TCRAP_Public/160413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, April 13, 2016, Vol. 19, No. 72


                            Headlines


A U S T R A L I A

ARRIUM LIMITED: Grant Thornton Set to be Replaced by KordaMentha
ATLANTIC VANADIUM: Parent to Sell All Shares to Droxford
BLUESCOPE STEEL: Moody's Raises CFR to Ba2; Outlook Stable
CIVIL AUSTRALIA: Australian Tax Office Seeks to Wind Up Firm
COCKATOO COAL: Miners Form Action Group to Fight for Entitlements

ONSITE RENTAL: Moody's Lowers CFR to Caa1; Outlook Negative
PEPPER RESIDENTIAL: S&P Raises Rating on Cl. F Notes to BB
RESIMAC TRIOMPHE 2016-1: S&P Preliminarily Rates Cl. D RMBS 'BB+'
ROCK BOTTOM: First Creditors' Meeting Set For April 19
SYDNEY ALLEN: In Administration; First Meeting Set April 19

WESTPAC BANKING: Moody's Assigns Ba1 Rating on Class E Notes
WIDEBID PTY: First Creditors' Meeting Set For April 13


C H I N A

CEETOP INC: Amends 2014 Financial Statements
DELTA TECHNOLOGY: Receives Nasdaq Listing Non-Compliance Notice
SHANXI HUAYU: Fitch Says CNY Bond Default Underlines Sector Risks
YANZHOU COAL: Fitch Cuts LT FC Issuer Default Rating to 'B'


I N D I A

AGRAWAL SPONGE: CARE Reaffirms 'B+' Rating on INR15cr LT Loan
ANDAMAN SEA: CRISIL Suspends D Rating on INR196MM Term Loan
ANDHRA PRADESH: CARE Reaffirms 'D' Rating on INR2513.53cr Loan
ANJANAY RICE: CRISIL Suspends D Rating on INR350MM Cash Loan
APPOLLO DISTILLERIES: CARE Reaffirms D Rating on INR66.5cr Loan

B.D. CASTINGS: CRISIL Suspends B+ Rating on INR250MM Cash Loan
BHADRESWAR RICE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
CCS INFOTECH: CRISIL Revises Rating on INR120MM Loan to 'NM'
D.P. BANSAL: CARE Assigns B+ Rating to INR7.35cr LT Loan
DAS RICE: CRISIL Suspends 'B' Rating on INR70.7MM LT Loan

DECCAN FINE: Ind-Ra Withdraws 'IND BB(suspended)' Issuer Rating
DECCAN HYDERABAD: CARE Reaffirms D Rating on INR10cr ST Loan
DEVICOLAM DISTILLERIES: CRISIL Reaffirms B- Rating on INR50M Loan
DUNCANS INDUSTRIES: CARE Reaffirms 'D' Rating on INR44.07cr Loan
EASY FIT: CRISIL Suspends 'D' Rating on INR1.0BB Loan

ENAR RUBBER: CRISIL Suspends 'B' Rating on INR68.3MM Term Loan
GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR100MM Loan
GMR RAJAHMUNDRY: CARE Reaffirms D Rating on INR3,010.61cr Loan
GOKUL JEWELLERY: CRISIL Suspends 'D' Rating on INR160MM ST Loan
HIMALAY COLD: CRISIL Reaffirms 'B' Rating on INR60MM Loan

ICON POWER: CRISIL Reaffirms B+ Rating on INR75MM Loan
J. M. D. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR60MM Loan
JAI KARNI: CARE Assigns B+ Rating to INR10.60cr LT Loan
JSM VEGOILS: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
JUNO IFMR: Ind-Ra Rates INR23.2MM Series A2 PTCs 'IND BB+(SO)'

KARIGANUR MINERAL: CARE Reaffirms B+ Rating on INR55cr LT Loan
KARTHIK INDUCTION: CARE Reaffirms 'B' Rating on INR6cr LT Loan
KHAITAN ELECTRICALS: CARE Cuts Rating on INR160.69cr Loan to D
KINGFISHER AIRLINES: Court to Hear Plea for CBI Probe
KUBS SAFES: CARE Lowers Rating on INR28.76cr LT Loan to D

LAKSHMI SARASWATHI: CARE Reaffirms 'B' Rating on INR0.84cr Loan
LOTUS CHOCOLATE: CRISIL Reaffirms 'B' Rating on INR250MM Loan
LSR FOODS: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
MAA TARINI: CRISIL Suspends D Rating on INR50MM Cash Loan
MAXIMAA SYSTEMS: CARE Lowers Rating on INR6.33cr LT Loan to D

MILTECH INDUSTRIES: CARE Revises Rating on INR13cr Loan to B+
MODERN DISTROPOLIS: CRISIL Reaffirms B Rating on INR175MM Loan
NAP CONSTRUCTION: CRISIL Suspends 'D' Rating on INR195MM Loan
NARMADA CONCAST: CARE Reaffirms 'B' Rating on INR28.71cr Loan
PAULMECH INFRASTRUCTURE: CRISIL Suspends D Rating on INR55MM Loan

PRATAP WAHINI: CARE Reaffirms B+ Rating on INR4.91cr LT Loan
R.K. BEHURIA: CRISIL Suspends 'D' Rating on INR95MM Loan
RANA OIL: CARE Assigns B Rating to INR15cr LT Loan
RASHMI MOTORS: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
RUBAN PATLIPUTRA: CARE Reaffirms B+ Rating on INR16.77cr LT Loan

S.R. INTERNATIONAL: Ind-Ra Suspends IND D Long-Term Issuer Rating
SANGHVI FORGING: CARE Reaffirms D Rating on INR123.49cr LT Loan
SAPTHAGIRI HOSPITALITY: CARE Reaffirms B+ INR25.4cr Loan Rating
SCORE INFORMATION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
SHALEEN HEALTHCARE: CARE Assigns B+ Rating to INR12.25cr LT Loan

SHIRAGUPPI SUGARWORKS: CARE Reaffirms B INR196.16cr Loan Rating
SHREE RAM: CRISIL Suspends D Rating on INR200MM Cash Loan
SHREE SAI: CRISIL Suspends D Rating on INR350MM Cash Loan
SHREE SAI SMELTERS: CRISIL Suspends D Rating on INR76.5MM Loan
SOMANY SANITARY: CARE Revises Rating on INR5.03cr Loan to BB+

SRI LANGTA: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
SWAJIT ABRASIVES: CARE Reaffirms B+ Rating on INR4.25cr LT Loan
SWASTIK OIL: CRISIL Suspends 'D' Rating on INR800MM Loan
UDAIPUR POLY: CARE Reaffirms 'B' Rating on INR30.30cr LT Loan
UNNATI FORTUNE: CARE Reaffirms B+ Rating on INR25cr LT Loan

