution of
Samsung mobiles in South Delhi.


S.G. ENTERPRISES: CRISIL Assigns B+ Rating to INR52.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of S.G. Enterprises - Ranchi (SGEN). The
rating reflects its modest scale of operations, below average
financial risk profile marked by weak interest coverage and low
operating margins.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            52.5     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     47.5     CRISIL B+/Stable

These rating weaknesses are partially offset by the extensive
experience of SGEN's promoters in the steel trading business.
Outlook: Stable

CRISIL believes that SGEN will maintain its business risk profile
over the medium term on the back of its promoters' extensive
industry experience. The outlook maybe revised to 'Positive' in
case of significant and sustained improvement in operating income
and cash accrual, and prudent working capital management.
Conversely, the outlook maybe revised to 'Negative' in case its
financial risk profile weakens because of low cash accrual,
stretch in working capital cycle, or significant increase in debt
due to large working capital requirements or a debt-funded
capital expenditure.

SGEN was promoted by Mr. Avinash Kumar Singh in 2001. The Bokaro
(Jharkhand) based firm trades in hot-rolled and cold-rolled steel
sheets and coils. The operations of the firm are primarily
managed by Mr. Avinash Kumar Singh and his son Mr. Saurav Singh.


SADHU RAM: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Sadhu Ram Satish Kumar (SRSK).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B-/Stable

The rating reflects SRSK's weak financial risk profile because of
high gearing and subdued debt protection metrics, and small scale
of operations in the highly competitive and fragmented
agricultural commodities trading business. These weaknesses are
partially offset by its proprietor's extensive industry
experience.

Outlook: Stable

SRSK will benefit over the medium term from its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability improve significantly and
sustainably, leading to more-than-expected net cash accrual, or
if capital infusion by proprietor leads to a better capital
structure. Conversely, the outlook may be revised to 'Negative'
if significant decline in revenue or profitability, or increase
in working capital requirement, or large debt-funded capital
expenditure weakens financial risk profile.

SRSK is a proprietorship firm of Mr. Satish Kumar Aggarwal set up
in 2010. It trades in agricultural commodities on National
Commodity Derivatives Exchange Ltd (NCDEX). The firm has offices
across India and a head office in Sri Ganganagar, Rajasthan. Mr.
Aggarwal manages its operations.


SAI BHARATHI: Ind-Ra Assigns B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sai Bharathi
Homes (SB Homes) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned the company's
INR130.0 mil. fund-based limit a Long-term 'IND B+' rating with a
Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect the execution and saleability risks
associated with SB Homes' ongoing project (Capital Square).  The
project is likely to be completed during 1HFY18.  By end-February
2016, the company has sold only 22 flats out of its share of
units (106 flats).  The ratings also factor in the partnership
structure of the organization.

The ratings are supported by the partners' track record of
completing five projects and their experience of around a decade
in the real estate segment.  Locational advantage as the project
is situated near the new capital city of Amaravati in Andhra
Pradesh and less reliance on external funding as the partners
have funded around 52% of the project through their own funds are
other positives for the ratings.

                       RATING SENSITIVITIES

Positive: Substantial sale of housing units with timely receipt
of cash flow from customers, leading to stronger cash flow, could
lead to a positive rating action.

Negative: Future developments that could stress cash flow for
timely debt service and lead to a negative rating action include:

   -- time and/or cost overruns
   -- a substantial slowdown in sales
   -- additional debt to fund new projects

COMPANY PROFILE

SB Homes was set up in 2014.  It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments and commercial complexes in Guntur City
(Andhra Pradesh).  The current project of the firm is Capital
Square, a residential housing project comprising 110 flats.  The
estimated project cost is INR294.2 mil.


SAMUDRA VEHICLES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Samudra Vehicles Pvt Ltd (SVPL).

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

The rating reflects the company's average financial risk profile
because of expected small net worth and moderate gearing, low
bargaining power against principal, Hyundai Motor India Ltd
(HMIL), and exposure to intense competition in the automobile
dealership business. These weaknesses are partially offset by
promoters' extensive managerial experience and efficient working
capital management.
Outlook: Stable

CRISIL believes SVPL will benefit over the medium term from
promoters' experience and relationship with principal. The
outlook may be revised to 'Positive' if cash accrual increases
substantially or financial risk profile and capital structure
improve with sizeable equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue and profitability, large, debt-funded capital
expenditure, or increase in working capital requirement puts
pressure on liquidity.

Incorporated in July 2014 in Meerut (Uttar Pradesh) and promoted
by Mr. Shalabh Gupta, Mr. Anubhav Kochar, and Mr. Sanjay Kumar
Jain, SVPL commenced operations in June 2015 with dealership of
HMIL vehicles. It has a showroom with sales, service, and spares
facility.


SARVESH SPINNERS: CRISIL Suspends B+ Rating on INR47.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sarvesh
Spinners Private Limited (SSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            47.5     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable
   Term Loan              44.5     CRISIL B+/Stable

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

SSPL was promoted by Mr. Rakesh Bansal in 2005 and began
commercial production in October 2007. The company manufactures
cotton yarn (in counts of 6Ne to 36Ne) at its manufacturing
facility in Sangrur (Punjab). It also trades in acrylic yarn,
dyed yarn, polyester fibre, knitted cloth, and other fabrics.


SAVI LEATHERS: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Savi Leathers
(SAVI) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect SAVI's moderate-to-weak credit profile,
marked by gross interest coverage (operating EBITDA/gross
interest expense) of 3.03x in FY15 (FY14: 2.58x) and net leverage
(total adjusted net debt/operating EBITDAR) of 2.80x (3.56x).
The ratings are also constrained by its elongated working capital
cycle of 65 days in FY15 (FY14: 39 days).  Additionally, the
ratings factor in the inherent risk, given the partnership
structure of the entity.

However, the ratings are supported by the year-on-year
improvement in the company's overall revenue to INR1,002.58 mil.
in FY15 (FY14: INR529.95 mil.).  The ratings also benefit from
the partners' experience of over two decades in the readymade
garments business.

                        RATING SENSITIVITIES

Positive: A sustained improvement in profitability, leading to an
improvement in credit metrics, will be positive for the ratings.

Negative: Deterioration in EBITDA margins, leading to
deterioration in credit metrics, will be negative for the
ratings.

                          COMPANY PROFILE

SAVI was incorporated in 2009 to manufacture and export leather
garments and accessories.  It is a government-recognized export
oriented unit, with clients in Italy, Germany, Denmark, France,
Spain, the Netherlands, the UK and USA.  It has its own research
and development department.

SAVI's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR120 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable/'IND A4+'
   -- INR40 mil. non-fund-based limits: assigned 'IND A4+'
   -- INR100 mil. proposed non-fund-based limits: assigned
      'Provisional IND A4+'


SEBACIC INDIA: CARE Reaffirms 'D' Rating on INR48.13cr Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sebacic India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     48.13      CARE D Reaffirmed
   Short-term Bank Facilities     0.46      CARE D Reaffirmed
   Long-term/Short-term Bank     15.93      CARE D/CARE D
   Facilities                               Reaffirmed

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

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

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


SHRAMAN POLYMERS: CRISIL Suspends 'B' Rating on INR48.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shraman Polymers Private Limited (SPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           48.9      CRISIL B/Stable
   Letter of Credit      11.1      CRISIL A4

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

SPPL was set up in 1994 by Mrs. Alka Pahwa and her family in
Malerkotla (Punjab); it commenced operations in 2008. The company
trades in carbon black (used as a reinforcing agent in the rubber
and other industries) in the domestic market.


SHREE BALAJI: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Balaji Industries (SBI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.5      CRISIL D
   Cash Credit           50.0      CRISIL D
   Long Term Loan         5.1      CRISIL D

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

Established in 2008 as a partnership concern, SBI manufactures
distribution transformers. The firm is engaged in manufacturing
of transformers ranging from 6.3 KVA to 1000 KVA at its
manufacturing facilities located at Baddi (HP). The entire
business is tender based and the firm primarily caters to the
orders floated by the state power utilities of Punjab, Rajasthan,
Madhya Pradesh and Uttar Pradesh. The firm is promoted by Mr.
Praveen Bansal and Mr. Shankar Bansal.


SHREE MANDVI: CARE Lowers Rating on INR53.91cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of
Shree Mandvi Vibhag Sahakari Khand Udyog Mandli Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     53.91      CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shree Mandvi Vibhag Sahakari Khand Udyog Mandli Limited (SMSKL)
takes into account the on-going delay in servicing its debt
obligation due to its stretched liquidity position.

SMSKL (erstwhile known as Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) was formed in 1994 as a co-
operative society registered under The Gujarat Co-operative
Society Act 1961. Initially, the society was engaged in the
trading of sugarcane, procuring sugarcane from farmer members and
supplying to sugar mill in the vicinity.

During FY15 (refers to the period April 1 to March 31), SMSKL has
set-up a green-field sugar manufacturing unit with an installed
capacity of 2,500 tonnes of sugarcane crushing per day (TCD)
and a godown with a capacity of 24,000 metric tonnes (MT; two
godowns of 12,000 MT each) for storage of finished goods at Vadod
in Mandvi Taluka of Surat in Gujarat. The project becomes
operational from February 2015 with delay of about 8 months as
against its envisaged completion timeline of May 2014.

As per audited result for FY15, SMSKL reported PAT of INR0.02
crore on a total operating income (TOI) of INR19.21 crore as
against PAT of INR0.01 crore on TOI of INR27.50 crore in FY14.
During 11MFY16, the society has reported TOI of INR44.58 crore.


SHREE RADHE: Ind-Ra Assigns B Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Radhe
Shyam Oil Mill (SRSOM) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  The agency has also assigned SRSOM's
INR75 mil. fund-based limits 'IND B'/Stable/'IND A4' ratings.

                        KEY RATING DRIVERS

The ratings are constrained by SRSOM's low scale of operations
with revenue of INR154.58 mil. in FY15 (FY14: INR114.99 mil.) and
weak credit metrics, with financial leverage (total adjusted net
debt/operating EBITDAR) of 8.80x (7.22x) and interest coverage
(operating EBITDA/gross interest expense) of 1.17x (1.76x).

