TCRAP_Public/160408.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

            Friday, April 8, 2016, Vol. 19, No. 69


                            Headlines


A U S T R A L I A

BAKER HAULAGE: First Creditors' Meeting Set For April 15
DIRECT WELLBEING: Australian NaturalCare Up For Sale
INTEGRATED CONSTRUCTION: First Meeting Set For April 15
LEAN FIELD: Goes Into Liquidation
PEPPER RESIDENTIAL: Moody's Assigns B2 Rating to Class F Notes

PRESTIGE FOUNDATION: First Creditors' Meeting Set For April 15
Q FIBRE: Placed Put Into Liquidation
TRITON MINERALS: Argonaut Seeks Expressions of Interest
WILLIAM ENTERPRISE: First Creditors' Meeting Set For April 14


C H I N A

CHINA ORIENTAL: Moody's Retains B2 CFR on 2015 Results
GOLDEN EAGLE: Fitch Lowers IDR to 'BB-'; Outlook Negative
GOLDEN EAGLE: Moody's Puts Ba3 CFR on Review for Downgrade
HOPSON DEVELOPMENT: Moody's Says 2015 Results Supports B3 CFR
HYDOO INTERNATIONAL: Moody's Changes B2 CFR Outlook to Negative

JINGRUI HOLDINGS: Moody's Says 2015 Results in Line With Outlook
MINGFA GROUP: S&P Lowers CCR to 'CCC+' & Puts on CreditWatch Neg.
SHIMAO PROPERTY: Moody's Says Results Have No Impact on Ba2 CFR
SUNAC CHINA: Moody's Changes B1 CFR Outlook to Negative
SUNSHINE 100 CHINA: S&P Lowers CCR to 'B-'; Outlook Negative

WINSWAY ENTERPRISES: Chapter 15 Case Summary
WINSWAY ENTERPRISES: Seeks U.S. Recognition of HK Proceedings

* China Steel Capacity Cuts Face Financial Hurdles, Fitch Says
* Moody's Expects Chinese Auto ABS Performance to Deteriorate


H O N G  K O N G

HANERGY THIN: Posts Loss HK$12.2 Billion Net Loss in 2015
HONGHUA GROUP: Moody's Says Caa1 CFR Unaffected By 2015 Results


I N D I A

AADYA MOTOR: CRISIL Cuts Rating on INR200MM Loan to 'D'
AADYA MOTOR COMPANY: CRISIL Cuts Rating on INR1.15BB Loan to D
AQUATECH SOLAR: Weak Financial Strength Cues ICRA SP 4D Grading
ARADHANA AUTOMOBILES: CRISIL Assigns B Rating to INR60MM Loan
ASHIRVAD FOOD: CRISIL Suspends B- Rating on INR139.8MM Loan

AVERA RESOURCE: ICRA Assigns 'SP 5C' Grading
BAL KISHAN: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
BAPASHREE INFRASTRUCTURE: CRISIL Cuts Rating on INR200M Loan to D
BARUAPARA SK: ICRA Reaffirms B Rating on INR7.35cr Term Loan
CHENAB IMPEX: CRISIL Assigns B+ Rating to INR30.5MM Loan

CONCEPT HOMES: CRISIL Assigns 'B' Rating to INR85MM Term Loan
ES PEE: CRISIL Assigns B+ Rating to INR30MM LT Loan
ESHWAR TRUST: ICRA Suspends 'B' Rating on INR14.58cr Loan
GRAND MOTORS: CRISIL Assigns 'B' Rating to INR35MM LT Loan
HINDUSTAN FLUOROCARBONS: CRISIL Reaffirms C Cash Credit Rating

INDIA PISTONS: CRISIL Cuts Rating on INR572.5MM Loan to 'D'
INNOVATIVE MEDICARE: CRISIL Assigns B+ Rating to INR40MM Loan
INODAYA FOODS: ICRA Assigns B+ Rating to INR8cr Cash Loan
JYOTI GENERAL: ICRA Reaffirms B+ Rating on INR7.2cr Loan
LEMOREX GRANITO: CRISIL Assigns B+ Rating to INR268.5MM Loan

MADHAV STORES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
MAHE EDUCATIONAL: ICRA Reaffirms B+ Rating to INR5.40cr Loan
MAHESHWARA ENTERPRISES: CRISIL Rates INR50MM Cash Loan at 'B'
MOSARAM SHIVRAMDAS: CRISIL Suspends B+ Rating on INR60MM Loan
MYHOME COLLECTIONS: CRISIL Assigns B Rating to INR110MM Loan

NIKLESH COOKING: CRISIL Suspends B+ Rating on INR59.6MM Loan
NISHIT AGGARWAL: CRISIL Assigns B+ Rating to INR100MM Cash Loan
NORTH INDIA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
PEREGRINE PHOSPHATE: CRISIL Assigns B Rating to INR10MM Loan
PRAYAGRAJ POWER: ICRA Lowers Rating on INR9849cr Loan to D

QUALITRONICS (MADRAS): CRISIL Puts B- Rating on INR45MM Loan
QUEST INFOSYS: CRISIL Suspends 'C' Rating on INR165MM Term Loan
QURESHI INTERNATIONAL: CRISIL Ups Rating on INR70MM Loan to 'B'
R.S.V. COTTON: CRISIL Cuts Rating on INR28.3MM Term Loan to 'D'
RAJESH PRODUCTS: CRISIL Assigns B- Rating to INR40MM Cash Loan

RISSALA PRODUCTS: ICRA Assigns B Rating to INR5.0cr Term Loan
RUCHIRA PRINTING: ICRA Suspends B+ Rating on INR7.50cr Loan
S P IRON: CRISIL Assigns B+ Rating to INR100MM Cash Loan
SARBAMANGALA AGRO: CRISIL Suspends 'D' Rating on INR38MM Loan
SHIV SHAKTI: CRISIL Suspends 'D' Rating on INR104.5MM Cash Loan

SHREE YAMUNA: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan
SRI MANAKULA: ICRA Reaffirms B+ Rating on INR149.19cr LT Loan
STEELTECH INDIA: CRISIL Suspends D Rating on INR98MM Cash Loan
SUTAPA INTERNATIONAL: CRISIL Rates INR80MM Gold Loan at 'B'

TECHNOCRATS PLASMA: CRISIL Assigns 'B' Rating to INR50MM Loan
TRIBHUWAN NARAYAN: CRISIL Suspends B+ Rating on INR100M Loan
UNITED COKE: ICRA Cuts Rating on INR5cr Cash Loan to B+
V. S. COTTON: CRISIL Lowers Rating on INR26.4MM Term Loan to D
VTC TRADEWINGS: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'


I N D O N E S I A

INDIKA ENERGY: Moody's Cuts Corporate Family Rating to Caa1


J A P A N

ARCH FINANCE 2007-1: Moody's Confirms Ba2 Rating on JPY12BB Loan


V I E T N A M

VINACOMIN HOLDING: Moody's Cuts Corporate Family Rating to B3


                            - - - - -


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


BAKER HAULAGE: First Creditors' Meeting Set For April 15
--------------------------------------------------------
Frank Lo Pilato -- frank.lopilato@rsm.com.au -- and Mitchell
Herrett -- mitchell.herrett@rsm.com.au -- of RSM were appointed
as administrators of Baker Haulage (Queanbeyan) Pty Ltd on
April 5, 2016.

A first meeting of the creditors of the Company will be held at
RSM, Equinox Building 4, Level 2, 70 Kent Street, in Deakin, on
April 15, 2016, at 11:00 a.m.


DIRECT WELLBEING: Australian NaturalCare Up For Sale
----------------------------------------------------
Broede Carmody at SmartCompany reports that a healthcare group
turning over millions of dollars from the sales of vitamins and
other consumer products has collapsed into voluntary
administration.

Direct Wellbeing Pty Ltd appointed external managers on April 4.

Todd Gammel and Barry Taylor from HLB Mann Judd are acting as
joint voluntary administrators and a creditors meeting is due to
be held on April 13 in Sydney, according to SmartCompany.

SmartCompany relates that the administrators are seeking urgent
expressions of interest in Direct Wellbeing's wholly-owned
subsidiary, Australian NaturalCare Products.

Australian NaturalCare Products turns over around AUD17 million
and is profitable, according to administrators, says
SmartCompany.

The business operates two brands, Australian NaturalCare and Pure
Vitamins, with a customer base of more than 70,000 people.
Together, the two brands sell more than 90 vitamins and
supplements approved by the Therapeutic Goods Administration and
500 other products=, including skincare products, protein bars
and cleaning supplies.

The company has the potential to grow quickly thanks to "new
products and expansion into Asian markets", SmartCompany
discloses citing an advertisement placed in the Australian
Financial Review earlier this week.

Todd Gammel, partner at HLB Mann Judd, told SmartCompany
Australian NaturalCare Products is continuing to trade while its
parent company Direct Wellbeing is in administration.

"It's full steam ahead," SmartCompany quotes Mr. Gammel as
saying. "It's trading profitably."

According to SmartCompany, Mr. Gammel said he has already
received "strong" interest in the Australian NaturalCare Products
business.

"Basically, it's a great opportunity for somebody to pick up a
profitable Australian business and look to springboard into the
Asian market," Mr. Gammel told SmartCompany.


INTEGRATED CONSTRUCTION: First Meeting Set For April 15
-------------------------------------------------------
David Michael Stimpson and Anne Meagher of SV Partners were
appointed as administrators of Integrated Construction &
Development Group Pty Ltd on April 5, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Qld, on April 15,
2016, at 11:00 a.m.


LEAN FIELD: Goes Into Liquidation
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that Lean Field
Developments Pty Ltd has gone into liquidation. Richard John
Hughes and David Michael Orr of Deloitte were appointed
liquidators of the company on March 16, 2016, Dissolve.com.au
discloses.

The company owed Ryvil Industries around AUD900,000 and over
AUD100,000 to Sunstate Pipelines, according to the report.

Leanfield had facilities and offices in Canada and Australia. It
had over 200 employees on its projects throughout Australia.


PEPPER RESIDENTIAL: Moody's Assigns B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to notes issued by Permanent Custodians Limited (Trustee) as
trustee of Pepper Residential Securities Trust No.16.

Issuer: Pepper Residential Securities Trust No.16
  USD280.0 million Class A1-u1 Notes, Assigned P-1 (sf)
  AUD0.0 million Class AR-u Notes, Assigned Aaa (sf)
  AUD122.0 million Class A1-a Notes, Assigned Aaa (sf)
  AUD93.8 million Class A2 Notes, Assigned Aaa (sf)
  AUD61.6 million Class B Notes, Assigned Aa2 (sf)
  AUD14.0 million Class C Notes, Assigned A2 (sf)
  AUD12.6 million Class D Notes, Assigned Baa2 (sf)
  AUD7.7 million Class E Notes, Assigned Ba1 (sf)
  AUD9.1 million Class F Notes, Assigned B2 (sf)

The total amount of Class A1-u1 Notes and Class A1-a Notes issued
equals AUD 490 million.  An exchange rate of USD 1.000 = AUD
1.314 has been used to determine the AUD denominated volume of
the Class A1-u1 Notes.

The AUD 11.2 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

                         RATINGS RATIONALE

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans.  A substantial portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (43.9%) or made on a limited
documentation basis (35.7%).

This transaction features five possible classes of A Notes (Class
A1-u1, Class A1-u2 (if issued), Class AR-u, Class A1-a, and Class
A2), Class B Notes, Class C Notes, Class D Notes, Class E Notes,
Class F Notes and Class G Notes (split into Class G1 and Class
G2).  The Class A1-u1 Notes are USD-denominated bullet notes with
a legal final maturity of approximately one year.  The Class A1-
u2 (if issued) will be USD-denominated also with a legal final
maturity of one year.

The Class AR-u Notes are floating rate, pass-through AUD-
denominated notes that will not be issued at the close of the
transaction, but will be subscribed for (either publicly or by
the redemption provider) in order to fund the maturity of the
Class A1-u1 Notes or the Class A1-u2 Notes (as applicable).

In order to ensure that the Class A1-u1 Notes will be fully
repaid on the legal final maturity date, the Trustee has entered
into a Redemption Facility Agreement with National Australia Bank
Limited (NAB, Aa1(cr)/P-1(cr)) (Redemption Facility Agreement).
If required, NAB as redemption facility provider must subscribe
for Class AR-u Notes up to an amount being the difference between
the stated amount of the Class A1-u1 Notes or Class A1-u2 Notes
(as applicable) less the balance of the redemption fund.  As
such, the P-1 (sf) rating of the Class A1-u1 Notes is linked to
the P-1(cr) rating of NAB.

To facilitate the redemption of the Class A1-u1 Notes at their
legal final maturity, the Trustee will try to issue new USD-
denominated Class A1-u2 Notes with a legal final maturity of one
year.  Alternatively, the Trustee can issue new floating rate,
pass-through AUD-denominated Class AR-u Notes publicly.

To facilitate redemption of the Class A1-u2 Notes at their legal
final maturity (if issued), floating rate, pass-through AUD-
denominated Class AR-u Notes will be issued.

If there are insufficient proceeds from the proposed issuance to
fully repay the Class A1-u1 Notes or Class A1-u2 Notes (as
applicable), NAB (subject to the terms of the Redemption Facility
Agreement) must subscribe for the Class AR-u Notes.  The note
proceeds together with the balance of the redemption fund swapped
into USD, will be used to repay the Class A1-u1 Notes or Class
A1-u2 Notes stated amount (as applicable).

The definitive ratings take account of, among other factors:

   -- Class A1-u1 Notes and Class A1-a Notes benefit from 30.00%
      credit enhancement (CE) and Class A2 Notes benefit from
      16.60% CE, while our MILAN CE assumption, the loss Moody's
      expects the portfolio to suffer in the event of a severe
      recession scenario, is substantially lower at 15.20%.
      Moody's expected loss for this transaction is 1.50%.  The
      subordination strengthens ratings stability, should the
      pool experience losses above expectations.

   -- A liquidity facility equal to the lesser of : (1) 2.5% of
      the aggregate invested amount of the notes less the
      redemption fund balance, subject to a floor of
      AUD 1,460,000; (2) The amount agreed from time to time in
      writing by the liquidity facility provider and the Trustee
      provided that the Trust Manager has notified the rating
      agency and determined that the change will not result in
      any downgrade, qualification or withdrawal of the rating of
      the notes; and (3) The aggregate outstanding principal
      amount of all mortgage loans not in arrears by more than 90
      days, as at that payment date.

   -- The experience of Pepper Group Limited (Pepper, unrated) in
      servicing residential mortgage portfolios.  This is
      Pepper's 16th non-conforming securitisation, which
      highlights the lender's experience as a manager and
      servicer of securitised transactions.

  -- A currency swap that is provided by the Commonwealth Bank of
     Australia (CBA) (Aa2/P-1/Aa1(cr)/P-1(cr)) to mitigate the
     cross-currency risk associated with the USD-denominated
     Class A1-u1 Notes.  According the current form of the swap
     documentation and given CBA's current Aa1(cr) rating, swap
     linkage has no present rating impact on the Class A1-u1
     Notes.  This is because the linkage between the Class A1-u1
     Note ratings and CBA's rating as swap provider is mitigated
     by an obligation to post cash collateral and novate the swap
     if CBA is rated below A3(cr).

Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans.  To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to
ensure that the weighted average interest on all loans is at
least the rate required to meet the Trust's obligations (up to
Class F interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are:

  -- The notes are initially repaid on a sequential basis until
     (although pro-rata between all Class A Notes), amongst other
     stepdown conditions, the latter of: (1) the second
     anniversary from closing; or (2) the Class A subordination
     is at least 33.2%.  After that point, the Class A1-u1, A1-a,
     A2, B, C, D, E, F and G Notes will receive a pro-rata share
     of principal payments (subject to additional conditions).
     The Class G principal payments will be applied as an
     allocation to the turbo principal allocation.  The turbo
     principal allocation is applied in reverse sequential order,
     from Class F Notes up the capital structure.  The principal
     pay-down switches back to sequential pay, once the aggregate
     loan amount falls below 10% of the aggregate loan amount at
     closing or if there are any unreimbursed charge-offs.

   -- The yield enhancement reserve account is available to meet
      losses and charge-offs whilst any Class A Notes are
      outstanding.  The reserve account is funded by trapping
      excess spread at, initially, an annual rate of 0.30% of the
      outstanding principal balance of the portfolio up to a
      maximum amount of AUD 2,500,000.

  -- The portfolio is geographically well diversified due to
     Pepper's wide distribution network.

  -- The portfolio contains 43.9% exposure with respect to
     borrowers with prior credit impairment (default, judgement
     or bankruptcy).  Moody's assesses these borrowers as having
     a significantly higher default probability.

  -- 35.7% of loans in the portfolio were extended to borrowers
     on a limited documentation basis.  Of the 35.7% low
     documentation loans, 91.9% are classified as 'alternative
     documentation'.  For these alternative documentation loans
     Pepper performs additional verification checks over and
     above the typical checks for a traditional low documentation
     product written prior to August 2009.  These checks include
     a mandatory call from a Pepper credit assessor, a
     declaration of financial position and either six months of
     bank statements, six months of Business Activity Statements
     or an accountant's letter in a format specified by Pepper.
     Pepper's alternative documentation loans have substantially
     lower arrears when compared to Pepper's historical low
     documentation loans.  Given the additional verification
     checks and the stronger arrears performance, these
     alternative documentation loans have been assessed to have a
     lower default frequency than standard low documentation
     loans.