VAISHANAVI ISPAT: CRISIL Suspends D Rating on INR615MM Loan
VALUELINE HOMESTYLE: CARE Assigns B+ Rating to INR4.70cr LT Loan
VENUS CONTROLS: CRISIL Suspends B- Rating on INR400MM Cash Loan
VIJIT INTERNATIONAL: CARE Assigns B+ Rating to INR6cr LT Loan
WASAN HOSPITALITY: CARE Lowers Rating on INR66.14cr Loan to B+

WORTH INFRA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating


I N D O N E S I A

CHANDRA ASRI: Moody's Raises CFR to B1; Outlook Stable

* Fitch Says Economic Indicators Positive for Indonesia Firms


J A P A N

ALCHEMIST: Video Game Developer Files for Bankruptcy


M A L A Y S I A

MALAYSIA: GDP Growth Likely to Slow Further in 2016, Moody's Says


                            - - - - -


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


ARRIUM LIMITED: Grant Thornton Set to be Replaced by KordaMentha
----------------------------------------------------------------
ABC News reports that the administrator of failed steel company
Arrium Limited is set to be replaced in a sudden and bloodless
coup that could delay the firm's restructure.

Insolvency firm Grant Thornton, which was appointed less than a
week ago, is to be forced out after a deal between banks and
unions, the report says.

The details of its removal are being finalised at a Federal Court
hearing in Melbourne, according ABC News.

ABC News relates that under the deal, it will be replaced by
competitor KordaMentha, which had been working with the
Australian Workers Union (AWU) in the lead-up to Arrium's
failure.

KordaMentha is best known for a range of complex administrations
including airline Ansett Australia, which collapsed in 2001, the
report notes.

The ABC understands Grant Thornton agreed to step down quietly
rather than being sacked at the first creditors meeting, amid
threats that bank creditors and the AWU would vote as a block.

ABC News notes that the unlikely partnership with the AWU comes
after banks, which are owed more than AUD1 billion, agitated
behind the scenes for the appointment of their preferred
administrator McGrathNicol.

McGrathNicol will work with KordaMentha on the Arrium
administration, ABC News states.

According to the report, SA Treasurer Tom Koutsantonis told the
SA Parliament the latest disruption was "regrettable".

"This further disruption by the Australian banks and the
continued use of Whyalla's future as a bargaining chip is
distressing for those who are affected by the ongoing uncertainty
and constant speculation," the report quotes Mr. Koutsantonis as
saying.  "In the event a new administrator is appointed, the
South Australian Government and the Steel Task Force will
continue the work begun with management last year."

ABC News says the South Australian Government had warned against
changing the administrators, urging for continuity.

In a statement last week, Grant Thornton said it had "stabilised
the business to ensure to can run as usual" and they firmly
believed the Whyalla works could continue operations, ABC News
relates.

Grant Thornton said on April 10 it was cautiously confident that
Arrium's Whyalla steelworks in South Australia could be saved and
the indebted business stood a chance of being restructured, adds
ABC News.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.


ATLANTIC VANADIUM: Parent to Sell All Shares to Droxford
--------------------------------------------------------
miningweekly.com reports that Atlantic Ltd has inked a scheme
implementation deed with shareholder Droxford International under
which all the company's shares would be acquired for 0.3c each.

Droxford currently holds a 17.4% interest in Atlantic and is the
company's largest creditor, with some AUD332.5-million owing
under convertible bonds and promissory notes, miningweekly.com
relates.

In May last year, the two companies entered into a forbearance
agreement, under which Droxford agreed to forbear and not take
any action to accelerate any of its convertible bond or
promissory note debts until October 2015, subject to certain
conditions, the report recalls.

This forbearance was subsequently extended until April this year,
and with the implementation deed now signed, it had been further
extended, miningweekly.com relates. The forbearance agreement
would be in place until the earliest of the scheme failing to
become effective, Atlantic's independent directors recommending a
competing proposal, or 30 business days after the scheme becomes
effective.

If the scheme was not implemented, Droxford would be entitled to
pursue its rights against Atlantic under the convertible bonds
and promissory notes, according to the report.

Atlantic pointed out on April 8 that the cash consideration
represented an implied market capitalisation of AUD464,272 for
Atlantic.

According to the report, Atlantic in February unveiled plans to
repurchase its Windimurra vanadium project, in Western Australia.
With the assistance of Droxford, the company had submitted a
proposal for the administrators to enter into a deed of company
arrangement to acquire the Windimurra project.

Atlantic in February last year called in administrators for its
operating subsidiary Midwest Vanadium, which owns the Windimurra
project, after the company's noteholders and major shareholders
were unable to agree on the restructure of Midwest Vanadium.

                          About Atlantic

Atlantic Ltd. is the 100% owner of Midwest Vanadium Pty Ltd.
Based in Perth, Australia, Midwest Vanadium engages in the
exploration, production, and processing of vanadium in Australia.

Ben Johnson, Martin Jones and Darren Weaver were appointed Joint
and Several Voluntary Administrators of Midwest Vanadium Pty Ltd
(MVPL) and its parent company, Atlantic Vanadium Holdings Pty Ltd
(AVHPL), on Feb. 11, 2015.

On Feb. 12, 2015, Norman Oehme, Keith Crawford and Matthew Caddy
of McGrathNicol were appointed Joint and Several Receivers and
Managers (Receivers) in respect of the assets of AVHPL and MVPL
pursuant to a security in favour of BTA Institutional Services
Australia Ltd. Norman Oehme retired as Receiver and Manager of
the Companies on Jan. 29, 2016.

The First Meeting of Creditors was held on Feb. 23, 2015. At this
meeting, creditors resolved to appoint a Committee of Creditors
and confirmed the appointment of the Administrators.

The duly appointed Committee of Creditors of Midwest Vanadium Pty
Ltd resolved to support the Administrators' application to the
Court for an extension of the convening period for second meeting
of creditors. The application was also supported by the Receivers
and Managers and other unsecured creditors. The most recent
application was heard on Sept. 25, 2015 and the Court made orders
extending the convening period for the second meeting of
creditors of the Companies from Sept. 30, 2015 to Nov. 27, 2015
(if required).

On Oct. 6, 2015, Ben Johnson retired as Administrator following
his retirement from the Ferrier Hodgson practice. Additionally,
Darren Weaver retired as Administrator on Dec. 10, 2015.

At the reconvened second creditors' meeting held on Feb. 12, 2016
at the Perth offices of Ferrier Hodgson, creditors resolved in
favour of the proposal for a Deed of Company Arrangement as
proposed by Atlantic Limited.

Following the above, Martin Jones and Dermott McVeigh were
appointed Joint and Several Deed Administrators of the Companies
upon execution of the DOCA on March 3, 2016.

Under this DOCA it is contemplated that an amount of AUD250,000
will form the Deed Fund to meet the Deed Administrators' costs
and to be distributed amongst the Companies' unrelated, unsecured
creditors.  Payment of the Deed Fund is contingent on the sale of
certain of the Companies' assets to Atlantic Limited which has a
sunset date of May 31, 2016.


