TCRAP_Public/160406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, April 6, 2016, Vol. 19, No. 67


                            Headlines


A U S T R A L I A

A M E PRODUCTS: First Creditors' Meeting Set For April 13
CANBERRA PACIFIC: Placed in Administration
INLAND NSW: Placed in Administration
LED4LIFE PTY: Placed in Administration
PEAKE PTY: First Creditors' Meeting Set Today

SIDOMA PTY: In Liquidation; First Meeting Set For April 13
VIRGIN AUSTRALIA: Moody's Puts B2 CFR on Review for Downgrade


C H I N A

TONGJI HEALTHCARE: Delays Filing of 2015 Form 10-K


I N D I A

AAROHI CONSTRUCTIONS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
AGNIBINA FOODS: CRISIL Suspends B Rating on INR82MM Term Loan
ANG LIFE: CRISIL Raises Rating on INR60MM Term Loan to B-
ARANI POWER: ICRA Suspends D Rating on INR36.92cr Loan
ARCHIT PLYWOOD: ICRA Reaffirms B Rating on INR4.0cr Cash Loan

BHAGWATI COTTON: CRISIL Reaffirms 'B' Rating on INR295.7MM Loan
BRAHMAPUTRA INFRA: CRISIL Suspends B- Rating on INR255MM Loan
CAR PLANET: CRISIL Assigns 'B' Rating to INR46MM Term Loan
CARRIER WHEELS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
CHAMUNDA ELECTRICAL: ICRA Assigns B+ Rating to INR1.0cr Loan

CMC COMMUTATORS: ICRA Revises Rating on INR3.35cr Loan to B
D AND M CABLES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
D.V. EXPORTS: ICRA Suspends B+ Rating on INR10cr Cash Loan
DEVGAN SOLVEX: CRISIL Suspends B+ Rating on INR59MM Cash Loan
DIVAKAR PV: Weak Financial Strength Cues ICRA SP 3D Grading

EMAAR ALLOYS: CRISIL Lowers Rating on INR95.4MM Cash Loan to D
ESSEL MARKETING: ICRA Lowers Rating on INR10.20cr Loan to B
FOURTH DIMENSION: Weak Financial Strength Cues ICRA SP 2D Grading
GAURAV RICE: CRISIL Suspends B Rating on INR147.1MM Term Loan
HASAN MARKETING: Weak Financial Strength Cues ICRA SP 3D Grading

HIVE INFRA: Weak Financial Strength Cues ICRA SP4D Grading
INDO VACUUM: ICRA Revises Rating on INR2.20cr Cash Loan to B
JAL EXPORTS: ICRA Reaffirms B+/A4 Rating on INR12cr LT Loan
JSW STEEL: Fitch Cuts Issuer Default Rating to 'BB'
K.C. TIMBER: CRISIL Assigns B Rating to INR80MM Credit Limit

KAMAKHYA TRANSFORMERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
LB COTTON: ICRA Lowers Rating on INR5cr LT Loan to D
LINERS INDIA: ICRA Assigns 'C' Rating to INR12.50cr Loan
MAHADEV INDUSTRIES: ICRA Reaffirms B Rating on INR20.80cr Loan
MAHAKALESHWAR INFRATECH: Ind-Ra Affirms IND BB+ LT Issuer Rating

MAN COTT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
MANGAL SPONGE: ICRA Lowers Rating on INR25cr Cash Loan to B+
NEW FRONT: ICRA Suspends B Rating on INR20cr LT Loan
NOVEL SUGAR: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
OMKAR INFRACON: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

ORCHID CURE: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
PAWAN KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
RAHIS COLD: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
RATIONAL HANDLOOM: Ind-Ra Assigns IND BB Long-Term Issuer Rating
RHIZOME DISTILLERIES: CRISIL Ups Rating on INR110MM Loan to B+

S. NANDA: ICRA Assigns B+ Rating to INR12cr LT Loan
SAMBASADASHIV COLD: ICRA Suspends D Rating on INR7cr Loan
SANGO AUTO: CRISIL Raises Rating on INR15MM Term Loan to B+
SHARMA CONSTRUCTION: CRISIL Assigns B+ Rating to INR50MM Loan
SHIVAM COTTEX: ICRA Reaffirms B+ Rating on INR6cr Cash Loan

SHREE RENUKA: Ind-Ra Downgrades Long-Term Issuer Rating to IND D
SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
SHRIMAN ENTERPRISES: ICRA Assigns 'B' Rating to INR36cr Loan
SPJ SOLAR: Weak financial strength Cues ICRA SP 4D Grading
SREE NARAYANA: CRISIL Suspends B- Rating on INR80MM Term Loan

SRI ADHITYA: ICRA Assigns B- Rating to INR5.0cr LT Loan
SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR10.69cr Loan
SRI LAKSHMI: ICRA Suspends B+ Rating on INR17cr Loan
SRI SAI: ICRA Assigns 'B' Rating to INR5.60cr Unallocated Loan
SRINITHI ENTERPRISES: ICRA Upgrades Rating on INR7cr Loan to BB-

STEEL AUTHORITY: Fitch Cuts LT FC Issuer Default Rating to 'BB'
SUSHIL ANSAL: CRISIL Lowers Rating on INR248MM Term Loan to D
TAGORE SHIKSHAN: CRISIL Assigns B+ Rating to INR99MM LT Loan
TAPAL STEEL: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
TARINI MOTORS: ICRA Reaffirms B+ Rating on INR3.25cr Cash Loan

TATA STEEL: Fitch Cuts LT FC Issuer Default Rating to 'BB'
THE HIMANIS: CRISIL Assigns B+ Rating to INR50MM Term Loan
UNITED NANOTECHNOLOGIES: ICRA Assigns B- Rating to INR3.02cr Loan
VINIRRMAA PROJECTS: Ind-Ra Affirms IND B Long-Term Issuer Rating
VIVA VITA: CRISIL Suspends D Rating on INR50MM LT Loan

VRIDHI IRON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
YASH BREEDING: ICRA Suspends 'B' Rating on INR10cr Bank Loan


I N D O N E S I A

ALAM SUTERA: Moody's Lowers CFR to B2; Outlook Stable
PERTAMINA ENERGI: Liquidation Set to be Complete in Mid-2016


J A P A N

ASAHI LIFE: Fitch Affirms 'BB+' Insurer Fin'l Strength Rating


N E W  Z E A L A N D

STONEWOOD HOMES: New Owner Seeks Legal Advice Over Contracts


S I N G A P O R E

S TRAVEL: Tour Operator Shuts Down Unexpectedly


V I E T N A M

VIETNAM BANK: Fitch Affirms 'B+' Long-Term Issuer Default Ratings

* VIETNAM: 2,900 Firms Close Down in Q1


                            - - - - -


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


A M E PRODUCTS: First Creditors' Meeting Set For April 13
---------------------------------------------------------
Robert Hutson and Jarrod Villani of KordaMentha were appointed as
administrators of A M E Products Pty Ltd on April 1, 2016.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 14, 12 Creek Street, in Brisbane, QLD, on
April 13, 2016, at 10:00 a.m.


CANBERRA PACIFIC: Placed in Administration
------------------------------------------
Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Canberra Pacific Management Pty Ltd on March
31, 2016.


INLAND NSW: Placed in Administration
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Inland NSW
Regional Tourism Organisation Incorporated has been placed into
administration. Andrew John Spring and Bradd William Morelli from
Jirsch Sutherland were appointed administrators of the company on
March 31, 2016, the report says.

According to Dissolve.com.au, the appointment resulted from the
company not receiving sufficient grant funding.

Inland NSW Regional Tourism Organisation Incorporated is
responsible for promoting tourism throughout the majority of the
western and northern New South Wales.


LED4LIFE PTY: Placed in Administration
--------------------------------------
Robert Moodie and Will Griffiths of Rodgers Reidy were appointed
as administrators of Led4Life Pty Ltd on April 4, 2016.


PEAKE PTY: First Creditors' Meeting Set Today
---------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed as Joint and Several Administrators of Peake Pty Ltd,
trading as Tanami Downs Station, on March 23, 2016.

A meeting of creditors will be held at 10:30 a.m. today, April 6,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


SIDOMA PTY: In Liquidation; First Meeting Set For April 13
----------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Sidoma Pty Ltd, trading as All
Bake Services, on March 30, 2016.

A meeting of creditors will be held at 2:30 p.m. on April 13,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


VIRGIN AUSTRALIA: Moody's Puts B2 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating and the B3 senior unsecured rating of Virgin Australia
Holdings Limited on review for downgrade.

Moody's has also placed on review for downgrade, the ratings
assigned to Virgin Australia 2013-1A Trust, Virgin Australia
2013-1B Trust, Virgin Australia 2013-1C Trust, and Virgin
Australia 2013-1D Trust.

                         RATINGS RATIONALE

"The review for downgrade reflects Moody's view of the
uncertainty which has emerged over the outcome of Virgin
Australia's capital structure review and the level of shareholder
support given Air New Zealand's announcement that it is exploring
options with respect to its shareholding in Virgin Australia,
including a possible sale of all or part of its about 26% stake,"
says Ian Chitterer, a Moody's Vice President and Senior Analyst.

"The review also reflects the slower-than-expected momentum now
evident in the deleveraging of the business and the deterioration
in its liquidity profile, as reported for July-December 2015,"
adds Chitterer.  Virgin Australia was initially rated B2 in
November 2014 and has not reduced its debt/EBITDA as quickly as
Moody's had expected.

Adjusted debt/EBITDA for the 12 months ended Dec. 31, 2015, was
7.2x, a level which exceeds Moody's tolerance of 6.5x for its B2
corporate family rating.

Virgin Australia's unrestricted cash balance fell by 24% to
AUD544 million at Dec. 31, 2015, compared to AUD719 million at
June 30, 2015, thereby weakening the company's liquidity and
credit profiles.

Virgin Australia's strong shareholder base and its willingness to
offer financial support in challenging times have historically
provided additional support to the airline's ratings and
increased Moody's rating tolerance for its current weak credit
metrics.

Moody's believes that Air New Zealand's announcement creates
uncertainty around the future ownership structure, and this may
impact shareholder support.

During the review, Moody's will look for more clarity around the
future of the shareholder base and support.

The EENs are issued by separate Australian law trusts (EEN
Trusts).  The sole beneficiary of each EEN Trust is an orphan
special purpose, Australian bankruptcy-remote vehicle.  The
transaction structure is based on that of the Enhanced Equipment
Trust Certificates (EETCs) that have been issued by US and non-US
airlines, with one key exception.  In the case of the Virgin
Australia transaction, the EEN Trusts issue debt instruments, the
EENs, rather than the certificates issued in a traditional EETC,
which represent fractional undivided interests in those trusts.

The EENs originally financed 24 of the company's aircraft, then
owned and operated by wholly-owned indirect subsidiaries of
Virgin Australia.  The aircraft were delivered new between August
2003 and August 2011.

The notes on the two Boeing B737-700 aircraft in the transaction
matured in 2015, leaving 22 aircraft in the collateral.  Moody's
assigns ratings to EETCs and the EENs by adding or subtracting
notches to or from an airline's corporate family rating, based on
its opinions of the importance of the aircraft collateral to the
airline's network, whether there is a liquidity facility, its
estimates of the size of the equity cushion, and each Classes'
position in the waterfall.

WHAT COULD CHANGE THE RATINGS - VIRGIN AUSTRALIA

Should the outcome of the capital structure review bring Virgin
Australia's financial metrics into line with expectations for a
B2 rating, Moody's would affirm the current rating.  If not, the
airline will be downgraded to B3.

In order for the rating agency to consider an upgrade to B1,
Moody's would need to see strong shareholder support, operational
initiatives to enhance cash flow and profitability, and debt
reduction to a level well inside the thresholds for a B1 rating.
The rating agency views this scenario as unlikely.

WHAT COULD CHANGE THE RATINGS - EEN AND EETC

Moody's will assess the positioning of the EEN ratings relative
to the post-review corporate family rating of the airline.

                          METHODOLOGIES

The principal methodology used in rating Virgin Australia
Holdings Limited was Global Passenger Airlines published in May
2012.  The principal methodology used in rating Virgin Australia
2013-1A Trust, Virgin Australia 2013-1B Trust, Virgin Australia
2013-1C Trust, and Virgin Australia 2013-1D Trust was Enhanced
Equipment Trust And Equipment Trust Certificates published in
December 2015.

Virgin Australia Holdings Limited headquartered in Brisbane, is
Australia's second largest airline following its launch in 2000
and listing on the Australian Securities Exchange in 2003.  As of
June 2015 it generated revenues of AUD4.7 billion and around 23.5
million revenue passengers including Tigerair Australia
(Tigerair).  VAH operates 157 aircraft, including the fleet of
Tigerair, its low cost carrier.



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


TONGJI HEALTHCARE: Delays Filing of 2015 Form 10-K
--------------------------------------------------
Tongji Heahtcare Group, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
Dec. 31, 2015.  According to the Company, it has encountered a
delay in assembling the information, in particular its financial
statements for the year ended Dec. 31, 2015, required to be
included in its Annual Report.

The Company expects to file its Dec. 31, 2015, Form 10-K Annual
Report with the SEC within 15 calendar days of the prescribed due
date.

                       About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare reported a net loss of $462,000 on $2.52
million of total operating revenues for the year ended Dec. 31,
2014, compared with a net loss of $730,000 on $2.37 million of
total operating revenues for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $16.8 million in total
assets, $19.4 million in total liabilities and a $2.60 million
total stockholders' deficit.



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


AAROHI CONSTRUCTIONS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aarohi
Constructions Private Limited (ACPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The agency has also assigned
ACPL's INR100 million fund-based working capital limits an 'IND
B+'/Stable rating.

KEY RATING DRIVERS

The ratings are constrained by ACPL's small scale of operations,
as reflected in its revenues of INR9m in FY15 (FY14: INR8m) and
moderate credit profile, with interest coverage (operating
EBITDA/gross interest expense) of 2.9x (1.7x) and net financial
leverage (total adjusted net debt/operating EBITDA) of 19x
(6.1x). ACPL is developing two storeys over Aarohi Super Bazar in
Lucknow, Uttar Pradesh, and this project is scheduled to be
completed by May 2017, thereby increasing the risk of time or
cost overruns, which could impact the project's profitability and
debt servicing ability.

The ratings draw comfort from ACPL's past projects, which have
been completed, and its promoters' experience of over two decades
in the construction of residential and commercial buildings.

RATING SENSITIVITIES

Positive: Timely completion of the Aarohi Super Bazar project in
line with its cost outlays, will be positive for the ratings.

Negative: Any time or cost overruns in the Aarohi Super Bazar
project will be negative for the ratings.

COMPANY PROFILE

Established in 1986, ACPL is a developer of commercial and
residential complexes across Lucknow.


AGNIBINA FOODS: CRISIL Suspends B Rating on INR82MM Term Loan
-------------------------------------------------------------
RISIL has suspended its rating on the bank facilities of Agnibina
Foods Private Limited (AFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      3       CRISIL B/Stable
   Term Loan              82       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by AFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AFPL is yet to
provide adequate information to enable CRISIL to assess AFPL'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, AFPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
promoter directors Mr. Biswajit Hazra, Mr. Dilip Kumar Shaw, Mr.
Gopinath Dawn, and Partha Sarathi Hati manage the day-to-day
operations. The company started commercial operations in April
2014.


ANG LIFE: CRISIL Raises Rating on INR60MM Term Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
ANG Life Sciences India Private Limited (ANG) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D '.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit       37.5     CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term     52.5     CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              60       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects timely servicing of debt by ANG over the
four months through February 2015. Furthermore, CRISIL's believes
that the company will continue to service its debt in a timely
manner over the medium term with its cash accrual expected to be
sufficient to meet debt repayment obligations.

The ratings also reflect the company's weak financial profile
because of high gearing, and working capital-intensive
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the pharmaceutical Industry.
Outlook: Stable

CRISIL believes ANG will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of substantial growth in revenue or
operating profitability, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a decline in revenue or profitability, sizeable, debt-
funded capital expenditure, or a stretched working capital cycle,
adversely impacting liquidity.

Incorporated in 2006, ANG manufactures dry powder injectables at
its plant at Baddi, Himachal Pradesh. Its operations are
currently being managed by Mr. Rajesh Gupta.


ARANI POWER: ICRA Suspends D Rating on INR36.92cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR36.92 crore fund based limits and INR2.00 crore non-fund based
limits of Arani Power Systems Ltd (APSL). ICRA has also suspended
the short term rating of [ICRA]D assigned to the INR3.80 crore
non-fund based limits of APSL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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

Incorporated in 2006, APSL is a Hyderabad based original
equipment manufacturer of 4-45 MW steam turbines and supplies
systems, components and services in the field of steam based,
medium capacity power generation equipments. The range of steam
turbines is up to 45 Megawatts with inlet steam parameters
ranging from 65ata/500 deg C up to 100ata/525 deg C. The systems
cover widely TG (Turbo Generators) Island that includes steam
turbines, alternators, gearboxes and heat exchangers with the
state-of-the-art controls. The company offers turbo-generators
packages from Co-generation, IPPs, CPPs, CCP's in sugar, steel,
cement, paper, biomass and other core sectors including the
utility segment. The company also provides value-added services
that include erection, commissioning, supply of replaceable
components, troubleshooting, engineering improvements and
repairs.


ARCHIT PLYWOOD: ICRA Reaffirms B Rating on INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B  on the
INR4.00 crore cash credit facilities and INR0.75 crore term loan
facility of Archit Plywood Private Limited (APPL) and the short-
term rating of [ICRA]A4  to the INR4.25 crore non-fund based
limits of APPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit
   Facilities
   (LT Scale)            4.00        [ICRA]B; reaffirmed

   Term Loan
   Facilities
   (LT Scale)            0.75        [ICRA]B; reaffirmed

   Letter of Credit
   (ST Scale)            4.00        [ICRA]A4; reaffirmed

   Unallocated
   (LT/ST Scale)         0.25        [ICRA]B/[ICRA]A4; reaffirmed

ICRA's ratings continues to take into account the highly
competitive and fragmented nature of the industry it operates in,
with the presence of numerous players in both the organized and
the unorganized sectors. The ratings also factor in the high
inventory levels maintained for the primary raw material, timber,
which is procured in bulk during the timber harvest season from
different geographies along with the stretched receivables and
payables levels during FY15. Further, the company is exposed to
the risk of adverse foreign exchange movements due to the lack of
a hedging mechanism.

However, the ratings derive comfort from the presence of the
company's manufacturing facility in the wood and wood product
manufacturing hub- Gandhidham, Gujarat, which results in benefits
such as proximity to customers, access to raw materials etc and
the strong growth in the top line during FY15 and the net profits
recorded during the year after the series of losses in the past.
The ability of the company to further increase its scale of
operations with improvement in profitability and better
management of the working capital cycle will be the key rating
sensitivities.
APPL commenced operations from October 2011 and is engaged in the
trading of timber and manufacturing of plywood, veneer, block
board and flush doors. It sells the products under the registered
brand name "Archit". The company's head office is located in New
Delhi whereas the manufacturing facility is located in
Gandhidham, Gujarat.