However, the ratings are supported by its promoters' experience
of around two decades in the oil milling business.  The ratings
are further supported by SRSOM's comfortable liquidity position,
as evident from the 92.3% average utilization of its fund-based
limits during the three months ended March 15, 2016.  The ratings
also factor in SRSOM's moderate EBITDA margin of 4.50% in FY15
(FY14: 4.45%).

                       RATING SENSITIVITIES

Negative: A decline in operating profitability, resulting in
deterioration in its credit metrics, will be negative for the
ratings.

Positive: Improvement in revenue and operating profitability,
resulting in improvement in its credit metrics, will be positive
for the ratings.

                           COMPANY PROFILE

Established in 2009, SRSOM is engaged in oil milling.  The
company is located in Samana (Punjab).


SHRI SARASWATI: CRISIL Assigns B+ Rating to INR100MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shri Saraswati Trading Co. (SSTC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             15      CRISIL B+/Stable
   Warehouse Receipts     100      CRISIL B+/Stable

The rating reflects SSTC's below average financial risk profile
because of average debt protection metrics. The rating also
factors in small scale of operations in the highly fragmented
rice industry. These weaknesses are mitigated by the promoter's
experience and their funding support.
Outlook: Stable

SSTC will benefit over the medium term from its proprietor's
extensive experience. The outlook may be revised to 'Positive' if
revenue and margins achieve significant and sustained improvement
leading to greater than expected net cash accruals. Conversely,
the outlook may be revised to 'Negative' if significant decline
in its revenue or margins, or increase in working capital
requirements, or any large, debt-funded capital expenditure
weakens financial risk profile.

SSTC formed as a proprietorship firm in 2012 by Ms. Seema Rani.
During the year, firm has started processing of rice through its
leased facility located at Mansa, Punjab with milling capacity of
1 metric tonne per hour (MTPH). Prior that SSTC was into trading
of rice and rice bran etc. till 2014-15.

On a provisional basis, SSTC reported a book profit of INR0.7
million on net sales of INR87.6 million in 2014-15 (refers to
financial year, April 1 to March 31); it had reported a book
profit of INR0.8 million on net sales of INR99.2 million in 2013-
14.


SHRI SHIVJOT: CARE Assigns 'B' Rating to INR9.50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shri
Shivjot Developers & Builders Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Shivjot
Developers & Builders Limited (SDB) is constrained by the project
execution risk, weak financial risk profile and marketability
risks associated with the commercial project launched. The
rating is further constrained by inherent cyclical nature of the
industry and geographical concentration in the revenue profile
with exposure to local demand-supply dynamics. The rating,
however, derives strength from the experience of the promoters in
the industry.

Going forward, execution of the proposed commercial project
within the cost & time estimates, ability of the company to
achieve the envisaged sales in a timely manner and any adverse
change in the regulatory guidelines, going forward, shall remain
the key rating sensitivities.

SDB was incorporated in 2005, by Mr Baljit Nain, Mr Jaswinder
Singh and Mr Darshan Singh. The company is engaged in the real
estate business since 2005 and is currently undertaking a
commercial project, namely, 'Shivjot Green Project', at
Kharar, Mohali, Punjab, on 2.74 acres of land. The commercial
project being undertaken by the company is proposed to be a
triple story complex (excluding basement) with a total saleable
area of 40,845 Square Feet (Sq. feet). The project consists of 37
shop-cum-offices (SCOs) of approximately 1,104 sq. ft. each.
Besides SDB, the group has Shivjot Developers and Builders
(established in 2005) and M/s Shivjot Dmag Apartments
(established in 2008), as the group concerns, engaged in the real
estate business. SDB is also developing a residential project by
the name 'Shivjot Apartments', at Kharar, Mohali.

For FY15 (audited, refers to the period April 01 to March 31),
SDB achieved a total operating income of INR17.79 crore with PAT
of INR0.05 crore, as against the total operating income of
INR11.00 crore with PAT of INR0.12 crore, for FY14.


SOVA POWER: Ind-Ra Raises Long-Term Issuer Rating to BB-
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sova Power
Limited's (SOPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade reflects an improvement in SOPL's overall scale of
operations during FY15, with revenue increasing to INR506 mil.
(FY14: INR444 mil.).  Ind-Ra expects revenue growth during FY16
to be positive given SOPL's current orders in hand.  As at end-
February 2016, the company recorded total revenue of INR467.3
mil. and currently has pending work orders worth INR233.69 mil.,
which the agency expects to complete by end-March 2016.

The rating upgrade also reflects improvement in SOPL's overall
liquidity, as seen in the 60.5% average utilization of its
working capital limits for the 12 months ended February 2016,
compared with full utilization for the 12 months ended January
2015.  It also recorded an improvement in interest coverage to
1.7x in 11MFY16 (FY15: negative 0.4x).

However, the ratings continue to remain constrained by the
company's high working capital requirement, as reflected in a
long conversion cycle of 163 days during FY15 (FY14: 210 days)
due to long credit periods given to customers as well as a high
inventory holding period.  The ratings are also constrained on
account of a one-time loss of INR14.65 mil. booked during FY15,
due to bad debt of INR29.01 mil.

                         RATING SENSITIVITIES

Positive: An improvement in its order book, leading to
substantial visibility of revenue growth and therefore stability
in profitability, may lead to a positive rating action.

Negative: A decline in profitability, leading to deterioration in
its credit profile, would lead to a negative rating action.

                          COMPANY PROFILE

SOPL was formed in 2009 for the manufacture of solar photo-
voltaic modules, which are used to generate electricity from
sunlight. It has a capacity of 50MW and produces crystalline
solar photovoltaic modules in West Bengal, India.  SOPL also
provides complete engineer procurement construction solutions.

SOPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable
   -- INR115 mil. fund-based working capital limits: upgraded to
      'IND BB-'/Stable from 'IND B+'
   -- INR67.6 mil. working capital term loan (reduced from
      INR69 mil.): upgraded to 'IND BB-'/Stable from 'IND B+'
   -- INR26.4 mil. funded interest term loan (reduced from
      INR30.8 mil.): upgraded to 'IND BB-'/Stable from 'IND B+'
   -- INR150 mil. non-fund-based limits: upgraded to 'IND A4+'
      from 'IND A4'


SREE GOURIPUTRA: CRISIL Suspends B Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Gouriputra Agro Products Private Limited (SGAP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B/Stable
   Long Term Loan         35       CRISIL B/Stable
   Working Capital
   Demand Loan            30       CRISIL B/Stable

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

SGAP was incorporated in 2002 and commenced commercial operations
in December 2009. It is based in Andhra Pradesh and is engaged in
the rice-milling business. The company mainly deals in non-
basmati rice. SGAP is managed by Mr. Chakrapani Kudapa and his
family.


SREE VAAGESWARI: CRISIL Cuts Rating on INR30MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sree Vaageswari Educational Society (SVES) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     30       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan              30       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

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

The ratings reflect high geographical concentration in revenue
profile and exposure to risks arising from the competitive and
regulated nature of the education industry. However it benefits
from extensive industry experience of the promoters.

Founded in 1988 by the Reddy family, SVES operates six institutes
which provide education in engineering, degree, pharma science
and management studies. The colleges are affiliated to Jawaharlal
Nehru Technological University, Hyderabad. The society is based
in Karimnagar (Telangana).


SRI MURUGARAJENDRA: CRISIL Suspends D Rating on INR1.4BB Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Murugarajendra Oil Industry Private Limited (SMOL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.5       CRISIL D
   Cash Credit         345         CRISIL D
   Letter of Credit   1400         CRISIL D
   Long Term Loan       72.4       CRISIL D

The suspension of ratings is on account of non-cooperation by
SMOL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMOL is yet to
provide adequate information to enable CRISIL to assess SMOL'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'
SMOL, located in Chitradurga (Karnataka), undertakes solvent
extraction and refining of edible oils. It processes, and trades
in, crude palm, rice bran, and sunflower oil. The overall
operations of the company are managed by Mr. K V Ravikumar.


SRIVATSA INTERNATIONAL: CRISIL Cuts Rating on INR123MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Srivatsa International Private Limited (SIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB-/Stable/CRISIL A4+'. The rating downgrade
reflects delays in servicing its term debt due to deterioration
in operating performance and weakening liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          7       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Term Loan              20       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Working Capital       123       CRISIL D (Downgraded from
   Term Loan                       'CRISIL BB-/Stable')

SIPL also has a below average financial risk profile marked by
modest debt protection metrics and remains exposed to intense
competition in the automotive dealership industry. However, it
benefits from the extensive industry experience of the promoters

Incorporated in 2007 and based in Nagercoil, SIPL is the sole
authorised dealer for Maruti Suzuki India Ltd's (MSIL) passenger
vehicles in Nagercoil. SIPL is promoted by Mr. K Boothalingam and
his wife, Ms. R L Rekha.


SUPERIOR FOOD: CRISIL Cuts Rating on INR550MM Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Superior Food Grains (P) Ltd. (SFGPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            400      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit        20      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan              550      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects recent instances of delay by the company
in servicing its bank debt obligations. The delays were because
of weak liquidity driven by lower-than-expected cash accrual
against debt obligation, due to subdued sugar prices while
sugarcane prices remained stagnant as per state advised price
mechanism. Also, commercialisation of the company's power plant
has been delayed to April 2016 from previous expectation of
December 2015. No cost overrun is expected in the project.

SFGPL has large working capital requirement, and is susceptible
to changes in regulatory policies in the sugar industry. However,
it benefits from its promoters' extensive experience in the sugar
industry and its 25-year power-purchase agreement with Uttar
Pradesh Power Corporation Ltd, which provides long-term revenue
visibility.

SFGPL, incorporated in 2007, is promoted by Mr. Rana Inder Pratap
Singh and Mr. Rana Karan Inder Pratap Singh. It took over a sugar
unit at Unn in the Shamli district of Uttar Pradesh, from Sir
Shadi Lal Enterprises Ltd in September 2014. It has cane crushing
capacity of 4300 tonne per day and a 4.5-megawatt (MW) captive
power plant. The company is setting up a 33-MW bagasse-based
power plant.