BLUESCOPE STEEL: Moody's Raises CFR to Ba2; Outlook Stable
----------------------------------------------------------
Moody's Investor's Service has upgraded both the corporate family
rating of BlueScope Steel Ltd. and the senior unsecured rating of
the notes issued by BlueScope Steel (Finance) Limited to Ba2 from
Ba3.

At the same time, Moody's has changed the rating outlook to
stable from positive.

                          RATINGS RATIONALE

"The upgrade to Ba2 reflects the strengthening in BlueScope's
financial profile, which has undergone significant improvement in
the last 2-3 years, with the benefits now appearing," says
Matthew Moore, a Moody's Vice President and Senior Credit
Officer.

"BlueScope is continuing to demonstrate resilience as it benefits
from its production of branded value-added products, and from low
raw material costs, relative to the price of its finished
products," adds Moore.

"The company is also now reaping the benefits of restructuring
and cost-cutting initiatives," says Moore.  "These positive
factors are offsetting the effects of a difficult global
environment for steel producers."

Moody's notes that further driving the upgrade is the
consideration that BlueScope's financial leverage - including
debt/EBITDA - positions it within the parameters set for the Ba2
ratings.

Furthermore, its 1H 2016 results, announced on Feb. 22, 2016,
extend the improving trend for its credit metrics, which has been
underway since FY2013.

BlueScope's commitment to further de-leveraging underpins Moody's
view that it will sustain a financial profile consistent with the
Ba2 rating, despite further expectations of further price and
demand volatility in the global steel market.

Moody's notes that the company's Australian Steel Products
division (ASP) is the most significant contributor to the
improvement in results.

Improvements at ASP in large part reflect lower raw material
costs as well as cost improvement initiatives which are together
outweighing the impact of weak steel prices.

The sustainability of this improved performance is underpinned by
a drive to further materially reduce costs and which is expected
to deliver around AUD270 million per annum in savings in
Australia and NZD50 million in New Zealand.

In FY2015, BlueScope achieved debt/EBITDA of 2.3x (adjusted for
Moody's standard adjustments).  Moody's expects debt/EBITDA to be
around 2.8x in FY2016 and to improve further in FY2017 as
BlueScope benefits from a full year's contribution from its 100%
interest in North Star, acquired in October 2015, as well as
further cost cutting.

BlueScope's ratings continue to reflect the company's improved
performance in Australia, geographic diversification, and the
steps taken to strengthen its business profile by focusing on
midstream and downstream products.

In particular, its high value-added branded products and channels
to market, differentiates it from many other global steel
companies.

At the same time, the rating factors in the challenging and
volatile operating environment, slowing GDP growth in China,
together with slow and fragile improvements in the industrialized
economies.

The stable outlook reflects Moody's view that BlueScope will
continue to de-lever and that low raw material prices and cost
reductions will mitigate global pricing pressures, thereby
supporting its solid financial profile through the cycle.

Upward rating pressure is unlikely in the short to medium term,
at least until BlueScope has demonstrated a consistent track
record in line with a higher rating through an economic cycle.

Specifically, Moody's would view the ability to maintain
debt/EBITDA (adjusted for Moody's standard adjustments) below
2.25-2.5x through the cycle as being a key driver for an upgrade.

Other factors Moody's would look for include positive cash flow
and generally lower volatility in global steel prices and demand.

On the other hand, the ratings may experience downward pressure
if debt/EBITDA (adjusted for Moody's standard adjustments) rose
above 3.0x.

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

BlueScope is an Australian-based manufacturer and distributor of
a range of steel products for the building, construction,
manufacturing and automotive industries.  It manufactures and
distributes down, mid and upstream products for the domestic and
export markets.  It was separated from BHP in 2001 on BHP's
merger with mining house Billiton plc, and listed on the
Australian Stock Exchange in 2002.


CIVIL AUSTRALIA: Australian Tax Office Seeks to Wind Up Firm
------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Civil Australia
Human Resources Pty Ltd is facing liquidation after an
application by the Australian Tax Office.  The company's
employees for the Gold Coast mining contractor have been left in
limbo with a number of them claiming to have worked unpaid shifts
at Anglo's Callide thermal coal mine, the report relates.

Dissolve.com.au says the company is known to have worked at the
coking coal mines of BHP and Mitsubishi in Daunia, Caval Ridge
and Bowen Basin. The secretary of the Australian Workers Union
Rowan Webb noted that they are currently working to secure
entitlements for workers, the report states.


COCKATOO COAL: Miners Form Action Group to Fight for Entitlements
-----------------------------------------------------------------
Andrew Thorpe at Central Telegraph reports that miners made
redundant in February by Cockatoo Coal administrators PPB
Advisory have organised a representative body to lobby on their
behalf.

The Central Telegraph says the 75 Baralaba Families Action
Committee is designed to pressure Cockatoo Coal and their
administrators to pay out the employee entitlements that were
promised to the Baralaba mine workers when they were made
redundant.

According to the report, Conrad Russo, a former miner who was one
of three people elected to the action committee at a public
meeting at Baralaba Town Hall on April 1, said the effect the
lack of income had on some of the families was devastating.

"One fellow who called me had two tins of baked beans left on his
shelf. He was using his last money to put petrol in the car to go
to Biloela and try to get Centrelink support," the report quotes
Mr Russo as saying.  "Another fellow has sold some of his
furniture so he can put food on the table."

The Central Telegraph relates that although invitations were
sent, the meeting was not attended by any representatives of
Cockatoo Coal or PPB Advisory, whose only formal correspondence
to the group over the last month was a brief media release
earlier last week.

The report says a line in the release referring to the
administrators "waiting for the ATO to process a substantial
refund which will help to facilitate the timely payment of
employee entitlements" was jumped on by the group, who said they
were assured employee entitlements would be quarantined and it
was unacceptable that the company was relying on a tax return to
cover those expenses.

The Central Telegraph understands that the line referred to the
possibility of entitlements being paid out before the completion
of the Deed of Company Arrangement, which is not expected to
occur until closer to the April 28 deadline, rather than
referring to a condition which would need to be met for
entitlements to be paid.

The "quarantining" of funds guaranteed to workers means that
employee entitlements will take priority over unsecured creditors
when funds are available, note the report.

The completion of the DOCA would result in the freeing up of a
AUD100 million loan from Liberty Metal and Mining Holdings, the
report states.

The Central Telegraph adds that PPB Advisory maintain that
completion of the DOCA is expected to occur some time in April
before the April 28 deadline, but the workers said they've heard
it all before.

Cockatoo Coal produces high quality metallurgical coal that
operates a coal mine in Baralaba, Queensland.

PPB Advisory's Grant Dene Sparks, Stephen Longley and Martin Ford
were appointed administrators of the firm on Nov. 16, 2015.