  -- 43.9% of the loans in the portfolio were extended to self-
     employed borrowers.  Moody's analysis of historical
     delinquency and default data has indicated that loans
     granted to self-employed borrowers have a greater propensity
     to default compared to loans granted to employed PAYG
     borrowers.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans.  The Australian job market and the housing
market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN
CE and mean expected loss -- differed.  The analysis assumes that
the deal has not aged.  Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the Aaa losses were to be
19.00%, versus the 15.20% Moody's credit enhancement and the
median expected loss were 1.88% as opposed to 1.50%, the model-
indicated rating for the Class A1-a Notes and Class A2 Notes
would drop one notch to Aa1.  The over-subordination at closing
reduces the probability of ratings migration.  Using these same
assumptions, the ratings on the Class B, Class D and Class F
Notes drop 1 notch, Class C and Class E Notes drop 2 notches.
The P-1 rating of the Class A1-u1 Notes is linked to the P-1(cr)
rating of NAB as the redemption facility provider.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.


PRESTIGE FOUNDATION: First Creditors' Meeting Set For April 15
--------------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Prestige Foundation Systems Pty.
Ltd. on April 5, 2016.

A first meeting of the creditors of the Company will be held at
Tomaras Lawyers, Level 27, 101 Collins Street, in Melbourne,
Victoria, on April 15, 2016, at 11:00 a.m.


Q FIBRE: Placed Put Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Q Fibre Pty Ltd
has been placed into liquidation. Christopher Cook and Morgan
Lane of Worrells Solvency and Forensic have been appointed
liquidators of the company on March 22, 2016, the report says.

The company reportedly owes millions of dollars to unsecured
creditors and AUD235,000 of employee entitlements,
Dissolve.com.au discloses.


TRITON MINERALS: Argonaut Seeks Expressions of Interest
-------------------------------------------------------
Argonaut, on behalf of the Administrators of Triton Minerals Ltd,
is seeking expressions of interest to recapitalise and/or
restructure the Company and/or its assets.

Through its 100% owned subsidiary Triton United Ltd (domiciled in
the UAE), the Company has an 80% interest in Grafex Limitada, the
registered holder of three key discrete, high value graphite
exploration licences located in Mozambique's northern Cabo
Delgado province. The Balama North (Nicanda Hill, Nicanda West
and Cobra Plains), Balama South and Ancuabe projects are each
contained within the area of the Licences.

Aside from its interest in Grafex, the Company is separately the
beneficial owner of an 80% interest in the Licences under the
terms of a farm-in and joint venture agreement with Grafex.

As at Dec. 31, 2015, Triton had spent c. AUD22.5 million to earn
into its project interests and a further AUD16.5 million on
exploration, resource drilling and studies for a total investment
of c AUD39.0 million.

Achieved a peak market cap of AUD234.0 million in July 2014.

Triton's assets are located within close proximity to existing
regional infrastructure including the port of Pemba, 100kV grid
powerline, bitumen roads, good communication infrastructure and
abundant process water sources.

Parties interested in submitting offers must execute the
Confidentiality Agreement provided by Argonaut. The
Administrators are considering all transactions including a
recapitalisation and/or realisation of some or all of the Company
or its assets in order to maximise value for creditors and other
stakeholders.

The Administration process provides an opportunity for parties to
acquire the assets of the Company either wholly or in part, or to
recapitalise and/or restructure the Company through a Deed of
Company Arrangement (DOCA).

Martin Jones, Andrew Smith and Dermott McVeigh of Ferrier Hodgson
were appointed as administrators of Triton Minerals Limited on
March 2, 2016.

Triton Minerals Limited is an ASX listed mineral exploration and
development company focused on exploring and developing the
graphite recourses of their 80% interest in the Cabo Delgado
Province of Mozambique, Grafex Lda (Grafex).


WILLIAM ENTERPRISE: First Creditors' Meeting Set For April 14
-------------------------------------------------------------
Barry Kogan & Shaun Fraser of McGrathNicol were appointed as
administrators of William Enterprise Holdings Pty Ltd, William
Enterprise Group Pty Ltd, William Enterprise Trading Pty Ltd,
William Powdercoating & Fabrication Pty Ltd and Eversure Fencing
Pty Ltd on April 4, 2016.

A first meeting of the creditors of the Company will be held at
Cliftons, Level 13, 60 Margaret Street, in Sydney, on April 14,
2016, at 11:00 a.m.



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


CHINA ORIENTAL: Moody's Retains B2 CFR on 2015 Results
------------------------------------------------------
Moody's Investors Service says that China Oriental Group Company
Limited's weakened operating performance in 2015 will not have an
immediate impact on the company's B2 corporate family rating or
B3 senior unsecured debt rating.

The ratings outlook is negative.

"China Oriental's 2015 weak operating performance is in line with
our expectations and had been factored into its B2 corporate
family rating with a negative outlook," says Jiming Zou, a
Moody's Vice President and Senior Analyst.

China Oriental recorded a 26.1% drop in revenue in 2015 to
RMB21.0 billion, down from RMB 28.5 billion in 2014.  The decline
was mainly attributable to falling domestic demand for steel and
a worsening in the supply glut.

Although real estate and infrastructure investments showed signs
of improvement in 1Q 2016, Moody's considers that a meaningful
and sustainable recovery in steel demand and prices is unlikely
in the next 12-18 months.

In 2015, its adjusted EBITDA fell by one third to RMB1.3 billion,
from RMB2 billion in 2014, as the negative impact of falling
steel prices outpaced the benefits of lower raw material prices.
Given the persistence of oversupply in the steel industry, China
Oriental will find it challenging to improve its earnings in the
next 12-18 months.

Moody's notes that adjusted debt remained high -- when compared
to earnings -- at end-2015.  Its adjusted debt, including bank
acceptance notes payable and operating lease adjustments, fell to
RMB6.9 billion as at end-2015 from RMB9.5 billion at end-2014.

However, due to a faster decline in EBITDA, adjusted debt/EBITDA
increased to 5.2x, thereby positioning the company weakly in the
B2 rating category.

China Oriental's liquidity, as represented by unrestricted cash
to short-term debt, improved to 88% at end-2015 versus 13% a year
ago, after the repayment of its USD notes.  At end-2015, the
company had a RMB2.3 billion unrestricted cash balance against
RMB2.7 billion in short-term debt.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

China Oriental Group Company Limited, with total steel output
capacity of 11 million tonnes per annum, mainly manufactures H-
section steel products and hot rolled strips/strip products at
its steel mills in Hebei Province.  The company listed on the
Hong Kong Stock Exchange in 2004.  It is 45%-owned by its
founder,  Mr. Han Jingyuan, and 47% by ArcelorMittal (Ba2
negative).


GOLDEN EAGLE: Fitch Lowers IDR to 'BB-'; Outlook Negative
---------------------------------------------------------
Fitch Ratings has downgraded China-based department store
operator Golden Eagle Retail Group Limited's Long-Term Issuer
Default Rating and senior unsecured rating to 'BB-' from 'BB+'.
Fitch has assigned a Negative Outlook to the IDR.  The ratings
have been removed from Ratings Watch Negative.

The downgrade reflects a deterioration in Golden Eagle's
financial profile and weakness in its core business.  The
Negative Outlook reflects Fitch's expectation that leverage may
continue rising unless there is a meaningful turnaround in
business.

                         KEY RATING DRIVERS

Challenging Retail Market: The operating environment for Golden
Eagle has been difficult in the past two to three years due to
changing consumer behavior and a lack of differentiation among
department stores.  Golden Eagle's same-store sales started
declining in 2014 and fell 5.3% in 2015.  The company has taken
steps to stem the slide, such as adding more lifestyle elements
to its stores, and has performed better than some peers.  That
said, the success of these efforts depends on consumer sentiment,
which continues to weaken.

Shifting Business Model: Golden Eagle is looking to offset the
weakness in concessionaire sales by growing other revenue
sources, such as direct sales, rental income and auto services.
These new measures also aim to attract foot traffic and
differentiate Golden Eagle from competition.  Golden Eagle has
also entered the residential property development business after
acquiring Global Era Group (Global Era) in late 2015.

Leverage Up Sharply: Golden Eagle's payables adjusted net
leverage jumped to 5.7x by the end of 2015 from 3.3x at the end
of 2014, driven by weaker cash generation, ongoing capex, share
buybacks and acquisitions.  The Global Era acquisition, announced
in late 2015, includes a large residential property project in
Wuhu, located in China's Anhui province.  Golden Eagle plans to
restart sales of the Wuhu Riverside project in 1H16, with
proceeds helping to reduce leverage over the next few years.
However, timing and price remain uncertain.  Fitch expects
payables adjusted net leverage to remain elevated at over 5.0x
for the next two years.

Property Value Supports Rating: Golden Eagle owns more than 60%
of the floor space it operates.  The carrying value of
unencumbered fixed asset, land and investment property is CNY9.7
bil. at the end of 2015.  Fitch estimates the market value of
some of these assets to be substantially higher, such as the
flagship store in Nanjing, capital of Jiangsu province.  Fitch
believes these assets may be used as collateral to secure
additional debt funding if needed, partially mitigating the
liquidity risk from a loan covenant breach.

                         KEY ASSUMPTIONS

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

   -- Flat gross sales proceeds, with mild decline in
      concessionaire sales offset by growth in direct sales,
      rental and service income
   -- Low to mid-single digit revenue growth
   -- EBITDA margin of 37%-38% (2015: 38.1%)
   -- Capex of CNY1.2 bil.- 1.5 bil. per year
   -- 30% dividend pay out

                       RATING SENSITIVITIES

Positive: The Outlook will be revised to Stable if the Negative
triggers are not breached in the next 12 months.

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

   -- Payables adjusted net leverage (adjusted for lease,
      payables and customer deposits) sustained above 6.0x (2015:
      5.7x)
   -- Further decline in operating revenues and gross sales
      proceeds
   -- Sustained negative free cash flow
   -- Failure to generate planned cash flows from property sale

                            LIQUIDITY

Breach of Loan Covenants: Golden Eagle breached certain financial
covenants of its syndicated loan with CNY4.9 bil. carrying value
and has reclassified this amount as a current liability.  The
company is now renegotiating the terms of the loan with its
lenders.  Fitch believes the lenders are not likely to demand
immediate repayment.  The company does not have other near term
liquidity issues.  It had CNY4.2 bil. of cash and short-term
investments and CNY0.4 bil. of current bank loans, excluding the
CNY4.9 bil. syndicated loans, as at Dec. 31, 2015.


GOLDEN EAGLE: Moody's Puts Ba3 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Golden Eagle Retail Group Ltd's Ba3 corporate family rating and
the B1 senior unsecured debt rating on its US dollar notes due
2023.

Moody's rating action follows Golden Eagle's disclosure on
March 30, 2016, that it breached certain financial covenants of
its 2015 syndicated loan, and that it is in the process of
negotiating consent waivers for the breaches with its lenders.

                        RATINGS RATIONALE

"Our review reflects our concern over Golden Eagle's heightened
liquidity risk following the covenant breach on its RMB4.9
billion syndicated loan," says Lina Choi, a Moody's Vice
President and Senior Credit Officer.

Golden Eagle was unable to rectify its breach of certain
covenants in 2015, due to the increase in debt following its
consolidation of Global Era Group (unrated), cash outflows for
share repurchases and reduced cash flow amid a challenging
operating environment.

Golden Eagle acquired Global Era Group in late 2015, and the
transaction was completed on Dec. 31, 2015.

As a result of the covenant breach, Golden Eagle has classified
the RMB4.9 billion equivalent syndicated loan as short-term debt
payable in the next 12 months.

The RMB4.9 billion syndicated loan is material relative to the
company's cash holding of RMB4.3 billion at end-December 2015.

Under the indenture of Golden Eagle's rated USD400 million senior
notes, a failure to repay the syndicated loan will trigger a
cross default of the bond.

In its review, Moody's will focus on: (1) the company's
resolution of the covenant breach; (2) its liquidity position;
and (3) any constraints arising from the covenant breach on its
future operations.

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

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China.  Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers.  As of Dec. 31, 2015, the
company operated 29 stores, including 10 lifestyle centers, in
the regions of Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai.


HOPSON DEVELOPMENT: Moody's Says 2015 Results Supports B3 CFR
-------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's 2015 weakened financial results are in line with
expectations and support its B3 corporate family rating.

The rating outlook is stable.

"Hopson's 2015 financial results reflected its change in business
strategy over the last two years. The company is now better
positioned to achieve its sales target in 2016 because of its
improved product and geographic mix, which will result in gradual
improvements in its credit metrics", says Dylan Yeo, a Moody's
Analyst.

Hopson changed its business strategy over the last two years and
shifted its product mix towards mass-market and upgrader demand
and away from premium products.

With the successful implementation of the product mix shift,
contracted sales grew in 2015 by 88% year-on-year to RMB10.0
billion. In the first two months of 2016, Hopson recorded
contracted sales of RMB1.5 billion, a 26.6% increase from the
same period last year.

"We expect Hopson to be well-positioned to achieve its sales
target, underpinned by its improved product and geographic mix,
quality products and brand name. It targets to achieve RMB12
billion in contracted sales in 2016."

"We also expect Hopson's gross margin to improve in 2016 because
of high-margin contracted sales during 2015 for projects in
Beijing, Tianjin and Shanghai. Furthermore, Hopson's gross margin
remained high relative to other B-rated developers because of its
extensive low-cost land bank in higher tier cities."

Nevertheless, Hopson's 2015 results had been affected by the slow
sales in 2014, when the company implemented its business strategy
change. Hopson's revenue declined to HKD12.8 billion in 2015 from
HKD17.0 billion in 2014, because contracted sales fell in 2014 to
RMB5.3 billion from RMB11.3 billion in 2013.

The shift in product mix also affected Hopson's gross margin in
2015, which fell to 24.6% from 30.8% last year, as the average
selling price declined. The margin compression was further
affected by Hopson's inventory destocking in lower tier cities.

Both revenue/reported debt and EBIT interest coverage declined
because of the lower revenue and margin compression during the
year. Revenue/reported debt fell to 27.5% from 34.5%, while EBIT
interest declined to 1.4x from 2.0x. The magnitude of decline
was, however, offset by a reduction in total reported debt to
HKD46.7 billion from HKD49.4 billion in 2014.

"We expect both revenue/reported debt to gradually improve to 27-
29% and EBIT interest coverage to increase to 1.6-1.9x in the
next 12-24 months based on our assumption of stable sales in
2016.

Hopson also grew its recurring income base in 2015 because of its
expanding investment portfolio. Total rental income increased to
HKD656 million in 2015 from HKD462 million in 2014 and it
generated HKD207 million of income from its hotel operations.
These recurring income streams provided interest coverage of
about 0.2x."

"We expect these income streams to gradually increase due to
full-year contribution from commercial properties that commenced
in 2015. In addition, Hopson will add one to two new commercial
properties to its investment property portfolio in the upcoming
year."

"Hopson remained heavily reliant on its longstanding banking
relationships for liquidity. But the proposed onshore bond would
extend its debt maturity profile and improve its liquidity
position", says Yeo.

With the buyback of its offshore bonds in 1Q 2015 and 1Q 2016,
Hopson's debt structure will mainly comprise of onshore bank
loans. As a result, its liquidity profile is heavily reliant on
its longstanding banking relationships.

It held cash balance of HKD5.4 billion at end-2015, compared with
short-term debt of HKD11.2 billion. Consequentially, cash-to-
short term debt remained low at 48.5%.

The proposed onshore bond of up to RMB15 billion will allow the
company to extend its debt maturity profile and refinance shorter
term, high-cost debts.

Hopson Development Holdings Limited is one of the largest
property developers in China with a land bank of 30.99 million
square meters in gross floor area as of 31 December 2015. Its
principal business interests are residential and commercial
developments in four major cities -- Guangzhou, Beijing,
Shanghai, and Tianjin -- and their surrounding areas.


HYDOO INTERNATIONAL: Moody's Changes B2 CFR Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on Hydoo International Holding Limited's B2 corporate
family rating and B3 senior unsecured rating.

At the same time, Moody's has affirmed the ratings.

RATINGS RATIONALE

"The change in outlook to negative reflects our concern over
Hydoo's increased liquidity risk, due to its consistently weak
contracted sales against the backdrop of China's economic
slowdown," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

Hydoo's weak contracted sales in 2015 have rendered its $US120
million convertible bonds immediately due and redeemable,
pressuring its liquidity.

Of the amount, $US40 million was redeemed by an investor in
January 2016. A redemption of the remaining $US80 million will
materially reduce its total cash holding of RMB2.1 billion as of
December 2015.

Hydoo reported contracted sales of RMB3.1 billion for the full-
year 2015, or only around 60% of its target of RMB5 billion for
the year.

The weak performance was the result of softened demand for trade
centers in low-tier cities and slow progress in turning agreement
sales to contracted sales amid weakened operating conditions.

Moody's expects the challenges in Hydoo's operating environment
will continue to pressure its contracted sales in the next 12-18
months, in turn further weakening its liquidity and increasing
its refinancing risk.

Moody's also expects the company's credit metrics will
deteriorate over the next 12-18 months.