Recent Results
In 2014-15, APPL reported an operating income of INR16.35 crore
and a net profit of INR0.10 crore as against an operating income
of INR11.80 crore and a net loss of INR0.35 crore in the previous
year. APPL on provisional basis has booked revenue of INR15.00
crore during FY16 (11m) period.


BHAGWATI COTTON: CRISIL Reaffirms 'B' Rating on INR295.7MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagwati Cotton and
Spinning Mills Private Limited (BCSM) continue to reflect the
company's below-average financial risk profile marked by high
gearing and average debt-protection metrics, and exposure of its
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive
experience of its promoters in the yarn industry and their
funding support.

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

   Cash Credit         100         CRISIL B/Stable (Reaffirmed)

   Letter of Credit     70         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   31.8       CRISIL B/Stable (Reaffirmed)

   Term Loan           295.7       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BCSM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the financial risk
profile improves significantly, most likely due to substantial
cash accrual or equity infusion along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of considerably low cash accrual or large working
capital requirement.

Update
Operating revenue grew significantly to INR1006.1 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR800.6 million in 2013-14 due to the positive domestic market
scenario. BCSM has achieved turnover of INR900 million for the 11
months through February 2016 and CRISIL believes that revenue
will hover around INR1000-1010 million in 2015-16 owing to
sluggish demand and declining trends of polyester prices.
Operating margin improved to 7.7 percent in 2014-15 from 5.3
percent in 2013-14 as a low crude oil price led to low fuel and
power costs. CRISIL believes that operating margin of the company
will hover in the range of 7 to 8 percent over the medium term.

Financial risk profile is characterized by moderate net worth and
high gearing of INR140.0 million and 2.29 times as on March 31,
2015. The networth is expected to remain at a similar level over
the medium term owing to modest accretion to reserves. Gearing is
expected to improve to 1.90 times over this period owing to
absence of significant debt-funded capex.  Debt protection
metrics were average with net cash accrual to total debt (NCATD)
and interest coverage ratios (ICR) at 0.10 time and 1.7 times,
respectively, in 2014-15 and CRISIL believe that debt-protection
metrics will remain average with NCATD and ICR expected at 0.10-
0.13 and 1.80-2.00 times respectively over the medium term.

BCSM's liquidity profile is expected to remain weak as the
company is expected to generate low net cash accruals of INR36.90
million against repayment obligation of 49.10 million in 2015-16.
Liquidity is however supported by promoters who have supported
the liquidity through unsecured loans at INR18.8 million as on
March 31 2015 and moderate utilisation of bank limit at around 85
percent over the 12 months through Jan 2016.

BCSM was incorporated in 2000, promoted by the Ludhiana-based
Dhir family. The company manufactures synthetic yarn such as
polyester and acrylic yarn. At present, It has a production
capacity of 16,000 spindles.


BRAHMAPUTRA INFRA: CRISIL Suspends B- Rating on INR255MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Brahmaputra Infra Power Private Limited (BIPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              255      CRISIL B-/Stable

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

BIPPL, incorporated in February 2009, is a wholly owned
subsidiary of Neccon. BIPPL is a special purpose vehicle created
to execute a 4.7-megawatt run-of-the river hydropower project on
Bordikorai river, a tranche on the northern bed of the
Brahmaputra river, in Sonitpur (Assam).


CAR PLANET: CRISIL Assigns 'B' Rating to INR46MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Car Planet Enterprises Pvt Ltd (CEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              46       CRISIL B/Stable
   Cash Credit            19       CRISIL B/Stable
   Inventory Funding
   Facility               30       CRISIL B/Stable

The rating reflects CEPL's exposure intense competition in the
automobile dealership business and a below-average financial risk
profile because of a modest networth, high total outside
liabilities to tangible networth ratio, and weak interest
coverage ratio. These rating strengths are partially offset by
the extensive experience of promoters in the automobile
dealership business.
Outlook: Stable

CRISIL believes CEPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue or cash
accrual, or substantial capital infusion by promoters leads to
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accrual or weaker-than-expected working capital
management, or any larger-than-expected, debt-funded capital
expenditure, leading to deterioration in the financial risk
profile, particularly liquidity.

Incorporated in 2009, CEPL, promoted by Mr. Amit Agarwal, is an
authorised dealer for various companies such as Fiat Group
Automobiles, Mitsubishi Motors, and Mahindra Earth Master; it
also runs Mahindra First Choice service centre. Mr. Agarwal looks
after the company's operations.


CARRIER WHEELS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Carrier Wheels
Private Limited (CWPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect CWPL's small scale of operations and
moderate-to-weak credit metrics. Its FY15 revenue was INR204.80
million (FY14: INR79.54 million), net financial leverage (total
adjusted net debt/operating EBITDA) was 14.60x (negative 139.4x)
and gross interest coverage (operating EBITDA/gross interest
expense) was 4.47x (negative 0.5x).

However, the ratings are supported by CWPL's comfortable
liquidity position, as evident from the about 44.73% average
utilisation of its working capital limits during the 12 months
ended March 2016. The ratings are further supported by CWPL's
strong EBITDA margins of 13.04% in FY15 (FY14: negative 3.33%)
and its promoters' strong track record of over 40 years in the
auto industry.

RATING SENSITIVITIES

Positive: Substantial top-line growth and further improvement in
profitability, leading to sustained improvement in credit
metrics, will lead to a positive rating action.

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

COMPANY PROFILE

CWPL was established in January 2013 and manufactures tractor
wheels. It exports 20%-25% of its products to Turkey, the UK, USA
and Sudan. Its manufacturing plant is located in Shamli, Uttar
Pradesh.

CWPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
-- INR42.5 million fund-based limits: assigned 'IND
    B'/Stable/'IND A4'
-- INR40 million proposed fund-based-limits: assigned
    'Provisional IND B'/Stable/'Provisional IND A4'
-- INR7.5 million non-fund based limits: assigned 'IND A4'


CHAMUNDA ELECTRICAL: ICRA Assigns B+ Rating to INR1.0cr Loan
------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+  to INR1.00 crore long
term fund based facilities of Chamunda Electrical (P) Limited.
ICRA has also assigned the rating of [ICRA]A4  to the INR7.50
crore short term fund based facilities of CEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.00        [ICRA]B+ assigned
   Bank Guarantee        7.50        [ICRA]A4 assigned

The assigned ratings are constrained by the moderate scale of
operations; limited profitability margins owing to low value
addition nature of operations and high competitive intensity the
electrical contracting business. The ratings also take into
account the high customer concentration of the company's
operations with single client being GETCO. ICRA also takes note
of the sectoral and geographical risk arising from the company's
operations dependent only on operation and maintenance contracts
in the Gujarat state.

The ratings, however, favourably takes into account the long
track record of the promoter in the electrical contracting and
maintenance business with more than two decades of experience
coupled with company's certification as approved Class A
contractor for 'operation and maintenance'.

Incorporated in June 2013, Chamunda Electrical (P) Limited (CEPL)
is engaged 'Operation and Maintenance' services of GETCO from its
office located at Palanpur, Ahmedabad. CEPL is promoted by Mr.
Chirag Patel and his father Mr. Natvarlal Rathod. Mr. Patel is
engaged in the electrical contracting business since 1994 through
his partnership firm which was later converted to proprietorship
firm viz- Chamunda Construction Co. that carried out the business
of electrical contracting services for Gujarat Energy
Transmission Corporation Limited (GETCO). CEPL has been
registered as Class 'A' electrical contractor for the 'Operation
and Maintenance' services and 'B' class electrical contractor for
the erection work wherein it can carry out erection of line on H-
Frame Structure & Tower.

Recent Results
For the financial year ended March 2015, the company reported an
operating income of INR9.68 crore and profit after tax of INR0.21
crore as against an operating income of INR4.87 crore and profit
after tax of INR0.11 crore during the 6 months of operations for
FY 2014. Further in 10M FY2016, the company has reported
operating income of INR12.16 crore and profit after tax of
INR0.31 crore (as per unaudited provisional financials).


CMC COMMUTATORS: ICRA Revises Rating on INR3.35cr Loan to B
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR3.00
crore (reduced from INR5.25 crore) cash credit facility, INR2.00
crore (enhanced from INR0.60 crore) term loan facility and
INR3.35 crore (enhanced from INR2.00 crore) unallocated limits of
CMC Commutators Private Limited from [ICRA]B+ to [ICRA]B. ICRA
has re-affirmed the short-term rating of [ICRA]A4 assigned to the
INR1.65 crore (reduced from INR2.15 crore) non-fund based limit
of CMC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B/Revised
                                     from [ICRA]B+

   Term Loan             2.00        [ICRA]B/Revised
                                     from [ICRA]B+

   Unallocated Limits    3.35        [ICRA]B/Revised
                                     from [ICRA]B+

   Non-Fund Based
   Limits                1.65        [ICRA]A4/Re-affirmed

The rating revision takes note of the drop in profit margin owing
to the price fluctuation of raw materials, primarily copper,
which could not be passed on to the customers and the high
working capital intensity due to high receivables and inventory
holding. This, together with, the large debt funded investment in
real estate properties lead to reduced financial flexibility with
higher interest cost and inadequate funds to meet the working
capital requirements. The ratings continue to remain constraint
by the small scale of operations that limits economies of scale,
the weak debt coverage indicators and the high client
concentration risk. The ratings, however, take comfort from the
long track record of the promoters of more than three decades in
the manufacturing of commutators and moderate gearing of 0.82
times as on March 31, 2015. Going forward, the company's ability
to scale up the operations, improve profitability and liquidity
position would be the key rating sensitivities. Further,
liquidation of the investments in real estate properties in near
to medium term would also remain a key rating monitorable.

Incorporated in 1977, CMC is owned and managed by Mr. Ramesh Gudi
and family. Based in Belgaum (Karnataka), the company is engaged
in the manufacturing of industrial commutators, molded
commutators and sliprings. The company is ISO 9001:2000
certified. The company has an installed capacity to manufacture
75000 units per month. The promoters of the company own 72% stake
in its subsidiary company- Indo Vacuum Technologies Private
Limited (IVT) which is engaged in the manufacturing of vacuum
pumps.

Recent Results

For FY 2015, CMC reported a net profit of INR0.25 crore on an
operating income of INR11.77 crore, as against a net loss of
INR0.47 crore on an operating income of INR10.06 crore in FY
2014.


D AND M CABLES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D and M Cables
Private Limited (DMCPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings factor in the company's likely weak credit profile
and small scale of operations in FY16. The company's revenue was
around INR73m and operating margin was around 3.16% in FY15, as
it had only been operational for six months. For FY16, its gross
interest coverage is likely to be at 2.5x-3x and net leverage is
likely to be 4.5x-5x due to low operating profitability. Ind-Ra
expects its revenue to be INR350 million by FYE16. The ratings
are further constrained on account of DMCPL's lack of operational
track record.

However, the ratings are supported by DMCPL's promoter's
experience of around three decades in the cables and wires
business.

RATING SENSITIVITIES

Negative: A decline in its overall credit metrics could lead to a
negative rating action.

Positive: A sustained improvement in overall credit metrics,
along with a substantial increase in revenue, will be positive
for the ratings.

COMPANY PROFILE

DMCPL was incorporated in 2013 and began operations in 2014. It
manufactures aluminium cable wires at its 12,000mtpa plant in
Sonepat, Haryana.

DMCPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR60 million fund-based working capital limits: assigned
    Long-term 'IND B+'/Stable and Short-term 'IND A4'
-- INR15 million non-fund-based limits: assigned Short-term 'IND
    A4'


D.V. EXPORTS: ICRA Suspends B+ Rating on INR10cr Cash Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR20.0
crore long term fund based facilities of D.V. Exports. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       [ICRA]B+, suspended
   EPC/FBP/FBN/FOBNLC    10.00       [ICRA]B+, suspended

DV Exports is a proprietorship concern of Mr. Rajpal Singh S/o
Bhupendra Singh Rajpal, who also holds directorship of Manjeet
Cotton Private Limited, with operations purely in cotton trading.
The firm is a part of Manjeet Cotton Group which consists of
various companies and firms engaged in cotton ginning, cotton
pressing and cotton trading activities. The promoters and other
family concerns are in the various levels of the cotton value
chain and well supported by the Manjeet group which is a dominant
player in cotton trading and ginning business in central India.


DEVGAN SOLVEX: CRISIL Suspends B+ Rating on INR59MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Devgan Solvex Private Limited (DSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           59        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     1.5      CRISIL B+/Stable
   Term Loan             19.5      CRISIL B+/Stable

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

Incorporated in 1994, DSPL is promoted by Mr. Naresh Kumar and
his family and is engaged in the extraction of rice bran oil. Its
processing facility located at Amritsar (Punjab).


DIVAKAR PV: Weak Financial Strength Cues ICRA SP 3D Grading
-----------------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Divakar PV Solar Solutions
(DPSS), indicating the 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake
solar projects. The grading is valid till December 31, 2017 after
which it will be kept under surveillance.

Grading Drivers

Strengths
*   Reputed clientele base resulting in lower counter party risk

Risk Factors
*   Early stage of company's operations in the solar segment
coupled with relatively small scale of operations
*   Large number of organized/ unorganized players in the solar
industry indicating high level of competition which may lead to
difficulties in getting client contracts and may pressurize
margins
*   Weak financial risk profile of the company characterized by
operating losses in FY15, high gearing levels with weak coverage
indicators
*   Vulnerability of the profitability to the fluctuations in
the raw material prices

Fact Sheet
Year of Establishment
2013

Office Address
Nr. Biliyada Cross Road, At Shemla, Gondal, Rajkot-360331
Managing Partners
Mr. Divyarasingh Jadeja
Mr. Pratipalsinh Gohil

Divakar PV Solar Solutions (DPSS) was established in 2013 as a
partnership firm and is engaged in manufacturing of solar
modules, solar roof top systems, solar street lights and pumping
systems and solar water pumps. The firm started its commercial
operations from August 2014 with its plant located at Gondal,
Gujarat having an installed manufacturing capacity of 5 MW of
solar module (considering one shift of operations). The firm has
successfully supplied and installed ~810 KW of solar projects
since inception.

The current product profile of the firm includes PV module, solar
lighting systems, solar power packs, solar pumps, thermal based
solar water heaters etc.

Promoter Track Record: The promoters have extensive experience of
various industries such as Real Estate, Ceramic Tiles, operations
of petrol pumps etc. However, the experience in solar operations
remains limited to around 1.5 years. Established in 2013, DPSS is
engaged module manufacturing and installation of solar PV based
instruments like solar roof top system, solar street lighting
systems, power packs and solar pumps and has supplied and
installed 810 KW solar systems since inception. The firm is also
involved in assembly and fabrication of Thermal based solar water
heater. DPSS has primarily executed projects for private entities
with the operations majorly concentrated in the state of Gujarat.

*   Technical competence and adequacy of manpower: DPSS has
limited experience in executing solar projects. DPSS has executed
various projects since August 2014 for solar products amounting
to about INR1.87 crore (~810 kw) and has a firm order book
position of about ~245 kW of solar products, translating to ~Rs
0.86 crores with deliverables based mainly in Gujarat. DPSS has a
total installed capacity of manufacturing 5 MW of solar modules
per annum and current capacity utilization levels remains at
~20%, enabling it to cater to increasing demand for solar
products in the near to medium term. The entity operates with
total staff strength of about 25 personnel, out of which ~5 are
Diploma/ Degrees from I.T.I's whereas remaining are the contract
laborers.

*   Quality of suppliers and tie ups: DPSS procures solar cells
domestically from the suppliers/traders who imports from China,
Taiwan and Korea. Other raw materials such as glass, aluminum
frame, backsheet, junction box etc. are procured from domestic
suppliers. DPSS enjoys healthy working relationship with most of
these suppliers. The company shortlists the vendors based on
product certifications, quality parameters and the service levels
which suppliers can provide; resulting in minimal hindrances
caused due to faulty supplies and increasing product credibility.

*   Customer and O&M Network: DPSS has executed various solar
installations totaling to 810 KW since commencement of solar
operations in August 2014. The firm's customer base mainly
consists of EPC contractors/manufacturers and also the direct end
customers. The company has provided quality deliverables; timely
execution and prompt after sales service for the projects.
Although currently DPSS operates a small team for its operations;
the promoters support and are involved in the day-to- day
operations of the firm. Moreover, the operations are supported by
network of dealers numbering about 4-5 spread located at Gujarat,
Rajasthan and Gurgaon.

Financial Strength - Weak

Revenues
INR0.30 Cr. for FY2015

Return on Capital Employed (RoCE)
-
Total Outside Liabilities / Tangible Net worth
7.57 times

Interest Coverage Ratio
-
Net-Worth
The net-worth of the firm is INR0.09 Cr. (31st March 2015)
Current Ratio
1.23 times

Relationship with bankers
The banker is satisfied with the performance of the accounts

The overall financial profile of the firm is weak.


EMAAR ALLOYS: CRISIL Lowers Rating on INR95.4MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on long-term the bank loan
facility of Emaar Alloys Pvt Ltd (EAPL) to 'CRISIL D' from
'CRISIL B/Stable'. The rating reflects continuous overdrawing in
EAPL's cash credit account for more than 30 days consecutively.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95.4     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The company has marginal market share and is vulnerable to
cyclicality in the steel industry, and has working capital-
intensive operations. These weaknesses are partially offset by
the extensive experience of the promoters in the sponge iron
business.

Incorporated in 2004, EAPL manufactures sponge iron. The company
is promoted by Mr. Abhimanyu Singh, Mr. Manoj Sinha, and Mr.
Vikas Sinha.


ESSEL MARKETING: ICRA Lowers Rating on INR10.20cr Loan to B
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR10.20
crore fund based facilities (increased from INR9.70 crore) of
Essel Marketing & Promotions Private Limited from [ICRA]B+ to
[ICRA]B. ICRA has reaffirmed the short-term rating of [ICRA]A4
to the INR2.00 crore short-term, non-fund-based facilities
(reduced from INR2.50 crore) of EMPPL.

                           Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based, Rated       10.20       Revised to [ICRA]B
   on Long-Term Scale                  from [ICRA]B+

   Short-term, non-
   fund based limits        2.00       [ICRA]A4 reaffirmed

The revision in ratings takes into account the significant
increase in the debt levels of the company in FY2014 & FY2015
coupled with increase in working capital intensity of operations
leading to deterioration of capital structure & debt coverage
indicators. Further, the increase in working capital intensity is
due to increase in debtor levels since two fiscal years resulting
in negative gross cash flows and consequential increase in
utilization of working capital loans. The ratings are further
constrained by EMPPL's relatively modest scale of operations,
high dividend payments thereby impacting cash accruals, high
client concentration with top 5 customers accounting for over 91%
of total sales turnover in FY2015 and highly competitive industry
thereby limting pricing flexibility.

The ratings, however, favourably take into account the vast
experience of the promoters in the trading of promotional
products, the reputed customer base and the company's established
relations with the customers which assist in procuring repeat
orders. The ratings also factor in the consistent growth in the
revenues of the company since last three fiscal years, albeit on
a low base.