ONSITE RENTAL: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating of Onsite Rental Group Pty Ltd.

At the same time, Moody's has downgraded to Caa1 from B3 the
senior secured ratings on the term loan and revolving credit
facility entered into by Onsite Rental's wholly owned subsidiary,
Onsite Rental Group Operations Pty Ltd.

The outlook on all ratings is negative.

This action concludes the review for downgrade initiated on
Feb. 9, 2016.

                        RATINGS RATIONALE

"The downgrade reflects our increasing concern over Onsite
Rental's ability to remain within its covenant levels for the
next 12-18 months", says Matthew Moore, a Moody's Vice President
and Senior Credit officer.

"Onsite Rental's credit metrics have deteriorated materially in
recent quarters, increasing the risk of a financial covenant
breach if operating conditions do not improve", adds Moore.

"The company's leverage covenants also contain stepped tightening
for FY2017 and FY2018, which will further challenge its ability
to meet its covenants over this period", says Moore.

Onsite Rental's earnings have been adversely impacted by the
downturn in the mining and oil & gas sector -- which collectively
account for over 50% of its revenue -- leading to reduced rental
revenue from this segment.

Revenue from the company's non-commodities-related sectors has
not been able to mitigate the decline in earnings from the
resource-based construction sectors.

Onsite has been able to maintain stable utilization rates in
first half of 2016, aided by the generic nature of its fleet that
has allowed it to transfer assets between different end-markets.
However, the weak end market conditions and increased competitive
pressures have led to revenue and earnings declines year on year,
despite relatively stable utilization levels.

"Looking ahead, we expect Onsite Rental's financial leverage --
as measured by adjusted debt/ EBITDA -- to further deteriorate
and to exceed 5x for the fiscal year ending 30 June 2016", says
Moore.

The negative outlook reflects the diminished headroom within the
company's current covenants and the consideration that the
challenging conditions prevailing in its key end-markets present
further downside risk.

WHAT COULD CHANGE THE RATINGS

The ratings could be downgraded further if the company is unable
to take steps to remain compliant with its financial covenants.

Given the weakness expected in Onsite Rental's key end-markets
over the next 12-18 months, a rating upgrade is unlikely.
However, the outlook could change to stable if the company
demonstrates an ability to improve overall earnings levels and
the headroom under its covenant levels remains adequate.

BACKGROUND

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

Onsite Rental Group Pty Ltd is an Australian equipment rental
company with an equipment fleet totaling around AUD295 million in
book value, and a national network of 32 branches.  It rents out
equipment mainly for access, site accommodation, power --
including generators, pumps, air and lighting equipment --
earthmoving and compaction, as well as industrial tools.

The company operates in the general industrial equipment market,
with large corporate clients that include market leaders in the
liquefied natural gas (LNG), commodities, and construction and
maintenance industries.


PEPPER RESIDENTIAL: S&P Raises Rating on Cl. F Notes to BB
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
classes of notes issued by Permanent Custodians Ltd. as trustee
of Pepper Residential Securities Trust No.12.  At the same time,
S&P affirmed its ratings on four classes of notes and withdrew
its rating on the class A1-u2 notes.

The rating actions follow the refinance of the US$97 million
floating-rate, hard-bullet class A1-u2 notes with the balance of
the redemption fund and the issuance of class AR-u notes, which
are variable-rate pass-through securities, as contemplated in the
transaction documents.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, which consists of loans to nonconforming
      borrowers originated by Pepper Group Ltd. As of Feb. 29,
      2016, the pool has a current weighted-average loan-to-value
      ratio of 70.2% and weighted-average seasoning of 41 months.

   -- At the transaction's close our rating on the class AR-u
      notes considered they would be issued at a margin at or
      below a specified maximum margin, as agreed by the trust
      manager and redemption facility provider as of the closing
      date.  However, the margin on the issued AR-u notes will be
      higher than the specified maximum level.  S&P has factored
      this into its analysis and the margin increase has had no
      adverse rating effect on the class AR-u notes or the other
      rated classes of notes outstanding.

   -- The transaction has built up significant credit support to
      each class of rated notes.  The amount of credit support
      provided to each class of rated notes is in excess of the
      minimum amount assessed at each respective rating level and
      is thereby sufficient to withstand the stresses
      commensurate with the ratings.

   -- As of Feb. 29, 2016, 7.6% of the asset pool is in arrears,
      with 3.7% in arrears by more than 90 days.  Losses to date
      have been minimal--approximately A$0.7 million, or 0.2% of
      the original pool balance--and covered by excess spread.
      The bond factor as of Feb. 29, 2016, is approximately 42%.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of outstanding balance of the notes,
      and principal draws are sufficient under S&P's stress
      assumptions to ensure timely payment of interest.

   -- The availability of a retention amount built from excess
      spread before the call date, which is applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time and serves to create overcollateralization in the
      transaction.

RATINGS RAISED
CLASS     Rating To     Rating From     Amount (mil. A$)
C         AAA (sf)      A (sf)          25.5
D         A (sf)        BBB (sf)        18.0
E         BBB (sf)      BB (sf)         11.5
F         BB (sf)       B (sf)           7.7

RATINGS AFFIRMED
Class     Rating        Amount (mil. A$)
A1-a      AAA (sf)      38.0
AR-u      AAA (sf)      59.9
A2        AAA (sf)      14.7
B         AAA (sf)      26.5


RESIMAC TRIOMPHE 2016-1: S&P Preliminarily Rates Cl. D RMBS 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to six classes of prime residential mortgage-backed
securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as
trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2016-
1 (see list). RESIMAC Premier Series 2016-1 is a securitization
of prime residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including that this is a closed portfolio, which
      means no further loans will be assigned to the trust after
      the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance on 34.2% of the loans
      in the portfolio, which provides cover for 100% of the face
      value of the insured loans, accrued interest, and
      reasonable costs of enforcement, as well as note
      subordination for the rated notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 1.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.
      The exception is the class D notes, where the rating does
      not address the likelihood of payment of the residual class
      D note interest.

   -- The extraordinary expense reserve of A$250,000, funded by
      RESIMAC before closing, available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- The benefit of a cross-currency swap to hedge the mismatch
      between the Australian dollar receipts from the underlying
      assets and the U.S. dollar payments on the class A1 notes.

   -- The management of interest-rate risk.  Interest-rate risk
      between any fixed-rate mortgage loans and the floating-rate
      obligations on the notes are appropriately hedged via
      interest rate swaps to be provided by an appropriately
      rated interest-rate swap provider.

A copy of Standard & Poor's complete report for RESIMAC Triomphe
Trust - RESIMAC Premier Series 2016-1 can be found on
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at: http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Ltd.
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

PRELIMINARY RATINGS ASSIGNED

Class      Rating        Amount (mil.)
A1^        AAA (sf)      US$200.0
A2         AAA (sf)       A$164.3
AB         AAA (sf)        A$21.5
B          AA (sf)         A$14.5
C          A (sf)           A$6.0
D          BB+ (sf)         A$5.0
E          NR               A$3.0
NR--Not rated.