Specifically, Moody's expects EBIT/interest coverage will drop to
around 2.5x from 4.1x and revenue/adjusted debt to around 65%
from 78% over the next 12-18 months, as a result of weaker
contracted sales and higher debt associated with its planned
development.

Hydoo's high gross margin of 51.6% in 2015 -- driven by its low
land costs -- partly mitigated the impact of a 5.8% year-on-year
decline in revenue. However, the margin is likely to decline to
40%-45% in 2016 in light of the challenging operating
environment.

Downward rating pressure could arise if (1) Hydoo's liquidity
deteriorates due to (a) a failure to meet its 2016 sales target,
(b) full redemption of its convertible bonds without a timely
refinancing arrangement, or (c) its cash to short-term debt ratio
falling below 100%; or (2) the company undertakes aggressive
debt-funded expansion to the detriment of its credit metrics,
such that its EBIT/interest coverage falls below 2.0x or
revenue/adjusted debt falls below 65%.

Any signs of weakening access to domestic bank funds will also
pressure the ratings.

A ratings upgrade is unlikely given the negative outlook.
However, the outlook could return to stable if Hydoo improves its
contracted sales and cash flow, and successfully manages its
refinancing needs.

Specifically, upward ratings pressure could arise if Hydoo (1)
achieves its contracted sales target for 2016; (2) maintains a
solid liquidity profile with its cash/short-term debt above 100%
on a sustained basis; and (3) maintains its EBIT/interest at
2.5x-3.0x and revenue/adjusted debt at 65%-70%.

Established in 2010, Hydoo International Holding Limited is a
Chinese property developer that specializes in the development
and operation of trade centers in low-tier cities. At 31 December
2015, the company had a land bank of about 10.9 million square
meters in nine provinces and autonomous regions in China.


JINGRUI HOLDINGS: Moody's Says 2015 Results in Line With Outlook
----------------------------------------------------------------
Moody's Investors Service says that Jingrui Holdings Limited's
2015 results are weak, but within expectations, and have no
immediate impact on its ratings and negative outlook.

Jingrui has a B3 corporate family rating and Caa1 senior
unsecured bond rating.

"Jingrui's liquidity profile remained tight in 2015 and its
credit metrics were weak because of continued operational
pressures. We expect its tight liquidity and high leverage to
persists in 2016, as the property developer shifts its focus to
higher tier cities," says Dylan Yeo, a Moody's Analyst.

Moody's expects Jingrui's liquidity to remain tight in 2016, even
after considering the RMB1.5 billion first tranche onshore bond
issued in March 2016, and which will be used to refinance higher-
cost debt.

Jingrui reported a cash balance of RMB3.7 billion at end-2015,
down from RMB4.4 billion at end-2014.

Its cash/short-term debt fell to 63.4% at 31 December 2015
because of the decline in its cash balance and the increase in
short-term debt to RMB5.8 billion from RMB5.1 billion.

In the absence of other external sources of financing, Jingrui's
liquidity profile will remain largely dependent on meeting its
sales target in 2016 and maintaining its access to bank credit.

Moody's further notes that its tight liquidity position continues
to constrain its working capital requirements and limits its
ability to complete project deliveries.

Revenue recognition remained weak in 2015 despite a mild
improvement to RMB5.8 billion from RMB5.3 billion in 2014. Total
revenue for 2015 stayed low relative to contracted sales over the
last three years of RMB8.3 billion in 2013, RMB9.1 billion in
2014, and RMB8.7 billion in 2015.

At the same time, advances from pre-sale of properties expanded
to RMB9.8 billion from RMB7.8 billion last year.

During 2015, Jingrui's operating profile remained adversely
affected by the challenging operating environment, particularly
in lower tier cities.

Inventory destocking in lower tier cities resulted in a
significant decline in its gross margin to 7.4% from 20.5% in
2014.

"We expect margins to recover to about 15% in 2016 because of
higher-margin pre-sales in higher tier cities. However, these
levels are still weak relative to other peers in the B rating
category."

Jingrui plans to refocus on higher tier cities to mitigate its
exposure to lower tier cities. This business strategy will keep
land acquisition costs high because of the higher land prices in
first- and second-tier cities.

Moody's also notes regulatory tightenings in Shanghai and
potentially in other second-tier cities in which Jingrui operates
as part of moves to slow housing price growth. These measures
could pressure the company's sales margin in the next 12 months.

Jingrui's credit metrics remained weak in 2015 because of its
operational pressures.

Revenue/adjusted debt saw a mild improvement to 52.9% from 51.6%
because revenue growth of 9% slightly outpaced debt growth of 7%.
Overall leverage remained high.

EBIT/interest coverage declined to 1.0x from 1.7x because EBIT
fell to RMB1.0 billion in 2015 from RMB1.6 billion in 2014, a
result in turn of the low-margin sales in lower tier cities.

Moody's expects revenue/adjusted debt to slip to around 40-45%
and EBIT/interest coverage to stay at 1.0-1.5x in 2016, based on
Jingrui's planned deliveries of higher-margin products in 2016,
while continued investments in first- and second-tier cities will
keep total debt high.

The negative ratings outlook reflects the consideration that
Jingrui's liquidity and credit profile will stay weak for the
next 12-24 months, while margins will stay pressured because of
adverse market conditions.

Established in 1993, Jingrui Holdings Limited is a property
developer based in Shanghai and is principally focused on
residential projects in the Yangtze River Delta. The company
listed on the Hong Kong Stock Exchange in October 2013.

At 30 December 2015, it had a land bank of 4.0million square
meters in gross floor area across 15 cities in China, including
Shanghai, Tianjin and Chongqing, and cities in Zhejiang and
Jiangsu provinces.


MINGFA GROUP: S&P Lowers CCR to 'CCC+' & Puts on CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Mingfa Group (International)
Co. Ltd. to 'CCC+' from 'B-' and the long-term Greater China
regional scale rating on the company to 'cnCCC+' from 'cnB-'.  At
the same time, S&P lowered its long-term issue rating on Mingfa's
senior unsecured notes to 'CCC' from 'CCC+', and the Greater
China regional scale rating on the notes to 'cnCCC' from
'cnCCC+'.  S&P then placed all the ratings on Mingfa and the
notes on CreditWatch with negative implications.  Mingfa is a
China-based property developer.

"We lowered the rating and placed it on CreditWatch to reflect
our view of Mingfa's heightened refinancing and liquidity risks,"
said Standard & Poor's credit analyst Esther Liu.  This follows
auditor Pricewaterhouse Coopers' inability to opine on some of
the company's recent transactions with certain potentially
related parties.  S&P also believes that the situation could
dampen investor confidence, and raises uncertainty about Mingfa's
credit standing in the market.

"In our view, creditors may be less willing or become more
cautious in refinancing Mingfa's debt, given the financial
reporting issue, even though some of the company's borrowings are
secured by fixed assets or cash," said Ms. Liu.  "Mingfa's weak
liquidity position could further deteriorate if it faces any
difficulties to roll over its debt in the next 12 months."

Mingfa highly relies on rolling over short-term borrowings to
fund its operation.  Financial information disclosed by the
company indicates that short-term debt has consistently accounted
for 70%-80% of the total debt over the past few years.  As of
Dec. 31, 2015, Mingfa has short-term borrowings of Chinese
renminbi (RMB) 9.7 billion, compared to an unrestricted cash
balance of about RMB2.0 billion.  However, the company's
contracted sales increased to about RMB5.5 billion in 2015, from
RMB2.0 billion a year earlier.

S&P revised its management and governance assessment of Mingfa to
weak from fair, to mainly reflect S&P's concerns over the lack of
transparency in the company's financial reporting, weak internal
controls, and less independent board and management.

Mingfa released its annual result on April 1, 2016, but the
auditor did not express an audit opinion.  The auditor was not
able to obtain sufficient evidence for the nature and commercial
substance of some transactions between Mingfa and certain
potentially related parties.  Mingfa's audit committee,
consisting of all of the company's independent non-executive
directors, has appointed an independent professional advisor to
investigate the matter.  The investigation is underway.

S&P aims to resolve the CreditWatch placement within the next 90
days when it has more information on the results of the
investigation, such that S&P gains greater clarity on Mingfa's
liquidity and refinancing risks.

S&P could lower the rating if it believes that the investigations
will weaken Mingfa's funding and refinancing abilities.  S&P
could also downgrade the company if its refinancing risk further
increases, reflected by a further weakening in its liquidity
position, limitations in its funding channels, or refinancing
difficulties.

S&P could affirm the rating if Mingfa satisfactorily resolves the
investigation such that it does not negatively affect its
refinancing ability and liquidity position.


SHIMAO PROPERTY: Moody's Says Results Have No Impact on Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service says Shimao Property Holdings Limited's
2015 results are weak for its rating and reduce its rating
headroom, but they have no immediate impact on its Ba2 corporate
family rating and stable outlook.

"The stable ratings outlook reflects our expectation that Shimao
will slow business growth, such that debt leverage will not
materially increase," says Franco Leung, a Moody's Vice President
and Senior Credit Officer.

"Moreover, we expect liquidity to remain adequate through
disciplined land acquisitions and proactive management of
capital," adds Leung.

Moody's conclusions were contained in its recently-released
report, "Shimao Property Holdings Limited- Weak 2015 Results
Reduce Headroom for Rating".

Moody's notes that Shimao's debt leverage has increased, as
evidenced by revenue/adjusted debt dropping to 73.3% in 2015,
down from 80.6% in 2014, resulting mainly from a rise in gross
debt to around RMB70 billion at end-2015 from RMB62 billion at
end-2014.

However, Moody's expects the company will continue to proactively
manage its capital structure and its less aggressive land
replenishment plans in 2016 will also help it conserve operating
cash flows and control debt growth.

As a result, Moody's expects Shimao's revenue/debt to trend
towards 80% and debt/capitalization to trend down in the coming
12-18 months from about 50% at end-2015.

Shimao also plans to repay debt in foreign currency of RMB13
billion in 2016 to manage down its foreign currency exposure. It
will also take advantage of the lower interest costs available
through domestic financing channels.

Moody's also expects gross profit margins to remain at their
current levels of 28%-30% over the next 12-18 months, while
adjusted EBITDA margins will range between 30%-32%. Moody's
expectations are based on the assumption that the company will
protect its gross profit margins, while controlling its general
expenses.

EBIT/interest coverage dropped to around 3.0x in 2015 from 4.1x
in 2014, mainly due to the surge in gross interest expenses
(excluding foreign exchange losses) by 27% to RMB5.5 billion, due
in part to the higher level of debt.

But Moody's expects EBIT/ interest coverage will improve to
around 3.5x in the coming 12-18 months, as Shimao will control
debt growth and continue to reduce its average borrowing costs.

Shimao recorded a year-on-year contracted sales decline of 5% in
2015 to around RMB67 billion, down from growth of 5% in 2014 and
very high growth of 46% in 2013 and 105% in 2012.

Moody's expects Shimao's lower sales target of RMB67 billion in
2016 will put less pressure on the company's capital and business
spending for new starts in construction and land replenishment.
However, if the company fails to achieve its 2016 contracted
sales target, resulting in weaker liquidity or higher debt
leverage, its rating could come under pressure.

Moody's considers that Shimao's liquidity profile is adequate. It
reported cash/short-term debt of about 154% at end-2015, up from
128% at end-2014. Its cash holdings -- including restricted cash
-- totaling RMB26.4 billion at end-2015 were sufficient to cover
maturing debt of RMB17.1 billion and committed land payments over
the next 12 months.

Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer listed on the Hong Kong Stock Exchange
in July 2006. Together with its majority-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co., Ltd. (unrated), the
company held an attributable land bank of 32.99 million square
meters at 31 December 2015, distributed across more than 41
cities, mainly in eastern and northeastern China.


SUNAC CHINA: Moody's Changes B1 CFR Outlook to Negative
--------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Sunac China Holdings Limited's B1 corporate family
rating and the B2 senior unsecured debt ratings on its US$500
million notes due 2018 and US$400 million notes due 2019.

At the same time, Moody's has affirmed the ratings.

RATINGS RATIONALE

"The change in the rating outlook to negative reflects our
expectation that Sunac's profit margins and credit metrics will
remain weak over the next 12-18 months," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Moody's notes that Sunac has shown a significant deterioration in
its gross profit margin -- excluding impairment losses on the
cost of goods sold -- which fell to 12.6% in 2015 from 19.3% in
2014.

The worsening resulted from the company's inability to raise
prices to sustain gross profit margins.

Moody's further concludes that the profit contributions from its
joint ventures and associates will remain volatile in the coming
12-18 months.

Moody's points out that its investments in these concerns are
material and amounted -- on an equity basis -- to RMB15.3 billion
in 2015 and RMB12 billion in 2014.

Furthermore, Moody's notes that the company displays a low level
of transparency on its transactions and exhibits limited
disclosure in regard to the financial data of its joint ventures
and associates, even though many of the partners are reputable
companies.

Furthermore, Moody's assessment of Sunac's credit metrics --
which included adjustments to reflect the estimated revenue,
gross profit margins, EBIT, interest and debt of these joint
ventures and associates -- is weak.

Accordingly, Moody's estimates that Sunac's adjusted gross profit
margin was weak at 18% in 2015 compared with 21% in 2014, and
significantly below the around 27% average for Moody's-rated
Chinese property developers.

This situation has in turn weakened adjusted EBIT/interest which
fell to an estimated 2.0x in 2015 from around 2.6x in 2014.

Moody's also expects that this credit metric will stay at 1.75x--
2.25x in the coming 12-18 months, and that profit margins will
stay around current levels.

Such credit metrics are weak for its B1 corporate family rating.

The negative ratings outlook also reflects the increased level of
execution and financial risks arising from Sunac's active land
acquisitions and debt-fund approach.

Sunac has expanded its presence to cities such as Nanjing, Jinan,
Foshan and Donguan, but -- given its relatively short operational
track record -- it could be exposed to the risk of thin profit
margins in these new locations.

Moody's further notes that Sunac partly funded its active
acquisitions of land over the past 12-18 months with debt. The
transactions showed a total estimated consideration of RMB25
billion, with a total attributable GFA of around 12.6 million
square meters purchased in Q1 2016 and 2015.

As a result, Sunac reported that adjusted revenue/debt had
weakened to around 70% in 2015, from around 82% in 2014. Moody's
expects debt leverage will also remain weak at 65%-75% over the
next 12-18 months.

Sunac's B1 corporate family rating is constrained by the high
financial risk associated with its debt-funded rapid acquisitions
and expansions, although it also continues to reflect its strong
sales execution and good quality land bank.

However, Sunac's liquidity profile remains strong. It reported an
increase in cash holdings to around RMB27 billion at end-2015
from RMB25 billion at end-2014. Thus, cash/short-term debt
remained strong at 1.86x at end-2015 compared with 1.81x at end-
2014.

Given its negative rating outlook, the ratings are unlikely to be
upgraded. However, the outlook could return to stable if the
company improves its profit margins and credit metrics, such that
EBIT/interest coverage exceeds 2.0x-2.5x and revenue/debt exceeds
70%-75%, on a sustained basis.

On the other hand, downgrade ratings pressure could arise if the
company (1) fails to generate positive sales and revenue growth;
(2) shows a weakened liquidity position, as reflected by
cash/short-term debt falling below 1x; or (3) shows weak credit
metrics, that is, adjusted revenue/debt falls below 70%, or
adjusted EBIT/interest falls below 2.0x.

Listed on the Hong Kong Stock Exchange on 7 October 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. At
end-2015, its gross land bank totaled 27.2 million square meters
and its attributable land bank totaled approximately 18.1 million
square meters.


SUNSHINE 100 CHINA: S&P Lowers CCR to 'B-'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Sunshine 100 China Holdings
Ltd. to 'B-' from 'B'.  The outlook is negative.  S&P also
lowered its issue rating on the company's outstanding senior
unsecured notes to 'CCC+' from 'B-'.  In addition, S&P lowered
its long-term Greater China regional scale rating on the company
to 'cnB-' from 'cnBB-', and that on the senior unsecured notes to
'cnCCC+' from 'cnB+'.

"We lowered our rating on Sunshine because of the company's tight
liquidity, heightened refinancing risk, and a substantial
deterioration in its leverage and interest coverage without
material improvement in sight," said Standard & Poor's credit
analyst Matthew Chow.

S&P estimates that Sunshine's operating cash flow will weaken in
the next 12 months, and that the company's internally generated
cash plus the existing cash on hand will not be sufficient to
cover its short-term borrowings.  As of the end of 2015, Sunshine
had Chinese renminbi (RMB) 7.6 billion of short-term debt
maturing in a year, with S&P's projection of a net negative cash
flow of RMB2.2 billion.  The company only had total cash balance
of RMB2 billion.  Moreover, it also had RMB6 billion debt due in
2017.  S&P therefore has revised the liquidity assessment to weak
from less than adequate.

S&P believes the company faces heightened refinancing risk.  In
S&P's view, Sunshine's liquidity position will largely depend on
its onshore bond issuance and its asset disposal plan.  Onshore
bond market conditions are currently favorable to developers, but
it remains to be seen whether smaller developers like Sunshine
will continue to have good access to meet demand in full and in a
timely manner.  This is given that the company has concentrated
debt maturities in the next two years.  Sunshine has RMB4 billion
outstanding quota on onshore bond issuance.