EMPPL, incorporated in 2006 by Mr. Rohit Lamba, is engaged in the
supply of a wide range of promotional products typically required
in the trade/retail promotional campaigns of Fast Moving Consumer
Goods (FMCG) and pharmaceutical companies. EMPPL supplies
products such as toys, pencil boxes, plastic jars, stickers,
pens, and other customized gift articles. Mr. Lamba is a first
generation entrepreneur, supported by a team of professionals in
the daily operations of the company.


FOURTH DIMENSION: Weak Financial Strength Cues ICRA SP 2D Grading
-----------------------------------------------------------------
ICRA has assigned a 'SP 2D' grading to Fourth Dimension Infra and
Power Limited, indicating the 'High Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid for a period of two
years from February 29, 2016 after which it will be kept under
surveillance.

Grading Drivers

Strengths
*   Promoters established experience in architecture consultancy
and solar business
*   Healthy growth in solar revenues in FY15
*   Moderate order book in place

Risk Factors
*   Small scale of operations
*   High gearing level of the company
*   Competitive pressure from other players in the industry

Fact Sheet

Year of Formation
May 2010
Office Address
FD House,Prabhat Road, Lane No.5,
Deccan Gymkhana, Pune-411004
Partnership Pattern
Mr Nitin Waghmare - 84%
Others -16%

Incorporated in 2010, Fourth Dimension Infra and Power Limited
(FDIPL), is a part of Fourth Dimension Group based out of Pune.
It is engaged in designing, implementation, commissioning and
maintenance of PV based solar power projects. Currently, it is
setting up 30 MW solar power park in Village: Andur, District:
Osmanabad in Maharashtra. Out of 30 MW, 10 MW has been
commissioned and it has order book of 15 MW in place

Promoter Track Record:

The promoters of the company have significant experience in
providing architectural, construction & EPC consultancy services
to clients across industries. However, the promoters entered into
solar business since 2010 through FDIPL. FDIPL is currently
constructing 30 MW solar power park in Village: Andur, District:
Osmanabad in Maharashtra.

*   Technical competence and adequacy of manpower: The solar
initiative of the group is headed by the Nitin Waghmare, Ashok
Chachra and Satish Kolhekar who have significant experience in
EPC consultancy services. For the solar initiative the company
has also put in place key executives, who have proven experience
in the solar space. The company has total 26 employees of which
more than 50% is technical staff with engineering background.

*   Quality of suppliers and tie ups: FDIPL procures Solar PV
Modules from Canadian Solar International Limited. Other
components such as transformers, electrical parts & civil
structures are procured from Rima Transformer & Conductors Pvt.
Ltd, Vacon Drives & Controls Pvt. Ltd and Tata Blue Scope Steel
Limited respectively. The company has been associated with most
of its suppliers for more than 2 years.

*   Customer and O&M Network: FDIPL has 15 MW order book in
place from S. R. Thorat Milk Products Pvt. Ltd (5 MW) and Altop
Ishichi Renewable Projects Pvt. Ltd (10 MW). The company provides
one year defect liability period and gives back to back guarantee
for the equipments as given by the OEM itself. Going forward, the
company also plans to undertake O&M contracts.

Financial Strength - Weak
Revenues
INR14.87 crore in FY15
Return on Capital Employed (RoCE)
71.97% as of FY15
Total Outside Liabilities / Tangible Net worth
15.84 times in FY15
Interest Coverage Ratio
1.44 in FY15
Net-Worth (partner's capital)
INR0.30 crore as on March 31, 2015
Current Ratio
0.78 time

Relationship with bankers
Bankers are satisfied with company's conduct

The overall financial profile of the company is weak given low
net worth base and high gearing level.


GAURAV RICE: CRISIL Suspends B Rating on INR147.1MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Gaurav
Rice & Food Processing Private Limited (GRFPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             147.1     CRISIL B/Stable

The suspension of rating is on account of non-cooperation by
GRFPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GRFPPL is yet
to provide adequate information to enable CRISIL to assess
GRFPPL'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 2012, GRFPPL is setting up a non-basmati parboiled
rice mill, with a processing capacity of 150 tonnes per day, in
the Vaishali district of Bihar. The company's day-to-day
operations are looked after by its promoter-directors Mr. Sunil
Kumar, Mrs. Renu Devi, and Mr. Gaurav Gupta.


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

Grading Drivers
Strengths
*   Proven experience of promoters in the solar business
*   Cumulative installation of ~670 kW in place, however remains
relatively on a modest level
*   Client base consists of various government agencies/
departments

Risk Factors
*   Small scale of operations
*   Order book remains at moderate level for the Solar business
*   High gearing as well as TOL/TNW, on account of low net worth
     base
*   Competitive pressure from other players in the industry

Fact Sheet

Year of Formation
November 2009

Office Address
C/O Hotel Mid Town, Ekori Ward, Chandrapur, Maharashtra-442402
Partnership Pattern
Hasan Ali - 40%
Taher Hasan Ali - 40%
Rashidabano Hasan Ali - 20%

Incorporated in November 2009, HMPL is primarily engaged in
designing; implementation, commissioning and maintenance of PV
based solar power projects, both on-grids as well as off-grid
domain. Apart from this, the company is also engaged in sales of
solar lanterns, solar street lights, home lighting systems etc.
Till date the company has executed 0.67 MW of solar PV projects.

The grading is for Solar PV

SI Related Business - Moderate Performance Capability

*   Promoter Track Record: The promoters of the company have
dealership of major electrical goods companies in Chandrapur via
group firm "Hasan Electricals". The promoters incorporated Hasan
Marketing Pvt. Ltd in 2009 and have been in the solar business
since last 3-4 years. Till date, the company has executed 0.67 MW
of solar PV projects and has an order book of 0.77 MW.

*   Technical competence and adequacy of manpower: For the solar
initiative the company has also put in place executives, who have
proven experience in the solar space. HMPL has total of 6 key
employees including promoters with technical background.

*   Quality of suppliers and tie ups: HMPL procures Solar PV
Modules from Sri Savitr Solar Pvt. Ltd., and Waree Energy Pvt.
Ltd. Other components such as electrical parts, invertors,
batteries etc. are procured from Olympus Power Pvt. Ltd, Yash
Industries and various other companies. The company has been
associated with its suppliers for more than 2 years.

*   Customer and O&M Network: The client base of government
departments/companies such as Solar Energy Corporation of India,
Zila Parishad, Forest Department, Maharashtra Energy Development
Agency etc as well as private companies. The company provides one
year defect liability period and gives back to back guarantee for
the equipments as given by the OEM itself.

Financial Strength - Weak
Revenues
INR4.61 crore in FY15
Return on Capital Employed (RoCE)
14.46% in FY15
Total Outside Liabilities / Tangible Net worth
15.97 times
Interest Coverage Ratio
1.26 times
Net-Worth
INR0.21 crore
Current Ratio
1.91 times

Relationship with bankers
Bankers are satisfied with company's conduct

The overall financial profile of the company is weak given low
net-worth base and high gearing level of company.


HIVE INFRA: Weak Financial Strength Cues ICRA SP4D Grading
----------------------------------------------------------
ICRA has assigned SP4D grading to Hive Infra Private Limited. The
grading indicates Weak performance capability and Weak financial
strength of the channel partner to undertake solar projects. The
grading is valid for a period of two years from March 18, 2016
after which it will be kept under surveillance.

Grading Drivers
Strengths
*   Technically sound management.
*   Positive feedback from customers, suppliers and banker.
*   Strong Networth of directors.
Risk Factors
*   Large number of unorganized players indicating high level of
competition may lead to pressure on margins.
*   Nascent stage of operation in solar business
*   Losses being made at operating levels
*   Relatively smaller scale of operations

Fact Sheet

Year of Establishment
2007

Registered Office Address
D-1, Kings Court, Shivaji Park, Kolhapur
Incorporated in the year 2007, Hive Infra Private Limited (HIPL)
act as system integrator for installation of solar water pumping
systems and solar roof top projects. Director of the company have
around 30 years of experience in real estate sector and 1 year of
experience in solar sector. HIPL has an employee base of 10 to 12
permanent employees and hires contractual labours as and when
required. The company has its registered office located in
Kolhapur.

Product profile of the company includes system integration and
installation of Solar Water Pumping System and Solar roof top
projects.

Till date, the company has executed total of 5 KWp of solar
projects till date. As per management, HIPL has an order book of
INR550 KWp of solar projects to be executed by March 2017 and is
in discussion with other customers to get new orders.

SI Related Business - Weak Performance Capability

Directors' Track Record: Mr. Jayesh Natwarlal Barot and Ms.
Upasana Jayesh Barot are the director of the company. Mr. Jayesh
Barot has around 30 years of experience in real estate business
and 1 year of experience in solar sector.
Technical competence and adequacy of manpower:
HIPL act as system integrator for installation of solar water
pumping systems and solar roof top projects Till date, the
company has executed total of 5 KWp of solar water pumping
systems till date. As per management, HIPL has an order book of
INR550 KWp of solar projects to be executed by March 2017 and is
in discussion with other customers to get new orders.

The company has an employee base of 10 to 12 permanent employees
and hires contractual labours whenever required.

Quality of suppliers and tie ups: As per management, the entity
sources various products like solar panels, solar pump structure,
invertors, etc. required from various suppliers such as Vikram
Solar Private Limited, Shakti Pumps (India) Limited, etc.

Customer and O&M Network:
Till date, the company has installed total of 5Kw solar water
pump at the residence of Mr. Jayesh Natwarlal Barot. Management
has indicated that they have an order book of 550 Kwp of solar
pump system and solar roof top projects to be executed by March
2016. HIPL works to integrate systems for the customer directly
at various sites. HIPL has tie-ups with various suppliers of
products required for installation of solar water pumps and solar
power projects to provide servicing for 2 to 3 years after
installation


INDO VACUUM: ICRA Revises Rating on INR2.20cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR2.20
crore (reduced from INR4.15 crore) cash credit facility and
INR1.50 crore (reduced from INR2.05 crore) term loan facility of
Indo Vacuum Technologies Private Limited from [ICRA]B+ to
[ICRA]B. ICRA has also re-affirmed the short-term rating of
[ICRA]A4  assigned to the INR0.50 crore (reduced from INR0.85
crore) non-fund based limit of CMC. ICRA has also revised long-
term rating from [ICRA]B+ to [ICRA]B and re-affirmed the short-
term rating assigned to the INR3.35 crore (enhanced from INR0.50
crore) unallocated limit of IVT.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.20       [ICRA]B/Revised
                                    from [ICRA]B+

   Term Loan             1.50       [ICRA]B/Revised
                                    from [ICRA]B+

   Non-Fund Based
   Limits                0.50       [ICRA]A4/Re-affirmed

   Unallocated Limits    3.35       [ICRA]B/Revised from
                                    [ICRA]B+/[ICRA]A4/Re-affirmed

The rating revision takes note of the drop in profit margin owing
to the increase in input cost and adverse foreign exchange
fluctuation since imports account for 40% of the total raw
material procurement which could not be passed on to the
customers due to intense competition. Further, large debt funded
investment in real estate properties lead to stretched liquidity
with higher interest cost and inadequate funds to meet the
working capital requirements. The ratings continue to remain
constraint by the small scale of operations that limits economies
of scale, weak debt coverage indicators and high working capital
intensity on account of high inventory holding. The ratings also
remain constrained by the intense competition; however,
technology tie-ups with Korean players provide a competitive edge
to IVT over other players in terms of better quality. The
ratings, however, take comfort from the long track record of the
promoters of more than a decade in the manufacturing of vacuum
pump, moderate gearing of 0.99 times as on March 31, 2015 and
long established relationship with the customers. Going forward,
the company's ability to scale up the operations, improve
profitability and liquidity position would be the key rating
sensitivities. Further, liquidation of the investments in real
estate properties in near to medium term would also remain a key
rating monitorable.

Incorporated in 2001, IVT is owned and managed by Gudi family and
is engaged in the manufacturing of a range of vacuum pumps in
Belgaum (Karnataka). The company was established as a 50:50 joint
venture with Woosung Vacuum Co Ltd, based out of South Korea;
however, in 2009 the promoter family bought the stake from the
Korean company. IVT is a subsidiary of its group concern- CMC
Commutators Private Limited (CMC) with latter holding 72% stake
in the former.

Recent Results

For FY 2015, IVT reported a net loss of INR0.21 crore on an
operating income of INR7.58 crore, as against a net loss of
INR0.48 crore on an operating income of INR6.84 crore in FY 2014.


JAL EXPORTS: ICRA Reaffirms B+/A4 Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and re-affirmed
the short-term rating of [ICRA]A4 for the INR12.00 crore fund-
based limits and the INR0.50 crore non-fund based limits of Jal
Exports.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-
   term Fund based
   limits               12.00       [ICRA]B+/[ICRA]A4 reaffirmed


   Short-term Non-
   fund based limits     0.50       [ICRA]A4 reaffirmed

The re-affirmation of ratings continues to take into account the
long and established track record of the partners of Jal Exports
(JE) in the textile industry. ICRA notes the firm's established
relationships with its customers in the international market and
its healthy growth in revenues in FY2015.

The ratings, however, are constrained by the firm's weak
financial profile as characterized by low profitability margins,
moderate debt-protection metrics and stretched capital structure.
The rating is also constrained by the exposure of the firm's
profitability to adverse fluctuations in raw material prices,
given the high inventory holding period. ICRA notes the exposure
to foreign exchange risks, although this is partially mitigated
due to an active hedging policy. Furthermore, the rating is
constrained due to the high working capital intensity and the
intense competitive pressures in the business.

Incorporated in 1976 as a partnership firm, Jal Exports (JE) is a
Government recognized Star Export House engaged in the
manufacturing and export of high fashion readymade garments
(mainly men's casual shirts) catering mainly to the export
markets of Europe, South America, USA and UK. The firm's
registered office is located in Mumbai, and its manufacturing
facilities are at Karnataka and Maharashtra with a total
installed production capacity of 7.0 lakh pieces of ready
garments annually. The firm primarily sells its products to
private label brands like Lee Cooper and Seaport in the
international markets.

Recent Results
The firm reported a Profit before Tax (PBT) of INR0.22 crore on
an operating income (OI) of INR41.21 crore in FY2015, as compared
to a PBT of INR0.49 crore on an OI of INR36.86 crore in FY2014.


JSW STEEL: Fitch Cuts Issuer Default Rating to 'BB'
---------------------------------------------------
Fitch Ratings has downgraded JSW Steel Limited's Long-Term Issuer
Default Rating (IDR) to 'BB' from 'BB+'. The Outlook remains
Negative. The agency also downgraded JSW Steel's senior unsecured
rating and the rating on its $US500m 4.75% senior unsecured notes
due 2019 to 'BB' from 'BB+'.

The downgrade reflects the decline in profitability and rise in
leverage during a prolonged period of weak international steel
prices, coupled with debt-funded investment in capacity
expansion. We expect JSW Steel's leverage to moderate, given that
higher capacity is now on stream, and our assumption of a gradual
improvement in average selling price (ASP) from financial year
2017 (FY17, ending March 2017) following government measures to
support domestic prices. However, there are still risks to ASPs
from a premature lifting of regulatory protection and to
financial profiles should the company embark on another phase of
debt-funded expansion.

KEY RATING DRIVERS
Challenging Market Conditions: JSW Steel's profitability has been
severely affected by weak steel prices in 9MFY16. Its
consolidated blended EBITDA per unit declined to around
INR4,800/ton(t) ($US75/t) from INR7,800/t ($US130/t) in FY15, hit
by a INR8,500/t ($US170/t) fall in ASP. The global steel industry
is suffering from weak demand and overcapacity, and global
capacity utilisation is at a level last seen during the 2008-2009
global financial crisis. Demand growth was tepid in India at 4.7%
in 9MFY16, met largely by imports which jumped by 29% yoy.

Supportive Regulation: Some relief has been provided by recent
government action such as Minimum Import Prices (MIP) and a 20%
safeguard duty (extended until March 2018) to protect domestic
manufacturers from import pressure, with domestic steel prices
having risen by around INR4,000/t (INR60/t) from the January 2016
lows. Nonetheless, prices are about 20% lower than the average
for FY15, and domestic steel capacity is scheduled to jump by
about 15 million tons over 2H15 and 2016.

Fitch's forecast assumes that further price hikes will be
constrained in the near term, given the heightened competition
among domestic producers to support utilisation rates. However,
should the government remove the protectionist policies ahead of
any significant improvement in the global steel market, this
would derail the company's ability to develerage to a level
consistent with its current 'BB' rating.

Higher Leverage: We estimate JSW Steel's consolidated FFO net
leverage to jump to 6.4x in FY16 from 4.5x in FY15, due to the
weak profitability. Leverage should moderate to 5.0x in FY17 and
4.1x by FY18. JSW Steel completed the expansion of its capacity
by around 4 million tons per annum (mpta) to 18 mpta in March
2016. The company should benefit from FY17 from the completion of
its capacity expansion, with lower capex and contribution to
operating cash flows. For our leverage forecasts, we assume a
gradual increase in ASPs. Hence, they are subject to the risk of
weaker-than-expected steel prices.

Robust Operational Profile: JSW Steel is among the largest steel
producers in India. The company has a dominant market share in
southern and western India where its plants are located, and its
market position is supported by a rising share of value-added
products. Its highly efficient operations and low costs for
energy and labour result in one of the lowest conversion costs
globally.

Absence of Vertical Linkages: JSW Steel has minimal vertical
integration for both iron ore and coking coal. This results in
higher costs compared with some of its peers, because it needs to
purchase these raw materials. However, the company's low
conversion costs have mitigated the impact to a large extent. In
the current scenario, JSW Steel has in fact benefited from the
fall in raw material prices compared with integrated players.
Lack of domestic mining leases has also insulated the company
from political and legal risks related to licence cancellation.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case include:
-- Average sales volume growth of 15% in FY17 and FY18, and
    around 5% annually thereafter. Volume growth would be driven
    by recent capacity expansion and improving utilisation rates.
-- ASP to improve by 3% in FY17, and by 5% over each of the next
    two years.
-- EBITDA margin to improve to 16%-17% in FY17-FY18, from 14% in
    FY16. EBITDA per ton would bounce back in FY17-FY18 from FY16
    lows, but remain below the FY15 level.
-- Annual capex of around INR40billion in FY17, and INR25billion
    thereafter.

RATING SENSITIVITIES
Positive: Developments that may, individually or collectively,
lead to the Outlook being revised to Stable include:
-- Improvement in FFO net leverage to below 4.0x by FY18
-- Ability to generate positive FCF by FY18

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Inability to improve FFO net leverage to below 4.0x by FY18
-- Failure to generate positive FCF by FY18


K.C. TIMBER: CRISIL Assigns B Rating to INR80MM Credit Limit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of K.C. Timber Traders (KCTT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     80       CRISIL B/Stable
   Cash Credit            20       CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
highly fragmented timber trading business, and weak financial
risk profile because of small networth, high gearing, and subdued
interest coverage ratio. These weaknesses are partially offset by
its partners' extensive industry experience and their funding
support.
Outlook: Stable

CRISIL believes KCTT will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in revenue and cash accrual, and improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
if the firm reports lower-than-expected cash accrual or larger-
than-expected working capital requirement, leading to pressure on
financial risk profile, particularly liquidity.