^The exchange rate applicable to the class A1 notes is US$0.70
per Australian dollar.  Final note sizing may change, depending
on investor demand.


ROCK BOTTOM: First Creditors' Meeting Set For April 19
------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Rock Bottom Tyres Pty Ltd, trading as Wide Bay
Suspension & Underbody Specialists, on April 7, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 19, 10 Eagle Street, in Brisbane
Queensland, on April 19, 2016, at 11:00 a.m.


SYDNEY ALLEN: In Administration; First Meeting Set April 19
-----------------------------------------------------------
Broede Carmody at SmartCompany reports that a multimillion-dollar
printing business that has been operating for more than 20 years
has collapsed into voluntary administration.

SmartCompany relates that Sydney Allen Printers Pty Limited
appointed external managers late last week but appears to still
be trading.

John Morgan and Geoffrey Davis from BCR Advisory have been
appointed joint voluntary administrators, the report discloses.

A creditors' meeting is due to be held on April 19 in Parramatta,
New South Wales.

Sydney Allen Printers specialises in sheet-fed printing, which is
ideal for limited-edition books and small-to-medium print runs,
and turns over around AUD14 million. The company, which was
founded in 1994, employs around 50 people.


WESTPAC BANKING: Moody's Assigns Ba1 Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to notes to be issued by Perpetual Corporate Trust Limited as
trustee of the Crusade ABS Series 2016-1 Trust.

Issuer: Crusade ABS Series 2016-1Trust
  AUD405.0 million Class A Notes, Assigned (P)Aaa (sf)
  AUD25.0 million Class B Notes, Assigned (P)Aa3 (sf)
  AUD20.0 million Class C Notes, Assigned (P)A2 (sf)
  AUD14.0 million Class D Notes, Assigned (P)Baa3 (sf)
  AUD10.0 million Class E Notes, Assigned (P)Ba1 (sf)

Moody's does not rate the AUD26.0 million seller notes.

The ratings address the expected loss 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.

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia.  The transaction
has a substitution period of 12 months from the first payment
date, subject to performance triggers and portfolio parameters.

The portfolio consists of consumer finance (68.6%), finance lease
(17.5%), goods loans/chattel mortgage (13.7%) and commercial hire
purchase (0.2%) receivables secured by motor vehicles.  All
receivables were originated in accordance with St.George Finance
Limited's procedures, a wholly owned subsidiary of Westpac
Banking Corporation (Westpac, Aa2/P-1/Aa1(cr)).  This is
St.George's seventh auto ABS transaction and its fourth since
merging with Westpac.

                        RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction,
the liquidity facility in the amount of 0.85% of the initial
balance of all notes provided by Westpac, the interest rate swap
provided by Westpac, and the credit strength and experience of
Westpac as servicer.

At closing, the Class A notes, Class B notes, Class C notes,
Class D notes and Class E notes benefit from 19%, 14%, 10%, 7.2%
and 5.2% of note subordination, respectively.  The notes will pay
down pro rata, subject to performance criteria such as there
being no unreimbursed charge-offs on any class of note.  The
notes will also revert to sequential pay down when the
outstanding balance of the receivables falls below 10% of the
initial receivables balance at closing.

                   MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3%, which
translates into 3.25% default rate on a seasoning adjusted basis,
coefficient of variation (CoV) of 55%, and a recovery rate of
35%. Moody's assumed default rate, CoV and recovery rate are
stressed compared to the historical levels of 2.5%, 22.4% and
40.2% respectively.  The stress addresses lack of economic stress
during the historical data period (2004 Q3 to 2014 Q4) and
exposure to balloon loans.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in December 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Up

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.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings.  Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans.  The Australian job market and the market for used
vehicles are primary drivers of 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, lack of
transactional governance and fraud.

Moody's Parameter Sensitivities

If the default rate rises to 5% (compared to Moody's assumption
of 3.25% on seasoning adjusted basis) and recovery rates fall to
10% (compared to Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops
six and seven notches to A3 and Ba1 respectively.


WIDEBID PTY: First Creditors' Meeting Set For April 13
------------------------------------------------------
Timothy Clifton and Daniel Lopresti were appointed as Joint and
Several Liquidators of Widebid Pty Ltd on March 30, 2016.

A meeting of creditors will be held at 12:30 p.m. on April 13,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.



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


CEETOP INC: Amends 2014 Financial Statements
--------------------------------------------
Ceetop Inc. has restated its financial statements for the year
ended Dec. 31, 2014, quarter ended March 31, 2014, quarter ended
June 30, 2014, and quarter ended Sept. 30, 2014. The amendments
were made to correct the accounting for shares issued in
connection with the employment agreement with the Company's CEO
and CFO 11 entered on Dec. 4, 2013. The change is to record
additional compensation of $575,000 for the issuance of 460,000
shares valued at $ 1.25 per share for 2014. A copy of the amended
Form 10-K is available at no charge at http://is.gd/bjGBKX

                        About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

Ceetop Inc. reported a net loss of $841,000 on $362,000 of sales
for the year ended Dec. 31, 2014, compared with a net loss of
$2.88 million on $0 of sales for the year ended Dec. 31, 2013.
As of Sept. 30, 2015, the Company had $3.62 million in total
assets, $1.46 million in total liabilities, all current, and
$2.15 million in total stockholders' equity.

MJF & Associates, APC, in Los Angeles, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company incurred recurring losses from operations, has a net loss
of $841,000 for 2014, and has accumulated deficit of $9.45
million at Dec. 31, 2014. These matters raise substantial doubt
about the Company's ability to continue as a going concern.


DELTA TECHNOLOGY: Receives Nasdaq Listing Non-Compliance Notice
---------------------------------------------------------------
Delta Technology Holdings Limited ("Delta" or "the Company"), a
provider of specialty chemicals, on April 7 disclosed that it
received written notice from the Nasdaq Stock Market ("Nasdaq")
stating that the Company is no longer in compliance with the
$1.00 minimum bid price requirement for continued listing on The
Nasdaq Capital Market, as set forth in Nasdaq Listing Rule
5550(a)(2).

The notice has no immediate effect on the listing of the
Company's ordinary shares, par value $.00001 per share (the
"Ordinary Shares") and the Redeemable Ordinary Share Purchase
Warrants (the "Warrants"), and the Ordinary Shares and Warrants
will continue to trade on The Nasdaq Capital Market under the
symbol "DELT" and "DELTW", respectively, at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has a grace period of 180 calendar days, or until September 26,
2016 ("Compliance Period"), to regain compliance with the minimum
bid price requirement. To regain compliance, the bid price of the
Company's common stock must meet or exceed $1.00 per share for at
least ten consecutive business days during the Compliance Period.