S&P believes that Sunshine's substantially deteriorated cash flow
and leverage will unlikely improve materially in 2016-2017.  This
is because of the company's ongoing needs for land acquisitions
and construction, as well as its persistently low profitability.
S&P expects Sunshine to incur about RMB6 billion in construction
costs to achieve targeted sales and revenues in the next 12
months.  In addition, in an attempt to adjust the land bank
composition, Sunshine will also continue to purchase land in
Yangtze River Delta and Pearl River Delta.

S&P attributes Sunshine's low profitability to the company's
exposure in low-tier cities, especially in Northeastern China and
Bohai Rim.  Because those regions still represent more than one-
third of the company's land bank, S&P only expects a moderate
improvement in its profitability in the next two years.

Sunshine's 2015 total debt increased 33% to RMB19.8 billion,
while its gross margin fell to 18% from 21% in 2014.  As a
consequence, its debt/EBITDA ratio increased to 21x from 12x in
2014, while its EBITDA interest coverage ratio dropped
significantly to 0.5x, from 0.9x in 2014.

Sunshine's financial position is also subject to its sales
performance in the next two years.  Its property sales were
comparable with lower B-rated companies, with contracted sales
growing 24% in 2014 and 12% in 2015.  S&P expects moderate growth
of 10% in 2016.

Sunshine continues to acquire land and has declared a dividend
for the most recent financial year, despite weak credit metrics
and worsening debt servicing ability.  S&P has therefore revised
its assessment of the company's management and governance to weak
from fair.

"The negative outlook reflects our expectation that Sunshine's
current high leverage and low interest coverage will unlikely
improve materially over the next 12 months, given its negative
operating cash flow and the ongoing land purchase activities,"
said Mr. Chow.  "We also believe Sunshine will face heightened
refinancing risk, given the tight liquidity with large amount of
short-term debt maturing."

S&P may lower the rating if Sunshine's liquidity situation does
not improve, such that the liquidity sources remain significantly
below its liquidity uses, or if Sunshine demonstrates
difficulties in rolling over, refinancing, or repaying its short-
term debt.  S&P may also lower the rating if Sunshine's EBITDA
interest coverage continues to be substantially below 1x.

S&P may revise the outlook to stable if Sunshine improves its
liquidity situation, and reduces its leverage, such that EBITDA
interest coverage is more than 1x on a sustainable basis with a
considerable improvement on its debt/EBITDA ratio.  This could
happen if Sunshine refinances its short-term debt, extends the
debt maturity, and slows down its construction and new
land/project acquisition, or if its 2016 contract sales is
significantly above S&P's expectation of RMB8.3 billion.


WINSWAY ENTERPRISES: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: Cao Xinyi

Chapter 15 Debtor: Winsway Enterprises Holdings Limited
                      f/k/a Winsway Coking Coal Holdings Limited

                   10 Hongdazhonglu
                   Business Development Area
                   Beijing BEJ, 100176
                   People's Republic of China

Chapter 15 Case No.: 16-10833

Type of Business:  Processes and trades in coking coal

Chapter 15 Petition Date: April 6, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Martin Glenn

Chapter 15 Petitioner's Counsel: Michael J. Venditto, Esq.
                                 Sarah K. Kam, Esq.
                                 REED SMITH LLP
                                 599 Lexington Avenue
                                 New York, NY 10022
                                 Tel: (212) 205-6081
                                 Fax: 212-521-5450
                                 E-mail: mvenditto@reedsmith.com
                                         skam@reedsmith.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


WINSWAY ENTERPRISES: Seeks U.S. Recognition of HK Proceedings
-------------------------------------------------------------
Winsway Enterprises Holdings Limited has initiated a case under
Chapter 15 of the Bankruptcy Code, seeking recognition in the
United States of a proceeding currently pending in Hong Kong.
The petition was filed by Cao Xinyi as Winsway's foreign
representative, with authorization from the Board of Directors.

Winsway commenced a scheme of arrangement pursuant to sections
673 and 674 of the Companies Ordinance (Cap 622) of Hong Kong
before the High Court of the Hong Kong Special Administrative
Region by filing its originating summons with the Hong Kong Court
on Feb. 26, 2016.  The subject of the Scheme is to restructure
approximately US$350,000,000 in principal amount of outstanding
notes plus interest.  According to Court documents, the Scheme is
supported by holders of US$257,281,000 Notes, representing
approximately 83% by value of the outstanding principal amount of
the Notes.

Pursuant to a New York law-governed indenture dated April 8,
2011, Winsway, with 14 related entities, issued US$500,000,000 in
8.5% senior notes due in 2016.  The Notes are supported by
guarantees of certain of Winsway's subsidiaries and a charge over
the shares of each Subsidiary Guarantor.

At Winsway's request, the Hong Kong Court entered an order
convening a meeting of creditors on May 3, 2016, to vote on the
Scheme.  For the Scheme to be considered approved, it must get
the support from at least 75 per cent (by value) of the claims of
each class of creditors present and voting (whether in person or
by proxy) at the Scheme Meeting.  In the Debtor's case, there is
only one class of creditors for voting purposes; that class is
comprised entirely of creditors holding beneficial interests in
the Notes.

If the Scheme is approved at the Scheme Meeting, the Hong Kong
Court will conduct a fairness and sanctioning hearing on May 17,
2016, to determine whether to sanction the Scheme.  A condition
precedent to the Scheme becoming fully effective and operational
is the entry of an order of the Bankruptcy Court recognizing the
Hong Kong Proceeding under Chapter 15.  Accordingly, the
Petitioner requests that the Bankruptcy Court schedule a hearing
prior to May 5, 2016.

"If the Restructuring as contemplated by the Scheme and other
Restructuring Documents is not given effect in the United States,
there is a risk that dissident Scheme Creditors could bring
proceedings in the United States against Winsway, the Subsidiary
Guarantors and/or other parties protected by the Scheme and the
Restructuring Documents based upon the Indenture's provisions
consenting to jurisdiction in New York," said Michael J.
Venditto, Esq., at Reed Smith LLP, attorney for the Petitioner.

As at Feb. 25, 2016, the Debtor owed Winsway Coking Coal
Logistics Co. Limited HK$326,869 and Winsway Resources (HK)
Holdings Ltd approximately HK$316,330,668, Court document shows.

Winsway Enterprises Holdings Limited, together with its
subsidiaries, processes and trades in coking coal and other
products in the People's Republic of China and internationally.
The company manages and operates coal processing plants.  It also
provides logistics services.  The company was formerly known as
Winsway Coking Coal Holdings Limited and changed its name to
Winsway Enterprises Holdings Limited in June 2014.  Winsway
Enterprises Holdings Limited was incorporated in 2007 and is
headquartered in Beijing, the People's Republic of China

The Chapter 15 case, filed in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 16-10833)
on April 6, 2016, is assigned to Judge Martin Glenn.


* China Steel Capacity Cuts Face Financial Hurdles, Fitch Says
--------------------------------------------------------------
Fitch Ratings says that the Chinese government's supply-side
reform of the steel sector faces immense social and financial
challenges.  The government earlier this year said it aimed to
eliminate 100 million to 150 million tonnes of capacity by 2020.
The complete elimination of these capacities will likely result
in significant job losses in the labour-intensive sector and huge
financial losses, given the highly levered nature of most
companies in the industry.

Fitch believes that unless specific actions are taken to address
these challenges, rapid capacity elimination in the Chinese steel
sector is unlikely.  This would in turn mean prices are likely to
remain low, resulting in higher liquidity and default risks for
steelmakers, many of which expanded rapidly since 2012 funded by
short-term debt.

Based on industry productivity norms of 300 tonnes of steel per
year per employee in China, elimination of 150 million tonnes of
capacity would mean the loss of around 500,000 jobs in the
industry, and potentially more in ancillary industries.  This
number may not appear large relative to China's working
population, but the steel industry tends to by highly
geographically concentrated.  Layoffs in regions where
steelmakers are large employers could result in prolonged
dampening of related industries such transportation, power
generation, and even retail.

Furthermore, the sector is highly financially levered, with the
average debt-to-asset ratio at more than 70%.  Fitch estimates
the industry has total debt of CNY3trn-4trn, excluding upstream
funding through payables and unpaid staff costs.  Out of this
debt, one third is in the form of bank loans.  Even the shutdown
of 100 million tonnes of capacity, a reduction of less than10% of
existing capacity, could significantly hurt lenders.


* Moody's Expects Chinese Auto ABS Performance to Deteriorate
-------------------------------------------------------------
Moody's Investors Service expects auto ABS delinquencies and
defaults in China to increase moderately over 2016 from their
current low levels, owing to the ongoing economic slowdown on the
Mainland, but the extent of the rise will still be within our
default rate assumptions.

Moody's conclusions were contained in a just-released report on
Auto ABS - China: Answers to Frequently Asked Questions About
Performance, and is co-authored by Elaine Ng, a Moody's Vice
President and Senior Analyst, and Kan Leung, a Moody's Assistant
Vice President and Analyst.

"Typical borrowers earn incomes higher than the average in China,
while the high household savings rate evident in the Mainland
provides a buffer for the payment capacity of borrowers in times
of stress," says Elaine Ng.

"Moreover, in the current environment of slower economic growth,
originators have been vigilant in their underwriting practices,
using down payment ratios and loan terms, among others, to
control the risk from borrowers," adds Ng.

"The average 30-day+ delinquency rate for the outstanding auto
loan ABS was 0.17% as of Dec. 31, 2015, and the cumulative
default rate for transactions closed in 2014 -- wherein most
loans have either been paid off or have very small outstanding
balances -- was 0.5% of the original pool balance," says Kan
Leung
.
Moody's mean default assumption for the securitized pools is 1.5%
to 2.0%.

China had been on a fast economic growth path over the past
decade. As a result, there is a lack of 'through-the-cycle' loan
performance, which makes forecasting default rates difficult.

"Hence, our mean default assumption includes a buffer to
incorporate the potential deterioration in loan performance that
may arise from a slowdown, as is currently the case," adds Leung.

Subscribers can access the full report at:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_1020647



================
H O N G  K O N G
================


HANERGY THIN: Posts Loss HK$12.2 Billion Net Loss in 2015
---------------------------------------------------------
Bloomberg News reports that Hanergy Thin Film Power Group
Ltd., the once high-flying Chinese solar equipment maker whose
shares dropped 47 percent on a single day in May, posted its
first annual loss since 2009 as revenue plunged and auditors
expressed doubts about its ability to stay in business.

The net loss was HK$12.2 billion ($1.58 billion), compared with
net income of HK$3.2 billion a year earlier, the company said in
a statement to the Hong Kong stock exchange on March 31,
Bloomberg relays. Revenue tumbled 71 percent to HK$2.81 billion.
Bloomberg relates that auditors said they couldn't determine
whether the company will be able to collect all of its
receivables.

According to Bloomberg, the loss underscores the extent of the
turmoil at Hanergy.  Bloomberg says the company's shares have
been suspended from trading since May 20, when their decline
wiped out almost $19 billion in capitalization. In the year
before that, the shares surged more than sixfold, riding a wave
of enthusiasm fueled by Chairman Li Hejun's promises of what the
future held for solar power -- and thin-film technology Hanergy
sells.

Hanergy said its affiliates have withheld payments to Hanergy
Thin Film, leading to receivables of HK$2.6 billion. Auditors
said future adjustments to that amount may increase the company's
loss for 2015, Bloomberg relates.

"We were unable to obtain sufficient appropriate audit evidence
about the recoverability of the trade receivables," the auditors
wrote in a note in the statement cited by Bloomberg. The 2015
loss also "indicates the existence of a material uncertainty that
may cast significant doubt about the company's ability to
continue as a going concern."

A significant portion of the loss came from a HK$7.92 billion
writedown of goodwill, adds Bloomberg.

Based in Hong Kong, Hanergy Thin Film Power Group Limited,
formerly Hanergy Solar Group Limited, is an investment holding
company. The Company, along with its subsidiaries, is engaged in
producing equipment and turnkey production lines for manufacture
of amorphous silicon based thin film solar photovoltaic modules,
as well as the design, manufacture and sale of toys. The Company
operates in one segment: manufacture of equipment and turnkey
production lines, which includes the manufacture of equipment and
turnkey production lines for the manufacture of amorphous silicon
based thin film solar photovoltaic modules.


HONGHUA GROUP: Moody's Says Caa1 CFR Unaffected By 2015 Results
----------------------------------------------------------------
Moody's Investors Service says that Honghua Group Limited's
increased debt leverage in 2015 will not immediately affect its
Caa1 corporate family and Caa2 senior unsecured bond ratings.

The ratings outlook remains negative.

"Honghua's financial leverage increased substantially in 2015,
driven mainly by a decline in earnings. We expect its financial
leverage to stay elevated with a slight decline from current
levels over the next 12--18 months," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

"However, Honghua's financial and liquidity positions remain weak
for the parameters of its Caa1 rating category despite the
expected declined financial leverage," adds Lu.

Adjusted debt/EBITDA rose to 13.1x in 2015 from 7.2x in 2014
while the company lowered its adjusted debt to RMB4.78 billion at
end-2015 from RMB5.23 billion at end-2014. Its higher financial
leverage was driven largely by a 50.0% decline in its adjusted
EBITDA.

Honghua's revenue fell by 46% year-on-year to RMB4.22 billion in
2015, underpinned mainly by lower revenue from land drilling rigs
and associated components as its customers lowered exploration
and production spending amid lower global oil prices.

Its adjusted EBITDA margin declined to 8.6% in 2015 from 9.3% in
2014, owing to a high operating expense to revenue ratio.

Moody's expects adjusted debt/EBITDA to decrease to about 10.0x-
11.0x over the next 12--18 months, supported by: (1) flat revenue
growth in 2016, owing to continued low exploration and production
spending by its customers, as well as low-single-digit growth in
revenue in 2017; (2) an expected and slightly improved adjusted
EBITDA margin, driven by cost controls; and (3) a slight decrease
in its debt levels, supported by expected positive cash flow from
operations and lower capital expenditure to maintain its
operations.

In addition, its adjusted EBITDA/interest declined to 1.2x in
2015 from 2.2x in 2014, and should stay between 1.2x to 1.5x over
the next 12-18 months.

These ratios are weak for the Caa1 rating category.

Its liquidity position remains weak. Unrestricted cash/short-term
debt fell to 47.3% at end-2015 from 51.4% at end-2014. Given its
weak liquidity levels and overall weak financial profile, Moody's
expects Honghua's refinancing risk to remain elevated.

Honghua Group Limited listed on the Stock Exchange of Hong Kong
in 2008. It is a wholly owned and major subsidiary of Sichuan
Honghua Petroleum Equipment Co., Ltd. (unrated). It was formerly
known as Chuanyou Guanghan Honghua Co. Ltd), which was founded in
1997.

Honghua Group manufactures land-based drilling rigs and
equipment, offshore drilling platforms, and equipment packages.
It also engages in oil and gas engineering services.



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


AADYA MOTOR: CRISIL Cuts Rating on INR200MM Loan to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aadya Motor Company India Private Limited (AMCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         120      CRISIL D (Downgraded from
                                   'CRISIL A4')
   Working Capital        200      CRISIL D (Downgraded from
   Facility                        'CRISIL B/Stable')

The downgrade reflects the company's irregularities in servicing
its bank debt.

AMCPL also has exposure to intense competition in the luxury car
segment in Mumbai, and below-average financial risk profile
because of high external indebtedness and subdued debt protection
metrics. However, it benefits from its promoter's extensive
experience in the automobile (auto) dealership industry and
association with the Volskwagen group for the Porsche brand of
cars.

Incorporated in 2012, AMCPL, promoted by Mr. V Ramanand Rao, is
the authorised dealer for Porsche, with its showroom in Mumbai.
The company began operations in September 2012. The promoter also
has interests in auto dealerships of other brands through group
entities.


AADYA MOTOR COMPANY: CRISIL Cuts Rating on INR1.15BB Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aadya
Motor Car Company Private Limited (AMCCPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        410       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          1157.5     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term    132.6     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan             399.9     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delays in servicing term loan on account
of weak liquidity, and instances of cash credit account being
overdrawn for more than 30 days.

AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised
dealer for Audi cars in Mumbai. The company, with trade name,
Audi Mumbai West, operates one showroom in Andheri, Mumbai.


AQUATECH SOLAR: Weak Financial Strength Cues ICRA SP 4D Grading
---------------------------------------------------------------
ICRA has assigned 'SP 4D' grading to Aquatech Solar Engineers,
indicating 'Weak Performance Capability' and 'Weak Financial
Strength' of the channel partner & 'Solar Photovoltaic - System
Integrator' to undertake "Off Grid and Decentralized Solar
Applications". The grading is valid for a period of two years
from March 20, 2016 after which it will be kept under
surveillance.

Grading Drivers

Strengths
* Technical competence of the promoter in the solar thermal
space, in house manufacturing of major parts.
* Satisfactory feedback from customers and suppliers.
* Low working capital intensity with limited inventory and
receivables at the year end.

Risk Factors
* Small scale of operations as reflected by operating income of
INR0.05 crore in FY2015, INR0.18 crore in FY 16(11M).
* Moderate size of projects executed in solar thermal segment.
* Large number of organized and unorganized players indicating
high level of competition which may lead to pressure on margins.
* Weak financial profile characterized by small scale of
operations and low net-worth base.