TARA SALES: CRISIL Reaffirms 'D' Rating on INR180MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Tara Sales
Limited (TSL) continues to reflect delays by TSL in servicing
debt obligation.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            180      CRISIL D (Reaffirmed)

The rating also factors weak financial risk profile, limited
scale of operations in the highly fragmented and competitive
business of trading into rice bran and mustard de-oiled cake
(DOC) and other agricultural products and working capital-
intensive operations. These weaknesses are mitigated by its
promoters' experience.

Update
TSL's overall credit risk profile weakened in 2014-15 (refers to
financial year, April 1 to March 31) driven by the significant
decline in operating revenue along with net losses. Operating
revenue was INR783.7 million in 2014-15, against INR1.4 billion
in 2013-14. Financial risk profile continues to remain weak
because of high total outside liabilities to adjusted networth
ratio of above 3 times and weak debt protection metrics, with
interest coverage ratio of 1 time in 2014-15. Liquidity remains
weak owing to large working capital requirement, stretched bank
limit and low profitability.

TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.


TATA STEEL: Moody's to Retain Ba3 Rating on Planned Restructuring
-----------------------------------------------------------------
Moody's Investors Service says that Tata Steel Ltd.'s (Ba3
negative) planned restructuring/divestment of its UK businesses
is credit positive because it will reduce some of the negative
pressure on its operating performance.  However pending
finalization of the restructuring plan and the uncertainty around
the extent of improvement in the credit profiles of Tata Steel
and Tata Steel UK Holdings Limited (TSUK Holdings, B3 negative),
there is no immediate impact on the ratings on Tata Steel and
TSUK Holdings.

On March 30, 2016, Tata Steel announced that it would explore all
options in restructuring its 100%-owned subsidiary, Tata Steel
Europe Limited (unrated), including the potential divestment of
its step-down operating subsidiary, Tata Steel UK Limited (TSUK,
unrated), in whole or parts.

In December 2015, Tata Steel Europe signed a memorandum of
understanding with UK based Greybull Capital LLP (unrated) for
the proposed divestment of TSUK's long products business in the
UK.  On March 24, the company announced that it has reached an
agreement to sell its Clydebridge and Dalzell steel facilities in
Scotland to the government of Scotland (unrated), which would
then sell them to Liberty House.  With the announcement on 30
March, Tata Steel's entire UK business has been identified for
potential divestment.

"The potential sale of the UK operations is credit positive for
Tata Steel and TSUK Holdings, because it would dispose of loss-
making assets, against the backdrop of a challenging operating
environment; namely depressed steel prices and a situation where
global steel supply continues to exceed demand," says Kaustubh
Chaubal, a Moody's Vice President and Senior Analyst.

Moody's conclusions are contained in its just released report on
Tata Steel and TSUK Holdings, entitled "Tata Steel's Planned Sale
of UK Business Will Ease Pressure on Tata Steel's and TSUK
Holdings' Operating Performance."

With the impact of the loss-making TSUK operations being
addressed, Moody's expects TSUK Holdings' operating performance
to improve, based on the expectation that steel demand in Europe
will increase by 1.0%-1.5% in 2016, and the imposition of anti-
dumping duties by the European Commission in February 2016 on
steel imports from China and Russia.

"If the divestment of the loss-making UK business is successful,
it will provide some respite to TSUK Holding's weak operating
performance, and drive improvement in Tata Steel's consolidated
operating and financial metrics," adds Chaubal.


TATHVA PROJECTS: CARE Lowers Rating on INR0.30cr LT Loan to B+
--------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilties of Tathva Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.30      CARE B+ Revised from
                                            CARE BB-

   Short-term Bank Facilities     4.70      CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings assigned to the long-term bank
facilities of Tathva Projects Private Limited (TPPL) take into
account decline in total operating income during FY15 (refers to
the period April 1 to March 31) and elongation of receivables as
well as creditors days. The ratings continue to remain
constrained by small scale of operations, presence in the highly
fragmented construction industry and susceptibility of margins to
fluctuation in raw material prices in the absence of price
escalation clause.

The ratings are, however, underpinned by the experience of the
promoter, long-term revenue visibility in the order book,
comfortable capital structure and debt coverage indicators.

The ability of the company to increase its scale of operations
and timely collection of receivables are the key rating
sensitivities.

Tathva Projects Private Limited (TPPL) was incorporated in March,
2006 by Mr R Phaneendra Kumar (Managing Director) and Mr M B
Srinivas (Director). The company is engaged in the construction
activities like layout development works, dredging works, water
pipelines works, etc. for private companies. The company has an
associate concern; Tathva Developers Private Limited (TDPL) which
is also engaged in construction business to which TPPL assigns
sub contract activities of their projects.

During FY15, TPPL reported a PAT of INR0.22 crore on a total
operating income of INR3.43 crore as compared to net profit of
INR0.24 crore on a total operating income of INR6.31 crore in
FY14.  Furthermore, as per the provisional financials for
11MFY16, the company has reported gross billing of INR4.23 crore
during the period.


TEXIM INTERNATIONAL: CRISIL Suspends B Rating on INR55MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Texim International (TI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable
   Letter of Credit       30       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     55       CRISIL B/Stable

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

TI, set up in 1994, trades in rubber products. The firm is a
proprietorship of Mrs. Nasreen Yousuf.


VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR190MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Valia Impex LLP (VIL)
continue to reflect VIL's below-average financial risk profile
marked by its small net worth, high total outside liabilities to
tangible net worth ratio and weak debt protection metrics.


                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)

   Bill Discounting       487.5     CRISIL A4 (Reaffirmed)

   Channel Financing      190       CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility      10       CRISIL B+/Stable (Reaffirmed)

   Term Loan               66       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4       CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of high
degree of customer concentration in its revenue profile. These
rating weaknesses are partially offset by the firm's established
track record as a distributor of polymers for Reliance Industries
Ltd (RIL), and the benefits it derives from its promoter's
extensive experience in the polymer distribution business.
Outlook: Stable

CRISIL believes that VIL will continue to benefit over the medium
term from its promoters extensive industry experience and its
long-standing relations with customers. The outlook may be
revised to 'Positive' if there is a significant and sustained
improvement in the firm's working capital cycle or if there is a
substantial increase in its net worth backed by equity infusion
from its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in VIL's profitability
margins, or if there is deterioration in its capital structure on
account of larger-than-expected working capital requirements.

VIL was set up in 1989 by Mr. Balkrishna Valia and his family
members as a private limited company. It was converted into a
limited liability partnership firm on September 24, 2015. VIL is
a del credere agent for RIL, and supplies polymer products in
Maharashtra, Goa, Daman (Union Territory of Daman and Diu), and
Silvassa (Union Territory of Dadra and Nagar Haveli).


VIDYASAGAR HIMGHAR: CRISIL Reaffirms B Rating on INR123.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vidyasagar
Himghar Private Limited (VHPL) continues to reflect VHPL's
exposure to risks related to highly regulated and intensely
competitive cold storage industry in West Bengal. The rating also
factors in weak financial risk profile because of low net-worth
and high gearing. These weaknesses are mitigated by the
promoters' extensive experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          123.5      CRISIL B/Stable (Reaffirmed)
   Long Term Loan        46.5      CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility              20.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VHPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if substantial increase in cash accrual or capital
infusion by promoters improves overall financial risk profile,
particularly liquidity, and risk-absorption capacity. Conversely,
the outlook may be revised to 'Negative' if liquidity is
constrained by delays in repayments by farmers, considerably low
cash accrual, or significant, debt-funded capital expenditure.

Incorporated in 1997, VHPL provides cold storage facilities to
potato farmers and traders. The company is owned by the West
Bengal-based Ghosh family. It currently has two cold storages,
one each in Paschim Medinipur and Hooghly.


YANTRA GREEN: CRISIL Reaffirms 'D' Rating on INR311.9MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Yantra Green Power Private Limited (YGP) at 'CRISIL D'

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan       311.9      CRISIL D (Reaffirmed)

The rating reflects instances of delay by YGP in servicing its
debt. The delays have been caused by the company's weak liquidity
because of delays in commencement of its project.

YGP is exposed to risks related to implementation and
stabilisation of its power generation project. The company also
has a weak financial risk profile marked by small net worth and
high gearing. However, the company will benefit from the assured
offtake agreement with Vivimed Labs Ltd.

YGP was set up in 2012 by Vivimed Labs Ltd, BBR Projects Pvt Ltd,
Mr. Santosh Varalwar, and Mr. Sandeep Varalwar. The company is
setting up a 5-megawatt solar photovoltaic-based power plant in
Hyderabad. The plant is expected to commence operations in
October 2015.



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


PROFESIONAL TELEKOMUNIKASI: S&P Ups Corp. Credit Rating From BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on PT Profesional
Telekomunikasi Indonesia (Protelindo) to 'BBB-' from 'BB+'.  The
outlook is stable.  At the same time, S&P raised the long-term
issue rating on the existing senior unsecured bank loan that the
Indonesia-based independent tower company guarantees to 'BBB-'
from 'BB+'. S&P also raised the long-term ASEAN regional scale
rating on Protelindo to 'axA-' from 'axBBB+'.

"We raised the rating because we expect Protelindo to sustain its
significantly strengthened financial position over the next 12-24
months," said Standard & Poor's credit analyst Annabelle Teo.
"In our view, the company's financial position has substantially
improved over the past few years, such that its announced
purchase of a new tower portfolio will not have a material impact
on its financial strength."

On March 29, 2016, Protelindo announced that it will acquire
2,500 towers from PT XL Axiata Tbk. (XL) for Indonesian rupiah
(IDR) 3.57 trillion.  Protelindo will fund the acquisition
through IDR3 trillion of debt and IDR568 billion of cash.  XL
will lease back the towers at IDR10 million per month per tower
for 10 years.

S&P expects that the new portfolio will add about IDR420 billion
per year to Protelindo's EBITDA, representing about 12% of full-
year growth.  On a full-year proforma basis, S&P estimates that
the purchase will not cause the debt-to-EBITDA ratio to increase
beyond 2.5x, given the company's strong contractual cash flows
from long-term tower leases.  Furthermore, S&P forecasts EBTIDA
interest coverage will remain more than 5x.