If the Company does not regain compliance with the minimum bid
price requirement by September 26, 2016, Nasdaq may provide
written notification to the Company that its securities will be
subject to delisting. At that time, the Company may have
alternatives to obtain an extension and/or avoid delisting,
including an appeal of Nasdaq's delisting determination to the
Nasdaq Listing Qualifications Panel.

The Company intends to monitor the bid price of its Ordinary
Shares between now and September 26, 2016 and will consider the
various options available to it if its common stock does not
trade at a level that is likely to regain compliance.

                About Delta Technology Holdings Ltd.

Founded in 2007, Delta (NASDAQ: CISAW) is a China-based fine and
specialty chemical company producing and distributing organic
compound including para-chlorotoluene ("PCT"), ortho-
chlorotoluene ("OCT"), PCT/OCT downstream products, unsaturated
polyester resin ("UPR"), maleic acid ("MA") and other by-product
chemicals. The end application markets of the Company's products
include Automotive, Pharmaceutical, Agrochemical, Dye & Pigments,
Aerospace, Ceramics, Coating-Printing, Clean Energy and Food
Additives. Delta has approximately 300 employees, 25% of whom are
highly-qualified experts and technical personnel. The Company
serves nearly 400 clients in various industries.


SHANXI HUAYU: Fitch Says CNY Bond Default Underlines Sector Risks
-----------------------------------------------------------------
Fitch Ratings says that a default on bond payments by China Coal
Group Shanxi Huayu Energy Co Ltd (Shanxi Huayu) highlights the
very difficult situation that many Chinese coal mining companies
face.

The lower prices, reduced demand and industry over-capacity have
significantly affected profitability and cash flow health of not
only smaller-scale companies like Shanxi Huayu, but also major
coal enterprises such as Yanzhou Coal Mining Company Limited
(Yancoal, B/Negative) and China Shenhua Energy Company Limited
(Shenhua, A+/Stable).

Shanxi Huayu, which is 49% ultimately owned by the state-owned
China National Coal Group Corp, failed to pay CNY637.7m in
principal and interest on its domestic short-term commercial
paper that matured on 6 April 2016. This is the first domestic
bond default by a company controlled by a state-owned coal mining
group since 2012, when coal prices tumbled and dragged many coal
companies into financial stress. Twenty of China's 33 listed coal
companies reported net losses in 2015, while another eight posted
net profit declines of 57% to 93% from a year ago (see Fitch
Special Report "China Coal Sector's Financial Woes to Worsen in
2016" dated 18 February 2016).

The reliance on short-term funding by Chinese corporates,
including state-owned companies, has increased. This is partly
driven by lower interest costs of such short-term debt
instruments. At the same time, many state-owned companies have
increasingly tapped short-term debt funding due to regulatory
ceilings on long-term debt. An increased reliance on short-term
paper leads to higher liquidity risks for companies, especially
those with weak operating and financial fundamentals. In
addition, a clear trend on how the state would support state-
owned companies in competitive industries with severe over-
capacity is yet to emerge.

Shanxi Huayu is a medium-sized coal-mining company in China, with
total assets of CNY23.bn at end-September 2015, compared to
Yancoal's CNY142.5bn at end-2015 and Shenhua's CNY559.8bn at end-
2015. Typically, smaller scale companies are financially less
flexible and are harder hit by price volatilities. Shanxi Huayu's
high operating expenses have historically rendered it much less
profitable than Yancoal or Shenhua. Shanxi Huayu has reported net
losses since 2014, while Yancoal and Shenhua reported net profits
in 2014 and 2015. Shanxi Huayu generated negative operating cash
flow in 2013 and 2014, and was only marginally operating cash
flow breakeven for the first nine months of 2015, based on
Fitch's estimates.

Chinese coal companies will continue to face difficulty in
preserving their credit strength amid low prices and hefty
industry over-capacity. On 11 April 2016, Fitch downgraded
Yancoal's Long-Term Issuer Default Rating to 'B' with a Negative
Outlook. Despite its strong market position and aggressive cost
cutting, Yancoal has not been able to improve its balance sheet
due to its substantial capital expenditures. Its FFO adjusted net
leverage was 10x at end-2015.

Fitch expects Yancoal's elevated capex to constrain free cash
flow generation and hence any improvement in financial position
over the next two years. The company's capital structure has
weakened with a substantial rise in short-term debt in 2015,
which increases the company's liquidity risks despite its good
access to domestic funding sources given its state-owned
enterprise status.

Shenhua, a top-tier coal mining company globally, continues to
benefit from its vertically integrated business model. Cash flow
from its more stable power generation business, which accounted
for 43% of EBITDA in 2015, has partly offset the substantial
decline in coal mining cash flow. However, the company's FFO net
leverage still rose substantially to 1.3x at end-2015 from 0.9x a
year ago, primarily due to the decline in coal prices and sales
volume.

Shenhua has announced a substantial 44% cut in capex for 2016
which could help strengthen its free cash flow and prevent
another spike in leverage. Nonetheless, coal prices and demand
are likely to remain subdued in the near term. The power
generation business, which benefited from lower fuel prices in
2015, had a 7% cut in on-grid tariff from 1 January 2016, and
will face increasing challenges from over-capacity.

Fitch believes a substantial rebound in coal prices is unlikely
in short-term. Concerns from regional governments, including
about employment and local GDP growth, are likely to slow down
the process of capacity cuts, even though the central government
has directed the closure of older and high-cost mines,. In
addition, coal consumption will remain subdued with the
rebalancing of China's economy structure. Therefore, credit
profiles of many Chinese coal mining companies will continue to
face severe pressure.


YANZHOU COAL: Fitch Cuts LT FC Issuer Default Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Yanzhou Coal Mining Company
Limited's (Yancoal) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'B' from 'BB-'. The Outlook remains Negative.

Simultaneously, Fitch has downgraded the rating on the $US1bn
dual-tranche notes issued by Yancoal International Resources
Development Co., Ltd and guaranteed by Yancoal to 'B' from 'BB-',
with a Recovery Rating of 'RR4'; and the rating on the US dollar
senior perpetual capital securities issued by Yancoal
International Trading Co., Ltd and guaranteed by Yancoal to 'B'
from 'B+', with a Recovery Rating of 'RR4'.

"The downgrade of Yancoal's IDR and maintenance of a Negative
Outlook reflect weakening in short-term liquidity, sustained high
leverage (FFO-adjusted net leverage of 10x at end-2015) arising
from challenging coal-mining industry conditions and higher-than-
expected capex. Yancoal's capital expenditure is likely to remain
elevated in the next three to four years, which together with our
expectations of sustained weak thermal coal prices, will result
in negative free cash flows and constrain the company's ability
to improve its financial position meaningfully."