KCTT, set up as a partnership firm by Mr. Manish Bansal and Mr.
Romesh Bansal in 1991, trades in timber logs primarily imported
from West Africa and Latin America. The firm has its head office
and three warehouses in New Delhi.


KAMAKHYA TRANSFORMERS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamakhya
Transformers (KT) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect KT's moderate scale of operations and
moderate credit profile. In FY15, its revenue was INR136 million
(FY14: INR120 million), net financial leverage (net debt/EBITDA)
was 1.7x (0.7x) and EBITDA interest coverage (EBITDA/gross
interest) was 5.7x (3.4x). Its operating EBITDA margin was 9.1%
for FY15 (FY14: 9.4%). The ratings also factor in the partnership
nature of the organisation.


However, the ratings benefit from KT's founders' experience of
over two decades in the manufacture of distribution transformers
as well as the company's existing relationship with valued
customers such as the Assam State Electricity Board and Manipur
Public Work Department (Irrigation) Department.

RATING SENSITIVITIES

Positive: A sustained improvement in its scale of operations,
along with an increase in profitability, leading to an overall
improvement in its credit profile, could lead to a positive
rating action.

Negative: A decline in the scale of operations, along with
deterioration in profitability, leading to deterioration in its
credit profile, could lead to a negative rating action.

COMPANY PROFILE

KT was incorporated in 2009 in Guwahati (Assam), by seven
partners: Mr. Deepak Agarwal, Ms. Prita Agarwal, Ms. Rakhi
Agarwal, Mr. Govindram Agarwal, Mr. Pramod Kumar Agarwal, Mr.
Kamal Kant Agarwal and Mr. Bharat Agarwal. It manufactures and
repairs distribution transformers with voltage capacities from
10kVA 1ph. to 630kVA 3ph. The company has a tie-up with the
Central Power Research Institute in Bhopal for transformer
testing.

KT's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR16 million fund-based working capital limits: assigned
    'IND BB'; Outlook Stable
-- INR23 million non-fund-based working capital limits: assigned
    'IND A4+'
-- INR13.5 million proposed non-fund-based working capital
    limits: assigned 'Provisional IND A4+'


LB COTTON: ICRA Lowers Rating on INR5cr LT Loan to D
----------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B
for the INR10.00 crore long-term fund based bank facilities of LB
Cotton Industries LLP.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term- Term
   Loan                  5.00        Revised to [ICRA]D
                                     from [ICRA]B

   Long Term Cash
   Credit                5.00        Revised to [ICRA]D
                                     from [ICRA]B

The downward revision of rating primarily incorporates the
instances of delay in debt servicing on account of lack of
adequate cash flows to service its debt obligations driven by the
cyclical trend in line with the seasonality of cotton crop and
ginning business. The rating also takes into account the adverse
capital structure of the firm on account of debt-funded capex,
reliance on external borrowings to fund the working capital gap
and weak tangible net worth. The rating also factors in subdued
profitability on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. Besides, the profitability is vulnerable to movement of
raw cotton prices, which are subject to seasonality of crop,
global demand-supply indicators and government regulations.
Further, being a partnership firm, any withdrawal from the
capital account can have an adverse impact on the capital
structure of the firm.

The rating, however, takes into account the significant
experience of the promoters in the trading of agricultural
commodities and the advantage arising from established relations
with farmers through associate concerns. The ginning facility of
LCIL is located in Nanded, which by virtue of being the cotton
producing belt of India, accords the firm easy access to raw
cotton.

LB Cotton Industries LLP, was established as a partnership firm
in August 2011 and commenced ginning operations from October 2013
and seed crushing from December 2014. The firm has its processing
facility located at Dharmabad, Nanded and has a seasonal (eight
months) installed input capacity of 28800 MTPA.

Recent Results
The firm recorded a net loss of INR0.79 crore on an operating
income of INR37.89 crore in FY15.


LINERS INDIA: ICRA Assigns 'C' Rating to INR12.50cr Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]C to INR12.50
crore1 fund based limits and short term rating of [ICRA]A4 to
INR2.00 crore non fund based limits of Liners India Limited. ICRA
has also assigned the long term / short term rating of [ICRA]C /
[ICRA]A4 to INR0.50 crore unallocated limits of LIL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        12.50      [ICRA]C assigned
   Non Fund based limits     2.00      [ICRA]A4 assigned
   Unallocated limits        0.50      [ICRA]C/[ICRA]A4 assigned

The assigned ratings are constrained by the weak financial
profile of the company characterized by net losses incurred in
the past three financial years, high gearing and stretched
coverage indicators. The ratings factor in the constrained
liquidity position as indicated in high average utilization of
working capital limits owing to high working capital requirements
given the long collection period and high lead time in
manufacturing. The ratings also takes into account the company's
limited pricing power and its significant dependence on the M&HCV
and tractor segment which are marked by cyclical demand. The
ratings are further constrained by the company's exposure to
fluctuations in the raw material prices and foreign exchanges.

The ratings favorably factors in the longstanding experience of
promoters in liners manufacturing and mechanical engineering
industry, established position of the company as a recognized
vendor in the liners sector to reputed clientele such as Mahindra
& Mahindra Limited, Ashok Leyland, John Deere, Tata Motors
Limited, Enfield Cycle Co. Limited etc. and long standing
relationships with clients as demonstrated by repeat orders.
Going forward, the ability of the company to improve its margins
and capital structure, while effectively managing its working
capital requirements, will be the key rating drivers from credit
perspective.

Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company
in 1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners
and cast iron products used in diesel automotive engines. LIL
supplies to original equipment manufacturers of heavy, medium,
and light commercial vehicles, tractors, and diesel engines
worldwide. The company has manufacturing units in Vijayawada
(Andhra Pradesh), and Rudrapur (Uttarakhand) with an installed
capacity of 24 crore liners per annum.

The company has set up the trading division after acquisition of
Jai Motors Ltd in January 2009. LIL is a distributor in South
India for automotive component manufacturing companies and LIL is
an exclusive distributor of Shriram Pistons & Rings Ltd and
Allied Nippon Ltd for AP, Telangana, Karnataka, Kerala, and Tamil
Nadu.

Recent Results
For FY2015, the company reported net loss of 4.26 crore on an
operating income of 106.80 crore as against net loss of INR114.74
crore on an operating income of INR114.74 crore during FY2014.


MAHADEV INDUSTRIES: ICRA Reaffirms B Rating on INR20.80cr Loan
--------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B on the INR20.8
crore1 (enhanced from INR19.0 crore) working capital facility and
short term rating of [ICRA]A4  on the INR5.0 crore warehouse
receipts of Mahadev Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20.80       [ICRA]B; reaffirmed

   Warehouse Receipts
   (WHR)                  5.00       [ICRA]A4; reaffirmed

ICRA's ratings continue to be constrained by the intensely
competitive nature of the industry in which Mahadev Industries
operates, which exerts pressure on its operating margins. The
ratings also take into account Mahadev Industries' high working
capital intensity, with NWC/OI2 at 50% for FY2015 owing to
increased inventory holding period. This has resulted in high
reliance on bank borrowings, which coupled with the company's
thin profitability has resulted in elevated gearing and weak debt
coverage indicators. The ratings however, continue to derive
support from the firm's experienced management and its presence
in the paddy producing belt of India, which ensures easy
availability of raw material. The rating also factors in the
firm's established relationship with its customers and the
positive demand outlook for the rice industry, with India being
the second largest producer and consumer of rice in the world.

Mahadev Industries was established in 2000 with Mr. Kapil Kumar,
Mr. Kulbhusan Lal, Mr. Chaand Dhawan, Mr. Kunal Dhawan and Mr.
Vikas Kumar as its partners. It has an installed milling capacity
of 4 metric tonnes (MT) per hour and sorting capacity of 4 MT per
hour. It undertakes milling of basmati as well as non-basmati
rice, however ~75% of its revenue is derived from basmati rice.

Recent Results
The firm achieved an operating income (OI) of INR72.92 crore and
a profit after tax (PAT) INR0.28 crore in FY2015, as against an
OI of INR60.59 crore and a PAT of INR0.35 crore in the previous
year.


MAHAKALESHWAR INFRATECH: Ind-Ra Affirms IND BB+ LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mahakaleshwar
Infratech Private Limited's (MIPL; erstwhile Mahakaleshwar
Construction) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect MIPL's continued moderate credit metrics with
interest coverage (operating EBITDA/gross interest expense) of
6.99% in FY15 (FY14: 7.86x) and gross leverage (total adjusted
debt/operating EBITDAR) of 1.06x (0.89x).

The ratings also reflect MIPL's nature of business which has high
susceptibility to government regulations and availability of
tenders/projects; any adverse change in the policy could hamper
the operations severely.

MIPL's current order book position is moderate at around INR580
million for FY17.

The ratings are also affected by MIPL comfortable yet declining
EBITDA margins (FY15: 11.11%; FY14: 11.72%) mainly on account of
increasing administrative expenses.

The ratings are supported by the company's established track
record of over a decade in civil construction work.

RATING SENSITIVITIES

Negative: A decline in the revenue, along with deterioration in
the credit metrics will be negative for the ratings.

Positive: A significant improvement in the revenue while
profitability, credit metrics and liquidity profile are
maintained at the current levels will be positive for the
ratings.

COMPANY PROFILE

Established in 2005 as a proprietorship concern, the company was
converted into a private limited entity in April 2015. It is into
engineering, procurement and construction work mainly related to
road construction for various government departments.

MIPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB+',
    Outlook Stable
-- INR40 million fund-based working capital limit (increased
    from INR20 million): affirmed at Long-term 'IND BB+'/Stable
    and Short-term 'IND A4+'
-- INR280 million non-fund-based limit (increased from INR130
    million): affirmed at Short-term 'IND A4+'


MAN COTT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Man Cott Private
Limited (MCPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned MCPL's INR250.00 million
fund-based working capital limits an 'IND BB' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect MCPL's small scale of operations and moderate
credit profile. In FY15, the company reported revenue of
INR1262m, EBITDA interest coverage of 1.2x and net financial
leverage of 5.0x. The EBITDA margins have been fluctuating since
FY13 on account of volatile raw material prices and industry
competition and were 3.1% in FY15.

However, liquidity has been comfortable as reflected by the
company's average utilisation of 63% of the working capital
limits during the 2 months ended December 2016.

The ratings are supported by the company's founders' experience
of more than two decades in the cotton ginning business.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in the scale of operations along with an improvement
in the credit metrics of the company.

Negative: A negative rating action may result from a decline in
the scale of operations along with deterioration in the credit
metrics.

COMPANY PROFILE

Incorporated in 2003, MCPL is promoted by Shri Bhupendra Singh
Rajpal and Shri Rajendra Singh Rajpal of Manjeet Group of
Sendhwa, Madhya Pradesh. It is primarily engaged in ginning and
pressing of cotton and a 290bales/day manufacturing unit in
Pimpalgaon (Maharashtra) and a 180bales/day manufacturing unit in
Kuppa (Maharashtra).


MANGAL SPONGE: ICRA Lowers Rating on INR25cr Cash Loan to B+
------------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR2.50 crore1 term loans and INR25.00 crore fund-based bank
facilities of Mangal Sponge and Steel Private Limited (MSSPL) to
[ICRA]B+ from [ICRA]BB-. Also, ICRA has reaffirmed the short-term
rating of [ICRA]A4  assigned to the INR8.00 crore non-fund based
bank facilities of MSSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            2.50       [ICRA]B+; revised from
                                    [ICRA]BB-/Stable

   Fund-Based Limits    25.00       [ICRA]B+; revised from
   (Cash Credit)                    [ICRA]BB-/Stable

   Non-Fund Based
   Limits                8.00       [ICRA]A4; reaffirmed

The downwards revision of the ratings take into consideration the
ongoing slowdown in the steel industry, which is likely to keep
MSSPL's turnover and profitability under pressure as reflected by
a decline in its turnover and profitability during 2015-16. The
downwards revision also takes into account the risk associated
with the execution of the new induction furnace, proposed to be
partly funded by a fresh term loan, which would impact MSSPL's
liquidity position in the short to medium term.

The ratings also take into consideration the long track record of
the company in steel business and partially integrated nature of
MSSPL's operations, which supports the profitability of the
company to an extent, though the profit margins are estimated to
decline during 2015-16. However, the ratings are constrained by
the relatively small size of MSSPL's operations at present and
MSSPL's weak return on capital employed because of a low
operating profitability and low capacity utilisation levels
during 2014-15 and 2015-16. The ratings are also impacted by the
a high working capital intensive nature of MSSPL's operations as
reflected by high inventory levels during the recent years and
MSSPL's exposure to the inherent cyclicality of the steel
industry, which is likely to keep the company's profitability and
cash flows volatile.

MSSPL, a closely held company by the Bilaspur based Agrawal
Family, started production of sponge iron in 2004-05 followed by
mild steel (MS) billets in 2009-10. The company is headed by Mr.
Moolchand Agrawal as its managing director and supported by its
directors, Mr. Suresh Agrawal, Mr. Manoj Agrawal and Mr. Ashish
Agrawal. The plant of the company is located at Bilha Industrial
Area, Bilaspur (Chhattisgarh). MSSPL has facilities for
manufacturing sponge iron and billets with an annual capacity of
90,000 MT and 50,400 MT per annum respectively.

Recent Results
In 2014-15, as per the audited financial statements, MSSPL
reported an operating income of INR76.12 crore and a net profit
of INR0.24 crore, as against an operating income of INR88.11
crore and a net profit of INR0.29 crore in 2013-14. During the
first nine months in 2015-16, the company reported an operating
income of INR39.76 crore and a profit before tax of INR0.09
crore.


NEW FRONT: ICRA Suspends B Rating on INR20cr LT Loan
----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20.00 crore
long term fund based facilities of New Front Prabhavee
Ventures.The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

NFPV has been formed in December 2010 in order to develop
residential and commercial real estate projects. The new front
group has executed more than 20 projects in the past and all the
promoters have experience of more than three decades in real
estate development. Currently the firm is developing two
residential projects.


NOVEL SUGAR: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Novel Sugar
Limited's (NSL) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. The agency has also affirmed NSL's INR47.5 million
fund-based working capital limit at 'IND BB'/Stable/'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects NSL's muted revenue growth in FY15 on
account of poor realisation, and its small scale of operations.

The ratings continue to be constrained by NSL's declining
operating margins over the years (FY15: 6.23%, FY14: 6.63%, FY13:
7.90%) due to volatility in raw material prices and depressed
sugar prices. Also, its liquidity remains stretched as reflected
in almost full utilisation of the working capital facilities on
average during the 12 months ended February 2016.

The ratings however continue to be supported by NSL's strong
credit metrics with gross interest coverage (EBITDA/gross
interest expenses) of 4.89x in FY15 (FY14: 5.1x) and leverage
(net adjusted debt/EBITDA) of 2.22x (1.78x).

RATING SENSITIVITIES

Positive: A sustained improvement in the top line while the
profitability, credit metrics and liquidity profile being
maintained or improving will be positive for the ratings.

Negative: A sustained decline in the revenue, an increase in
margin pressures or deterioration in the credit metrics and
liquidity profile will be negative for the ratings.

COMPANY PROFILE

Established in 2003 by Yogesh Kumar Agarwal and Anupam Singhal,
NSL manufactures khandsari sugar. Its 150 metric tonnes per day
plant is located in Pilibhit, Uttar Pradesh.

The company does not have any long-term loans.


OMKAR INFRACON: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Omkar Infracon
Private Limited a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect OIPL's small scale of operations and moderate
weak profile. In FY15, revenue was INR111 million (FY14: INR123
million), interest coverage was 0.6x (2.2x), net financial
leverage was 15.4x (3.1x) and EBITDA margin was 6.5% (23%). Ind-
Ra expects the credit metrics to improve during FY16 with a fall
in raw material prices.

The ratings also reflect the company's tight liquidity situation
as reflected in its close to 100% maximum utilisation of the
fund-based limits on an average for the six months ended February
2016.

The ratings are supported OIPL's founders' experience of more
than five years in manufacturing fly ash brick. The ratings are
also supported by the company's low customer concentration with
its top five customers accounting for 38% of revenue during
11MFY16.

RATING SENSITIVITIES

Positive: An improvement in the overall credit metrics would lead
to a positive rating action.

Negative: Deterioration in the overall credit metrics would lead
to a negative rating action.

COMPANY PROFILE

OIPL was incorporated in 2010 and started its commercial
operations in August 2012. The company has a 143,000MT per year
fly ash brick plant near Kolaghat thermal power plant in West
Bengal.

OIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR35.00 million fund based working capital limit: assigned
    'IND BB-'/Stable
-- INR39.36 million long-term loans: assigned 'IND BB-'/Stable
-- INR6.00 million non-fund based working capital limits:
    assigned 'IND A4+'


ORCHID CURE: CRISIL Reaffirms B+ Rating on INR105MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Orchid Cure and
Care Private Limited (OCCPL) continues to reflect the company's
below-average financial risk profile because of high gearing and
weak debt protection metrics, largely due to recently completed
debt-funded capital expenditure to set up a hospital.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              105      CRISIL B+/Stable (Reaffirmed)

The rating also factors in exposure to risks associated with
initial phase of operations. These weaknesses are partially
offset by its promoters' established presence and extensive
experience in the healthcare segment at Vishrantwadi in Pune, and
expected steady cash generation once operations are stabilised.
Outlook: Stable

CRISIL believes OCCPL will benefit from its promoters'
established presence and extensive industry experience in
stabilising operations. The outlook may be revised to 'Positive'
if operations stabilise faster than expected, cash accrual is
higher than expected, and working capital cycle is small.
Conversely, the outlook may be revised to 'Negative' if
operations stabilise slower than expected, leading to low cash
accrual and pressure on liquidity.

OCCPL, incorporated in September 2012, has a multi-specialty
hospital with 60 beds in Pune. The hospital commenced commercial
operations in February 2016.


PAWAN KUMAR: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Pawan Kumar Prem Kumar (PKP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in a
highly competitive industry, susceptibility of business and
profitability to volatility in raw material prices, and its
below-average financial risk profile marked by high total outside
liabilities to total debt (TOLTNW) ratio. These weaknesses are
partially offset by promoter's extensive experience in the
agricultural commodities trading business leading to established
customer and supplier relationships, and efficient working
capital management
Outlook: Stable

CRISIL believes that PKP will benefit from its promoter's
extensive industry experience and diverse product portfolio. The
outlook may be revised to 'Positive' if financial risk profile
improves because of sizeable capital infusion or large accretion
to reserve driven by sustained and substantial increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if liquidity weakens due to considerably low cash
accrual (with decline in revenue or profitability), increase in
working capital requirement, or sizeable debt-funded capital
expenditure.

PKP is a proprietorship firm of Mr. Pawan Goyal, set up in 1988.
It trades in agricultural commodities and is based in Sri
Ganganar, Rajasthan.

The firm recorded book profit of INR1.88 million on operating
income of INR530.5 million in 2014-15 (refers to financial year,
April 1 to March 31), against book profit of INR1.76 million on
operating income of INR568.6 million in 2013-14.