In S&P's view, Protelindo will maintain its acquisition appetite
along with pressure to initiate dividends, given its strong
balance sheet.  However, S&P's expectation that management will
maintain a moderate balance sheet supports S&P's view of the
company's financial position.  Protelindo's debt-to-EBITDA ratio
has been steadily improving over the past five years from about
5.9x at the end of 2009.  The ratio is about 2.2x as of Dec. 31,
2015, which is within the company's articulated financial policy
target range of 2x-3x.  This improvement in leverage has been
achieved despite Protelindo's sizable tower acquisition from PT
Hutchison CP Telecommunications (HCPT) in 2012.  S&P believes
that if Protelindo makes another large tower purchase that may
require it to increase its leverage beyond its stated leverage
target range, it would raise equity to maintain the target
leverage.

A sluggish tower market in the past 12 months has resulted in
greatly reduced organic growth for the tower companies.  Hence,
with Protelindo's resilient financial flexibility, S&P views the
proposed acquisition as positive for maintaining the company's
market position and scale, and reinforcing its position as
Indonesia's largest independent tower company, with almost 15,000
towers.

"The stable outlook on Protelindo reflects our expectation that
the company will continue to generate steady cash flows and
maintain its high EBITDA margins of around 85%," said Ms. Teo.
It also reflects S&P's view that any future tower acquisitions or
dividend payouts will not raise the company's debt-to-EBITDA
ratio beyond 3x.

S&P could lower the rating if Protelindo makes large debt-
financed tower acquisitions or embarks on dividend policies that
are greater than S&P expects.  In particular, the debt-to-EBITDA
ratio increasing substantially beyond 3.0x may trigger a
downgrade. Downward rating pressure could also emerge if
Protelindo's market position significantly deteriorates because
key client HCPT winds up its operations or sells them to a weaker
telecom operator.

An upgrade is unlikely in the next 12-24 months.  However, S&P
could raise the rating if Protelindo's client concentration to
HCPT reduces to less than 20% of total revenue and the ratio of
debt to EBITDA remains below 3x.  An upgrade would hinge on S&P
raising the 'BBB-' transfer and convertibility assessment on
Indonesia.



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


SHARP CORP: Foxconn's Head Pledges Turnaround After Takeover
------------------------------------------------------------
Ken Moritsugu at The Associated Press reports that the head of
Taiwanese contract manufacturer Foxconn pledged on April 2 to
turn around Sharp Corp by driving change at the struggling LCD
panel and home appliance maker, as the two companies signed a
takeover deal after a one-month delay.

AP says Foxconn, also known as Hon Hai Precision Industry Co, is
buying a 66% share in Sharp for JPY389 billion ($3.5 billion) in
the first foreign takeover of a major Japanese electronics
company. A giant in contract manufacturing, Foxconn assembles
Apple iPhones and other products for name-brand companies.

The news agency relates that the two companies held a signing
ceremony on April 2 at a large-screen LCD panel factory that they
have jointly managed outside the west Japanese city of Osaka
since 2012.

"I see us as a catalyst for change," the report quotes Foxconn
founder and chairman Terry Gou as saying at a news conference
following the ceremony. "If we cannot drive change in Sharp, our
global competitors will eat us alive."

Sharp, a leader in LCD technology and a maker of flat-screen
televisions and smart appliances, has been hit hard by fierce
price competition for LCD displays, AP notes.

According to the report, Kozo Takahashi, the president of the
104-year-old Japanese company, said the infusion of capital from
Foxconn would improve Sharp's financial situation and allow it to
"invest in the new growth initiatives that were suppressed due to
the financial challenges we have been facing in recent years."

Both Takahashi and Gou paid tribute to Sharp's history of
innovation, which includes the world's first LCD calculator, and
said they would seek to marry it with the production and supply
chain capabilities that Foxconn has developed in the intensely
competitive field of electronics manufacturing, AP relates.

"My direction of turnaround is clear," Mr. Gou, as cited by AP,
said. "We will focus on helping Sharp to transform its technology
into products in a speedy and cost-competitive way with high
quality."

AP adds that the final sale price is about 20% less than the
JPY489 billion that Sharp said Foxconn had agreed to pay a month
ago. News reports said that Foxconn was concerned about taking on
additional liabilities that it learned about late in
negotiations, the report adds.

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

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


TOKYO ELECTRIC: S&P Assigns 'B' ST Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it has newly assigned its
'BB-' long-term and 'B' short-term corporate credit ratings to
Tokyo Electric Power Company Holdings Inc. (TEPCO Holdings).  S&P
also assigned its 'BB+' long-term issue ratings to general
mortgage bonds that TEPCO Holdings has assumed from Tokyo
Electric Power Co. Inc. (TEPCO) and assigned S&P's 'B' short-term
issue rating to its domestic commercial paper program.  The
outlook on the long-term corporate credit ratings on TEPCO
Holdings is positive.

At the same time, S&P revised to positive from stable the outlook
on its long-term corporate credit ratings on TEPCO, affirmed
S&P's 'BB-' long- and 'B' short-term corporate credit ratings on
TEPCO, affirmed S&P's 'BB+' long-term senior secured debt ratings
and 'B' short-term debt rating on the company, and then withdrew
the corporate credit ratings on TEPCO.

TEPCO Holdings is an operating holdings company newly established
on April 1, 2016, through the organizational reformation of
TEPCO. The new TEPCO Holdings group consists of TEPCO Holdings
and its wholly owned three operating subsidiaries: TEPCO Energy
Partner Inc., TEPCO Fuel & Power Inc. and TEPCO Power Grid Inc.
S&P views the group credit profile (GCP) for TEPCO Holdings group
to be 'bb-', equal to the corporate credit rating on TEPCO
because TEPCO Holdings' consolidated financials are the same as
those of TEPCO, consisting of the same contents.  S&P also views
TEPCO Holdings as a core company within TEPCO Holdings group.
Therefore, S&P assigned its 'BB-' long-term corporate credit
ratings to TEPCO Holdings, equal to the GCP for TEPCO Holdings
group and the long-term corporate credit ratings on TEPCO just
prior to withdrawal.  S&P assigned a 'b-' SACP to TEPCO Holdings,
same as that of TEPCO prior to withdrawal.

The outlook revision on TEPCO reflected S&P's view that the
company had potential to stabilize profitability and refinancing
over the next 12 months or so, given the improving trend of its
earnings performance in recent years.  TEPCO continued to improve
its profitability and ratios of its cash flow in relation to its
debt obligations in the past year thanks to a hike in electricity
rates in 2012, sizable cost reductions, and significantly lower
fuel costs.  In fiscal 2015 (ending March 31, 2016), TEPCO is
likely to have continued to improve its EBITDA margin to more
than 15% from 13.8% a year ago and its FFO to debt to about 14%
from about 13% in the same period.  After the organizational
reformation, S&P believes TEPCO Holdings, as the consolidated
group, has potential to sustain solid profitability and FFO to
debt over the next 12 months or so, owing to cost reductions and
low fuel costs partially offset by pressure from competition due
to full liberalization of Japan's electricity retail market from
April 2016.  Over the past five years TEPCO has fully depended on
its lender banks to refinance sizable debt maturities, which lead
S&P to assess refinancing risk for the company as relatively
high. TEPCO Holdings group plans to resume issuing bonds sometime
in fiscal 2016.  If TEPCO Holdings successfully regains access to
the public debt market, S&P believes the company has better
prospects of stabilizing refinancing by gradually reducing its
high reliance on bank loans.

S&P continues to factor government influence into the ratings
with three notches of uplift from the SACP because S&P maintains
its view that the likelihood of extraordinary Japanese government
support for the company if needed is high.

S&P maintains its 'BB+' issue ratings on TEPCO Holdings' senior
secured general mortgage bonds with two notches of uplift from
the new 'BB-' issuer credit rating.  In accordance with Article
37 of Japan's Electricity Business Act, S&P believes TEPCO
Holdings' senior secured general mortgage bonds have higher
priority of repayment than compensation costs.  As a result, S&P
believes financial institutions that provide unsecured loans to
TEPCO Holdings are likely to give the company financial support
in the form of debt restructuring.  Therefore, S&P still believes
TEPCO Holdings is less likely to default on senior secured
general mortgage bond issues than on bank borrowings.

S&P views TEPCO Holdings' liquidity as less than adequate because
its liquidity sources are unlikely to fully cover uses over the
next year.  S&P believes the company's lender banks will likely
continue to provide sufficient support for its liquidity.  Still,
S&P thinks TEPCO's liquidity remains constrained, given that the
company relies heavily on its lender banks for refinancing and
that compensation and cleanup costs for the nuclear disaster will
continue to accrue in the long term.

The outlook on the long-term corporate credit rating is positive,
reflecting the potential for TEPCO Holdings to further reduce
downside risk to its credit quality with more stable
profitability and financing over the next 12 months.  S&P may
raise the ratings if TEPCO Holdings can sustain solid
profitability through cost reductions, a restart of its
Kashiwazaki-Kariwa nuclear power plant, or both and also
demonstrate ability to access public debt markets.  S&P may also
consider an upgrade if it sees a development that could
materially strengthen the government's extraordinary support for
the company.  Conversely, S&P may revise the outlook back to
stable if it sees stronger pressure on earnings as a result of
risks including a material increase in fuel costs, a further
delay in the restart of its Kashiwazaki-Kariwa plant, and more
pressure from retail market competition.  S&P may also revise the
outlook to stable if uncertainty of refinancing increases.


TOKYO ELECTRIC: Moody's to Retain Ba3 CFR on Restructuring
----------------------------------------------------------
Moody's Japan K.K. says that the corporate restructuring now
taking place at Tokyo Electric Power Company, Incorporated
(TEPCO) will have no impact on its associated ratings.