The company has increased its reliance on short-term on-shore
debt funding in 2015. A significant increase in the share of
short-term debt in its capital structure would raise liquidity
risks. In addition, there is limited headroom under the Recovery
Ratings of 'RR4' - weaker cash generation or increased secured
debt could prompt a downgrade of the Recovery Ratings, and thus
the ratings on the senior unsecured debt.

"Yancoal's 'B' IDR is underpinned by its good access to banking
and capital markets as a provincial state-owned enterprise, and
its strong market position within the Chinese coal-mining sector,
which supports its near-term liquidity. We do not factor in any
specific uplift from the provincial government in its ratings
currently."

KEY RATING DRIVERS

Sustained Weak Coal Prices: Yancoal's average realised coal
selling price dropped 20% in 2015 due to weakness in the China
and Asia-Pacific seaborne coal markets. Fitch does not expect
further significant price declines because producers sector-wide
are suffering losses while China and Indonesia are taking steps
to reduce capacity. However, in China, the central government's
efforts to reduce capacity in the coal industry have yet to have
a material impact. Fitch believes a significant price rebound is
unlikely in the short term due to weak demand in China, and still
an over-supplied seaborne thermal coal market.

Large Capex: Yancoal is maintaining high capex to increase
production capacity, mainly in Inner Mongolia and Australia, with
the aim of raising coal output from mines with higher margins.
The company's total capex in 2015 rose 83% to CNY9.9 billion.
Yancoal plans to continue investing substantially in Inner
Mongolia and Australia, as well as in its coal chemical,
equipment manufacturing and power generation segments, although
the company has a good level of flexibility in its non-
maintenance capex. The company's maintenance capex is around
CNY2bn-3 billion annually. If the company chooses to continue to
investing heavily, free cash flow will remain negative, which
will hamper its ability to deleverage in the next three to four
years.

Continued Cost Cutting: Yancoal has been reducing costs to cope
with the adverse market conditions since 2013. In 2015, Yancoal's
average production cost fell by 17% per tonne due to production
process optimisation and labour cost cuts. Fitch expects a good
portion of these cost-cutting measures to be sustained in the
short to medium term. However, with most of its cost-cutting
options already exploited, the room for further cost reduction is
limited. Yancoal continues to be among the best performing coal
miners in China on a cost and gross margin basis.

Liquidity Weaker; Adequate in Near Term: Yancoal's total debt
maturing within one year more than doubled to CNY24 billion at
end-2015 from CNY11 billion at end-2014. The company's total
CNY23bn cash on hand at end-2015 (end-2014: CNY20 billion) and
its good access to multiple funding sources provide some
liquidity support, but the buffer has shrunk significantly.
Refinancing needs would also be considerable in 2017 with CNY2.2
billion of bonds and CNY1.5 billion of unsecured term loans
maturing, on top of its secured borrowings. In addition, the
company's FFO interest coverage weakened to 2.0x in 2015 (2014:
2.1x and 2013: 3.3x) with lower operating cash generation and
high indebtedness. "While we expect the company to continue to
benefit from its state ownership in accessing domestic funding
sources, any increase in funding costs will significantly affect
its financial flexibility."

Linkages with Parent: Yancoal is 56.6% owned by Yankuang Group
Corporation Limited (Yankuang), which is wholly owned by the
Shandong State-owned Assets Supervision and Administration
Commission (SASAC). Yankuang is also one of the two dominant coal
producers within Shandong SASAC. Fitch has not provided any
explicit rating uplift to Yancoal for any implied support from
the Shandong government. However, the IDR considers enhancement
to its liquidity from good access to domestic funding sources
because it is majority-owned by the Shandong government.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Yancoal
include:
-- Coal price to remain flat in 2016, and recover by around 5% a
    year in 2017 and 2018
-- Coal production cost to fall by 10% in 2016, reflecting
    further reduction in labour costs; and remain stable going
    forward
-- Coal production in the Inner Mongolia and Australia mines to
    reach a total 40-50 million metric tonnes by 2018-2019; older
    mines' production to reduce by 5% a year
-- Capital expenditure of around CNY7bn-10bn a year over 2016-
    2018 for coal mines in Inner Mongolia and Australia, and for
    coal chemical projects

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a revision in the Outlook to Stable
include:
-- FFO interest coverage above 2.0x (end-2015: 2.0x) on a
    sustained basis
-- An improvement in the company's liquidity position, including
    maintaining of a cash position that can comfortably cover its
    short-term debts
-- Stabilisation of coal prices
-- Evidence of tangible support from the provincial government

Negative: Future developments that may, individually or
collectively, lead to a downgrade of the rating include:
-- Weakened access to external funding sources
-- Continued increase in short-term obligations that further
    weaken the liquidity profile
-- Substantial reduction in the cash position against short-term
    debt
-- FFO fixed-charge coverage sustained below 2x
-- In addition, an increase in secured debt, a significant
    increase in overall indebtedness or a further weakening of
    operating performance, can lead to lowering of the Recovery
    Ratings, and thus, the ratings on the company's senior
    unsecured debt



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


AGRAWAL SPONGE: CARE Reaffirms 'B+' Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE reaffirm the ratings assigned to bank facilities of Agrawal
Sponge Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     7.50      CARE A4 Reaffirmed

Rating Rationale

The aforesaid ratings of Agrawal Sponge Private Limited (ASPL)
continue to be constrained by small scale of operations & low
profitability, low capacity utilization, lack of backward
integration leading to dependence on market & consequently
volatile prices, working capital intensive nature of operations,
weak financial profile, intense competition due to fragmented
industry and cyclical nature of the iron & steel industry. The
ratings however draw strength from experience of the promoters
and strategic location of the plant.

Optimum utilization of the existing facilities, effective
management of working capital and the ability to manage
volatility in raw-material prices and increase profitability
margin going ahead are amongst the key rating sensitivities.

Incorporated in 2002, ASPL (erstwhile Agrawal Sponge Limited),
initially acquired by the Singh family from Mr. R.D.Gupta in 2007
and then taken over by Mr. Kailash Chand Agrawal in November
2012, is currently involved in manufacturing of Sponge Iron with
an installed capacity of 60,000 MTPA and MS Ingots with an
installed capacity of 18,000 MTPA. The manufacturing facility of
the company is located in Siltara Industrial Growth Centre in
Raipur, Chhattisgarh. The company is also engaged in trading of
steel products which accounted for 12.13% of total gross sales in
FY15 (16.46% of total gross sales in FY14; refers to the period
April 1 to March 31).

ASPL is the part of Raipur-based Rashmi group, which has
interests mainly in manufacturing of steel products. The group's
flagship company, Rashmi Sponge Iron & Power Industries Limited,
is engaged in manufacturing of sponge iron and steel ingots.

ASPL is a family-managed business. The management of the company
vests with the Board of Directors comprising all the members from
the promoter's family. The day-to-day affairs of the company are
managed by promoter-directors, who are supported by team of
experienced personnel.

In FY15, ASL reported a loss of INR8.81 crore (PAT of INR0.20
crore in FY14) on a total income of INR62.63 crore (Rs.47.08
crore in FY14).