RAHIS COLD: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rahis Cold Storage Private Limited (RCS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B/Stable


The ratings reflect RCS's initial stage of operations and
exposure to highly regulated and fragmented nature of the West
Bengal cold storage industry. These weaknesses are partly
mitigated by the promoters' extensive experience in the cold
storage and potato trading business.
Outlook: Stable

CRISIL believes RCS will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' if increase in scale of operations and adequate cash
accrual is generated along with efficient management of farmers
financing. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected cash accrual or stretch in realisation of
loans from farmers weakens liquidity.

Incorporated in August 2014 by Mr. Sk Jakir Ali and Ms. Tasmina
Begam, RCS has recently set up a potato cold storage facility in
Burdwan, West Bengal. The company has successfully commenced
commercial operations in March 2016.


RATIONAL HANDLOOM: Ind-Ra Assigns IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rational
Handloom Company Private Limited (RHCPL) a Long-Term Issuer
Rating of 'IND BB' with a Stable Outlook. A full list of rating
actions is given at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect RHCPL's modest revenue growth with declining
margins of 2.7% in FY15 compared with 3.5% in FY12 as well as its
weak credit metrics, with net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 4.8x in FY15 (FY14: 4.8x) and EBITDAR
interest cover of 1.5x (1.4x). In addition, the company's
liquidity is stretched, with over 87% average utilisation of its
sanctioned fund-based working capital limits for the 12 months
ended February 2016 and consistently negative operating cash flow
over FY12-FY15. The ratings are further constrained by severe
competition in the retail industry, further intensified on
account of compounded growth in e-commerce retailers, over the
past few years

However, the ratings are supported by its promoter's experience
of more than three decades in the retail industry, diversified
product profile and efficient working capital management on
account of cash receivables and low inventory storing.

RATING SENSITIVITIES

Negative: Any deterioration in operating profitability and/or an
increase in debt, resulting in significant weakening of credit
metrics from FY15 levels, will result in a negative rating
action.

Positive: Significant improvement in operating profitability,
resulting in sustained improvement in credit metrics, will result
in a positive rating action.

COMPANY PROFILE

RHCPL was started as a proprietorship concern named M/s National
Handloom Corporation, by Mr. Lalit Mehta in 1982; it was a shop
in Jodhpur that sold handloom items. It was incorporated as RHCPL
in 2000 and currently runs 12 showrooms: nine in Rajasthan and
three in Gujarat.

RHCPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR350 million fund-based working capital facilities:
assigned
    'IND BB/Stable/'IND A4+'
-- INR124.82 million term loan: assigned 'IND BB'; Outlook
Stable


RHIZOME DISTILLERIES: CRISIL Ups Rating on INR110MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Rhizome Distilleries Pvt Ltd (RDPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         110      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Secured Overdraft       60      CRISIL B+/Stable (Upgraded
   Facility                        from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that the company's business
and financial risk profiles will continue to improve over the
medium term because of healthy growth in revenue and
profitability and hence better debt protection metrics. Revenue
was of INR102 million for the six months ended September 31,
2015, and is estimated at INR250 million for 2015-16 (refers to
financial year, April 1 to March 31) aided by higher licensed
capacity and retail sales in the Telangana region. Operating
profitability is also expected to improve to around 16 percent in
2015-16 from 7.6 percent in 2014-15 with cost efficiencies from
increased revenue. The upgrade also factors in moderate liquidity
due to adequate cash accrual for debt repayment. Cash accrual is
expected at INR32-37 million per annum over the medium term
against annual debt obligations of INR27 million. CRISIL expects
RDPL to have healthy revenue growth over the medium term, backed
by strong demand for its products and supported by higher
licensed capacity.

The rating reflects RDPL's large working capital requirement,
high degree of geographic concentration in its revenue profile,
and susceptibility of operations to regulatory changes in the
distillery industry. The rating also factors in a below-average
financial risk profile because of a modest net-worth, high
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes RDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustained
increase in scale of operations while profitability is
maintained, or a substantial improvement in the company's working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in its capital structure caused most
likely by a stretched working capital cycle.

RDPL was set up in 1993 by Mr. Manoj Rupani and his family
members, and was taken over by Mr. Nishanth Bezawada and his
family members in 2014-15. The company manufactures and sells
India-made foreign liquor in Telangana and also has a job-work
contract with Associated Breweries and Distilleries Ltd. The
company's manufacturing unit is in Hyderabad.


S. NANDA: ICRA Assigns B+ Rating to INR12cr LT Loan
---------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR16.0 crore long-
term fund-based bank facilities of S. Nanda Industries Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term; Fund
   Based Limits           12.0       [ICRA]B+; assigned

   Long Term;
   Unallocated Limits      4.0       [ICRA]B+; assigned

The assigned rating is constrained by the highly competitive
nature of the textile industry owing to its fragmented nature,
low value added nature of SNIPL's business with majority of the
revenues coming from trading sales, and exposure to risks arising
from fluctuations in prices of yarn and fabric. The rating is
also constrained by modest financial profile characterised by low
profitability, moderate return indicators and high gearing.
However, the rating favourably takes into account the established
track record and extensive experience of the promoters in the
textile industry and the diversified customer base which reduces
product off-take risk. Going forward, the ability of the firm to
improve the profitability of its operations and prudently manage
its working capital cycle will be the key rating sensitivities.

SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the
business of manufacturing and trading of cotton yarn, polyester
fibre, recycled fibre and knitted yarn. Most of the sales (~98%)
of the company are from trading operations. The company also
manufactures fancy yarn at its own manufacturing capacities
located in Ludhiana which has 39 machines with total capacity of
800-900 tonnes per annum.

Recent Results
SNIPL reported a net profit of INR0.22 crore on an operating
income of INR167.59 crore in FY15 as against a net profit of
INR0.28 crore on an operating income of INR136.04 crore in the
previous year. As per the provisional results, the company
reported an operating income of INR143.2 crore in the first
eleven months of FY16.


SAMBASADASHIV COLD: ICRA Suspends D Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR7.00 crore term loan limits of Sambasadashiv Cold Roll Mills
Private Limited (SCRMPL). The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.

Sambasadashiv Cold Roll Mills Private Limited was incorporated in
2009 to manufacture cold rolled steel strips from hot rolled
steel coils. The proposed unit is located at Laxmakkapally
Village, Mulugu Mandal, Medak Dist., A.P. which is around 25 kms
from the Hyderabad city. The company is promoted by Mr. Kapil
Sharma and Mr. Umesh Sharma. The promoters are well experienced
in iron & steel trading and the unit will be run under the direct
supervision & control of the promoters.


SANGO AUTO: CRISIL Raises Rating on INR15MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sango Auto Forge Private Limited (SAFPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed its rating on short-term
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             10      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit        40      CRISIL A4 (Reaffirmed)

   Proposed Long Term       9.7    CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               15      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SAFPL and ANC Industries Pvt Ltd
(AIPL; formerly, ANC Enterprises). This is because these
entities, together referred to as the ANC group, are in similar
lines of business, have significant operational and financial
linkages with each other and have common promoters.

The rating upgrade reflects CRISIL's belief that the group's
credit profile will improve over the medium term on account of
increase in scale of operations and equity infusion by the
promoters. Operating Income is expected to increase by about 25
percent to INR317 million in 2015-16 from INR253.4 million in the
previous year while its operating margin is expected to remain
steady in the range of 15-16 percent. Also the promoters have
infused equity of INR41 million over the past 9 months ending
December 2015 and are further expected to infuse INR16 million in
the near term. This is expected to result in an improvement in
the networth and capital structure and the group's networth and
gearing are estimated to improve to INR132.9 million and 1.39
times as on March 31 2016 as against INR75.5 million and 2.43
times respectively as on March 31 2015. Further, the group's
annual net cash accrual is estimated to increase to INR190-220
million over the medium term from INR14 million in 2014-15.
However the group's liquidity is expected to remain stretched
over the medium term because of working capital intensive
operations resulting in fully utilized bank lines.

The ratings reflect the group's small scale of operations, large
working capital requirements, high customer concentration in
revenue profile, and susceptibility to cyclicality in the
commercial vehicle industry. The ratings also factor in the
group's below-average financial risk profile because of moderate
net worth and sub-par debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that the ANC group will continue to benefit over
the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
group's liquidity improves significantly, most likely driven by
sizeable equity infusion or improvement in its working capital
management. Conversely, outlook may be revised to 'Negative' if
the group's revenue and profitability decline, or it undertakes a
large debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly its liquidity.

AIPL undertakes the machining of components used in the
automobile industry. The firm operates two machining units at
Bhosari in Pune (Maharashtra) with an installed capacity of 600
tonnes per month (tpm). SAFPL, incorporated in 2007, has a
forging capacity of 350 tpm and caters to AIPL's forging
requirements.


SHARMA CONSTRUCTION: CRISIL Assigns B+ Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sharma Construction Co. (SCC) and has assigned its
'CRISIL B+/Stable/ CRISIL A4' ratings to these facilities. The
ratings had been suspended by CRISIL on September 16, 2014, as
SCC had not provided the necessary information for taking a
rating view. The firm has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          30      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit             50      CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term      28      CRISIL B+/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

   Proposed Standby        12      CRISIL B+/Stable (Assigned;
   Line of Credit                   Suspension Revoked)

The ratings reflect modest scale of operations in the intensely
competitive civil construction industry with geographical
concentration and its average financial risk profile because of
modest networth and working capital-intensive operations. These
rating weaknesses are mitigated by the promoter's extensive
experience in the civil construction industry and healthy
operating profitability of the firm.
Outlook: Stable

CRISIL believes SCC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if increase in revenue along with
prudent working capital management leads to higher-than-expected
net cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens on account of
decline in revenue and profitability or in case of any large,
debt-funded capital expenditure or if liquidity weakens
significantly on account of increase in working capital
requirement.

SCC, a proprietorship firm of Mr. Rajinder Attri, was established
in 1991 in Sangrur, Punjab. The firm undertakes civil
construction works, mainly roads. SCC, registered as a class I
contractor, generally undertakes the contracts for government
organization's majorly Public Works Department (PWD), Municipal
Corporations (MC), Development Authorities (DA) by biding through
tenders.

SCC's book profit was INR8.0 million on net sales of INR117.4
million in 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR5.9 million on net sales
of INR112.7 million in 2013-14.


SHIVAM COTTEX: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+  to the
INR1.50 crore1 term loan facility and INR6.00 crore cash credit
facility of Shivam Cottex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Term
   Loan                  1.50        [ICRA]B+ reaffirmed

   Fund Based Cash
   Credit                6.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in stretched
financial profile of Shivam Cottex (SC) characterized by modest
scale of operations, low profitability and weak debt coverage
indicators. The ratings are further constrained by stretched
liquidity position due to high inventory level as evident from
high working capital limit utilization. The ratings also continue
to be constrained by the highly competitive and fragmented
industry structure with the limited value additive nature of
operations, which leads to pressure on profitability. The rating
further incorporates the vulnerability to adverse movements in
agricultural produce prices and any regulatory policy changes in
terms of export and MSP. Also, being a partnership firm,
substantial withdrawals by the partners can have an adverse
impact on capital structure of the firm.

The rating, however, positively considers the experience of the
partners in the cotton industry as well as the favorable location
of the firm, giving it easy access to high quality raw cotton.

Shivam Cottex was established in February 2011 as a partnership
firm owned and is managed by Mr. Kanubhai Vaghasiya, Mr.
Rameshbhai Vaghasiya, Mr. Ashokbhai Vaghasiya and Mr. Hareshbhai
Vaghasiya. Firm is engaged in raw cotton ginning and pressing.
The manufacturing unit is located at Jasdan in Rajkot District,
Gujarat. The firm is equipped with 24 ginning machines and one
pressing machine with an installed capacity of producing 200
cotton bales per day (24 hours).

Recent Results
In FY15, the firm reported an operating income of INR30.03 crore
and net profit of INR0.05 crore against an operating income of
INR31.32 crore and net profit of INR0.17 crore in FY14.


SHREE RENUKA: Ind-Ra Downgrades Long-Term Issuer Rating to IND D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree Renuka
Sugars Limited's (SRSL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook was Negative. The agency has also
downgraded SRSL's INR2,500 million non-convertible debenture
programme to 'IND D'. The Outlook was Negative.

KEY RATING DRIVERS

The downgrade indicates SRSL's delays in servicing its bank loan
obligations for the six months ended 31 March 2016 on account of
a stretched liquidity position. The agency's downgrade of the
rating on the NCD reflects the impaired debt servicing capability
currently.

Ind-Ra attributes this to a significant deterioration in the
consolidated EBITDA amid poor profitability in its domestic
milling as well as in its overseas Brazilian operations. This
coupled with depreciation in the Brazilian real has resulted in
an increase in debt levels and affected SRSL's consolidated
credit profile. SRSL reported consolidated net leverage of 20.0x
(FY14: 10.5x) and interest coverage of 0.5x in FY15 (FY14: 1x).

Ind-Ra in the previous rating action commentary had highlighted
the refinancing risk the company would have to face in FY16. SRSL
on a standalone basis had repayment obligations to the tune of
(maturities of long-term loans) of INR4.1 billion and INR2.2
billion for FY16 and FY17, respectively. SRSL under the Joint
Lenders Forum is in talks with its bankers for
refinancing/restructuring its loans; however, uncertainty looms
over the outcome of the same.

The company's operating cash flows and its repayment capabilities
have been affected due to muted sugar realisations in FY15 which
has transpired a sharp correction in international and domestic
sugar commodity prices.

The ratings continue to reflect the vulnerability of sugar
companies to government policies relating to cane pricing. In
addition, SRSL remains exposed to the cyclicality risk of the
sugar industry, climatic conditions and to comparative prices for
other remunerative crops which determine acreage and sugar
production.

The ratings are underpinned by around 20 years of operating
experience of SRSL's founders, the company's proximity to the
sugar producing belt of Maharashtra and Karnataka with high
recovery levels (11%-12%) as well as by the cushion available
from high by-product realisations.

For the purpose of its analysis, the agency has taken a
consolidated view of SRSL, which includes the standalone entity
(Indian operations) as well as its domestic and overseas
subsidiaries (Brazilian operations).

RATING SENSITIVITIES

Positive: An improvement in SRSL's liquidity profile coupled with
timely servicing of debt obligations for at least three
consecutive months could result in a positive rating action.

COMPANY PROFILE

SRSL operates seven sugar mills in India with a total crushing
capacity of 8.4 million metric tons per annum or 42,000 tons
crushed per day. It also has two port-based sugar refineries with
a total capacity of 2.3 million metric tons per annum. SRSL also
has a significant presence in South Brazil, through the
acquisitions of Renuka Vale do Ivai (100% owned) and Renuka do
Brazil (59.4% owned). For 9MFY15, SRSL on a standalone basis
reported sales of INR4,044.2 billion and an EBIDTA loss of
INR54.7 million.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR9.00 crore long
term fund based facilities of Shri Balaji Ginning Factory.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           8.00         [ICRA]B+ reaffirmed

   Long Term, Fund
   based limits
   Term Loan             1.00         [ICRA]B+ reaffirmed

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by leveraged capital structure of
the firm due to working capital intensive operations and low
profit margins in line with low value add nature of business.
Though, the gearing has improved in FY15 on account of repayment
of short term debt of INR2.6 crore and decrease in working
capital intensity resulting into decrease in cash credit
utilisation. ICRA also takes note of moderate scale of operations
and vulnerability associated with agro climatic conditions and
regulatory environment which has direct bearing on capacity
utilization and profitability of the firm.

Established in 2004, SBGF is a proprietorship concern promoted by
Mr. Aditya Goyanka. The firm is engaged in ginning and pressing
of cotton and crushing of cotton seeds. Ginning facility of the
firm is located in Hinganghat in Wardha district of Maharashtra.
The plant has 36 gins with an annual capacity of 60000 bales.


SHRIMAN ENTERPRISES: ICRA Assigns 'B' Rating to INR36cr Loan
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR36.00
crore, fund-based bank facilities of Shriman Enterprises.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund-based facilities
   Term loans                36.00       [ICRA]B assigned

ICRA's rating takes into account the project execution risk
considering that the project is at a nascent stage at present and
typically long gestation periods in new hospital projects, in
light of which there may be losses in the initial year(s) which
may require additional funding. The rating is also constrained on
account of single asset nature of the entity limiting its
geographical presence and scale and also the firm's constitution
as a partnership concern exposing it to capital withdrawal risk
etc. However, the rating draws comfort from SE's healthy
operational prospects supported by the presence of experienced
partners from diverse medical fields, which also mitigates the
risk of attrition of key doctors. Further, the rating is
supported by the favourable location of the project with ease of
accessibility from the city.

Going forward, the firm's ability to get the balance promoters'
contribution as planned; implement the project within scheduled
cost and time estimates; and ensure healthy operating metrics
post-launch of operations, would be the key rating sensitivity.

Constituted in 2015, SE is a partnership firm that is setting up
a 150-bedded multi-speciality hospital in Jalandhar (Punjab). All
the four partners of the firm are qualified doctors having
relevant experience across different medical fields.

The key project details are summarised in the adjoining table.
The project is estimated to cost INR48.00 crore and is being
funded in a debt: equity ratio of 3:1. Term loan for funding the
capex has been tied up, and is repayable in 84 monthly
instalments starting October 2017.


SPJ SOLAR: Weak financial strength Cues ICRA SP 4D Grading
----------------------------------------------------------
ICRA has assigned 'SP 4D' grading to SPJ Solar Technology Private
Limited. The grading indicates Weak performance capability and
Weak financial strength of the channel partner to undertake off-
grid solar projects. The grading is valid till two years from
March 14, 2016.

Grading Drivers

Strengths
*   Well established relationships with the customers and
suppliers as evident from the satisfactory feedbacks received
*   Healthy Order book position
*   Reputed customer base consisting of various government
organizations including GAIL India Limited, ONGC, etc
Risk Factors
*   Limited experience in the solar industry and limited
contribution of solar operations in the top line
*   Leveraged capital structure reflected by the gearing of
2.25x; however entirely consists of the unsecured loans
*   Large number of unorganized players indicating high level of
competition may lead to pressure on margins
*   Top line dependent on the ability of the company to
successfully bid for tenders

Fact Sheet
Year of Establishment
2008

Office Address
D-7/ F-2, Jyoti Nagar East, Loni Road, Shahdara, Delhi- 110093
Manufacturing facility
Plot No. 3 Near Jain mandir, Sector 10, Vasundhara, Ghaziabad,
Uttar Pradesh 201012

Established in June 2008, SPJ Solar Technologies Private Limited
(SPJ), an ISO 9001:2008 certified company, is engaged in the
manufacturing of solar and electrical CFL and LED lights.
The manufacturing facility is located in Vasundhara, Ghaziabad in
a total area of ~3,000 square feet and employs 9 employees. The
entity provides a warranty of 1 to 5 years depending on the size
and quality of the battery.

Raw material procurement
The company procures products like batteries, pole, solar panels
and other consumables from reputed suppliers like Luminous Power
Technologies Private Limited, Waaree Energies Limited, etc while
few of the consumables are procured from the local markets also.
However, the products like bulb are manufactured in-house.