SI Related Business - Weak Performance Capability

* Promoter Track Record: The firm is engaged in the business of
manufacturing, assembly and installation of Solar Water Heaters
(SWH) based on Evacuated Tube Collector Technology (ETC). The
firm markets the products under Hitech Solar .SEPL has installed
solar water heating systems of capacity of ~25000 lakh LPD since
inception. The firm also has installed a capacity of 3 kw in the
solar PV space.

* Technical competence and adequacy of manpower: The firm has
its manufacturing facility in Nashik for the solar thermal
systems and has the capability to produce evacuated tube
collector based solar water heating systems. The company has
technical team who look after the various aspects of installation
and post installation services. They are supported by management
team who look after customer and supplier relations.

* Quality of suppliers and tie ups: The firm has the capability
to manufacture and install the solar thermal systems and relies
on outside suppliers for the required raw materials. These
suppliers have expressed satisfaction on their association with
the company.

* Customer and O&M Network: The clientele for the firm is
composed of residential as well as institutional projects.
Quality deliverables, timely execution and prompt after sales
service have led to satisfactory feedback from customers. The O&M
services to the customers are provided through own sales force as
also through tie ups with local contractors.


ARADHANA AUTOMOBILES: CRISIL Assigns B Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Aradhana Automobiles Private Limited (AAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               60       CRISIL B/Stable

The rating reflects AAPL's small scale and short track record of
operations, coupled with weak financial risk profile, marked by
large debt and low networth. These weaknesses are partially
offset by established position as a dealer for Hyundai Motor
India Ltd (Hyundai, rated 'CRISIL A1+') and the promoters'
extensive experience.
Outlook: Stable

CRISIL believes AAPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if improvement in scale of operations and
operating margin, a sizeable equity infusion, or prudent
management of working capital requirement strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
a delay in ramp-up of operations impacts revenue and
profitability, or if any large, debt-funded capital expenditure
or stretch in working capital requirement weakens liquidity.

Incorporated in August 2015, AAPL is an authorised dealer of
Hyundai's automobiles in Dehradun and Muzaffarpur. It started
operation in October 2015 and is promoted by Mr. Mohit Goyal, Mr.
Vineet Gupta and Mr. Kapil Gupta. AAPL operates sales, service
and spares showrooms, and deals in all the models manufactured by
Hyundai.


ASHIRVAD FOOD: CRISIL Suspends B- Rating on INR139.8MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashirvad Food Products Private Limited (AFP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        3.2       CRISIL A4
   Cash Credit         139.8       CRISIL B-/Stable
   Letter of Credit      1.2       CRISIL A4
   Term Loan             5.8       CRISIL B-/Stable

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

AFP, incorporated in 2003, manufactures wheat products such as
atta, maida, suji, and bran. In July 2011, the company's
ownership changed, with the Poddar family, comprising Mr. Lalit
Poddar, Mr. Jitendra Poddar, and Mr. Sarvesh Poddar, wholly
acquiring the company. AFP has a manufacturing facility in
Purulia (West Bengal).


AVERA RESOURCE: ICRA Assigns 'SP 5C' Grading
--------------------------------------------
ICRA has assigned a 'SP 5C' grading to Avera Resource Private
Limited, indicating the 'Poor Performance Capability' and
'Moderate Financial Strength' of the channel partner to undertake
solar projects. The grading is valid for a period of two years
from March 21, 2016 after which it will be kept under
surveillance.

Grading Drivers

Strengths
* Moderate experience of top management in the solar PV business
* Positive outlook of solar industry given the tax concessions
provided by government and increasing demand for solar energy

Risk Factors
* New entrant in solar business and small scale of operations,
which limits bargaining power with customers and suppliers
* Large number of organized/ unorganized players leading to high
level of competition and reduces pricing flexibility
* Low net worth of the company which stood at INR2.24 Cr as on
March 31, 2015

Fact Sheet

Year of Formation
2005
Office Address
142-A, Mittal Court, Nariman Point, Mumbai - 400021
Shareholding Pattern
Promoters - 100%

Incorporated in 2005 by Mr. Alok Gupta, Avera Resource Private
Limited (erstwhile Avera Chemicals Private Limited) is presently
engaged in the trading of coils, metal scrap and other steel
products. ARPL is also involved in trading of chemicals, gold
guinea and other products on a small scale. Earlier, the steel
trading business was carried out through ACI Infocom Ltd. which
was co-promoted by Mr. Alok Gupta. However, Mr. Alok Gupta sold
his stake in ACI Infocom Ltd. in February 2012 and transferred
the steel trading business to ARPL. The corporate office of the
company is located in Mumbai. ARPL has started a solar division
in 2016 to undertake design, installation and maintenance of
roof-top solar PV projects.

SI Related Business - High Performance Capability

* Promoter Track Record: Avera Resource Private Limited (ARPL),
incorporated in 2005, is primarily engaged in steel trading
business in Mumbai. ARPL's sister concern namely ACI Clean Energy
Private Limited is operating a 12,000 metric tonnes per annum
(mtpa) biomass pellet manufacturing facility in Nagpur since
2014. ARPL now intends to enter into the solar energy business
and has hired Mr. Mahesh Bansude as the Chief Executive Officer
(CEO) of the solar division. Mr. Bansude has over four years of
experience in solar business at Reliance Infrastructure Limited
having worked on designing, sourcing and installation of about 60
KW of total solar capacity. Mr. Bansude has also worked as a
Consultant for solar projects and was previously involved in
designing a 2 MW solar project in Gujarat in 2012.

* Technical competence and adequacy of manpower: Although the
promoter has very limited experience in procurement, the CEO of
the company has previously been involved in execution of solar PV
projects. The company is currently in the process of putting
together a team of 1 senior design engineer, 3-4
technicians/engineers, 2 project managers and support staff.

* Quality of suppliers and tie ups: ARPL is yet procure any raw
materials or finalize a sourcing contract with any supplier of
Photovoltaic (PV) panels. However, the company is in discussion
with some domestic and overseas suppliers for supply on raw
materials.

* Customer and O&M Network: ARPL is yet to execute any solar
installation projects. Going forward, ARPL plans to set up
rooftop solar panels in residential, commercial and industrial
units. The company is also targeting government tender for
setting up solar panel atop government buildings. Initially, the
company plans to cater to customers in Mumbai, Pune, Nagpur and
Aurangabad.


BAL KISHAN: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Bal Kishan Om Prakash and Company (BKOPC).

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

The rating reflects BKOPC's below-average financial risk profile,
marked by small networth and weak debt protections, and small
scale of operations in the intensely competitive agro commodity
trading industry. These rating weaknesses are partially offset by
the extensive experience of the firm's promoter in the agro
commodity trading industry, and its established customer
relations.

Outlook: Stable

CRISIL believes BKOPC will continue to benefit over the medium
term from its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if substantial growth in revenue, profitability, and
cash accrual, or a sizeable capital infusion strengthens key
credit metrics. Conversely, the outlook may be revised to
'Negative' if decline in profitability or revenue, or stretch in
working capital cycle results in lower cash accrual, thereby
weakening financial risk profile.

BKOPC was set up in 1965, as a proprietorship concern and
converted into a partnership firm in August 2010. The partners
are Mr. Vijay Kumar, Ms. Neena Devi and Mrs. Komal Aggarwal. The
firm trades in food grains in Ganganagar, Rajasthan.

BKOPC reported a book profit of INR0.13 million on net sales of
INR278.8 million for 2014-15 (refers to financial year, April 1
to March 31), as against a book profit of INR0.11 million on net
sales of INR277.9 million for 2013-14.


BAPASHREE INFRASTRUCTURE: CRISIL Cuts Rating on INR200M Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Bapashree Infrastructure Private Limited (BIPL) to 'CRISIL D'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     200      CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects instances of delay by BIPL in servicing
its debt because of weak liquidity driven by poor off-take of
projects.

BIPL is also exposed to risks related to geographic concentration
in operations, its leveraged capital structure, and fragmentation
and cyclicality in the real estate sector. However, it benefits
from its promoters' industry experience, and advanced stage of
completion of its projects.

BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is
engaged in residential real estate development in Ahmedabad. It
has two ongoing projects.


BARUAPARA SK: ICRA Reaffirms B Rating on INR7.35cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating to the INR7.35 crore term
loan, the INR3.00 crore cash credit facility, the INR0.25 standby
line of credit and the INR0.40 crore non-fund based facility of
Baruapara SK Tea Factory Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term Loan                  7.35       [ICRA]B re-affirmed
   Cash Credit Facility       3.00       [ICRA]B re-affirmed
   Standby Line of Credit     0.25       [ICRA]B re-affirmed
   Non-fund Based Facility    0.40       [ICRA]B re-affirmed


The rating takes into consideration BSKTFPL's small scale of
current operations and limited operating history of two and a
half years, its entire dependence on purchased leaves primarily
from the market, which increases the risks related to
availability, quality and prices of green leaves. The company's
capital structure remained unfavourable with a gearing of around
9.62 times as on March 31, 2015, due to high debt funded capex.
The company's high debt obligation relative to nominal cash
accruals is likely to keep the cash flow under pressure in the
near term at least. While the company's nature of operations of
processing purchased green leaf to produce black tea is likely to
keep its margins range bound, it is likely to protect it, to an
extent, in a scenario of declining tea prices since cost of green
leaf is largely linked to prices of black tea. However, the
rating derives comfort from the experience of the promoter in the
tea industry, significant increases in operating income during
FY2015 on the back of improved off-take owing to the first full
year of operations and favourable long term outlook for the
domestic bulk tea industry.

Incorporated in April 2011, BSKTFPL set up a CTC tea
manufacturing facility in August 2013, and at present has an
annual capacity of 21.0 lakh kg of made tea. The company's
manufacturing facility is located at Dooars, West Bengal. The
company does not have its own plantation facilities and depends
entirely on bought leaf for its production. The company procures
green leaf from small growers located near its production
facilities.

Recent Results
During FY2015, BSKTFPL reported a profit after tax (PAT) of
INR0.02 crore on an operating income (OI) of INR4.77 crore, as
compared to a net loss of INR0.81 crore on an OI of INR1.05 crore
in FY2014.


CHENAB IMPEX: CRISIL Assigns B+ Rating to INR30.5MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of Chenab Impex Private Limited (CIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     30.5     CRISIL B+/Stable
   Letter of Credit        7.5     CRISIL A4
   Bank Guarantee         12       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable

The rating reflects CIPL's modest scale and working-capital-
intensive operations, average financial risk profile because of a
small net worth, low cash accruals and proposed debt funded
capital expenditure. These rating weaknesses are partially offset
by the extensive industry experience of promoters, long standing
presence in the niche trade and established relations with
suppliers and customers.
Outlook: Stable

CRISIL believes that CIPL will benefit over the medium term from
the extensive experience of its promoter in the fine food trading
business. The outlook may be revised to 'Positive' if the company
scales up operations while improving its profitability leading to
higher-than expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if low cash accruals or elongation in
working capital cycle, leads to weakening of financial risk
profile, especially liquidity.

Mumbai based CIPL was promoted in 2002 by Mr. Anil Chandhok. The
company imports fine foods and sells the same to niche domestic
market. It is a sole representative in India for many of the fine
foods it trades in.


CONCEPT HOMES: CRISIL Assigns 'B' Rating to INR85MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Concept Homes India Private Limited (CHIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               85      CRISIL B/Stable

The rating reflects CHIPL's exposure to risks relating to funding
and implementation on ongoing projects, revenue concentration,
and uncertainties in the Indian real estate industry. The rating
also factors in weak financial risk profile, marked by modest
networth. These rating weaknesses are partially offset by the
promoters' experience in the real estate segment.
Outlook: Stable

CRISIL believes CHIPL will continue to benefit over the medium
term from its promoters' extensive experience in the residential
real estate development segment. The outlook may be revised to
'Positive' if cash flows increase substantially following early
completion of, and sales realisations from, ongoing projects.
Conversely, the outlook may be revised to 'Negative' if delays in
project completion, or in receipt of advances from customers, or
any large, debt-funded project weakens key credit metrics.

Set up in 2004 by Mr. Mahaganapathi, CHIPL undertakes residential
projects in Chennai.


ES PEE: CRISIL Assigns B+ Rating to INR30MM LT Loan
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Es Pee Enterprizers (EPE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Demand Loan            10       CRISIL B+/Stable
   Long Term Loan         30       CRISIL B+/Stable
   Bank Guarantee         30       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations,
customer concentration in revenue profile, and large working
capital requirement. These weaknesses are partially offset by its
proprietor's extensive experience in the civil construction
industry, and its above-average financial risk profile because of
comfortable gearing.
Outlook: Stable

CRISIL believes EPE will continue to benefit over the medium term
from its proprietor's extensive industry experience in civil
construction. The outlook may be revised to 'Positive' in case of
significant and sustained improvement in working capital cycle,
and increase in cash accrual. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, or large working
capital requirement, or sizeable debt-funded capital expenditure
constrains liquidity.

EPE was formed in 1985 and is managed by Mr. Santosh Kumar Gupta
and his son. The firm undertakes contracts for Indian Railways.
It is based in Allahabad.


ESHWAR TRUST: ICRA Suspends 'B' Rating on INR14.58cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the the INR14.58
crore term loan facilities of Eshwar Trust.

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.


GRAND MOTORS: CRISIL Assigns 'B' Rating to INR35MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Grand Motors (GM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable
   Inventory Funding
    Facility              35       CRISIL B/Stable
   Bank Guarantee         15       CRISIL A4
   Cash Credit            35       CRISIL B/Stable

The ratings reflect GM's limited bargaining power with principal
Bajaj Auto Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'),
resulting in low profitability. The ratings also factor in the
firm's below-average financial risk profile because of weak
capital structure and debt protection metrics. These weaknesses
are partially offset by extensive experience promoter in the
automotive dealership business and longstanding association with
the reputed Bajaj brand.
Outlook: Stable

CRISIL believes GM will continue to benefit over the medium term
from its exclusive dealership contract with BAL. The outlook may
be revised to 'Positive' if GM's sales volume and operating
margin increase substantially, or if promoter infuse equity,
resulting in improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if volume declines,
significantly impacting revenue and profitability, or in case of
large debt-funded capital expenditure, weakening capital
structure and cash accrual.

GM, set up in February 2007, is the sole distributor of BAL's
two-wheelers in Thrissur and Palakkad, and of BAL's three-
wheelers in Malappuram, Kerala. Its operations are managed by Mr.
Iqbal Chola & his son Mr. C Saljas.


HINDUSTAN FLUOROCARBONS: CRISIL Reaffirms C Cash Credit Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindustan
Fluorocarbons Limited (HFL) continue to reflect the company's
weak financial risk profile because of continuing operating
losses and a negative net worth. The ratings also factor in a
modest scale of operations in the competitive chemicals
manufacturing industry. These rating weaknesses are partially
offset by its promoters' extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit           51.5      CRISIL C (Reaffirmed)

   Letter of Credit       3.8      CRISIL A4 (Reaffirmed)

   Long Term Loan        50        CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     9.7      CRISIL C (Reaffirmed)

HFL, based in Hyderabad, manufactures poly tetrafluoethylene
(PTFE), an engineering plastic. It was incorporated in 1983 as a
subsidiary of Hindustan Organic Chemicals Ltd.


INDIA PISTONS: CRISIL Cuts Rating on INR572.5MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
India Pistons Ltd (India Pistons) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       65       CRISIL D (Downgraded from
                                   'CRISIL A4+'; Notice of
                                   Withdrawal)

   Cash Credit            75       CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable'; Notice
                                   of Withdrawal)

   Letter Of Guarantee     5       CRISIL D (Downgraded from
                                   'CRISIL A4+'; Notice of
                                   Withdrawal)

   Letter of Credit       80       CRISIL D (Downgraded from
                                   'CRISIL A4+'; Notice of
                                   Withdrawal)

   Long Term Loan        572.5     CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable'; Notice
                                   of Withdrawal)


   Short Term Loan        37.0     CRISIL D (Downgraded from
                                   'CRISIL A4+'; Notice of
                                   Withdrawal)


   Working Capital       260       CRISIL D (Downgraded from
   Demand Loan                     'CRISIL BB+/Stable'; Notice
                                   of Withdrawal)

Furthermore, CRISIL has placed the ratings on the INR335 million
long-term bank facilities and the INR187 million short-term
facilities on 'Notice of Withdrawal' for 180 days at the
company's request. The ratings will be withdrawn at the end of
the notice period, in line with CRISIL's policy on withdrawal of
bank loan ratings.

CRISIL has also withdrawn the rating on the INR315 million short-
term debt, since there is no outstanding.

The rating action follows recent delays by India Pistons in
servicing of its obligations on term loans debt due to stretched
liquidity, resulting from continuing cash losses. The company's
operating performance has been on the decline since  2012-13
(refers to financial year, April 1 to March 31) due to low
capacity utilisation, which was a result of uneven power
availability (until 2013-14), lack of skilled labour and its high
cost structure. Further, sluggish demand from the tractor segment
in the last two years, compounded pressure on its business.

The ratings continue to reflect India Pistons' sub-par financial
risk profile, weak operating efficiency, and susceptibility to
volatility in input prices and competitive pressures. However,
the ratings also factor in the company's long-standing
relationship with domestic automobile original equipment
manufacturers (OEMs), diverse revenue profile, and support from
its parent, Simpson & Co Ltd. (Simpson) and ultimate parent,
Amalgamations Pvt Ltd (APL).