On April 1, 2016, TEPCO splits itself as planned into Tokyo
Electric Power Company Holdings, Inc. (TEPCO HD, Ba3 Corporate
Family Rating, stable) -- by which TEPCO is renamed as a holding
company -- and three subsidiaries: TEPCO Fuel & Power,
Incorporated (F&P), focused on fuel and thermal power generation;
TEPCO Power Grid, Incorporated (PG), focused on transmission and
distribution; and Tokyo Energy Partner, Incorporated (Retail),
focused on retail sales.

"Under the four-way split, TEPCO HD will house the assets
associated with the nuclear, hydro, and renewable power
generation businesses, as well as the obligations related to the
accident with Fukushima Daiichi Nuclear Power Plant," says Motoki
Yanase, Moody's Vice President - Senior Analyst.

"Moreover, these obligations will continue to weigh on TEPCO HD's
overall long-term credit profile," says Yanase.

The existing public bonds at TEPCO HD will be backed by
intercompany bonds issued by the financially stronger PG, with
general security over PG's own assets.  PG operates in a
regulated environment and benefits from a credit-supportive cost
recovery system.

The intercompany bonds will be held by a trust, an arrangement
which is designed to prevent commingling risk in the event of a
TEPCO HD's default.

This should also allow the group to maintain probability of
default and recovery levels for existing senior secured
bondholders that had been the case in the pre-restructure
arrangement, and which Moody's had announced in our press release
and report on May 1, 2015.

Press Release:
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_323453

Report:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1004761

Moody's expects that the intercompany bond agreements will rank
pari passu with any new public senior secured bonds issued in the
future by PG.

TEPCO's Swiss franc-denominated public bond due March 2017 --
which is smaller than the existing yen-denominated bonds (CHF300
million or about JPY25 billion) -- will also be backed by a
separate intercompany bond issued by the transmission and
distribution subsidiary to TEPCO HD and the will be placed under
a self-settled trust at TEPCO HD, along with the direct upstream
guarantee from PG.

Moody's will continue to observe the evolution of the group
following its April 1, 2016, restructure and any subsequent
credit developments that may lead to either a strengthening or
weakening in the credit quality of the group or separately rated
subsidiaries or instruments within the group.

Moody's understands that a key goal of the restructuring is the
facilitation of the group's new bond issuance plans and that the
group remains in the process of confirming key operational issues
that could best reflect its aims.

As such, Moody's will monitor the restructuring for any ring-
fencing arrangements that would distinguish the credit quality of
PG, in particular, as well as other newly created subsidiaries
and which, in turn, may impact any of Moody's ratings.

Moody's will also consider any implications for credit quality
resulting from any initiatives taken by the group to strengthen
or enhance credit quality at a stand-alone subsidiary level.
Such factors could include the extent of operational and
managerial independence as well as the stand-alone financial
integrity of a particular subsidiary.

Upward rating pressure on TEPCO HD's Ba3 corporate family rating
could emerge if Moody's concludes that the company can achieve
both sustainable and appropriate profitability and financial
metrics, owing to (1) the continued commitment and support of the
Japanese government (A1 stable) and creditors; (2) increased
clarity on profitability in Japan's future deregulated
electricity market; and (3) improvements in TEPCO's cost base
once the nuclear reactors at its Kashiwazaki-Kariwa power plant
restart.

TEPCO HD's corporate family rating could face downward pressure
if the group's margin or cash flow coverage weakens due to
competition in the deregulated electricity market, if adverse
changes occur in relation to the government's support for the
group, or the timing for a restart of its nuclear power plants
becomes even more protracted.

The ratings could also be impacted by any change in the rating or
outlook of the Government of Japan, or our assessment of any
negative changes in government-related issuer (GRI) factors.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities (Japanese) published in February 2014.
Other methodologies used include the Government-Related Issuers
methodology (Japanese) published in November 2014.

Headquartered in Tokyo, Tokyo Electric Power Company Holdings,
Inc., is the holding company of the largest power company group
in Japan with consolidated revenues of JPY6.8 trillion and an
electricity sales volume of 257.0 billion kWh for the fiscal year
that ended in March 2015.


* RMBS & Sales Asset Default Rates Hit Record Low, Moody's Says
---------------------------------------------------------------
Moody's SF Japan K.K. says that the default rates for the
underlying assets of Japanese RMBS and installment sales loan ABS
transactions hit record lows in Q4 2015, while those for auto
loan ABS and credit card ABS transactions rose slightly.  The
default rates for all ABS and RMBS asset classes remain low.

For RMBS assets, the three-month average annualized default rate
fell to 0.11% in Q4 2015 from 0.15% in Q4 2014, a record low
since records began in 2001. The yearly-average of the annualized
default rate also hit a record low in 2015, having declined since
its 0.22% peak in 2009.  Since 2006, the rate has averaged around
0.16%, and ranged from 0.06% to 0.29%.

For ABS transactions, the three-month average annualized default
rate for installment sales loans fell to 0.55% in Q4 2015 from
0.70% in Q4 2014, a record low since records began in 2001.  The
yearly-average of the annualized default rate also hit a record
low in 2015, having declined since its 2.73% peak in 2007.

By contrast, the three-month average default rates for auto
loans, card-shopping loans and card cash-advance loans rose
slightly to 0.71%, 3.13% and 3.11% in Q4 2015 from 0.58%, 3.00%
and 3.02% in Q4 2014.  And the yearly-average of the annualized
default rate for auto loans and card-shopping loans remained
almost unchanged at 0.58% and 3.25%, while for card cash-advance
loans it rose slightly to 3.43% in 2015 from a year ago.

The compositions of the pools that generate the performance
ratios discussed above are updated every six months.

Looking ahead, Moody's expects the performance of RMBS and ABS
deals to remain strong in 2016 because of originators' strict
underwriting standards and low unemployment rates in Japan.

Japanese CMBS default rates -- as measured by outstanding
defaulted loans to total loans -- fell to 2.8% as of February
2016 from a peak of 36.5% in October 2012.  The default rate has
remained below 10% since the second half of 2014, compared to
much higher 10% to over-30% levels seen between 2011 and 2013.

Moody's expects that default rates will remain low going forward,
owing to the stable performance of the underlying properties and
rising property prices.

Moody's conclusions on the Japanese transactions are contained in
its just-released Global Structured Finance Collateral
Performance Review.  The report is updated monthly and covers the
collateral performance of structured finance sectors located
globally.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF220325



===============
M A L A Y S I A
===============


PRIME GLOBAL: Amiruddin Bin Che Embi Quits as Director
-------------------------------------------------------
Amiruddin Bin Che Embi resigned from his position as a director
of Prime Global Capital Group Incorporated.

According to a Form 8-K report filed with the Securities and
Exchange Commission, his resignation was not due to any dispute
or disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business.  In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia. As a result, the Company no longer conduct
business operations in China and anticipate winding down or
otherwise selling its interests in the following entities: Power
Green Investments Limited; Max Trend International Limited and
Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.


PRIME GLOBAL: Maylee Lee Appointed as Director
-----------------------------------------------
Maylee Gan Suat Lee was appointed to serve as director of Prime
Global Capital Group Incorporated, on April 1, 2016, to serve
until her successors will be duly elected or appointed, unless
she resigns, is removed from office or is otherwise disqualified
from serving as a director of the Company, according to a
regulatory filing with the Securities and Exchange Commission.
Ms. Gan will serve on the Company's Board of Directors in
accordance with the terms and conditions of the Company's
standard Director Retainer Agreement.

Maylee Gan Suat Lee, age 39, is currently the founder and senior
partner of Messrs. Maylee Gan & Tai.  Prior to founding her firm
in 2008, Ms. Gan practiced at one of the top 5 legal firms in
Malaysia, Lee Hishammuddin Allen & Gledhill from 2004 to 2008.
Ms. Gan graduated with a Bachelor of Laws (Hons) degree from the
University of London, England in 1999.  She obtained her
Certificate of Legal Practice in 2000 and has a Masters of
Science in Information Technology (MSc IT) from the University of
Staffordshire in 2004.

Ms. Gan was admitted and enrolled as an advocate and solicitor of
the High Court of Malaya in 2005.  She has vast experience in
various complex corporate matters, and she was the lead associate
in charge of the largest worldwide business disposal to-date
known as the "Pfizer Pontiac Project", which involves the
worldwide sale of Pfizer Consumer Healthcare business division in
2006, and the largest Asset-Backed Securities transaction carried
out by RCE Capital Berhad in Malaysia in the year 2008.  Ms. Gan
is also a Non-executive Director of G&L Trading Sdn Bhd, as a
successor of her late father.  G&L Trading Sdn Bhd supplies
cleaning detergent to hotels and food & beverages related
businesses.  Through her vast experience in legal corporate
matters with numerous large corporations, with which her legal
firm is a panel of solicitor, Ms. Gan brings to the Board of
Directors her legal insight, knowledge and experience in legal
corporate matters.

Ms. Gan will receive a monthly compensation of 3,000 Malaysian
Ringgit, or approximately US $752, in connection with her service
on our Board of Directors.  Ms. Gan will serve as an independent
director on each of the Company's audit, compensation and
nomination and corporate governance committees.

According to the filing, Ms. Gan does not have a direct family
relationship with any of the Company's directors or executive
officers, or any person nominated or chosen by the Company to
become a director or executive officer.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business.  In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia. As a result, the Company no longer conduct
business operations in China and anticipate winding down or
otherwise selling its interests in the following entities: Power
Green Investments Limited; Max Trend International Limited and
Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.