SI Related Business Moderate Performance Capability
Promoter Track Record:
Mr. Shailendra Jain, Director
Mr. Shailendra Jain carries a total experience of ~30 years
however the experience in the solar industry is ~3 years .i.e.
since the commencement of SPJ. Mr. Jain is a graduate and looks
after the finance and accounts operations of the business.
Mr. Nishant Jain, Director
Mr. Nishant Jain, son of Mr. Shailendra Jain looks after the
production, procurement and the delivery functions of the
business. He has been associated with the business since 2013 and
holds a B.Tech degree.
Mrs. Mamta Jain, Director
Mrs. Mamta Jain is a graduate and looks after the administrative
functions of the business. She has been associated with the
company since 2013.

Technical competence and adequacy of manpower:
The total manpower of the company is 9 which include two B. tech
and two ITI graduates looking after the technical issues of the
business. Apart from this, there are 5 skilled and unskilled
workers for undertaking the manufacturing activities. The
employee base for the company looks adequate at the current scale
of operations.

Quality of suppliers and tie ups:
The company has been procuring the products from reputed supplies
like Luminous Power
Technologies Private Limited, Waaree Energies Limited, etc while
few of the consumables are also procured from the local markets.
The company has been associated with these suppliers since past
three years and enjoys a cordial relationship with them.

Customer and O&M Network:
The customer base of the company includes several government and
private organizations such as Gail India Limited, ONGC Limited,
PRG International Electrical Private Limited, etc. The orders
from the government organization are tender based and contributes
to ~50% of the total revenues.
Going forward company has a healthy order book position which is
expected to result in increase in turnover.

Financial Strength - Weak
Revenues

Revenues of INR0.53 crore in FY15
INR1 crore in FY16 (11m) period and expects to earn INR1.45 crore
in full year

Return on Capital Employed (RoCE)
10.66% in FY15
Total Outside Liabilities / Tangible Net worth
2.38 times

Interest Coverage Ratio
1.95 times

Net-Worth
INR0.16 crore

Current Ratio
18.45 times

Relationship with bankers
SPJ has recently availed a cash credit limit of INR0.10 crore and
bank guarantee limit of INR0.60 crore

The overall financial profile of the firm is weak


SREE NARAYANA: CRISIL Suspends B- Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Narayana Guru Trust (SNGT; part of the Sree Narayana Guru
Group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan     20       CRISIL B-/Stable
   Term Loan              80       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by SNGT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SNGT is yet to
provide adequate information to enable CRISIL to assess SNGT'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 1998, the group runs an engineering college, namely,
the Gurudeva Institute of Science and Technology, in Kottayam,
Kerala. SNGT is constituted and managed by the Sree Narayana
Dharma Paripalana (SNDP) Kottayam Union.


SRI ADHITYA: ICRA Assigns B- Rating to INR5.0cr LT Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.00
crore long term fund based facilities and the INR0.67 term loan
facility of Sri Adhitya Polyfilms Private Limited. ICRA has also
assigned a short-term rating of [ICRA]A4  to the INR2.25 crore
non-fund based facilities of SAPPL. ICRA has also assigned a
long-term/ short-term rating of [ICRA]B- /[ICRA]A4 to the INR0.08
crore unallocated limits of SAPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund
   based limits          5.00       [ICRA]B-/Assigned

   Long-term Term
   loans                 0.67       [ICRA]B-/Assigned

   Short-term - Non
   fund based limits     2.25       [ICRA]A4/Assigned

   Long-term/ Short-
   term - Unallocated    0.08       [ICRA]B-/A4 /Assigned

The assigned ratings take into consideration the significant
experience of SAPPL's promoters in the flexible packaging
industry, spanning over 15 years; and the established track
record of the company's operations. The rating also considers the
company's established clientele, including companies such as
Amruthavarshini Dairy Farms Pvt. Ltd., Sakthi Masala Pvt. Ltd.
and Tamil Nadu Salt Corporation; and SAPPL's ability to retain
its customers, resulting in very low churn witnessed over the
past fiscals. The rating also takes into account the positive
demand outlook for the flexible packaging industry in India
supported by increasing purchasing power of consumers.

The ratings are, however, constrained by SAPPL's financial risk
profile, characterized by higher gearing and moderate interest
cover and debt protection metrics. SAPPL's operations were
affected during the Chennai floods, with the company suffering
inventory losses as well as damage to capital assets leading to
net worth erosion, which has adversely impact its capital
structure and liquidity position. The ratings are further
constrained by high working capital intensity owing to stretched
receivables and high inventory holding period; and SAPPL's small
scale of operations restricting economies of scale and financial
flexibility. The ratings also consider the fragmented nature of
flexible packaging industry, leading to intense competition that
limits SAPPL's pricing flexibility and scope for margin
expansion. The ratings also factor in SAPPL's exposure to
volatility in raw material prices given the limited bargaining
power with suppliers and customers; and the exposure to forex
fluctuations. Going forward, the company's ability to scale up
its operations, while improving its liquidity and working capital
position would be critical to generate cash flows.

Sri Adhitya Polyfilms Private Limited was incorporated in 2002
and commenced its operations in 2003. SAPPL is engaged in
manufacturing flexible packaging material in roll form as well as
pouch form, through the printing and laminating of plastic films.
The company initially started with a capacity of 900 tonnes per
annum (MTPA) and has expanded to current levels of 2000 MTPA. The
company largely caters to localized demand from manufacturers of
food products situated across Tamil Nadu, Andhra Pradesh and
Karnataka. SAPPL operates out of its manufacturing facility at
SIDCO Industrial Estate, Ambattur, Chennai. SAPPL is managed by
Mr. S. P. Mohan Subramanian and Mrs. Vidhya Mohan who together
manage the overall operations of the company.

Recent Results
As per provisional results, the company reported a profit-before-
tax of INR0.12 crore on an operating income of INR10.26 crore in
7 months FY 2015-16. During FY 2014-15, the company has reported
a profit after tax of INR0.13 crore on an operating income of
INR15.69 crore as against a profit after tax of INR0.09 crore on
an operating income of INR10.87 crore in FY 2013-14.


SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR10.69cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating [ICRA]B to INR10.69
crore (revised from INR9.69 crore) fund based limits and INR4.31
crore (revised from INR5.31 crore) unallocated limits of Sri
Krishna Kireeti Food Products.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits    10.69       [ICRA]B re-affirmed
   Unallocated limits    4.31       [ICRA]B re-affirmed

The ratings are constrained by the weak financial profile of the
firm characterised by low profitability, high gearing, modest
coverage indicators, and stretched liquidity position. The
ratings are further constrained by small scale of operations,
high competition in the industry, and the susceptibility of
profitability and revenues to agro-climatic risks which can
impact the availability of the paddy in adverse weather
conditions. ICRA notes that the reduction in levy has resulted in
greater supplies to the open market, which has resulted in
improved average realizations for the industry. However, the
sustainability of the prices in a competitive environment is yet
to be seen. The rating continues to be constrained by the
vulnerability to any other regulatory changes, especially those
pertaining to minimum support price and export restrictions. The
rating also takes into account the risks inherent to the
partnership nature of the firm.

The ratings, however, take comfort from the long track record of
the promoters in the rice mill business, the easy availability of
paddy with proximity of the plant to the major paddy cultivating
region of Andhra Pradesh and benefit from the group entities (Sri
Srinivasa Rice Mill) which have established relationships with
several customers. Further, favourable demand prospects for the
industry, with India being the second largest consumer and
producer of rice internationally, augurs well for the firm.

Sri Krishna Kireeti Food Products was established as a
partnership firm in January 2012 by Mr. C.H.S.V. Satyanarayana
Murthy and other family members. The firm is engaged in milling
of paddy to produce Raw and Boiled Rice and its by-products. The
rice milling unit is located in East Godavari District of Andhra
Pradesh and it has an installed capacity of 5 tonnes per hour.

Recent Results
According to audited results, the firm reported profit after tax
of 0.05 crore on an operating income of 24.71 crore for FY2015,
as against a profit after tax of INR0.05 crore on an operating
income of INR29.47 crore during FY2014.


SRI LAKSHMI: ICRA Suspends B+ Rating on INR17cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR17.00 crore fund based facilities of Sri Lakshmi Kantha
Boiled and Raw Rice Mill. ICRA has also suspended the ratings of
[ICRA]B+/[ICRA]A4  assigned to the INR3.00 crore unallocated
limits of SLKBRRM. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Founded as a partnership firm in 1994, Sri Lakshmi Kantha Boiled
and Raw Rice Mill is engaged in milling of paddy to produce raw
and boiled rice. The firm is promoted by Mr. Veeera Raghava Reddy
and is located in East Godavari District of Andhra Pradesh. The
total installed capacity of the plant is 10 tons per hour.


SRI SAI: ICRA Assigns 'B' Rating to INR5.60cr Unallocated Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B for the INR5.60
crore unallocated fund based limits of Sri Sai Shivanagere Solar
Power Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits/
   Unallocated           5.60       [ICRA]B/Assigned

The rating takes into account the incipient stage of the project,
with SPL yet to obtain financial closure and certain key
approvals; and that the work on the project is yet to commence.
The rating is also constrained by execution risks, including that
of time and costs overruns; and the promoter's limited track
record in power generation. The rating also considers the small
scale of its planned operations with only 1.1MW of generation
capacity, and SPL's modest financial risk profile with high
gearing and stretched debt protection metrics in the initial
years of its operation. The rating also factors in the
sensitivity of solar power generation to any adverse variations
in weather conditions as well as to panel degradation, which
would negatively impact the cash flows of the company.

The rating however, favourably takes into account the Power
Purchase Agreement (PPA) with BESCOM for full installed capacity
with healthy tariffs locked in for 25 years. The rating also
considers the favourable regulatory environment with both central
power regulators and KERC incentivizing private renewable power
generation. Timely commencement and execution of the project
without any major cost overruns remain the key rating
sensitivities.

Sri Sai Shivanagere Solar Power Private Limited (SPL) was
incorporated in June 2015. SPL plans to set up a 1.1 MW solar
power plant at Kallukote Village, Sira Taluk, Tumkur District,
Karnataka. The solar power plant is expected to be commissioned
in September 2016 and a Power Purchase Agreement (PPA) has been
signed by SPL with BESCOM for a period of 25 years.


SRINITHI ENTERPRISES: ICRA Upgrades Rating on INR7cr Loan to BB-
----------------------------------------------------------------
ICRA has upgraded the long term rating for the INR7.00 crore fund
based limits (Cash Credit facility) and the INR2.00 crore
proposed long term facilities of Srinithi Enterprises Private
Limited from [ICRA]B+ to [ICRA]BB-. The outlook on the rating is
Stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund-
   based limits
   (Cash Credit
   facility)             7.00       [ICRA]BB-(Stable)/Upgraded

   Proposed long
   term facilities       2.00       [ICRA]BB-(Stable)/Upgraded

The rating upgrade takes into account of healthy revenue growth
witnessed over the last two fiscals, supported by SEPL's
established customer and supplier network, and favourable demand
for its key products - Butter, Ghee and Skimmed Milk Powder. The
rating also considers SEPL's financial profile characterised by
moderate gearing and adequate interest cover and debt protection
metrics. The rating continues to draw comfort from the
established track record and experience of its promoters in
trading of milk and milk products; and the positive demand
outlook for the company's products, over the medium to long term.

The rating is, however, constrained by SEPL's thin profitability,
due to the trading nature of its business; and the intense
competition in a highly fragmented industry that restricts scope
for margin expansion by limiting pricing flexibility. The rating
also considers SEPL's tight liquidity position with its working
capital facilities being fully utilized; nevertheless ICRA takes
cognisance of the unsecured loans extended by SEPL's promoters in
the current year, which is likely to ease its liquidity position
to an extent.

Incorporated in the year 2009, Srinithi Enterprises Private
Limited is primarily engaged in trading milk and milk products
like butter, ghee and skimmed milk powder (SMP). The promoters of
the company have been involved in similar business for over a
generation and have vast experience in the business. The company
procures milk products in bulk primarily from suppliers in Andhra
Pradesh, Tamil Nadu, Delhi, Maharashtra & Karnataka and caters to
the demand from both organised and unorganised players in Tamil
Nadu, Andhra Pradesh, Uttarakhand, Uttar Pradesh and Haryana,
among others. Major customers include Patanjali Ayurved Limited,
Urmila Milk Products, Bharath Ghee Store and Markandeshwar Foods
& Allied Products Ltd.

Recent Results
During FY 2014-15, the company has reported a profit after tax of
INR0.75 crore on an operating income of INR95.90 crore as against
a profit after tax of INR0.53 crore on an operating income of
INR73.36 crore in FY 2013-14. As per provisional results, the
company has achieved an operating income of INR461.11 crore in 11
months FY 2015-16.


STEEL AUTHORITY: Fitch Cuts LT FC Issuer Default Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Steel Authority of India Limited's
(SAIL) Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'BB' from 'BBB-'. The Outlook is Negative.

The downgrade follows the deterioration in SAIL's financial
profile after a prolonged weakening in international steel
prices. SAIL's debt-funded capex programme has magnified the
impact of weak prices. SAIL posted an EBITDA loss of INR25.3
billion in the nine months to 31 December 2015, compared with an
EBITDA of INR36.8 billion a year earlier, due to weak steel
prices, competition from increased steel imports into India and
muted steel demand growth in India.

Fitch expects SAIL's financial profile to remain weak for the
next 18 months and improve only moderately towards the end of the
financial year to 31 March 2018 (FY18). Indian steel demand is
likely to improve over the medium term, which will support better
profitability at SAIL. This will help the company to reduce net
leverage to below 4.5x after FY18.

The Negative Outlook reflects the risk of further weakening in
steel prices, increases in Indian steel imports and weaker-than-
expected steel demand over the next 12-18 months, which would
make it difficult for SAIL to improve its profitability and thus
its leverage.

KEY RATING DRIVERS

Challenging Market Dynamics: Indian steel makers have been
battling falling steel prices, high imports and muted demand
during the last 12 months. The imposition of a minimum import
price by the Indian in February 2016 and the extension of a
safeguard duty on certain steel imports till March 2018 will
provide some relief to domestic producers. Indian steelmakers'
profitability is likely to improve during 4QFY16 and 1HFY17.
However, muted demand and expectations of overcapacity will limit
the benefits of the measures for Indian steel producers in 2016.
Fitch expects profitability of Indian steel producers, including
SAIL, to remain weak in FY17.

Weak Financial Profile: SAIL's financial profile has deteriorated
significantly due to the EBITDA losses and increasing debt levels
driven by its capex. We expect SAIL's financial profile to remain
weak in FY17 with minimal improvement in EBITDA margin and
additional debt from the final stage of its capex programme.
SAIL's financial profile is likely to improve only from FY18,
when sales volumes increase and profitability widens following
better operating efficiency and cost control measures. Fitch
expects SAIL's net leverage to reduce below 4.5x by FY19.

Capex Largely Complete: SAIL's has almost completed its capex
programme for modernising and expanding its manufacturing
facilities after significant delays. Only the expansion of the
Bhilai steel plant has yet to be finished. SAIL is enhancing its
crude steel capacity to 21.4 million tonnes per annum (FY15: 13.9
mtpa) and has spent INR615.5 billion so far towards modernisation
and expansion of the manufacturing facilities, and increasing
iron ore and coal mining capacity. The delay in completion of the
capex from the originally planned end-FY13 or early FY14, has
resulted in weaker than expected cash flows and significantly
higher debt.

Comfortable Liquidity: SAIL had cash balance of INR20 billion and
unutilised working capital limits of around INR11 billion at the
end of 2015. This compares with debt maturities of INR16.6
billion in FY17. SAIL's cash balance has been steadily decreasing
due to its capex programme. However, with its major capex
projects nearing completion, Fitch expects SAIL's liquidity to
remain adequate. SAIL also has strong access to the Indian debt
market.

Leadership Position: SAIL is largest manufacturer of steel in
India. This position is supported by its high level of vertical
integration. The company supplies all its iron ore requirements
and it meets about two-thirds of its power needs from its captive
power plants. However, SAIL has limited coking coal integration
and imports more than 80% of its requirements. SAIL's leadership
is also supported by its established brand, country-wide sales
network and presence in almost the entire range of low-carbon
steel products.

Government Linkages: SAIL's rating incorporate a one notch uplift
on its stand-alone credit profile reflecting the moderate
linkages with the state, India (BBB-/Stable), in line with
Fitch's Parent and Subsidiary Rating Linkage methodology. The
state owns 75% of SAIL's equity and retains significant control
of the company. As one of seven state-owned entities granted
Maharatna status by the government, SAIL enjoys significant
operational and financial autonomy, including being able to
decide on investment of up to INR50 billion, or 15% of its net
worth, in a project.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for SAIL include
-- Indian steel demand growth of around 5% in FY17, which will
   accelerate to around 8% over the medium term, resulting in
   SAIL's sales volume increasing around 15% over the medium term
-- Stable Indian steel prices around current levels supported by
   continuation of government measures to check significant rise
   in steel imports during FY17
-- Capex of around INR550 billion over the next two years with
   completion of expansion of the Bhilai steel plant during FY17

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable
include:
-- Improvement in SAIL's financial performance, resulting in net
    leverage (net debt/ operating EBITDA) falling below 4.5x on a
    sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- SAIL's failure to demonstrate that it is on track to
    deleverage to below 4.5x on a sustained basis;
-- Any significant weakening of linkages with the state.


SUSHIL ANSAL: CRISIL Lowers Rating on INR248MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sushil Ansal Foundation to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              248      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SAF in
meeting its debt obligations; the delays have been caused due to
cash flow mismatches and week liquidity.

The rating reflects SAF's exposure to funding and implementation
risks associated with its expansion into a private university,
its limited track record of operations, and its weak financial
risk profile, marked negative net cash accruals. These rating
weaknesses are partially offset by the extensive experience of
SAF's promoters in the education sector, the funding support it
receives from them and the benefits expected from the healthy
demand prospects for the education sector in India.

SAF was established in December 2010. The trust is currently
running AITM, located at Sushant Golf City, Lucknow; Sushant Golf
City is a township being set up by a group company, Ansal
Properties and Infrastructure Ltd. AITM offers several technical
and management courses affiliated with the requisite authorities;
it has a total intake capacity of 600 students. The trust is also
in the process of expanding the infrastructure to set up a
private university, Ansal University, in the same campus, for
which the approvals are under process.


TAGORE SHIKSHAN: CRISIL Assigns B+ Rating to INR99MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Tagore Shikshan Sansthan (TSS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit/
   Overdraft facility     31       CRISIL B+/Stable

   Long Term Loan         99       CRISIL B+/Stable

The rating reflects the trust's moderate scale of operations,
exposure to intense competition and to any unfavourable change in
government regulations. These weaknesses are partially offset by
the trustees' extensive experience in the education industry and
the comfortable capital structure.
Outlook: Stable

CRISIL believes TSS will continue to benefit over the medium term
from the trustees' extensive industry experience.  The outlook
may be revised to 'Positive' if the trust significantly increases
revenue and profitability while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative'
if any large, debt-funded capital expenditure, or any
unfavourable regulatory change weakens the financial risk
profile.