To arrive at the ratings, CRISIL has combined the financial risk
profiles of India Pistons and its subsidiaries, IP Pins & Liners
Ltd and IPL Engine Components Ltd. The off-balance sheet
receivables-discounting facility utilised by India Pistons under
a scheme of arrangement with certain customers and their
respective bankers has not been treated as debt, as the facility
is with primary recourse to those customers.

India Pistons was set up in 1949 as a joint venture (JV) with the
UK-based Associated Engineering Co (later renamed T&N Plc, which
was subsequently acquired by Federal Mogul Corporation [FMC]). In
2007-08, India Pistons became a wholly owned subsidiary of
Simpson (a leading company of the Amalgamations group) after FMC
divested its 30 percent stake.

India Pistons manufactures pistons, piston rings, cylinder
liners, and gudgeon pins at its unit in Sembiam, Chennai (Tamil
Nadu). Following an agreement with the Germany-based Mahle GmbH
to form a 50:50 JV for manufacturing pistons, India Pistons'
plant in Maraimalai Nagar near Chennai was demerged, effective
from January 31, 2008, into a new JV, Mahle-India Pistons Ltd.
During 2013-14, the company divested its stake in the JV. At
present, India Pistons largely supplies pistons and piston rings
for engines used by leading tractor OEMs, including Tractors and
Farm Equipment Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+') and
Mahindra & Mahindra Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+').

For, 2014-15, India Pistons incurred a net loss of INR147.1
million on net sales of INR3.1 billion, against a net loss
INR119.7 million on net sales of INR2.9 billion for 2013-14.


INNOVATIVE MEDICARE: CRISIL Assigns B+ Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Innovative Medicare Technologies Private
Limited (IMTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     40       CRISIL B+/Stable
   Bank Guarantee         70       CRISIL A4
   Cash Credit            10       CRISIL B+/Stable

The ratings reflect the company's small scale, tender-based
operations, and large working capital requirement in the highly
competitive medical equipment trading business. These weaknesses
are partially offset by its promoters' extensive industry
experience, and its average financial risk profile because of low
gearing and comfortable debt protection metrics.
Outlook: Stable

CRISIL believes IMTPL will continue to benefit from its
promoters' track record in the industry. The outlook may be
revised to 'Positive' if the company scales up operations
significantly while improving its working capital management,
thus sustaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
working capital management leading to weakening of financial risk
profile.

IMTPL, incorporated in 1999 by Mr. Ajay Jain, Mr. Tarun Sethi,
and Mr. Jaspal Singh, trades in healthcare equipment for Philips
India Ltd, Carl Zeiss India, and Stryker Corporation in Haryana,
Himachal Pradesh, and Punjab.

IMTPL had profit after tax (PAT) of INR5.0 million on net sales
of INR157.1 million for 2014-15 (refers to financial year,
April 1 to March 31), against PAT of INR0.8 million on net sales
of INR98.0 million for 2013-14.


INODAYA FOODS: ICRA Assigns B+ Rating to INR8cr Cash Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.00
crore bank facility of Inodaya Foods Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Cash
   credit limit           8.00      [ICRA]B+; Assigned

ICRA's rating factors in the initial stages of milk processing
operations wherein Inodaya Foods Private Limited's (IFPL) plant
resumed its commercial operations in February'15. This was after
several years with a change in the promoters. The company mainly
carried out trading activities during the two months of FY15,
which restricted the profitability, however, it increased the
manufacturing activities during the 8M'FY16. With the scale-up of
operations and seasonality in operations, the working capital
requirements of the company are likely to increase substantially
during the milk processing season i.e. October-December. The
rating remains constrained by the vulnerability of the company's
profitability to the fluctuations in milk availability and
prices, given that milk availability is highly seasonal in North
India. Owing to the commoditized nature of the product and the
fragmented nature of the market, there is limited ability to pass
on the increase in costs. Further, the industry is exposed to
government regulations in terms of export restrictions, as
witnessed in the past.

However, ICRA favourably factors in the extensive experience of
the promoters in the milk product trading business through a
group company and established relations with customers and
suppliers. The plant is situated at Kurukshetra, Haryana and has
access to various raw milk collectors.

The ability of the company to ramp-up its plant capacity
utilization along with efficiently managing its working capital
requirement and liquidity position will remain key rating
sensitivities. Any large debt funded capex will be a monitorable.

Inodaya Foods Private Limited (IFPL), formerly known as Jai Durga
Milk Products Private Limited was incorporated in 2006. IFPL is
engaged in the trading and processing of milk and milk products
such as liquid milk, ghee, and skimmed milk powder. The company
starts manufacturing in February 2015. The company has the
capacity to process 200MTPD (metric tonne per day). The plant is
situated in Kurukshetra, Haryana.


JYOTI GENERAL: ICRA Reaffirms B+ Rating on INR7.2cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ for INR7.20
crores fund based bank facilities of Jyoti General Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.20         [ICRA]B+ reaffirmed

The rating reaffirmation factors in the entity's modest scale of
operations, which coupled with the low value additive nature of
business and high competition in the industry, has resulted in
low profitability and weak debt coverage indicators. The rating
also takes into account the working capital intensive nature of
the rice milling business due to the need to maintain substantial
inventories. Further, the incremental working capital
requirements have been primarily funded through bank borrowings,
leading to a highly leveraged capital structure. The rating is
also constrained by agro climatic risks, which can affect the
availability of paddy in adverse conditions.

However, the rating is supported by the firm's long track record
of operations and the experience of the promoters in the rice
industry, proximity of the mill to a major rice growing area
which results in easy availability of paddy and stable demand
outlook with rice being an important part of the staple Indian
diet.

Going forward, the ability of the firm to increase its scale of
operations and sustain its profitability, while maintaining a
prudent capital structure and optimizing the working capital
intensity will be the key rating sensitivities.

Mr. Than Mal Totla, and Mr. Prabhulal Totla established Jyoti
General Industries in 1981 as a partnership firm. In 2004 the
partnership was reconstituted with Mr Than Mal Totla, Mr. Vinod
Kumar Totla, Ashok Kumar Totla, Shiv Kumar Totla as partners in
an equal ratio. JGI is engaged in the processing and trading of
rice. The manufacturing facility of the company is located on
Chittor road, Bundi Rajasthan.

Recent Results:
JGI reported a net profit of INR0.27 crore on an operating income
of INR38.63 crore for FY15 as against net profit of INR0.63 crore
on an operating income of INR37.35 crore in the previous year.


LEMOREX GRANITO: CRISIL Assigns B+ Rating to INR268.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Lemorex Granito LLP (LGL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Term Loan    268.5     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     51.5     CRISIL B+/Stable
   Proposed Bank
   Guarantee              30       CRISIL B+/Stable
   Proposed Cash
   Credit Limit          100       CRISIL B+/Stable

The rating reflects LGL's start-up phase and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The rating also reflects the firm's large expected
working capital requirements. These weaknesses are partially
offset by the extensive industry experience of the partners and
the benefits that the firm derives from its favourable location
in Morbi (Gujarat), the hub of the ceramics industry in India.
Outlook: Stable

CRISIL believes that LGL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations on
time, leading to substantial cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of low accrual
because of low order flow or profitability, or weakening of the
financial risk profile because of substantial working capital
requirements or debt-funded capital expenditure.

LGL, established in Morbi in 2015, has a capacity of 93,000
tonnes per annum for manufacturing tiles. Mr. Pravinbhai
Mundadiya, Mr. Anil Surani, and their family members are the
partners. It is setting up a facility to manufacture vitrified
tiles that will commence operations by October 2016.


MADHAV STORES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Madhav Stores (MS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           40        CRISIL B+/Stable
   Term Loan             24.2      CRISIL B+/Stable

The rating reflects the firm's modest scale of operations, large
working capital requirement, and weak financial risk profile
because of small networth, high gearing, and weak interest
coverage ratio. These weaknesses are partially offset by the
experience of MS' partners in the consumer goods retailing
segment and above-average operating margin.
Outlook: Stable

CRISIL believes MS will continue to benefit over the medium term
from partners' extensive experience. The outlook may be revised
to 'Positive' if significant improvement in scale of operations
and profitability or substantial equity infusion by the partners
leads to a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if increase in working capital
requirement further weakens liquidity or if large, debt-funded
capital expenditure results in deterioration in capital
structure.

Set up in 2009-10 (refers to financial year, April 1 to March 31)
as a partnership firm by Mr. Hemant Gupta, his brother, Mr.
Gourav Kumar Gupta, and their family members, MS retails home
appliances, kitchenware, utensils, and grocery items at its
showroom in Karnal.


MAHE EDUCATIONAL: ICRA Reaffirms B+ Rating to INR5.40cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.40 crore (revised from INR4.74 crore) term loan
facilities and INR1.50 crore (revised from INR0.00 crore) long
term fund based facilities of Mahe Educational and Charitable NRI
Trust. ICRA has also assigned a short term rating of [ICRA]A4  to
the INR3.60 crore short term non fund based facilities of the
Trust.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Term
   loans                 5.40       [ICRA]B+ reaffirmed

   Long Term: Fund
   Based Facilities      1.50       [ICRA]B+ assigned

   Short Term: Non
   Fund Based
   Facilities            3.60       [ICRA]A4 assigned

The rating action takes into account the growth in operating
income of the trust in FY15; continued full occupancy for the BDS
course conducted by the Trust; introduction of MDS course which
will improve the revenues in the medium term and the steady fund
inflow in the form of donations. The rating however remains
constrained by the limited student intake capacity of the
institute which restricts the scope for revenue growth and margin
expansion. The rating is also constrained by increased dependence
of the Trust on donation receipts for supporting the cash flows.
ICRA also takes note of the Trust's plan to defer the completion
of multi specialty hospital, which has been partially
constructed.

While the long term demand outlook for higher education is
favourable, given the inherent regulated structure in the
education industry and the intense competition prevalent in the
industry with the presence of large number of established
players, the Trust's ability to scale up, and generate adequate
cash flows will be key credit monitorables.

Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute
of Dental Sciences and Hospital (MINDS), which started operations
in 2009. MINDS offer undergraduate and post graduate course in
dental sciences (BDS and MDS respectively) and is affiliated to
Pondicherry University. The institute is currently in the seventh
year of operations and has a total of 520 students and over 100
faculties.

Recent results
The trust recorded a net profit of INR0.46 crore on an operating
income of INR9.46 crore during 2014-15 as per the audited
financial statements; as against a net profit of INR1.05 crore on
an operating income of INR8.26 crore during 2013-14 as per the
audited financial statements.


MAHESHWARA ENTERPRISES: CRISIL Rates INR50MM Cash Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maheshwara Enterprises - Karimnagar (ME).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit            5       CRISIL B/Stable
   Cash Credit            50       CRISIL B/Stable
   Long Term Loan          5       CRISIL B/Stable

The rating reflects ME's modest scale of operations and low
operating profitability in the intensely competitive cotton
ginning industry. The rating also reflects ME's weak financial
risk profile marked small networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of the promoters in cotton ginning
industry.
Outlook: Stable

CRISIL believes that ME will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Established in 1999, ME is engaged in cotton ginning. Based out
of Karimnagar in Telangana, the firm is promoted by Mr. Desu
Ravinder and his family.


MOSARAM SHIVRAMDAS: CRISIL Suspends B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Mosaram Shivramdas (MC).

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

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

MS is a partnership firm promoted by Mr. Sanjay Agarwal and his
son, Mr. Naman Agarwal.It trades in fertilizers and pesticides.
The firm is also an authorized dealer for Bharat Petroleum
Corporation Ltd. MS currently owns a petrol pump in Maholi (Uttar
Pradesh).


MYHOME COLLECTIONS: CRISIL Assigns B Rating to INR110MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Myhome Collections Private Limited.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Post Shipment Credit      120      CRISIL A4
   Cash Credit                15      CRISIL B/Stable
   Export Packing Credit     110      CRISIL B/Stable

The ratings reflect the company's modest scale and working
capital-intensive operations in the intensely competitive home
furnishings industry and below-average financial risk profile
because of high gearing. These weaknesses are partially offset by
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes MHCPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if capital structure improves due to
substantial increase in cash accrual, backed by ramp-up in
operations and better working capital management, or if promoters
infuse equity. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
deteriorates because of further decline in revenue and
profitability, large, debt-funded capital expenditure, or
increase in working capital requirement.

Incorporated in 2001 and promoted by Mr. Mohd Rizwan Ansari and
Mr. Mohd Shamsuzzama Ansari, MHCPL manufactures and exports rugs,
carpets, and home furnishing products made of wool, cotton, and
leather.


NIKLESH COOKING: CRISIL Suspends B+ Rating on INR59.6MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Niklesh Cooking Oil Refineries (NCOR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable
   Proposed Cash
   Credit Limit            5.4     CRISIL B+/Stable
   Term Loan              59.6     CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by NCOR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NCOR is yet to
provide adequate information to enable CRISIL to assess NCOR'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, NCOR is a Kaithal (Haryana)-based
partnership firm that manufactures and refines edible oil, mainly
rice bran and cottonseed oils, along with palm oil through the
solvent extraction process. The firm is promoted by Mr. Kamal
Shorewala and Mr. Dhruv Shorewala. Its manufacturing unit is in
Kaithal. The firm commenced commercial operations in February
2013.


NISHIT AGGARWAL: CRISIL Assigns B+ Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Nishit Aggarwal Krishi Sewa Kendra (NAKS).

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

The rating reflects NAKS's below-average financial risk profile
because of small networth and weak debt protection metrics, and
modest scale of operations in the highly fragmented agricultural
commodity trading business. These weaknesses are partially offset
by its promoter's extensive industry experience and its
established customer relationships.
Outlook: Stable

CRISIL believes NAKS will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' in case of more-than-expected growth in revenue and
profitability, resulting in increase in cash accrual, or
considerable capital infusion. Conversely, the outlook may be
revised to 'Negative' if profitability or revenue declines, or if
working capital cycle is stretched, leading to lower-than-
expected cash accrual, weakening financial risk profile.

NAKS was set up in 1989 as a proprietorship concern by Mr. Vijay
Kumar, and is based in Ganganagar, Rajasthan. It trades in and
stocks food grains.

NAKS had book profit of INR0.71 million on net sales of INR408
million for 2014-15 (refers to financial year, April 1 to
March 31), against book profit of INR0.9 million on net sales of
INR204 million for 2013-14. Its turnover is estimated at INR340
million till Feb. 29, 2016, in 2015-16.


NORTH INDIA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
North India Coating Private Limited (NICPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B+/Stable
   Letter of Credit        30      CRISIL A4
   Proposed Cash
   Credit Limit            80      CRISIL B+/Stable
   Proposed Letter
   of Credit               20      CRISIL A4

The suspension of ratings is on account of non-cooperation by
NICPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NICPL is yet to
provide adequate information to enable CRISIL to assess NICPL'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 1996, NICPL manufactures resin that is used as a
raw material in the paint industry. The company's plant in
Sonepat (Haryana) has a capacity of 40 tonnes per day (tpd). It
also manufacturers paint, for which it has a capacity of 25 tpd.


PEREGRINE PHOSPHATE: CRISIL Assigns B Rating to INR10MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Peregrine Phosphate Private Limited (PPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B/Stable

The rating reflects below-average financial risk profile because
of low networth and high total outside liabilities to tangible
networth and working capital-intensive operations. These
weaknesses are mitigated by promoter's extensive experience in
the agro-chemical industry and established relationship with
suppliers.
Outlook: Stable

CRISIL believes PPPL will benefit from promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
ramp up in scale of operation and profitability leads to sizeable
accrual and better-than-expected financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile is constrained because of weak profitability or
stretched working capital cycle.

Incorporated in 2013, PPPL is a Bengaluru-based company engaged
in trading of chemicals and fertilisers, pesticides and plant
nutritional and bio organic products. The operations are managed
by Mr. Rahul Nilkanth.


PRAYAGRAJ POWER: ICRA Lowers Rating on INR9849cr Loan to D
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR9849 crore
term loans of Prayagraj Power Generation Company Limited to
[ICRA]D from [ICRA]BB (Negative).


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            9849.00      [ICRA]D; revised from
                                     [ICRA]BB (Negative)


The rating revision takes into account delays in servicing of
interest by PPGCL which is engaged in setting up a 1980 MW power
plant in Bara tehsil in Allahabad district of Uttar Pradesh. The
rating continues to factor in the weak financial profile of
PPGCL's holding company Jaiprakash Power Ventures Limited (JPVL)
and the refinancing risk faced by JPVL towards its large
repayment obligations. ICRA notes that the financial profile of
JPVL has weakened over the years due to time and cost overrun in
various thermal power projects under execution/recently
commissioned, also accentuated by substantial funds required in
the short to medium term for meeting its equity commitments in
various projects and repaying its debt obligations.

ICRA also makes a note of the delay in project execution (PPGCL)
by more than one year resulting in significant cost overrun in
the project. The project cost has increased from INR5.44 crore
per MW initially to INR7.37 crore per MW due to price variations
in boiler-turbine-generator (BTG) contract on account of adverse
exchange rate fluctuations, and due to increase in interest
during construction, civil costs and preliminary expenses. This
increase in fixed cost is unlikely to be fully recovered through
tariffs as the power purchase agreement (PPA) signed is based on
competitive bidding, thus resulting in lower-than-expected
project returns limiting the debt servicing capability of PPGCL,
if sufficient plant utilization levels are not achieved. Further,
the project remains exposed to high counterparty credit risk
arising out of poor financial health of Uttar Pradesh based
distribution utilities; nevertheless, payment securities
mechanisms in the form of letter of credit, escrow mechanism and
third party sale built in the PPA provide some comfort.