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


* BOND PRICING: For the Week March 28 to April 1, 2016
------------------------------------------------------

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


  AUSTRALIA
  ---------

BARMINCO FINANCE PTY    9.00      6/1/2018     USD      73.75
BARMINCO FINANCE PTY    9.00      6/1/2018     USD      71.00
BOART LONGYEAR MANAG    7.00      4/1/2021     USD      37.13
BOART LONGYEAR MANAG    7.00      4/1/2021     USD      37.13
CML GROUP LTD           7.50     5/18/2021     AUD      70.94
CML GROUP LTD           9.00     1/29/2020     AUD       1.01
CRATER GOLD MINING L   10.00     8/18/2017     AUD      23.00
CROWN RESORTS LTD       6.33     4/23/2075     AUD      68.77
EMECO PTY LTD           9.88     3/15/2019     USD      48.50
EMECO PTY LTD           9.88     3/15/2019     USD      47.75
IMF BENTHAM LTD         6.52     6/30/2019     AUD      73.13
KBL MINING LTD         12.00     2/16/2017     AUD       0.25
KEYBRIDGE CAPITAL LT    7.00     7/31/2020     AUD       0.69
MCPHERSON'S LTD         7.10     3/31/2021     AUD      73.63
MIDWEST VANADIUM PTY   11.50     2/15/2018     USD       6.00
MIDWEST VANADIUM PTY   11.50     2/15/2018     USD       6.50
STOKES LTD             10.00     6/30/2017     AUD       0.40
TREASURY CORP OF VIC    0.50    11/12/2030     AUD      68.39


CHINA
-----

ANSHAN CITY CONSTRUC    8.25      3/5/2019     CNY      65.37
ANSHAN CITY CONSTRUC    8.25      3/5/2019     CNY      65.50
BAICHENG ZHONGXING U    7.00    12/18/2019     CNY      72.08
BANGBU CITY INVESTME    5.78     8/10/2017     CNY      57.05
BEIJING ECONOMIC TEC    5.29      3/6/2018     CNY      72.00
CHANGSHA HIGH TECHNO    7.30    11/22/2017     CNY      73.01
CHANGSHU CITY OPERAT    8.00     1/16/2019     CNY      64.72
CHANGSHU CITY OPERAT    8.00     1/16/2019     CNY      64.79
CHANGZHOU INVESTMENT    5.80      7/1/2016     CNY      40.24
CHANGZHOU INVESTMENT    5.80      7/1/2016     CNY      40.21
CHANGZHOU WUJIN CITY    5.42      6/9/2016     CNY      50.19
CHANGZHOU WUJIN CITY    5.42      6/9/2016     CNY      50.24
CHENGDU XINCHENG XIC    8.35     3/19/2019     CNY      65.20
CHENGDU XINCHENG XIC    8.35     3/19/2019     CNY      66.98
CHONGQING HECHUAN UR    6.95      1/6/2018     CNY      72.85
CHONGQING HECHUAN UR    6.95      1/6/2018     CNY      73.10
CHONGQING JIANGJIN H    6.95      1/6/2018     CNY      72.08
CHONGQING JIANGJIN H    6.95      1/6/2018     CNY      70.55
CHONGQING NAN'AN DIS    6.29    12/24/2017     CNY      68.30
CHONGQING NAN'AN DIS    6.29    12/24/2017     CNY      61.86
CHONGQING YONGCHUAN     7.49     3/14/2018     CNY      73.82
CHONGQING YONGCHUAN     7.49     3/14/2018     CNY      74.21
CHONGQING YUXING CON    7.29     12/8/2017     CNY      72.74
DANDONG CITY DEVELOP    6.21      9/6/2017     CNY      71.41
DANYANG INVESTMENT G    8.10      3/6/2019     CNY      85.38
DANYANG INVESTMENT G    6.30      6/3/2016     CNY      40.15
DANYANG INVESTMENT G    8.10      3/6/2019     CNY      64.59
DATONG ECONOMIC CONS    6.50      6/1/2017     CNY      72.51
DATONG ECONOMIC CONS    6.50      6/1/2017     CNY      71.30
DRILL RIGS HOLDINGS     6.50     10/1/2017     USD      60.50
DRILL RIGS HOLDINGS     6.50     10/1/2017     USD      56.95
ERDOS DONGSHENG CITY    8.40     2/28/2018     CNY      50.11
ERDOS DONGSHENG CITY    8.40     2/28/2018     CNY      47.60
GRANDBLUE ENVIRONMEN    6.40      7/7/2016     CNY      70.39
GUIYANG ECO&TECH DEV    8.42     3/27/2019     CNY      64.89
GUOAO INVESTMENT DEV    6.89    10/29/2018     CNY      68.32
HAIAN COUNTY CITY CO    8.35     3/28/2018     CNY      55.18
HAIAN COUNTY CITY CO    8.35     3/28/2018     CNY      53.51
HAIMEN CITY DEVELOPM    8.35     3/20/2019     CNY      62.51
HAIMEN CITY DEVELOPM    8.35     3/20/2019     CNY      64.80
HANGZHOU XIAOSHAN ST    6.90    11/22/2016     CNY      39.00
HANGZHOU XIAOSHAN ST    6.90    11/22/2016     CNY      41.02
HANGZHOU YUHANG CITY    7.55     3/29/2019     CNY      64.21
HANZHONG CITY CONSTR    7.48     3/14/2018     CNY      73.80
HANZHONG CITY CONSTR    7.48     3/14/2018     CNY      74.41
HEBEI RONG TOU HOLDI    6.76      7/8/2021     CNY      73.29
HEFEI TAOHUA INDUSTR    8.79     3/27/2019     CNY      65.68
HEFEI TAOHUA INDUSTR    8.79     3/27/2019     CNY      63.30
HEILONGJIANG HECHENG    7.78    11/17/2016     CNY      41.09
HEILONGJIANG HECHENG    7.78    11/17/2016     CNY      40.82
HUAIAN CITY URBAN AS    7.15    12/21/2016     CNY      40.85
HUAIAN CITY WATER AS    8.25      3/8/2019     CNY      66.67
HUAIAN CITY WATER AS    8.25      3/8/2019     CNY      71.48
HUAIAN DEVELOPMENT H    6.80     3/24/2017     CNY      43.13
HUAIAN QINGHE NEW AR    6.79     4/29/2017     CNY      72.11
HUAIHUA CITY CONSTRU    8.00     3/22/2018     CNY      52.99
HUAIHUA CITY CONSTRU    8.00     3/22/2018     CNY      52.56
HUZHOU MUNICIPAL CON    7.02    12/21/2017     CNY      71.90
HUZHOU NANXUN STATE-    8.15     3/31/2019     CNY      64.61
HUZHOU WUXING NANTAI    7.71     2/17/2018     CNY      72.48
JIAMUSI NEW ERA INFR    8.25     3/22/2019     CNY      65.99
JIAMUSI NEW ERA INFR    8.25     3/22/2019     CNY      64.38
JIANGDONG HOLDING GR    6.90     3/27/2019     CNY      62.92
JIANGDU XINYUAN INDU    8.10     3/23/2019     CNY      64.50
JIANGDU XINYUAN INDU    8.10     3/23/2019     CNY      63.31
JIANGSU HUAJING ASSE    5.68     9/28/2017     CNY      50.96
JIANGSU HUAJING ASSE    5.68     9/28/2017     CNY      51.39
JIAXING CULTURE FAMO    8.16      3/8/2019     CNY      66.68
JINAN CITY CONSTRUCT    6.98     3/26/2018     CNY      53.01
JINAN CITY CONSTRUCT    6.98     3/26/2018     CNY      52.58
JINGJIANG BINJIANG X    6.80    10/23/2018     CNY      66.03
JINING CITY CONSTRUC    8.30    12/31/2018     CNY      64.99
JINTAN CONSTRUCTION     8.30     3/14/2019     CNY      65.48
JINTAN CONSTRUCTION     8.30     3/14/2019     CNY      65.00
JIUJIANG CITY CONSTR    8.49     2/23/2019     CNY      86.00
JIUJIANG CITY CONSTR    8.49     2/23/2019     CNY      66.75
KUNMING WUHUA DISTRI    8.60     3/15/2018     CNY      53.51
KUNMING WUHUA DISTRI    8.60     3/15/2018     CNY      53.88
LAIWU CITY ECONOMIC     6.50      3/1/2018     CNY      62.68
LESHAN STATE-OWNED A    6.99     3/18/2018     CNY      73.98
LESHAN STATE-OWNED A    6.99     3/18/2018     CNY      73.98
LIAOYUAN STATE-OWNED    8.17     3/13/2019     CNY      63.00
LIAOYUAN STATE-OWNED    8.17     3/13/2019     CNY      63.88
LIAOYUAN STATE-OWNED    7.80     1/26/2017     CNY      41.05
LIAOYUAN STATE-OWNED    7.80     1/26/2017     CNY      41.02
LINAN CITY CONSTRUCT    8.15      3/9/2018     CNY      52.81
LINAN CITY CONSTRUCT    8.15      3/9/2018     CNY      53.44
LINHAI CITY INFRASTR    7.98     11/6/2016     CNY      51.28
LINHAI CITY INFRASTR    7.98     11/6/2016     CNY      51.00
LINYI INVESTMENT DEV    8.10     3/27/2018     CNY      53.61
LIUZHOU DONGCHENG IN    8.30     2/15/2019     CNY      65.00
LIUZHOU DONGCHENG IN    8.30     2/15/2019     CNY      63.93
LONGHAI STATE-OWNED     8.25     12/2/2017     CNY      75.00
LONGHAI STATE-OWNED     8.25     12/2/2017     CNY      73.93
LUOHE CITY CONSTRUCT    6.81     3/30/2017     CNY      31.07
LUOHE CITY CONSTRUCT    6.81     3/30/2017     CNY      30.81
NANJING HEXI NEW TOW    6.40      2/3/2017     CNY      61.61
NANJING YURUN FOODS     5.27     5/13/2016     CNY      51.10
NANTONG STATE-OWNED     6.72    11/13/2016     CNY      41.10
NANTONG STATE-OWNED     6.72    11/13/2016     CNY      40.76
NEIMENGGU XINLINGOL     7.62     2/25/2018     CNY      72.94
NINGBO CITY ZHENHAI     6.48     4/12/2017     CNY      71.01
NINGBO URBAN CONSTRU    7.39      3/1/2018     CNY      51.08
NINGBO URBAN CONSTRU    7.39      3/1/2018     CNY      52.74
NINGDE CITY STATE-OW    6.25    10/21/2017     CNY      42.31
NINGHAI COUNTY CITY     8.60    12/31/2017     CNY      74.67
NONGGONGSHANG REAL E    6.29    10/11/2017     CNY      72.72
OCEAN RIG UDW INC       7.25      4/1/2019     USD      58.00
OCEAN RIG UDW INC       7.25      4/1/2019     USD      61.00
PANJIN CONSTRUCTION     7.70    12/16/2016     CNY      41.14
PANJIN CONSTRUCTION     7.70    12/16/2016     CNY      40.85
PUTIAN STATE-OWNED A    8.10     3/21/2019     CNY      85.03
PUTIAN STATE-OWNED A    8.10     3/21/2019     CNY      65.56
QINGDAO CITY CONSTRU    6.89     2/16/2019     CNY      63.53
QINGDAO CITY CONSTRU    6.19     2/16/2017     CNY      40.37
QINGDAO CITY CONSTRU    6.19     2/16/2017     CNY      41.00
QINGDAO CITY CONSTRU    6.89     2/16/2019     CNY      63.74
QINGZHOU HONGYUAN PU    6.50     5/22/2019     CNY      40.25
QINGZHOU HONGYUAN PU    6.50     5/22/2019     CNY      40.99
QUNSHAN HUAQIAO INTE    7.98    12/30/2018     CNY      64.54
SHANDONG TAIFENG MIN    5.80     3/12/2020     CNY      74.06
SHANDONG TAIFENG MIN    5.80     3/12/2020     CNY      72.34
SHANGHAI REAL ESTATE    6.12     5/17/2017     CNY      71.57
SICHUAN DEVELOPMENT     5.40    11/10/2017     CNY      71.88
SUQIAN ECONOMIC DEVE    7.50     3/26/2019     CNY      64.95
SUQIAN ECONOMIC DEVE    7.50     3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION     7.45     3/12/2019     CNY      64.39
TAIAN CITY TAISHAN I    5.79      3/2/2018     CNY      73.00
TAIXING ZHONGXING ST    8.29     3/27/2018     CNY      55.43
TAIXING ZHONGXING ST    8.29     3/27/2018     CNY      53.50
TAIZHOU CITY CONSTRU    6.90     1/25/2017     CNY      41.05
TAIZHOU HAILING ASSE    8.52     3/21/2019     CNY      66.63
TAIZHOU HAILING ASSE    8.52     3/21/2019     CNY      65.34
TIANJIN BINHAI NEW A    5.00     3/13/2018     CNY      72.06
TIANJIN BINHAI NEW A    5.00     3/13/2018     CNY      92.20
TIANJIN ECONOMIC TEC    6.20     12/3/2019     CNY      73.79
TIANJIN HI-TECH INDU    7.80     3/27/2019     CNY      66.38
TIANJIN HI-TECH INDU    7.80     3/27/2019     CNY      64.35
TIANJING HANBIN INVE    8.39     3/22/2019     CNY      65.20
TIGER FOREST & PAPER    5.38     6/14/2017     CNY      74.18
TONGLIAO CITY INVEST    5.98      9/1/2017     CNY      72.13
TONGLIAO CITY INVEST    5.98      9/1/2017     CNY      71.90
VANZIP INVESTMENT GR    7.92      2/4/2019     CNY      66.96
WUHAI CITY CONSTRUCT    8.20     3/31/2019     CNY      84.75
WUHAI CITY CONSTRUCT    8.20     3/31/2019     CNY      65.15
WUHU ECONOMIC TECHNO    6.70      6/8/2018     CNY      77.95
WUXI COMMUNICATIONS     5.58      7/8/2016     CNY      50.10
WUXI COMMUNICATIONS     5.58      7/8/2016     CNY      50.32
XIANGTAN CITY CONSTR    8.00     3/16/2019     CNY      65.29
XIANGTAN CITY CONSTR    8.00     3/16/2019     CNY      65.19
XIANGTAN JIUHUA ECON    6.93    12/16/2016     CNY      41.30
XIANGTAN JIUHUA ECON    6.93    12/16/2016     CNY      41.49
XIANGYANG CITY CONST    8.12     1/12/2019     CNY      64.09
XIANGYANG CITY CONST    8.12     1/12/2019     CNY      64.60
XIAOGAN URBAN CONSTR    8.12     3/26/2019     CNY      85.44
XINJIANG SHIHEZI DEV    7.50     8/29/2018     CNY      74.80
XINXIANG INVESTMENT     6.80     1/18/2018     CNY      73.40
XUZHOU ECONOMIC TECH    8.20      3/7/2019     CNY      65.50
XUZHOU ECONOMIC TECH    8.20      3/7/2019     CNY      65.04
YANGZHONG URBAN CONS    7.10     3/26/2018     CNY      73.21
YANGZHOU ECONOMIC DE    5.80     5/12/2016     CNY      50.06
YANGZHOU ECONOMIC DE    6.10      7/7/2016     CNY      50.36
YANGZHOU ECONOMIC DE    6.10      7/7/2016     CNY      50.20
YANGZHOU URBAN CONST    5.94     7/23/2016     CNY      40.20
YANGZHOU URBAN CONST    5.94     7/23/2016     CNY      40.32
YANZHOU HUIMIN URBAN    8.50    12/28/2017     CNY      53.22
YIJINHUOLUOQI HONGTA    8.35     3/19/2019     CNY      56.08
YIJINHUOLUOQI HONGTA    8.35     3/19/2019     CNY      60.20
YINCHUAN URBAN CONST    6.28      3/9/2017     CNY      25.62
YIYANG CITY CONSTRUC    8.20    11/19/2016     CNY      41.00
YULIN CITY INVESTMEN    6.81     12/4/2018     CNY      72.42
YUNNAN INVESTMENT GR    5.25     8/24/2017     CNY      71.60
YUNNAN INVESTMENT GR    5.25     8/24/2017     CNY      70.71
ZHANGJIAGANG JINCHEN    6.23      1/6/2018     CNY      62.09
ZHENJIANG NEW AREA E    8.16      3/1/2019     CNY      64.30
ZHENJIANG NEW AREA E    8.16      3/1/2019     CNY      64.49
ZHUCHENG ECONOMIC DE    7.50     8/25/2018     CNY      42.47
ZHUCHENG ECONOMIC DE    6.40     4/26/2018     CNY      62.00
ZHUCHENG ECONOMIC DE    6.40     4/26/2018     CNY      62.02
ZHUHAI HUAFA GROUP C    8.43     2/16/2018     CNY      52.79
ZHUHAI HUAFA GROUP C    8.43     2/16/2018     CNY      53.50
ZIBO CITY PROPERTY C    5.45     4/27/2019     CNY      49.17
ZOUCHENG CITY ASSET     7.02     1/12/2018     CNY      42.28
ZUNYI CITY INVESTMEN    8.53     3/13/2019     CNY      66.32
ZUNYI CITY INVESTMEN    8.53     3/13/2019     CNY      64.73