TSS was established in 1992. In 2001, the trust was taken over by
the current trustees Mr. Narayan Ram, Mr. Rameshwaran Lal, and
Mr. Hanuman Ram. The trust runs two educational institutes Tagore
Shikshan Prashikshan Sansthan which offers B Ed courses and
Tagore Shikshan Sansthan Senior Secondary School which offers
secondary and senior secondary courses from classes 9 to 12; and
one hostel named Tagore Shikshan Sansthan Samiti.

The trust is located in Nagaur which is around 100 kilometres
away from Jaipur, Rajasthan. The institutes have total student
intake capacity of around 4500 currently.


TAPAL STEEL: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tapal Steel Private Limited (TSPL; part of the Venkateshwara
group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL D
   Letter of Credit       50       CRISIL D
   Term Loan              43       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TSPL and Shree Venkateshwara Sponge
and Power Pvt Ltd (SVSPPL). This is because the two companies,
together referred to as the Venkateshwara group, have operational
and financial linkages (fund transactions) with each other.

Promoted by Mr. Bhavani Prasad in 2005, the Venkateshwara group
manufactures sponge iron and steel ingots. TSPL manufactures
steel ingots and thermo-mechanically treated (TMT) bars whereas
SVSPPL manufactures sponge iron.


TARINI MOTORS: ICRA Reaffirms B+ Rating on INR3.25cr Cash Loan
--------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating of the INR3.25 crore
(revised from 2.00 crore) cash credit limit and the INR1.74 crore
(revised from INR2.09 crore) term loan facility of Tarini Motors
Private Limited. ICRA has also re-affirmed the [ICRA]A4 rating of
the INR2.50 crore short-term non-fund based bank limits of TMPL.
The rating suspension of January 2016 has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Cash
   Credit                3.25        [ICRA]B+ re-affirmed

   Fund Based Term
   Loan                  1.74        [ICRA]B+ re-affirmed

   Non-fund Based
   Bank Guarantee        2.50        [ICRA]A4 re-affirmed

While re-affirming the ratings, ICRA has considered TMPL's weak
financial profile characterized by high gearing level, depressed
coverage indicators and a high working capital intensity of
operation due to higher inventory holding requirements, which
adversely impacts the liquidity position of the concern, as also
reflected by high utilization of working capital limits. The
ratings are also constrained by thin margins on the auto
dealership business due to bargaining power and margins being
controlled by MTBL, coupled with the intense competition from
other OEM dealerships in the region, thereby limiting growth to
an extent. The re-affirmation in ratings is, however, supported
by the consistent increase in the operating income of the
company. The established position of MTBL in the commercial
vehicle segment and the diversified portfolio of the vehicles,
ranging from LCVs to 49T tractor - trailers provide a cushion
against business downturns in any single segment. Going forward,
the company's ability to improve its working capital cycle, and
consequently its cash flow position, through inventory management
while increasing the scale of operations, will remain the key
rating sensitivities.

Tarini Motors Private Limited is engaged in the automobile
dealership of commercial vehicle of Mahindra Truck and Buses
Limited. The company operates through a single showroom at
Keonjhar in Odisha, and deals in HCVs, MCVs and LCVs. In
addition, it is engaged in servicing of vehicles and deals in
spare parts, besides providing lathe service to vehicles.

Recent Results
TMPL reported a profit after tax (PAT) of INR0.33 crore in FY2015
on an operating income (OI) of INR24.33 crore, as against a PAT
of INR0.31 crore on an OI of INR13.47 crore in FY2014.


TATA STEEL: Fitch Cuts LT FC Issuer Default Rating to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded Tata Steel Limited's (TSL) Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB' from
'BB+/Stable' and placed it on Rating Watch Evolving (RWE).

Unsecured notes issued by TSL have also been downgraded to 'BB'
from 'BB+' and placed on RWE. The agency has also downgraded the
Long-Term Foreign Currency IDR for TSL's wholly owned subsidiary,
Tata Steel UK Holdings Limited (TSUKH), to 'B' from 'B+/Stable'
and placed it on RWE. A full list of rating actions is provided
at the end of this commentary.

The downgrade reflects the decline in TSL's profitability and
jump in leverage during the financial year ending 31 March 2016
(FY16), following challenging market conditions for its
operations in India and overseas, especially in the UK. The
downgrade in TSUKH reflects the downgrade of its parent, TSL, and
the weak operating environment in the UK and more broadly across
Europe.

The RWE reflects uncertainty following TSL's announcement on 29
March 2016 that it is exploring all options for portfolio
restructuring in Europe, including the potential divestment of
its UK operations, in part or in whole. Considerable uncertainty
remains on timing and how the group and its debt will be
structured going forward. Fitch believes TSL's disposal of its UK
operations, in part or whole, will result in a change to TSL's
ratings.

KEY RATING DRIVERS

Weaker Profitability in India: Profitability of TSL's Indian
operations has been impacted by weak steel price realisation in
9MFY16. Its consolidated EBITDA per ton declined to about
INR7,400/tonne ($US110/t) in 9MFY16 from INR11,400/t in FY15, hit
by a INR7,150/t fall in realisation. Steel producers globally are
suffering from weak demand and overcapacity, with current global
capacity utilisation at a low last seen during the 2008 global
financial crisis. In India, demand growth was a tepid 4.7% in
9MFY16, which was met largely by a 29% yoy increase in imports.

Recent actions by the Indian government, such as the imposition
of a minimum import price following a 20% safeguard duty on
imports to protect domestic manufacturers, have provided some
relief, with domestic steel prices rising around INR4,000/t from
January 2016 lows. However, prices are still about 20% lower than
the average for FY15. Fitch says increased competition among
domestic producers to support utilisation rates will likely
constrain further price hikes in the near term, given domestic
steel capacity is scheduled to jump about 15 million tonnes over
2H15 and 2016.

European Operations Under Stress: TSL's overseas business
reported EBITDA losses consecutively in 2Q and 3QFY16, hit by
weak performance in the UK. Its operations in Europe and UK in
particular, have faced poor steel-raw material spreads and
relatively high operating costs. Price realisation in Europe has
faced pressure from cheap Chinese and Russian imports amid weak
regional demand.

TSL has taken steps to cut costs, including shutting down its
plates business in the UK and laying off around 3,000 employees.
The company is also focusing on value-added products and
profitable market segments, such as the automotive sector.
Recognising the need for further action, TSL is now exploring the
sale of its UK business, in part or whole.

Jump in Leverage: Fitch estimates TSL's consolidated net debt to
EBITDA leverage will jump to 11.6x in FY16, from 5.8x in the
previous year, due to poor profitability. Leverage is likely to
remain high at 8.2x in FY17 and 5.7x by FY18. Fitch's forecast
assumes a gradual improvement in realisations and a return to
profitability for overseas operations in FY18. However, further
details on restructuring in Europe may change this forecast.

Benefit From Greenfield Plant: TSL is currently commissioning the
first phase of its greenfield plant at Kalinganagar in Odisha,
India, with a capacity of 3 million tonnes per annum. TSL expects
to gradually increase output in FY17. Apart from increased sales,
TSL would benefit from improved product mix from the new plant,
as the plant will specialise in producing high-grade flat
products. It will also be one of the most cost-efficient plant in
the country. The bulk of the capex has been completed and TSL
should begin deriving cash-flow benefits in FY17.

TSUKH Gains from TSL Support: TSUKH is unprofitable, with a weak
standalone credit profile. The business continues to face weak
local demand and high costs. However, TSUKH benefits from
strategic ties with its parent, TSL, so its IDR includes a two-
notch uplift in line with Fitch's Parent and Subsidiary Linkage
methodology.

Tata Group Support: TSL's ratings also benefit from a one-notch
uplift because of potential support from the Tata Group due to
the former's strategic importance to the group.

KEY ASSUMPTIONS
"Fitch's key assumptions within our rating case for the issuer
include:
-- Sales volume to decline 8% in FY17 due to lower steel
    production in the UK. Thereafter, volume assumed to grow by
    around 6% annually, with a ramp up of Indian capacity.

-- Average sales realisation to improve 3% in FY17 and by 5%
    each over the next two years.

-- Consolidated operating EBITDA margin to improve to 9% in FY17
    then to 11% in FY18 (FY16: 6%). EBITDA per tonne would bounce
    back over FY17-18 to FY15 levels.

-- Average annual capex of around INR70 billion from FY17."

RATING SENSITIVITIES

TSL
The RWE will be resolved following a review of TSL's credit
profile once Fitch has more clarity around the portfolio
restructuring exercise in Europe. An upgrade is likely if the
proceeds of potential asset sales are used to repay debt,
reducing leverage.
However, if leverage increases due to significant closure costs
for the UK operations, Fitch will downgrade the rating.

TSUKH
The RWE will be resolved following a review of the linkages
between TSUKH and TSL and TSUKH's credit profile, once Fitch has
more clarity around the portfolio restructuring exercise in
Europe. If Fitch concludes that the linkage is enhanced or
TSUKH's standalone profile improves, an upgrade in likely. A
downgrade is likely if Fitch views that the linkage has weakened.

The full list of rating actions follows:

TSL
Long-Term Foreign Currency IDR downgraded to 'BB' from 'BB+';
placed on RWE
Senior unsecured rating: downgraded to 'BB' from 'BB+' ; placed
on RWE
$US500 million 4.85% senior unsecured guaranteed notes due 2020
and $US1 billion 5.95% senior
unsecured guaranteed notes due 2024 issued by ABJA Investments Co
Pte Ltd, a wholly owned subsidiary of TSL: downgraded to 'BB'
from 'BB+' ; placed on RWE

TSUKH:
Long-Term Foreign Currency IDR downgraded to 'B' from 'B+';
placed on RWE


THE HIMANIS: CRISIL Assigns B+ Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of The Himanis.

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

The rating reflects the firm's exposure to project risk driven by
high offtake risk, and intense competition in the hospitality
industry. These rating weaknesses are partially offset by the
extensive experience of promoter in the hospitality industry and
his successful track record of operating other hotels.
Outlook: Stable

CRISIL believes The Himanis will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of earlier-than-
expected ramp-up of operations resulting in higher-than-expected
scale of operations and profitability, leading to considerable
net cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens on account of lower-
than-expected revenue and profitability, or in case of a larger-
than-expected, debt-funded capital expenditure, or if liquidity
weakens significantly on account of an increase in working
capital requirement.

The Himanis was set up as a partnership firm in 2015 by Mr.
Dinesh Gupta and his family. It is setting up a hotel-cum-resort
of 60 rooms (including five cottages) in Kasauli, Himachal
Pradesh which is expected to be completed by March 2017.


UNITED NANOTECHNOLOGIES: ICRA Assigns B- Rating to INR3.02cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR5.72
crore2 fund based bank facilities and the INR0.03 crore
unallocated limits of United Nanotechnologies Limited. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR0.25
crore non-fund based facilities of UNL. The above unallocated
limits of INR0.03 crore have also been rated at [ICRA]A4 on the
short term scale.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit
   Cash Credit              2.70       [ICRA]B- Assigned

   Fund Based Limit
   Term Loan                3.02       [ICRA]B- Assigned

   Non-fund Based
   Limit Bank Guarantee     0.25       [ICRA]A4 Assigned

   Unallocated Limits       0.03       [ICRA]B-/[ICRA]A4 Assigned

The ratings assigned are constrained by UNL's lack of operational
track record, high operating losses and low capacity utilization,
which has kept business return indicators negative till FY2015.
ICRA notes the high working capital intensity of business
operations that adversely impacts the company's liquidity
position. Given the nascent stage of operations and commencement
of debt repayment obligations, the cash accruals from the
business were insufficient to meet the contractual debt repayment
necessitating promoter support to infuse funds in the business.

ICRA also notes that the promoters infused around INR1.60 crore
in the current fiscal year that has eased liquidity pressures to
some extent. The ratings further take note of the weak financial
profile of the company, characterized by negative net-worth and
depressed debt coverage indicators as on March 31, 2015. The
ongoing partly debt funded capital expenditure (capex) is likely
to keep the gearing at elevated levels at least over the near
term. The ratings also take into consideration the susceptibility
of UNL's margins to fluctuations in raw material prices.
The ratings, however, take cognizance of the prior experience of
the promoters for over a decade in the manufacturing of similar
products through group companies. ICRA also takes note of the
gradual increase in production in the current year aided by
steady orders from key customers and the ongoing expansion for
product diversification, which is likely to result in a growth in
top-line and profitability over the near to medium term. ICRA
notes that the increasing capacity utilization of existing
facility coupled with increased revenue from new products is
likely to result in an increase in cash accruals.

In ICRA's opinion, the ability of the company to successfully
diversify its product profile and improve its scale of operations
and profitability while managing its working capital requirements
efficiently would be the key rating sensitivities going forward.

Established in 2004, United Nanotechnologies Private Limited was
taken over by the current management in 2013. The manufacturing
operations of the company commenced from January 2014, and the
constitution was changed from a private limited company to a
limited company in March 2014. The company is engaged in
manufacturing filler master batches and compounds. The
manufacturing unit is located at Dhulagori in Howrah, West
Bengal, with an installed annual capacity of 6,000 MT.

Recent Results
UNL reported a net loss of INR0.17 crore (provisional) in 9M
FY2016 on an operating income (OI) of INR8.46 crore, as compared
to a net loss of INR1.90 crore on an OI of INR5.70 crore during
FY2015.


VINIRRMAA PROJECTS: Ind-Ra Affirms IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vinirrmaa
Projects Pvt Ltd's (VPPL) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The affirmation reflects VPPL's continued tight liquidity
position as reflected in its multiple instances of
overutilisation of the cash credit limit which ranges up to 19
days for the 12 months ended February 2016.

The ratings remain constrained by the company's moderate credit
metrics. In FY15 (year end March interest cover was 2.1x (FY14:
1.9x) and net financial leverage at 3.5x (3.5x). Operating EBITDA
margins declined to 15.9% in FY15 (FY14: 17.9%) due to
competitive bidding.

The ratings continue to reflect the company's high order book
concentration. Work orders from Bharat Coking Coal Ltd (a
subsidiary of Coal India Ltd) continued to constitute around 88%
of the total order book of INR2.49 billion at FYE15 (7x FY15
revenue).

The ratings, however, are supported by VPPL's established
operating track record and over 20 years of experience of its
founders in civil contracting & construction business.

RATING SENSITIVITIES

Negative: A sustained worsening of liquidity impairing timely
debt servicing could lead to a negative rating action.

Positive: A sustained improvement in liquidity leading to an
improvement in the ability to service debt in a timely manner
could lead to a positive rating action.

COMPANY PROFILE

Established in 1999, VPPL executes engineering, procurement and
construction contracts in the civil building and mining segments.
9MFY16 provisional financials indicate revenue of INR232.3
million, EBITDA margin of 14.3% and interest coverage of 1.9x.

VPPL's ratings are as follows:
-- Long-Term Issuer Rating: affirmed at 'IND B'/Stable
-- INR80.0 million fund-based working capital limits: affirmed
    at 'IND B'/Stable/'IND A4'
-- INR150.0 million non-fund-based working capital limits:
    affirmed at 'IND A4'


VIVA VITA: CRISIL Suspends D Rating on INR50MM LT Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Viva Vita Diagnostic Systems Private Limited (VVDSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            6.7      CRISIL D
   Long Term Loan        50        CRISIL D
   Proposed Long Term
   Bank Loan Facility    23.3      CRISIL D

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

VVDSPL, based in Chennai, provides various diagnostic services.
The company's day-to-day operations are managed by Dr. D
Geetanjali.


VRIDHI IRON: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vridhi Iron and
Steels (VIS) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

VIS's ratings reflect its small scale of operations and moderate
credit profile. In FY15, revenue was INR212.4 million, interest
coverage (operating EBITDA/gross interest expenses) was 2.1x and
net financial leverage (total adjusted net debt/operating
EBITDAR) was 3.0x. The ratings also reflect VIS's partnership
nature of business.

The ratings also factor in the company's moderate liquidity
profile with its 97.5% utilisation of the working capital
facility for the 12 months ended February 2016.

The ratings are supported by over a decade of experience of VIS's
partners in the steel manufacturing business. The EBITDA margin
of the entity is also satisfactory (FY15: 9.0%).

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
and EBITDA margin along with an improvement in other credit
metrics would be positive for the ratings.

Negative:Further deterioration in overall credit metrics will be
negative for ratings.

COMPANY PROFILE

VIS was incorporated in 2008 as a partnership firm. The
registered office of the company is located in Guwahati, Assam.
The company manufactures structural steel products. The entity
started commercial operation in June 2012.

VIS's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR10.8 million long-term loan: assigned 'IND B+'/Stable
-- INR43.0 million fund-based working capital limit: assigned
    'IND B+'/Stable


YASH BREEDING: ICRA Suspends 'B' Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR10.0 crores bank facilities of Yash Breeding Farm. The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the
company.



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


ALAM SUTERA: Moody's Lowers CFR to B2; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Alam Sutera Realty Tbk and the senior
unsecured debt rating of Alam Synergy Pte. Ltd.

Alam Synergy is a wholly-owned subsidiary of Alam Sutera and its
debt is guaranteed by Alam Sutera and some of Alam Sutera's
subsidiaries.

The outlook for the ratings has been changed to stable from
negative.

List of affected ratings:

Downgrades:

Issuer: Alam Sutera Realty Tbk
  Corporate Family Rating, Downgraded to B2 from B1

Issuer: Alam Synergy Pte. Ltd.
  BACKED Senior Unsecured Regular Bond/Debenture, Downgraded
  to B2 from B1

Outlook Actions:

Issuer: Alam Sutera Realty Tbk
  Outlook, Changed To Stable From Negative

Issuer: Alam Synergy Pte. Ltd.
  Outlook, Changed To Stable From Negative

                         RATINGS RATIONALE

"The downgrades reflect the weak state of Alam Sutera's operating
performance, led by a decline in its marketing sales for 2015,
and delays in one-off transactions," says Jacintha Poh, a Moody's
Vice President and Senior Analyst.

These factors have in turn weakened the company's financial
profile to a point outside its B1-rating parameters.

For calendar 2015, Alam Sutera achieved only IDR1.9 trillion in
marketing sales, equivalent to 43% of its revised target of
IDR4.5 trillion, and representing a 55% year-on-year decline from
the IDR4.2 trillion seen in 2014.

The result in 2015 also represented its first deterioration in
marketing sales over the last six financial years.

Furthermore, two one-off transactions -- which were supposed to
conclude in the first quarter of 2016 -- were either cancelled or
delayed until mid-2016.

In both cases, these outcomes are credit negative developments.

Alam Sutera's strata-titled sale of The Tower -- an office
building located in Jakarta's central business district -- to a
single buyer was cancelled after the buyer failed to make
payments.

In addition, its joint venture with an Asian-based developer to
co-develop a 20-hectare land parcel located at Alam Sutera
township -- which includes an International Exhibition and
Congress Center -- will likely be delayed until mid-2016.

Given that the company generates little recurring income due to
its limited number of investment properties, the decline in
marketing sales will negatively affect its earnings, leading to
weaker financial metrics.  In 2015, Alam Sutera's revenue fell
23% year-on-year to IDR2.8 trillion from IDR3.6 trillion in 2014.