ICRA also makes a note of the commencement of generation in the
first unit and the past experience of the Jaypee Group in setting
up large power projects in various parts of the country.

Prayagraj Power Generation Company Limited (PPGCL) is an SPV
promoted by the Jaiprakash Power Ventures Limited (JPVL), holding
company for power projects of Jaypee Group, for the development
of a 1980 (3X660) thermal power project based on super critical
technology at Bara tehsil in Allahabad district of Uttar Pradesh.
The entire land of 1468 acres has been acquired for the project
and all the major approvals are in place. The total cost of the
project increased from INR13,870.00 crore to INR14,596.00 crore
that is to be funded in debt equity ratio of 75:25. The first
unit of the plat has commenced generation on 28th Feb 2016 and
unit 2 and unit 3 are expected to commence generation from May -
16 and Aug-16 respectively.


QUALITRONICS (MADRAS): CRISIL Puts B- Rating on INR45MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Qualitronics (Madras) Private Limited (QMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Open Cash Credit       45       CRISIL B-/Stable
   Working Capital
   Term Loan              15       CRISIL B-/Stable

The rating reflects the company's modest scale of operations in
the competitive security solutions segment, its working capital
intensive operations, and its below-average financial risk
profile marked by modest debt protection metrics and net worth.
These rating weaknesses are partially offset by the benefits it
derives from the promoter's extensive industry experience and the
established relationships with its customers and suppliers.
Outlook: Stable

CRISIL believes that QMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in QMPL's scale of operations, while
improving its profitability margin and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenue or profitability or
if its capital structure deteriorates on account of high working
capital requirements or a large debt-funded capital expenditure.

Established in 1996 as a partnership firm and later converted to
a company, Qualitronix Madras Private Limited (QMPL) is engaged
in sale of security systems like CCTV, burglar alarm, fire
alarms, and security alarms. Based in Chennai, Tamil Nadu the
company is promoted by Mr. S Raghu, Mrs. Sulochana Nagarajan and
Mr. V Ramachandran.


QUEST INFOSYS: CRISIL Suspends 'C' Rating on INR165MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Quest
Infosys Foundation (QIF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              165      CRISIL C

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

QIF was set up in 2008 by Mr. Dipinder Singh Sekhon and his wife
Ms. Rajveer Kaur. The trust provides education through the Quest
Group of Institutions in Mohali (Punjab). The institute is
affiliated to Punjab Technical University and is approved by All
India Council for Technical Education (AICTE). It has around 1000
students and offers Bachelor of Technology and Master of Business
Administration courses.


QURESHI INTERNATIONAL: CRISIL Ups Rating on INR70MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Qureshi
International Private Limited (QIPL) to 'CRISIL B/Stable' from
'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

CRISIL's downgrade of the rating on March 18, 2016, had been
predicated on apparent instances of delay by QIPL in servicing
interest on its cash credit facility, and expected operating
losses over the medium term on account of taking a unit on lease.
QIPL has, since, provided additional clarity on these aspects. As
per updates received, CRISIL has now understood that QIPL has
adequate drawing power on its cash credit to meet interest
obligations and that the delays were merely operational in
nature. Furthermore, QIPL has clarified that the processing
facility has been leased for job work, with all operational
expenses to be borne by the lessor, whereas earlier, QIPL had
indicated that it would have to bear both lease expense of INR48
million and operational expenses of this facility. CRISIL,
therefore, now believes QIPL will report operating profit for
2015-16 (refers to financial year April 1 to March 31), though at
marginally lower levels than in the past.

CRISIL's rating on the cash credit facilities of QIPL continues
to reflect exposure to risks related to regulatory changes in the
processed meat industry, intense competition resulting in low
profitability margin and susceptibility to fluctuations in raw
material prices. The rating also factors in modest networth and
therefore, limited financial flexibility. These rating weaknesses
are partially offset by the promoters' extensive experience and
established relations with customers.
Outlook: Stable

CRISIL believes QIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is substantial and sustained improvement
in revenue and profitability, or if equity infusions considerably
strengthen networth. Conversely, the outlook may be revised to
'Negative' if a decline in profitability, any large debt-funded
capital expenditure, or stretch in working capital cycle weakens
key credit metrics.

Set up in 1974 as a proprietorship firm by Mr. Mohammed Yaqoob
Qureshi, QIPL was reconstituted as a private limited company in
2012. Based in Hyderabad, it exports frozen buffalo meat and
mutton.


R.S.V. COTTON: CRISIL Cuts Rating on INR28.3MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R.S.V. Cotton Industries (RSV; part of the Kakad group) to
'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Rupee          1.7     CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

   Term Loan              28.3     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects RSV's delays in meeting interest
obligation on its term loan facility on account of weak
liquidity, and instances of its cash credit account being
overdrawn for more than 30 days.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSV and VS Cotton Industries (VSC).
This is because the two entities, together referred to as the
Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and
presses cotton. The firm commenced operations in November 2013.
Its manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing
facilities are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.


RAJESH PRODUCTS: CRISIL Assigns B- Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rajesh Products Private limited (RPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              20       CRISIL B-/Stable
   Proposed Fund-
   Based Bank Limits      10       CRISIL B-/Stable
   Cash Credit            40       CRISIL B-/Stable
   Letter of Credit       10       CRISIL A4

The ratings reflect a modest scale of operations in the highly
fragmented and competitive footwear industry, working capital-
intensive nature of operations, and susceptibility of
profitability to fluctuations in raw material prices. The ratings
also factor in a weak financial risk profile because of high
gearing and a small net worth. These rating weaknesses are
partially offset by promoters' industry experience coupled with
established relationship with suppliers and customers
Outlook: Stable

CRISIL believes RPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected growth in revenue and operating margin, leading to
improvement in cash accrual and a better capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected debt-funded capital expenditure or weakening
of working capital management, leading to deterioration in the
financial risk profile.

RPPL, based in Jaipur and established in 2011, is promoted by Mr.
Shyam Dhandharia. The company manufactures footwear such as
sandals and slippers for all age group users; it sells the
products under its own brand name, Rajstar, mainly in Rajasthan,
Gujarat, Maharashtra, and Madhya Pradesh.

RPPL reported a loss of INR0.9 million on net sales of INR149.6
million in FY 2014-15 against net profit of INR0.4 million on net
sales of INR101.4 million in FY 2013-14.


RISSALA PRODUCTS: ICRA Assigns B Rating to INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR8.0
crore fund-based bank facility of Rissala Products Private
Limited. ICRA has assigned its short-term rating of [ICRA]A4  to
the INR2.0 crore non-fund based bank facility of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working capital
   Limit                  3.0         [ICRA]B; assigned
   Term Loan              5.0         [ICRA]B; assigned
   Letter of credit/
   Bank Guarantee
   (Non-fund Based)       2.0         [ICRA]A4; assigned

ICRA's ratings are constrained by the intensely competitive
business segment in which RPPL operates, which also results in
limited pricing flexibility and modest scale of operations. This
also results in the company's installed capacity of 10.8 lac
sheets per annum remaining modestly utilized. ICRA also takes
note of the inherently high working capital requirements that the
nature of the business involves, owing to high receivables and
high inventory stocking of kraft and design paper. The ratings
also take into account the cash losses incurred by the company in
the first three years of operations, due to high raw material
costs and finance costs resulting from debt funded capital
expenditure incurred in the past. The ratings, however, derive
comfort from the promoter's extensive industry experience and
established relationships with distributors in the National
Capital Region and surrounding states, along with the company's
increasing presence in the West and South.

The company's ability to scale up its operations in a profitable
manner while maintaining an optimal working capital intensity
will be the key rating sensitivities.

RPPL, incorporated in 2012, is engaged in the production of
decorative and industrial laminates since 2013. The company has
been promoted by Mr Kamaljeet Kataria, who has more than a decade
of experience in manufacturing, trading and distribution of
decorative laminates. The company's factory at Behror, Rajasthan,
has an installed capacity to manufacture 90,000 sheets per month.

Recent Results
The company achieved an operating income (OI) of INR21.0 crore on
which it incurred a net loss of INR0.91 crore in FY2015, as
against an OI of INR13.58 crore and a net loss of INR1.06 crore
in the previous year. The company, on a provisional basis,
reported an OI of INR10.61 crore for the first nine months of
FY2016.


RUCHIRA PRINTING: ICRA Suspends B+ Rating on INR7.50cr Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR7.50 crore bank facilities of Ruchira Printing &
Packaging. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


S P IRON: CRISIL Assigns B+ Rating to INR100MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S P Iron Private Limited (SPIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      20        CRISIL A4
   Bill Discounting      30        CRISIL B+/Stable
   Cash Credit          100        CRISIL B+/Stable

The ratings reflect SPIPL's below-average financial risk profile
because of small networth, weak capital structure, and subdued
debt protection metrics, its modest scale of operations, and
large working capital requirement. These weaknesses are partially
offset by its promoters' extensive experience in the steel
industry and their funding support.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR30.5 million extended to SPIPL by its promoters and their
friends and relatives as neither debt nor equity, as the loans
are subordinated to bank debt.
Outlook: Stable

CRISIL believes SPIPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SPIPL's capital structure improves
because of fresh capital infusion of or better-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
profitability or revenue declines or if working capital cycle
increases, leading to deterioration in financial risk profile,
particularly liquidity.

SPIPL was set up by Mr. Pradeep Kumar Singhal as a proprietorship
firm in 1999, and was reconstituted as a private limited company
in 2005 along with Mr. Sandeep Kumar Singhal. It trades in iron
and steel materials such as hot-rolled coils/sheets, cold-rolled
coils/sheets, mild steel plates, angles, channels, flats, billets
and ingots. It is based in Faridabad.


SARBAMANGALA AGRO: CRISIL Suspends 'D' Rating on INR38MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sarbamangala Agro Products Private Limited (SAPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.8      CRISIL D
   Cash Credit           38        CRISIL D
   Proposed Long Term
   Bank Loan Facility    21.2      CRISIL D
   Term Loan             19        CRISIL D

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

SAPPL was incorporated in Murshidabad (West Bengal) in 2009. The
company is engaged in the milling and processing of par boiled
rice. The promoter, Mr. Sudip Roy, manages the company's daily
operations.


SHIV SHAKTI: CRISIL Suspends 'D' Rating on INR104.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Shakti Steel Private Limited (SSSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL D
   Cash Credit           104.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility     44.2      CRISIL D
   Working Capital
   Term Loan              45.5      CRISIL D

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

SSSPL was set up in 2004 by Mr. KN Mithal. In October 2007, the
company was acquired by the Fairdeal group (owned by the Agarwal
family). Currently, SSSPL's day-to-day management is being looked
after by the two directors of the company, Mr. Anand Shroff and
Mr. Gaurav Jhunjhunwala. The company's manufacturing facility is
in Raigarh (Chhattisgarh) and has capacity to produce 97,000
tonnes per annum (tpa) of sponge iron and 300,000 tpa of washed
coal.


SHREE YAMUNA: ICRA Reaffirms B Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the
INR1.19 crore (reduced from INR2.16 crore) term loan and the
INR5.00 crore1 (enhanced from INR4.00 crore) cash credit facility
of Shree Yamuna Ginning & Pressing Factory.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term fund
   based - Term Loans    1.19       [ICRA]B reaffirmed

   Long Term fund
   based - Cash Credit   5.00       [ICRA]B reaffirmed

The rating reaffirmation takes into account the relatively modest
scale of operations and weak financial profile characterized by
thin margins, adverse capital structure and modest debt coverage
indicators of Shree Yamuna Ginning and Pressing Factory (SYGPF).
The ratings continue to factor in the vulnerability of
profitability to adverse movements in raw cotton, which are
subject to seasonality and crop harvest, the regulatory risk with
regard to MSP, and the firm's low bargaining power given the
limited value addition and the highly competitive and fragmented
industry structure due to low entry barriers. ICRA also notes
that SYGPF is a partnership firm and any significant withdrawals
from the capital account could affect its net worth and thereby
its capital structure.

The rating, however, favourably factors in the longstanding
experience of the promoters in the cotton industry. The ratings
also consider the favourable location of the firm in Jamnagar,
Gujarat in proximity to raw material suppliers and downstream
processing units.

Established in August 2012 as a partnership firm, Shree Yamuna
Ginning and Pressing Factory (SYGPF) is engaged in the ginning
and pressing of raw cotton. The manufacturing facility is located
in Jamnagar, Gujarat and is equipped with 18 ginning machines
with processing capacity of 100 Metric Tonnes per day (MTPD) of
cotton. Mr. Sumit Asani, Mr. Rasikbhai Pabari and Mr. Prabhudas
Sutaria along with other family members and relatives, promote
and manage the firm.

Recent Results
During FY15, the firm reported an operating income of INR48.86
crore and profit after tax of INR0.23 crore as against an
operating income of INR17.92 crore and profit after tax of
INR0.13 crore during FY14. Further during the first nine months
of FY16, the firm reported an operating income of INR29.56 crore
and profit after tax of INR0.24 crore (as per provisional
financials).


SIGNET CONDUCTORS: ICRA Reaffirms B+ Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR16.29 crore (reduced from INR16.63 crore) fund-based bank
limits of Signet Conductors Private Limited. ICRA has also
reaffirmed its short term rating of [ICRA]A4  on the INR3.44
crore (enhanced from INR3.10 crore) non-fund-based bank limits of
SCPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limits       15.00     [ICRA]B+; Reaffirmed
   Term Loan                1.29     [ICRA]B+; Reaffirmed
   Non Fund Based Limits    3.44     [ICRA]A4;Reaffirmed

ICRA's ratings reaffirmation takes into account the year-on-year
decline in SCPL's Operating Income (OI) in FY15, although this
has been accompanied by an improvement in the company's profit
margins, on account of an increased proportion of job work income
in the company's overall OI.

ICRA's ratings continue to take into account SCPL's limited scale
of operations in the highly competitive and fragmented conductor
manufacturing industry, resulting in modest economies of scale
and moderate profitability indicators, with the company's margins
being vulnerable to raw material price fluctuations. The ratings
continue to factor in the high gearing of the company due to the
funding of working capital requirements, primarily through bank
borrowings. The ratings continue to derive comfort from the
extensive experience of the promoters in the industry and the
company's established client base. The expected addition of new
clients is also expected to improve the operating income in the
near term.

Going forward, the ability of the company to increase its scale
of operations, achieve improved profit margins and efficiently
manage its working capital cycle will be the key rating
sensitivities.

SCPL was set up in 1991 as a private limited company by Mr. D.S.
Sahni. The company manufactures bare and paper insulated
aluminium and copper conductors, which find application in
electric motors, power generators and attenuators for
transmission and distribution of power. The company's
manufacturing facility is located in Rewa, Madhya Pradesh and has
a licensed capacity of 1,500 metric tonnes per annum.

Recent Results
SCPL, reported a Profit After Tax (PAT) of INR0.08 crore on an
operating income of INR14.18 crore in FY15 as against a PAT of
INR0.07 crore on an operating income of INR31.17 crore in the
previous year.


SRI MANAKULA: ICRA Reaffirms B+ Rating on INR149.19cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR149.19 crore long term fund-based facilities of Sri Manakula
Vinayaga Educational Trust. ICRA has also re-affirmed a short
term rating of ICRA A4 to the INR14.45 crore short term non-fund
based facilities. ICRA has also re-affirmed a long term rating of
[ICRA]B+ and a short term rating of [ICRA]A4 to the INR10.93
crore proposed long term/short term facilities of the trust.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, fund
   based facilities      149.19       [ICRA]B+; re-affirmed

   Short Term, non-
   fund based facilities  14.45       [ICRA]A4; re-affirmed

   Proposed long
   term/short-term
   facilities             10.93       [ICRA]B+/A4; re-affirmed

The reaffirmation of ratings takes into account the growth in the
trust's revenues and the healthy profitability from the operation
of the medical college & attached hospital. The ratings are also
aided by the healthy growth in the sanctioned in-take of students
in engineering colleges during the year which will aid the
trust's revenues going forward. The brand equity of the
engineering and medical colleges in Pondicherry along with
favorable demand prospects for higher education in the country
further support the ratings.

The ratings are however constrained by the lumpiness inherent in
the cash flows owing to the seasonal receipts of academic fees.
The ratings also consider the large ongoing capex program of the
trust, for the upgradation of existing infrastructure,
necessitated by the increase in the student intake year on year.

Sri Manakula Vinayaga Educational Trust (SMVET) was formed in
1996, under the leadership of Mr. N. Kesavan with a view to
provide technical and medical education to the weaker sections of
the society. The first educational institution to be opened under
the aegis of this trust was Sri Manakula Vinayagar Engineering
College (MVEC). Later, in 2006, the trust established Sri
Manakula Vinayagar Medical College Hospital (MVMCH) with a first
batch of 150 students. MVMCH also has a 900-bed hospital attached
to the college, which has witnessed healthy occupancy and
outpatient flow. In all, the Trust operates six colleges in the
Union Territory of Pondicherry spanning engineering, nursing,
teacher training, medical and polytechnic courses with a total
student base of more than 3,000. The Trustees also run the Mailam
Subramaniya Swami Educational Trust which operates an engineering
college in Tamil Nadu.