INDONESIA
---------

BERAU COAL ENERGY TB    7.25     3/13/2017     USD      20.14
BERAU COAL ENERGY TB    7.25     3/13/2017     USD      20.24
PERUSAHAAN PENERBIT     6.75     4/15/2043     IDR      72.85
PERUSAHAAN PENERBIT     6.10     2/15/2037     IDR      72.95


INDIA
-----

3I INFOTECH LTD         5.00     4/26/2017     USD      12.75
GTL INFRASTRUCTURE L    4.03     11/9/2017     USD      30.75
JAIPRAKASH ASSOCIATE    5.75      9/8/2017     USD      65.18
JCT LTD                 2.50      4/8/2011     USD      22.50
PRAKASH INDUSTRIES L    5.25     4/30/2015     USD      20.00
PYRAMID SAIMIRA THEA    1.75      7/4/2012     USD       1.00
REI AGRO LTD            5.50    11/13/2014     USD       1.69
REI AGRO LTD            5.50    11/13/2014     USD       1.69
SVOGL OIL GAS & ENER    5.00     8/17/2015     USD      19.88


JAPAN
-----

AVANSTRATE INC          5.55    10/31/2017     JPY      33.25
AVANSTRATE INC          5.55    10/31/2017     JPY      37.00
ELPIDA MEMORY INC       0.70      8/1/2016     JPY       8.25
ELPIDA MEMORY INC       0.50    10/26/2015     JPY       8.25
ELPIDA MEMORY INC       2.03     3/22/2012     JPY       8.25
ELPIDA MEMORY INC       2.29     12/7/2012     JPY       8.25
ELPIDA MEMORY INC       2.10    11/29/2012     JPY       8.25
TAKATA CORP             0.58     3/26/2021     JPY      73.00