Its key financial metrics, such as its leverage ratio -- as
measured by revenue/adjusted debt and adjusted debt/EBITDA --
weakened to 37% from 53% in 2014 and 4.6x from 3.5x.  And its
interest coverage ratio -- as measured by homebuilding
EBIT/interest expense -- weakened to 3.3x compared to 3.9x in
2014.

"In addition, Moody's sees a high degree of uncertainty over Alam
Sutera's ability to achieve its marketing sales for 2016.  In
this year, it targets to achieve IDR5 trillion, including IDR1.4
trillion from strata-titled office sales, which we view as
optimistic, given the current soft demand for residential
properties and oversupply of office spaces within Jakarta's CBD,"
adds Poh, who is also Moody's Lead Analyst for Alam Sutera and
the Indonesian property sector as a whole.

For the two months ended Feb. 29, 2016, the company achieved
marketing sales of only IDR169 billion.

Moody's will monitor the company's progress towards achieving a
total marketing sales of at least IDR3 trillion in 2016, an
amount which would keep the company's financial profile within
the parameters of a B2 rating category.

Nonetheless, Alam Sutera is expected to have an adequate
liquidity position and is not faced with any near-term
refinancing risk.  Its next major debt maturity will only be in
2019.  The first installment on its outstanding amortizing bank
loans will start on Nov. 21, 2016, and Moody's expects that the
payment can be met.

The ratings are unlikely to be upgraded over the near term given
weak marketing sales.  However, upward pressure could build
should Alam Sutera show progress in achieving marketing sales of
at least IDR4 trillion in 2016 and demonstrates its ability to
maintain a stable financial profile such that adjusted
debt/EBITDA is below 3.5x and adjusted EBIT -- including
capitalized interest -- /interest expense is above 3.0x.  In
particular, Moody's would look for Alam Sutera to maintain a
strong liquidity position supported by long dated debt maturity
profile.

On the other hand, the ratings could be downgraded, if Alam
Sutera's financial and liquidity profile weaken owing to: (1) the
company's failure to execute its business plans, (2) a
deterioration in the property market, leading to protracted
weakness in its operations and credit profile, and (3) a material
depreciation in the rupiah, which may increase the company's
debt-servicing obligations.

Moody's would also consider downgrading the ratings if the
company: (1) fails to improve its weakening revenue/adjusted debt
levels, (2) demonstrates an adjusted debt/EBITDA in excess of
5.0x, (3) exhibits an adjusted EBIT -- including capitalized
interest -- /interest expense below 2.0x, and/or (4) shows
insufficient cash to cover its short-term debt obligations.

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

Established on 3 November 1993, Alam Sutera Realty Tbk is an
integrated property developer in Indonesia, with a sizeable land
bank of 2,375 hectares (gross area) as of Dec. 31, 2015.

The company focuses on the sale of land lots in accordance with
township planning requirements, as well as property development
in residential, commercial and industrial segments in Indonesia.
Alam Sutera -- which was formerly known as PT Adhihutama
Manunggal -- was founded by the family of The Ning King and
listed on the Indonesian Stock Exchange on Dec. 18, 2007.


PERTAMINA ENERGI: Liquidation Set to be Complete in Mid-2016
------------------------------------------------------------
The Jakarta Post reports that the liquidation of Pertamina Energi
Trading Ltd (Petral) and its subsidiaries, which has been under
way since February, is set to be complete by the middle of 2016.

According to the report, Pertamina finance director Arief Budiman
said two of Petral's entities in Hong Kong, Petral and Zambesi
Investment Limited (ZIL) were already in the process of tax
clearance from the Hong Kong tax authorities.

"Then the companies will be dissolved," the report quotes Arief
as saying at the press conference held in Jakarta on April 4.

Meanwhile, the liquidation of Petral's subsidiary Pertamina
Energy Services Pte Ltd (PES) awaited debt settlement in
Singapore, he continued, the Post relays. "The final decision on
the debt will involve the State-owned Enterprises Ministry," he
said.

The Post relates that Pertamina president director Dwi Soetjipto
said the initial liquidation process was faster than expected.

"After tax clearance from the Hong Kong tax authorities, ZIL and
Petral will be dissolved and we expect it to be completed by the
middle of this year. As for PES, it must solve its debt problems
first, before the liquidation," Dwi, as cited by the Post, said.

The report notes that the liquidation of Petral Group was among
the recommendations issued by the reform team for the oil and gas
sector, led by well-known economist Faisal Basri. The team was
formed to study restrictive practices in Pertamina Group's oil
and gas procurement process.

According to the Post, the Energy and Mineral Resources Minister
Sudirman Said explained that a so-called "oil mafia" had damaged
Indonesia in two ways. First, it led Indonesia to fail to develop
and build production facilities. With oil consumption of 1.5
million barrels per day (bpd), Indonesia only produced 800,000
bpd, the rest must be imported.

"It was impossible for oil experts during the 1990s to not
predict the increased oil consumption in the future. They were
lobbied by the oil mafia not to build new refineries," he said,
adding that the last oil refinery built in Indonesia was the
Balongan refinery-built in 1991, the Post relays.

Second, the mafia left Indonesia heavily dependent on fossil fuel
and did not develop renewable energy.

Sudirman also stated that Petral Group's liquidation was
necessary as part of an efforts to improve Pertamina's supply
chain management, and to complement the plan to reactivate
Integrated Supply Chains (ISC), adds the Post.



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


ASAHI LIFE: Fitch Affirms 'BB+' Insurer Fin'l Strength Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Asahi Mutual Life Insurance Co.'s
(Asahi Life) Insurer Financial Strength (IFS) Rating at 'BB+',
with a Stable Outlook.

KEY RATING DRIVERS
The rating is based on Asahi Life's steadily improving capital
adequacy and financial leverage as well as its resilient
insurance underwriting, which are supported by a strategic focus
on the profitable "third" (health) sector in recent years.

Its statutory solvency margin ratio (SMR) remained adequate at
669.1% at end-December 2015 compared with 667.7% at end-March
2015. Its financial leverage also continued to be reasonable at
40.1% at end-December 2015 compared with 38.7% at end-March 2015.

Nevertheless, Asahi Life's capital position is weaker than its
peers' average SMR of more than 900%. In addition, Asahi Life's
negative spread burden of JPY33.1 billion in the first half of
the financial year ending March 2016 (1HFYE16) (1HFYE15: JPY35.9
billion) is large, and continues to offset gains from better-
than-projected mortality and morbidity rates. However, Fitch
expects Asahi Life's negative spread burden to gradually shrink
due to declining average guaranteed yields over the medium term.

The underwriting business has been stable due to an effective
focus on the third sector. The core profit margin remained
adequate at 6.1% in April to December 2015 from 5.0% a year
earlier. Annual premiums of in-force policies in this segment
increased by 3.2% in April to December 2015, due partly to
effective sales promotions via non-traditional channels. Fitch
believes that efforts in marketing third-sector products via
several non-traditional channels, such as telephone marketing,
are likely to further strengthen this segment.

RATING SENSITIVITIES
Key rating triggers for an upgrade would include: a further
strengthening of capitalisation, and a decline in financial
leverage to below 35%, on a sustained basis. Growth in the third-
sector business and reduction in the surrender and lapse rates of
the death-protection products would also be viewed positively by
Fitch.

Key rating triggers for a downgrade would include: a major
erosion of capitalisation, or increase in financial leverage to
above 45%. Significant deterioration in profitability such as the
core profit margin to below 5%, on a sustained basis, would also
put the rating under pressure.



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


STONEWOOD HOMES: New Owner Seeks Legal Advice Over Contracts
------------------------------------------------------------
Stuff.co.nz reports that Stonewood Homes' new owner is seeking
urgent legal advice over the franchisee contract confusion.

A number of customers from failed Stonewood Home franchisees have
been left in limbo waiting to hear who will finish building their
homes, Stuff.co.nz relates.

According to the report, contracts that were held by those failed
franchisees were transferred to Stonewood Homes New Zealand Ltd -
- the master franchisor of the Stonewood Group -- and sister
companies Stonewood Homes and Sterling Homes (Christchurch).

However, when Stonewood New Zealand was placed into receivership
the franchise customers were left in limbo.

Inno Capital, a company owned by brothers Michael and John Chow
and finance specialist Clint Webber, bought the company in March,
the report notes.

Stuff.co.nz says franchise contracts involving the Stonewood
Homes NZ founder Brent Mettrick were terminated, sparking
confusion around what company was responsible for those
contracts.

"We are taking legal advice on the matter as it is quite a unique
circumstance in that Stonewood NZ did take over the right to
complete on the liquidation of theses franchisees but the
contracts did not anticipate the subsequent insolvency of
Stonewood NZ," the report quotes Mr. Webber as saying.  "The
ownership interest of Mr Mettrick in these franchisees further
complicates the issue. Before we proceed to complete any of the
affected builds we need to ensure we have the legal capacity to
do so and we have sought an urgent legal opinion on this."

The Stonewood Homes franchise was established in 1987 by Brent
and Sue Mettrick with 21 franchise across New Zealand.



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


S TRAVEL: Tour Operator Shuts Down Unexpectedly
-----------------------------------------------
TODAY reports that a Singapore-based Korea tour operator has
abruptly shut down, with a notice on its door advising affected
customers to contact their insurers or the Small Claims Tribunal.

S Travel had "unexpectedly ceased operations", said the National
Association of Travel Agents Singapore (NATAS) on April 1.
S Travel was a member of the association, the report notes.

When TODAY visited its outlet, a notice on its door said the
agency had "ceased operation(s) with immediate effect due to
unforeseen circumstances".

According to the report, the notice was put up since March 31,
said the Singapore Tourism Board (STB), which has served a notice
to S Travel to revoke its travel agent licence.

TODAY relates that the STB said in a statement it is looking into
the matter and may consider taking further actions against S
Travel and its directors, if necessary.

S Travel will be given until April 21 to provide reasons against
the revocation of its licence, otherwise the revocation will take
effect unless an appeal is submitted to the Ministry of Trade and
Industry, the report notes.

STB advised affected consumers to S Travel regarding the status
of their booking or refund. If S Travel cannot be reached or
fails to provide relevant service delivery or refund, consumers
with applicable travel insurance are advised to approach their
insurance providers. Consumers who are not covered by travel
insurance can approach the Consumers Association of Singapore or
the Small Claims Tribunal, where appropriate, said the STB.

Several NATAS member agencies have offered to help affected
customers. They are Air Sino-Euro Associates Travel (ASA Tours),
Citystate Travel, Scenic Travel and UOB Travel Planners.

However, they will not be taking over the bookings without
payment. The agencies will instead offer discounts to affected
customers.

Chan Brothers Travel, CTC Travel, Dynasty Travel and Hong Thai
Travel have also "indicated their willingness to join this
initiative", NATAS, as cited by TODAY, said.



=============
V I E T N A M
=============


VIETNAM BANK: Fitch Affirms 'B+' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) on five Vietnamese banks as follows:

-- Vietnam Bank for Agriculture and Rural Development
    (Agribank), Vietnam Joint Stock Commercial Bank for Industry
    and Trade (Vietinbank) and Joint Stock Commercial Bank for
    Foreign Trade of Vietnam's (Vietcombank) were affirmed at
    'B+'

-- Asia Commercial Joint Stock Bank (Vietnam) (ACB) and Military
    Commercial Joint Stock Bank (Military Bank) were affirmed at
    'B'

All of them have Stable Outlooks. A full list of the ratings is
at the end of this commentary.

"The ratings were affirmed because the banking sector is showing
initial signs of stabilisation, aided by an improving economy. We
expect funding and liquidity conditions for the sector to remain
steady, aided by a relatively stable currency and benign
inflation. If sustained, this is likely to alleviate asset-
quality pressures on the system. However, we expect banks'
profitability to still remain under pressure due to weak net
interest margins and high credit costs on more stringent asset
classification."

The understatement of problem loans seen in the low reported-NPL
ratios across the system suggests that the capitalisation of
banks is likely to be weaker than their reported capital ratios.

KEY RATING DRIVERS

IDRS, SENIOR DEBT, SUPPORT RATINGS (SRS) AND SUPPORT RATING
FLOORS (SRFS) OF AGRIBANK, VIETINBANK AND VIETCOMBANK
The Long-Term IDRs of Agribank, Vietinbank and Vietcombank are
driven by Fitch's expectation that the government would provide
extraordinary support as these entities are systemically
important and majority-owned by the Vietnamese government. They
are among the top four Vietnamese banks by assets and have strong
domestic franchises.

The banks' SRFs and IDRs are one notch lower than Vietnam's
sovereign rating (BB-/Stable). Fitch believes the large size of
the banking industry relative to GDP, and the government's weak
finances may constrain the timeliness of support.

Vietinbank's senior notes are rated at the same level as its
Long-Term IDR, given that the notes constitute direct,
unsubordinated and senior unsecured obligations of the bank, and
rank equally with other unsecured and unsubordinated obligations.
The Recovery Rating of 'RR4' reflects average recovery prospects.

The Stable Outlooks on Agribank, Vietinbank and Vietcombank
reflect the Stable Outlook on Vietnam's sovereign rating.

VRS OF VIETINBANK AND VIETCOMBANK
The VRs of Vietinbank and Vietcombank reflect their weak credit
metrics, characterised by weak asset quality and capitalisation,
declining profitability and high loan concentration risk,
especially in state-owned enterprises (SOEs). The VRs also
incorporate their strong domestic franchises, which focus on
commercial and corporate lending, and their stable funding
profiles.

Fitch believes these two state-owned banks have an advantage over
private banks in times of stress as depositors would likely have
higher confidence in a majority state-owned bank. Vietinbank's
loan-to-deposit ratio of 107% at end-June 2015, as per Fitch's
estimate, exceeds the 90% soft limit imposed by the State Bank of
Vietnam on state-owned banks. In contrast, Vietcombank's 74% is
lower.

Fitch does not assign a VR to wholly government-owned Agribank.
Providing support to the domestic economy has a high influence on
its standalone profile and makes it likely that it will continue
to benefit from regulatory forbearance.

IDRS AND VRS OF ACB AND MILITARY BANK
The Long-Term IDRs of ACB and Military Bank are driven by their
VRs and reflect their smaller franchises but modestly better loan
quality compared to state-owned banks'. Fitch believes that their
capital encumbrance from the underreporting of NPLs is lower
compared with the state-owned banks.

ACB's ratings reflect its stable credit profile given its more
moderate annual loan growth in the last three years and smaller
exposure to SOEs. ACB's loan quality is likely to be better
compared with most of its peers given its much lower loan
concentration risk with small exposure to SOEs - 1.2% of total
loans at end-June 2015. The reported NPL ratio was 1.7% at end-
June 2015 (2014: 2.2%).

Military Bank's ratings reflect its franchise as one of the
largest private banks in Vietnam. Fitch expects that the bank
will continue to generate stronger profitability than its peers,
supported by its higher net interest margins and more favourable
cost structure. Its recent new share issuance has also helped
maintain its capitalisation ratio above the majority of its local
peers'. The ratings also take into account the bank's above-
industry loan growth, its better liquidity profile - with loan-
to-deposit ratio of 64% at end-June 2015 - and its strong
government ties.

The Stable Outlooks on ACB and Military Bank reflect Fitch's
expectation that their risk profiles will be maintained over the
near to medium term amid macroeconomic stability in Vietnam.

SRS AND SRFS OF ACB AND MILITARY BANK
The '5' SRs and 'No Floor' SRFs of ACB and Military Bank reflect
Fitch's view that state support may be possible but cannot be
relied upon.

RATING SENSITIVITIES

IDRS, SRS and SRFS OF AGRIBANK, VIETINBANK, VIETCOMBANK, ACB AND
MILITARY BANK
The Long-Term IDRs, SRs and SRFs of Agribank, Vietinbank and
Vietcombank are sensitive to shifts in the sovereign's
creditworthiness and ratings. These ratings may also be affected
by any perceived change in the government's propensity to support
the banks, although such a scenario is unlikely in the near term
for the systemically important state-owned banks like Agribank,
Vietinbank and Vietcombank. The SRs and SRFs for ACB and Military
Bank are already at the lowest end of the ratings scale.

The Long-Term IDRs of ACB and Military Bank are sensitive to
changes in their VRs.

SENIOR UNSECURED NOTES
The ratings on Vietinbank's senior unsecured notes are sensitive
to any changes in the bank's Long-Term IDR.

The Recovery Rating is sensitive to Fitch's assessment of
potential recoveries for creditors in case of default/non-
performance.

VRS OF VIETINBANK, VIETCOMBANK, ACB AND MILITARY BANK
Vietnamese banks may be pressured if asset quality deteriorates
further and if problem loan recognition were to accelerate, in
turn significantly weakening banks' profitability and
capitalisation. Downward pressure for Vietinbank may be higher
given its low and declining capital ratio and higher loan
concentration risk.

Negative rating action for Vietinbank, Vietcombank, ACB and
Military Bank may also result from increasing risk appetite,
which may be demonstrated by excessive loan growth, or event
risks such as M&A or operational lapses that could materially
affect the banks' credit profiles.

The VRs may be upgraded if structural issues such as lack of
uniformity in loan classification standards and bad debt
resolution are more adequately addressed, leading to greater
transparency and sustainable improvement in the banks' asset
quality and their overall financial profiles.

The full list of rating actions is as follows:

Agribank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

Vietinbank
Long- Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'
$US250m 8% notes due 2017 affirmed at 'B+'; Recovery Rating of
'RR4'

Vietcombank
Long-Term IDR affirmed at 'B+', Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'

Military Bank
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'

ACB
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'


* VIETNAM: 2,900 Firms Close Down in Q1
---------------------------------------
Viet Nam News reports that the shortage of long-term capital
coupled with low competitiveness should be blamed for the rising
number of firms going bankrupt and temporarily halting operations
in the first quarter of 2016.

According to the report, Tran Hoang Ngan, a member of HCM City
National Assembly Delegation, said there were increases in new
firms and shut-downs, reflecting a trend of firms being founded
for seasonal business rather than for long-term investment.

Viet Nam News relates that the General Statistics Office (GSO)
revealed that the number of firms closing down reached more than
2,900 in the first quarter of this year, representing a rise of
13.8%over the same period last year. Of note, 93% of them were
small enterprises with registered capital below VND10 billion
(US$446,500).

The report says struggling firms that were forced to temporarily
halt operations in the quarter totaled more than 20,000, rising
by 23.9% against the same period.

Ngan said the shortage of long-term stable capital makes it
difficult for firms to survive for long periods, according to the
report.

He pointed out that many firms did not dare to invest in
technology and equipment due to the shortage of capital and
unstable borrowing interest rates, the report relates.

"Interest rates must be kept stable. If rates rise, firms will
barely survive," he said.

Viet Nam News relates that Cao Si Kiem, president of the Viet Nam
Association of Small and Medium Sized Enterprises, said it was
important to improve the health of businesses with strengths
based on technology and high-quality resources.

Kiem said local firms must reduce their dependence on imported
raw materials while paying attention to improving their
technology and quality of human resources to enhance their
competitiveness in this era of rapid global integration, the
report relays.

On the plus side, in the first quarter of this year, more than
23,700 firms were founded with total registered capital of VND186
trillion, a rise of 24.8% and 67.2% over the same period last
year, respectively, adds Viet Nam News.



                             *********

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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