STEELTECH INDIA: CRISIL Suspends D Rating on INR98MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Steeltech India (STI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            98       CRISIL D
   Proposed Long Term
   Bank Loan Facility      2       CRISIL D

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

STI was set up as a proprietorship firm by Mr. Jagjit Singh in
2010. The firm trades in iron and steel products in Ludhiana
(Punjab). It trades in a variety of iron and steel products such
as rounds, alloys, angles, and channels.


SUTAPA INTERNATIONAL: CRISIL Rates INR80MM Gold Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sutapa International Exports Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Gold Loan              80       CRISIL B/Stable

The rating reflects the small scale of operations and exposure to
customer concentration risks. The rating also reflects the small
networth constraining the financial risk profile. These
weaknesses are partially offset by the extensive experience of
promoters in jewellery business and low exposure to fluctuation
in gold prices due to prudent inventory management.
Outlook: Stable

CRISIL believes SIEPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if substantial capital
infusion by promoters or higher-than-expected accrual or better
working capital management leads to improvement in its financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected accrual or a
stretch in the working capital cycle or any large, debt-funded
capital expenditure leads to deterioration in the liquidity.

Incorporated in May 2013, SIEPL manufactures and exports gold
jewellery studded with precious and semi-precious stones to UK
and UAE. The company is promoted by Kolkata-based Mr. Jagdish Das
and Ms. Sutapa Das. Mr. Das has over two decades of experience in
this line of business and manages the operations.


TECHNOCRATS PLASMA: CRISIL Assigns 'B' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Technocrats Plasma Systems Private
Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           0.5      CRISIL B/Stable
   Bank Guarantee         9.5      CRISIL A4
   Cash Credit           50.0      CRISIL B/Stable

The ratings reflect modest scale of operations and below-average
financial risk profile because of small networth and weak debt
protection metrics. These weaknesses are mitigated by the
promoters' extensive experience in the industrial machinery
manufacturing industry.

Outlook: Stable

CRISIL believes TPSPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant growth in revenue
and operating profitability leading to sizeable cash accrual or
improved working capital cycle resulting in improvement in
financial risk profile. Conversely, the outlook could be revised
to 'Negative' if cash accrual is lower than expected or stretch
in the working capital cycle or large, debt-funded capital
expenditure plans weaken the financial risk profile.

TPSPL, incorporated in 1994, manufactures air plasma cutting and
wielding machines as well as computerised numerically controlled
(CNC) plasma/gas profiling machines and also undertakes trading
of raw materials and assemblies. The company is in Mumbai and is
managed by Mr. Arun Kumar Sharma and Mrs. Vandana Sharma.


TRIBHUWAN NARAYAN: CRISIL Suspends B+ Rating on INR100M Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tribhuwan Narayan Singh (TNS).

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

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

TNS was established in 1991 as a proprietorship firm by Mr.
Tribhuwan Narayan Singh and is currently being managed by his son
Mr. Abhishek Singh. The firm is based in Ghazipur (Uttar Pradesh)
and is engaged in the construction of roads and bridges for
government departments in Uttar Pradesh and Jharkhand.


UNITED COKE: ICRA Cuts Rating on INR5cr Cash Loan to B+
-------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB- to [ICRA]B+
for INR5.00 crore fund based bank limits of United Coke Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4  assigned to the INR35.00 crore non-fund based bank
limits of UCPL.2 The fund-based limit of INR5.00 crore is a sub-
limit of the INR35.00 crore non-fund based limit.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
    Credit              (5.00)       [ICRA]B+; revised from
                                     [ICRA]BB-(stable)

   Non fund Based-
   Letter of Credit     35.00        [ICRA]A4; reaffirmed

The downward revision of rating takes into account the
deterioration in the financial profile of United Coke Private
Limited (UCPL) as is evident from continuous decline in operating
income coupled with higher TOL/TNW reflecting letter of credit
backed buying of coking coal. The rating also takes into account
higher inventory levels on account of bulk buying of coking coal
in order to avail discount, which has led to higher working
capital intensity. The rating further takes into account the
vulnerability of profitability to exchange rate fluctuations as
more than 95% of its raw material is imported. The rating is
further constrained by UCPL's exposure to the cyclicality
inherent in the coke industry and volatility in the prices of
both coke and coking coal, which is likely to keep its
profitability and cash flows volatile and under pressure in near
to medium term.

The rating, however, favourably takes into account the long track
record of the company in the coke manufacturing business.

UCPL is part of the Bhavnagar (Gujarat) based UB Aggarwal Group
(UBAG). The company is engaged in the production of low ash
metallurgical (LAM) coke. Its manufacturing plant with an annual
capacity of 54,000 MT is located in the Anjar district of
Gujarat. Besides UCPL, UBAG has a number of other companies with
business interests in ship breaking and steel rolling mill.

Recent Results
For the year ended 31st March 2015, United Coke Private Limited
reported an operating income of INR46.65 crore and profit after
tax of INR0.07 crore.


V. S. COTTON: CRISIL Lowers Rating on INR26.4MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of V. S. Cotton Industries (VSC; part of the Kakad group) to
'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Rupee          3.6     CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

   Term Loan              26.4     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects VSC's delays in meeting interest
obligation on its term loan facility on account of weak
liquidity, and instances of its cash credit account being
overdrawn for more than 30 days.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSV Cotton Industries (RSV) and VSC.
This is because the two entities, together referred to as the
Kakad group, are under a common management and in similar lines
of business, and have significant financial linkages.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and
presses cotton. The firm commenced operations in November 2013.
Its manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing
facilities are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.


VTC TRADEWINGS: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of VTC Tradewings Private Limited (VTCT) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

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

The rating downgrade reflects significant deterioration in
financial risk profile, reflected in weak debt protection metrics
and high gearing. The interest coverage was low at 1.13 times in
2014-15 (refers to financial year, April 1 to March 31),
significantly lower than 2.4 times in 2012-13 on account of low
profitability and high reliance on bank borrowings to fund the
working capital requirement. Moreover, capital withdrawal of
INR11.5 million in 2014-15 by promoters resulted in low net worth
of INR3.3 million, and subsequently high gearing of over 26
times, as compared to 4.5 times in the previous year. CRISIL
believes that the financial risk profile will remain weak on
account of continued reliance on bank borrowing to fund working
capital requirement and low operating margin.

The rating reflects limited pricing power with principal (Procter
and Gamble India Ltd [P&G]), and weak financial risk profile,
marked by high gearing and small net worth. These rating
weaknesses are mitigated by low exposure to risks related to
inventory prices, bad debts and established relationship with
customers.
Outlook: Stable

CRISIL believes VTCT will benefit over the medium term from its
established relationship with customers. The outlook may be
revised to 'Positive' if revenue and profitability grow
significantly, leading to increased cash accrual or if
substantial infusion of capital by promoters leads to improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if financial risk profile weakens because of
stretched working capital cycle or considerably low profitability
margin.

VTCT was incorporated in 2011, promoted by Mr. Akshay Verma and
his wife, Ms. Saanya Verma; it took over the operations of Surya
Tradewings Pvt Ltd in 2011-12. VTCT is a primary distributor of
all products of P&G in western Uttar Pradesh. Catering to around
30000 outlets, VTCT is part of the VTC group, which has interests
in sectors such as logistics, warehousing, hospitality, and
education.



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


INDIKA ENERGY: Moody's Cuts Corporate Family Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Indika Energy Tbk (P.T.) to Caa1 from B3.

At the same time, Moody's has also downgraded the ratings on the
$171 million notes due 2018 and issued by Indo Energy Finance
B.V., as well as the ratings on the $500 million notes due 2023
and issued by Indo Energy Finance II B.V --  Both ratings have
been downgraded to Caa1 from B3.

The two bond issuing entities are wholly-owned subsidiaries of
Indika and both notes are unconditionally guaranteed by Indika.

The ratings outlook is negative.

Moody's rating actions conclude Moody's review of the ratings
above, initiated on 22 January 2016 when Moody's placed the
ratings on review for downgrade, reflecting Moody's effort to
recalibrate ratings in the mining industry to align with the
fundamental shift in the credit conditions faced by the global
mining sector.

List of affected ratings:

Downgrades:

-- Issuer: Indika Energy Tbk (P.T.)

-- Corporate Family Rating, Downgraded to Caa1 from B3

-- Issuer: Indo Energy Finance B.V.

-- $171 million GTD SR SEC GLOBAL NOTES due 2018, Downgraded to
    Caa1 from B3

-- Issuer: Indo Energy Finance II B.V.

-- $500 million GTD GLOBAL NOTES due 2023, Downgraded to Caa1
    from B3

Outlook Actions:

-- Issuer: Indika Energy Tbk (P.T.)

-- Outlook, Changed to Negative from Ratings on Review for
    Downgrade

-- Issuer: Indo Energy Finance B.V.

-- Outlook, Changed to Negative from Ratings on Review for
    Downgrade

-- Issuer: Indo Energy Finance II B.V.

-- Outlook, Changed to Negative from Ratings on Review for
    Downgrade

RATINGS RATIONALE

"The downgrade of Indika's CFR to Caa1 reflects the company's
elevated leverage, driven largely by the impact of weak thermal
coal prices across Indika's businesses", says Brian Grieser, a
Moody's Vice President and Senior Analyst.

"The downgrade also incorporates our view that Indika's cash
flows will diminish materially in 2017," adds Grieser.

Indika's primary source of cash flows comes from dividends paid
by 46% owned PT Kideco Jaya Agung (Kideco, unrated), Indonesia's
third-largest domestic coal producer by tons. Continued pressure
on thermal coal prices over the past few years has led to a
significant reduction in dividends from Kideco to an estimated
$60 million in 2016 compared to $207 million in 2012.

Average selling prices (ASPs) for Kideco's thermal coal fell
below $40 in the fourth quarter of 2015 compared to $49 in the
fourth quarter of 2014. Moody's expects that ASPs will remain
below $40 in 2016, which Moody's expects to result in a maeterial
reduction in Kideco's earnings in 2016, leading to a significant
decline in dividends available to Indika in 2017.

While Moody's does not expect that cash flows from Kideco and
other Indika investments will cover Indika's debt service
requirements in 2017, Moody's notes that Indika holds substantial
cash balances that will allow the company to service its debt
over the next two years (2016-2017). At 31 December 2015,
consolidated cash balances were $339.4 million.

In December 2015, Indika engaged in a balance sheet management
exercise which resulted in the retirement of $128.6 million of
principal value for the 2018 notes for $77.1 million. Moody's
would likely view any additional discounted note repurchases as a
distressed exchange under Moody's definition of default, given
Moody's expectation for a material reduction in Indika's cash
flows and its highly leveraged capital structure.

Moody's expects adjusted debt-to-EBITDA to exceed 6.5x in both
2016-2017.

The negative outlook on the ratings reflects Indika's weak
underlying pricing power across its businesses, against the
backdrop of persistently weak thermal coal prices.

An upgrade of the ratings is unlikely over the next 12 months
because of the weak outlook for thermal coal. Nonetheless, upward
ratings pressure would emerge if Indika successfully refinances
the balance of its 2018 notes, or if coal prices improve such
that earnings -- including dividends from its subsidiaries --
result in leverage below 6.0x. A ratings upgrade would require
Indika to maintain a solid liquidity profile, with in excess of
$200 million in available cash at the holding company level.

A ratings downgrade could arise if Indika's liquidity levels
deteriorate, or if coal prices continue to fall, such that
leverage increases and registers in excess of 7.0x for an
extended period. A deterioration in liquidity, such that the
holding company's cash balance falls below $175 million, could
also lead to a downgrade.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange. Its principal investment
for its energy resources group is a 46% stake in Kideco Jaya
Agung (P.T.), Indonesia's third-largest domestic coal producer
and one of the world's lowest-cost producers and exporters of
coal.



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


ARCH FINANCE 2007-1: Moody's Confirms Ba2 Rating on JPY12BB Loan
----------------------------------------------------------------
Moody's Japan K.K. has confirmed the rating on Arch Finance
Limited's repackaged deal below:

Issuer: Arch Finance Limited

  JPY12,363,538,000 Series 2007-1 Reverse Dual Currency Loan,
   Confirmed at Ba2 (sf); previously on Jan. 26, 2016, Ba2 (sf),
   placed under review for downgrade.

                         RATINGS RATIONALE

The rating action follows the confirmation of the rating of the
underlying asset on March 31, 2016.

The rating of the transaction mainly reflects the credit quality
of the collateral asset, the credit quality of the swap
counterparty, and the strength of the transaction structure.

If the ratings on the collateral asset and/or swap counterparty
change, the rating on the loan may also change.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that could lead to a rating downgrade or upgrade are a
deterioration or improvement in the credit quality of the
collateral asset and the swap counterparty.

Loss and Cash Flow Analysis:

Moody's quantitative analysis focuses on the risks relating to
the credit quality of the assets backing the repack and of the
counterparties.  Moody's generally determine the expected loss
posed to securities holders by adding together the severities for
loss scenarios arising from either collateral asset default, and
if applicable, swap counterparty risk, each weighted according to
its respective probability.  Moody's then translate the expected
loss to a rating using our idealized loss rates.

Moody's did not use any stress scenario simulations in its
analysis.

For ratings issued on a program, series or category/class of
debt, this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note
of the same series or category/class of debt or pursuant to a
program for which the ratings are derived exclusively from
existing ratings in accordance with Moody's rating practices.
For ratings issued on a support provider, this announcement
provides certain regulatory disclosures in relation to the rating
action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings
from the support provider's credit rating.  For provisional
ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned
subsequent to the final issuance of the debt, in each case where
the transaction structure and terms have not changed prior to the
assignment of the definitive rating in a manner that would have
affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating
action, and whose ratings may change as a result of this rating
action, the associated regulatory disclosures will be those of
the guarantor entity.  Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.



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


VINACOMIN HOLDING: Moody's Cuts Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Vinacomin Holding Corporation Limited to B3 from
B2.

The rating outlook is stable.

This rating action concludes the review initiated on 22 January
2016, when Moody's placed the B2 CFR on review for downgrade,
reflecting its effort to recalibrate ratings in the mining
portfolio to align with the fundamental shift in the credit
conditions of the global mining sector.

List of affected ratings:

Downgrades:

-- Issuer: Vinacomin Holding Corporation Limited

-- Corporate Family Rating, Downgraded to B3 from B2

Outlook Actions:

-- Issuer: Vinacomin Holding Corporation Limited

-- Outlook, Changed to Stable From Ratings on Review
    for Downgrade

RATINGS RATIONALE

"The downgrade to B3 reflects Vinacomin's ongoing dependence on
debt-funded capital expenditures, which raised its leverage to
around 5.0x at the end of 2015 and will drive a further increase
in leverage during 2016," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

The B3 rating recognizes key challenges such as (1) Vinacomin's
large debt-funded capex program; (2) the standard, quality and
timeliness of its consolidated reporting; (3) its relatively high
leverage; (4) its dependence on short-term bank funding; and (5)
the limited degree of clarity regarding long-term shareholder
intentions and strategic direction, further compounded by its
complex group structure.

Viancomin is 100%-owned by the government of Vietnam (B1 stable).
The company's B3 rating reflects its strategic importance in
managing and developing the country's coal and mineral reserves,
as well as its importance to the development of the power sector,
in particular supplying coal-fired thermal power plants, given
its dominant position in coal mining.

However, Moody's believes that the government of Vietnam is
unlikely to provide more than selective and partial support in a
distressed situation, and Vinacomin's rating therefore does not
include any uplift for expected government support.

The rating incorporates the positive effect of Vinacomin's
transition from a net coal exporter to primarily domestic sales.
Coal sales to state-owned power producers are expected to account
for the majority of sales in 2016, given the substantial growth
in coal-fired power generation in Vietnam.

Moody's believes margins on domestic sales to be more stable than
on export sales, given the control exercised by the government
over Vinacomin and the power sector. The domestic sales
concentration provides shelter from international coal prices,
which have persistently weakened over the last few years, and
positions Vinacomin well relative to other southeast Asian single
commodity coal producers.

The stable outlook reflects Moody's expectation that Vinacomin's
operational shift to the domestic coal market, primarily for
power generation, will support stable operating margins, as
demand will be steady and pricing consistent over the next two
years. The stable operating environment, coupled with Vinacomin's
proven access to state-owned banks, balance the risk that
accompany the expected rise in leverage and high dependence on
short-term debt.

Upward ratings pressure could arise if Moody's concerns over the
quality of the company's consolidated financial reporting ease,
and clarity regarding its role in national development is
forthcoming. Leverage maintained below 4.5x would also be
supportive of upward ratings pressure.

Downward pressure on the rating could emerge if (1) the quality
and timeliness of Vinacomin's financial reporting deteriorate; or
(2) Vinacomin takes on further projects, or expands existing
development projects, such that adjusted debt/EBITDA approaches
6.0x, or EBIT/interest expenses remains below 1.5x for an
extended period; or (3) there is evidence that Vinacomin is
facing difficulties in raising the funds required to sustain its
current business plan.


Vinacomin Holding Corporation Limited, 100% owned by the
Government of Vietnam, is the largest coal producer in Vietnam
producing between 35-40mt tons of coal annually. The company is
also engaged in power generation, mineral exploration and
smelting, and other operations related to its core coal and
minerals business.



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

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

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


                            *********


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

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

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

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

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



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