KOREA
-----

2014 KODIT CREATIVE     5.00    12/25/2017     KRW      31.66
2014 KODIT CREATIVE     5.00    12/25/2017     KRW      31.66
DOOSAN CAPITAL SECUR   20.00     4/22/2019     KRW      42.19
HANA FINANCIAL GROUP    3.59     5/29/2045     KRW     465.08
HYUNDAI MERCHANT MAR    6.20     3/28/2017     KRW      67.65
HYUNDAI MERCHANT MAR    5.30      7/3/2017     KRW      65.72
KIBO ABS SPECIALTY C   10.00     8/22/2017     KRW      25.85
KIBO ABS SPECIALTY C    5.00    12/25/2017     KRW      30.30
KIBO ABS SPECIALTY C   10.00      9/4/2016     KRW      43.42
KIBO ABS SPECIALTY C   10.00     2/19/2017     KRW      38.34
KIBO ABS SPECIALTY C    5.00     3/29/2018     KRW      30.58
KIBO ABS SPECIALTY C    5.00     1/31/2017     KRW      33.30
LSMTRON DONGBANGSEON    4.53    11/22/2017     KRW      31.19
PULMUONE CO LTD         2.50#N/A Field Not     KRW      57.28
PULMUONE CO LTD         2.50      8/6/2045     KRW      57.28
SINBO SECURITIZATION    5.00     6/25/2019     KRW      26.46
SINBO SECURITIZATION    5.00     6/25/2018     KRW      28.56
SINBO SECURITIZATION    5.00     8/16/2016     KRW      38.26
SINBO SECURITIZATION    5.00     1/29/2017     KRW      34.45
SINBO SECURITIZATION    5.00     6/29/2016     KRW      46.61
SINBO SECURITIZATION    5.00     5/27/2016     KRW      54.00
SINBO SECURITIZATION    5.00     8/16/2017     KRW      32.72
SINBO SECURITIZATION    5.00     8/16/2017     KRW      32.72
SINBO SECURITIZATION    5.00      7/8/2017     KRW      33.13
SINBO SECURITIZATION    5.00      7/8/2017     KRW      33.13
SINBO SECURITIZATION    5.00     6/27/2018     KRW      30.06
SINBO SECURITIZATION    5.00     6/27/2018     KRW      30.06
SINBO SECURITIZATION    5.00     8/29/2018     KRW      29.34
SINBO SECURITIZATION    5.00     8/29/2018     KRW      29.34
SINBO SECURITIZATION    5.00     7/24/2017     KRW      31.88
SINBO SECURITIZATION    5.00     7/24/2018     KRW      29.85
SINBO SECURITIZATION    5.00     7/24/2018     KRW      29.85
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     10/1/2017     KRW      32.18
SINBO SECURITIZATION    5.00     1/30/2019     KRW      27.82
SINBO SECURITIZATION    5.00     1/30/2019     KRW      27.82
SINBO SECURITIZATION    5.00    10/30/2019     KRW      19.51
SINBO SECURITIZATION    5.00     2/27/2019     KRW      27.63
SINBO SECURITIZATION    5.00     2/27/2019     KRW      27.63
SINBO SECURITIZATION    5.00     10/5/2016     KRW      35.58
SINBO SECURITIZATION    5.00     10/5/2016     KRW      35.76
SINBO SECURITIZATION    5.00     8/31/2016     KRW      38.47
SINBO SECURITIZATION    5.00     8/31/2016     KRW      38.47
SINBO SECURITIZATION    5.00     5/27/2016     KRW      54.00
SINBO SECURITIZATION    5.00    12/13/2016     KRW      34.96
SINBO SECURITIZATION    5.00     2/21/2017     KRW      34.19
SINBO SECURITIZATION    5.00     2/21/2017     KRW      34.19
SINBO SECURITIZATION    5.00      6/7/2017     KRW      21.55
SINBO SECURITIZATION    5.00      6/7/2017     KRW      21.55
SINBO SECURITIZATION    5.00     3/13/2017     KRW      33.96
SINBO SECURITIZATION    5.00     3/13/2017     KRW      33.96
SINBO SECURITIZATION    5.00     1/15/2018     KRW      31.46
SINBO SECURITIZATION    5.00     1/15/2018     KRW      31.46
SINBO SECURITIZATION    5.00     2/11/2018     KRW      30.96
SINBO SECURITIZATION    5.00     2/11/2018     KRW      30.96
SINBO SECURITIZATION    5.00    12/25/2016     KRW      33.75
SINBO SECURITIZATION    5.00     3/12/2018     KRW      30.73
SINBO SECURITIZATION    5.00     3/12/2018     KRW      30.73
SINBO SECURITIZATION    5.00     5/26/2018     KRW      28.83
SINBO SECURITIZATION    5.00     3/18/2019     KRW      27.41
SINBO SECURITIZATION    5.00     3/18/2019     KRW      27.41
SINBO SECURITIZATION    5.00     7/26/2016     KRW      42.47
SINBO SECURITIZATION    5.00     7/26/2016     KRW      42.47
SINBO SECURITIZATION    5.00    12/23/2018     KRW      28.16
SINBO SECURITIZATION    5.00    12/23/2018     KRW      28.16
SINBO SECURITIZATION    5.00    12/23/2017     KRW      30.32
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
SINBO SECURITIZATION    5.00     9/26/2018     KRW      29.11
TONGYANG CEMENT & EN    7.50     4/20/2014     KRW      70.00
TONGYANG CEMENT & EN    7.30     4/12/2015     KRW      70.00
TONGYANG CEMENT & EN    7.30     6/26/2015     KRW      70.00
TONGYANG CEMENT & EN    7.50     7/20/2014     KRW      70.00
TONGYANG CEMENT & EN    7.50     9/10/2014     KRW      70.00
U-BEST SECURITIZATIO    5.50    11/16/2017     KRW      32.48
WISE MOBILE SECURITI   20.00    12/14/2018     KRW      74.81
WOORI BANK              5.21    12/12/2044     KRW      66.67


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35      3/1/2026     LKR      57.87
SRI LANKA GOVERNMENT    6.00     12/1/2024     LKR      64.70
SRI LANKA GOVERNMENT    9.00     10/1/2032     LKR      71.64
SRI LANKA GOVERNMENT    7.00     10/1/2023     LKR      72.63
SRI LANKA GOVERNMENT    9.00     11/1/2033     LKR      70.43
SRI LANKA GOVERNMENT    9.00      6/1/2033     LKR      71.09
SRI LANKA GOVERNMENT    8.00      1/1/2032     LKR      65.70
SRI LANKA GOVERNMENT    9.00      6/1/2043     LKR      68.27


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35     2/20/2024     MYR      72.56
BANDAR MALAYSIA SDN     0.35    12/29/2023     MYR      73.04
BIMB HOLDINGS BHD       1.50    12/12/2023     MYR      71.84
BRIGHT FOCUS BHD        2.50     1/24/2030     MYR      71.10
BRIGHT FOCUS BHD        2.50     1/22/2031     MYR      68.22
LAND & GENERAL BHD      1.00     9/24/2018     MYR       0.22
SENAI-DESARU EXPRESS    0.50    12/31/2040     MYR      68.01
SENAI-DESARU EXPRESS    0.50    12/30/2039     MYR      66.89
SENAI-DESARU EXPRESS    0.50    12/31/2047     MYR      74.81
SENAI-DESARU EXPRESS    0.50    12/31/2043     MYR      71.45
SENAI-DESARU EXPRESS    0.50    12/31/2046     MYR      73.97
SENAI-DESARU EXPRESS    0.50    12/29/2045     MYR      73.00
SENAI-DESARU EXPRESS    0.50    12/31/2041     MYR      69.12
SENAI-DESARU EXPRESS    0.50    12/30/2044     MYR      72.23
SENAI-DESARU EXPRESS    0.50    12/31/2042     MYR      70.37
SENAI-DESARU EXPRESS    0.50    12/31/2038     MYR      65.26
SENAI-DESARU EXPRESS    1.35    12/29/2028     MYR      58.06
SENAI-DESARU EXPRESS    1.35     6/30/2028     MYR      59.27
SENAI-DESARU EXPRESS    1.15    12/29/2023     MYR      69.69
SENAI-DESARU EXPRESS    1.35     6/30/2026     MYR      63.97
SENAI-DESARU EXPRESS    1.35     6/30/2027     MYR      61.61
SENAI-DESARU EXPRESS    1.35     6/30/2031     MYR      52.18
SENAI-DESARU EXPRESS    1.15    12/30/2022     MYR      72.93
SENAI-DESARU EXPRESS    1.15     6/30/2023     MYR      71.28
SENAI-DESARU EXPRESS    1.15     6/28/2024     MYR      68.15
SENAI-DESARU EXPRESS    1.35    12/31/2025     MYR      65.24
SENAI-DESARU EXPRESS    1.35     6/28/2030     MYR      54.52
SENAI-DESARU EXPRESS    1.15    12/31/2024     MYR      66.63
SENAI-DESARU EXPRESS    1.15     6/30/2025     MYR      65.18
SENAI-DESARU EXPRESS    1.35     6/29/2029     MYR      56.87
SENAI-DESARU EXPRESS    1.35    12/31/2030     MYR      53.35
SENAI-DESARU EXPRESS    1.10     6/30/2022     MYR      74.37
SENAI-DESARU EXPRESS    1.35    12/31/2026     MYR      62.79
SENAI-DESARU EXPRESS    1.35    12/31/2027     MYR      60.44
SENAI-DESARU EXPRESS    1.35    12/31/2029     MYR      55.68
UNIMECH GROUP BHD       5.00     9/18/2018     MYR       1.02


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

BAYAN TELECOMMUNICAT   13.50     7/15/2006     USD      22.75
BAYAN TELECOMMUNICAT   13.50     7/15/2006     USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.89     5/18/2018     USD      57.08
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       3.27
BAKRIE TELECOM PTE L   11.50      5/7/2015     USD       1.00
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      21.04
BERAU CAPITAL RESOUR   12.50      7/8/2015     USD      20.38
BLD INVESTMENTS PTE     8.63     3/23/2015     USD       8.00
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      17.38
BUMI CAPITAL PTE LTD   12.00    11/10/2016     USD      16.41
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      17.50
BUMI INVESTMENT PTE    10.75     10/6/2017     USD      16.26
ENERCOAL RESOURCES P    6.00      4/7/2018     USD      10.13
GOLIATH OFFSHORE HOL   12.00     6/11/2017     USD       5.04
INDO INFRASTRUCTURE     2.00     7/30/2010     USD       1.88
NEPTUNE ORIENT LINES    4.65      9/9/2020     SGD      74.67
NEPTUNE ORIENT LINES    4.40     6/22/2021     SGD      69.00
ORO NEGRO DRILLING P    7.50     1/24/2019     USD      45.00
OSA GOLIATH PTE LTD    12.00     10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      70.00
OTTAWA HOLDINGS PTE     5.88     5/16/2018     USD      48.00
PACIFIC RADIANCE LTD    4.30     8/29/2018     SGD      73.13
SWIBER CAPITAL PTE L    6.50      8/2/2018     SGD      50.13
SWIBER CAPITAL PTE L    6.25    10/30/2017     SGD      61.88
SWIBER HOLDINGS LTD     7.13     4/18/2017     SGD      64.88
TRIKOMSEL PTE LTD       5.25     5/10/2016     SGD      20.00
TRIKOMSEL PTE LTD       7.88      6/5/2017     SGD      20.00


THAILAND
--------

G STEEL PCL             3.00     10/4/2015     USD       3.74
MDX PCL                 4.75     9/17/2003     USD      37.75
TEEKAY OFFSHORE PART    6.00     7/30/2019     USD      62.75


VIETNAM
-------

DEBT AND ASSET TRADI    1.00    10/10/2025     USD      49.96
DEBT AND ASSET TRADI    1.00    10/10/2025     USD      49.38



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***