ANDAMAN SEA: CRISIL Suspends D Rating on INR196MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Andaman Sea Foods Private Limited (ASFPL).

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Bank Guarantee                10        CRISIL D
   Export Packing Credit        125        CRISIL D
   Foreign Bill Discounting      65        CRISIL D
   Funded Interest Term Loan     10.7      CRISIL D
   Proposed Term Loan             7.1      CRISIL D
   Standby Line of Credit        30.0      CRISIL D
   Working Capital Term Loan    196.0      CRISIL D

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

ASFPL was set up in 1995 in Kolkata by Mr. Amit Ranjan Mukherjee.
It processes and exports cultured shrimp and fish. The company
caters to Asia, primarily Japan, and Europe. It procures shrimp
from aquaculture farmers and agents, and has the shrimp processed
on a job-work basis.


ANDHRA PRADESH: CARE Reaffirms 'D' Rating on INR2513.53cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Andhra Pradesh State Road Transport Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    2513.53     CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Andhra Pradesh
State Road Transport Corporation (APSRTC) continues to remain
constrained on account of delays in servicing of debt
obligations.

APSRTC was established on January 11, 1958, in pursuance of the
Road Transport Corporations Act, 1950, with an objective of
providing road transport facilities in the state of Andhra
Pradesh (AP) and neighbouring states. The corporation was started
with contributions from the Government of Andhra Pradesh (GoAP)
and central government in the form of interest-bearing loan
capital which was later converted into equity capital in the year
1992. As on March 31, 2013, GoAP has 67% stake and Government of
India has 33% stake in the corporation.

APSRTC reported a total operating income of INR7711.48 crore
(INR6749.92 crore in FY12 - refers to the period April 1 to
March 31) and a net loss of INR80.71 crore (INR585.31 crore in
FY12) during FY13.


ANJANAY RICE: CRISIL Suspends D Rating on INR350MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anjanay Rice Mill Private Limited (ARMPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL D
   Cash Credit             350       CRISIL D
   Standby Line of Credit   45       CRISIL D

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

ARMPL, incorporated in 2006, is promoted by Mr. Krishna Murari
Choudhary. The company processes raw and boiled rice at its unit
in Burdwan (West Bengal).


APPOLLO DISTILLERIES: CARE Reaffirms D Rating on INR66.5cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Appollo Distilleries Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     66.50       CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Appollo
Distilleries Private Limited (ADPL) takes into account the
instances of delays in debt servicing by the company in the
recent past.

ADPL owns and operates a brewery plant having an installed
capacity of 50,000 KLPA (kilo liter per annum) at Billakuppam,
Gummidipundi, Tamil Nadu (TN). The commercial operation of ADPL's
manufacturing facility commenced in May 2012. ADPL is a
subsidiary of Empee Distilleries Ltd (EDL, rated 'CARE D') part
of Empee group of companies.

The company reported a net profit of INR0.13 crore on a turnover
of INR183 crore in FY15 (refers to the period April 1 to March
31) as against net profit of INR0.02 crore on a turnover of
INR180 crore in FY14.


B.D. CASTINGS: CRISIL Suspends B+ Rating on INR250MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of B.D.
Castings Limited (BDCL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           35       CRISIL A4
   Cash Credit             250       CRISIL B+/Stable
   Letter of Credit         50       CRISIL A4

The suspension of ratings is on account of non-cooperation by
BDCL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BDCL is yet to
provide adequate information to enable CRISIL to assess BDCL'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 1988 and promoted by members of the Goyal family,
BDCL manufactures steel ingots and hot-rolled products such as
thermo-mechanically treated bars and structurals. In 2008-09,
BDCL set up a fabrication plant for manufacturing towers for the
power transmission and telecommunication sectors, which commenced
operations in 2011-12.


BHADRESWAR RICE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhadreswar Rice
Mill's (BRM) 'IND BB+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB+(suspended)' on the agency's website.

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

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

BRM's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR14.03 mil. long-term loans: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR120 mil. fund-based working capital limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR10.74 mil. proposed non-fund-based limits: 'Provisional
      IND A4+' rating withdrawn as the company did not proceed
      with the instrument as envisaged


CCS INFOTECH: CRISIL Revises Rating on INR120MM Loan to 'NM'
------------------------------------------------------------
CRISIL has revised its outstanding ratings on the bank facilities
of CCS Infotech Limited to 'NM' (Not Meaningful).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           15       NM (Revised from 'CRISIL D')

   Cash Credit              50       NM (Revised from 'CRISIL D')

   Letter of Credit        60        NM (Revised from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility      18        NM (Revised from 'CRISIL D')

   Working Capital
   Term Loan              120        NM (Revised from 'CRISIL D')

This follows the company being registered with the Board for
Industrial and Financial Reconstruction (BIFR). The ratings were
earlier at 'CRISIL D/CRISIL D'.


D.P. BANSAL: CARE Assigns B+ Rating to INR7.35cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of D.P.
Bansal Commercial Company Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.35      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of D.P.Bansal
Commercial Company Private Ltd (DBCPL) is constrained by its
small scale of operations with low profit margins, volatility in
prices of traded goods, working capital intensive nature of
operations, leveraged capital structure with moderately weak debt
coverage indicators and intense competition due to low entry
barriers. The rating, however, derives strength from the
experience of the promoters and its long track record of
operations.

Going forward, the ability of DBCPL to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

DBCPL was incorporated in September 1984 by Bansal family of
Bhilai, Chhattisgarh. Since its inception, DBCPL has been
engaged in trading of iron and steel products like mild steel
angles, plate, channels, TMT bars and beams etc. The company
procures its trading materials from Steel Authority of India Ltd
(rated CARE AA+), Mahamaya Steel Industries Ltd, Topworth Steel &
Power Pvt Ltd and other steel manufactures and sells it to
clients across India.

DBCPL is currently managed by Mr Rajneesh Bansal and Mr Rahul Dev
Bansal who have about two decades of experience in this line of
business.

During FY15 (refers to the period April 1 to March 31), DBCPL
reported PAT of INR0.13 crore (Rs.0.15 crore in FY14) on total
operating income of INR32.18 crore (Rs.32.24 crore in FY14).
Furthermore, DBCPL has achieved a turnover of INR23.50 crore
during 9MFY16.


DAS RICE: CRISIL Suspends 'B' Rating on INR70.7MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Das
Rice Mill (DRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             17.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      70.7       CRISIL B/Stable
   Term Loan               36.8       CRISIL B/Stable

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

Formed in 2013 as a partnership firm, DRM mills and processes
paddy into rice, rice bran, broken rice, and husk. It has
installed paddy milling capacity of 6 tonnes per hour. Its rice
mill is located in Birbhum (West Bengal). Managing partner Mr.
Narayan Chandra Das manages the day-to-day operations.


DECCAN FINE: Ind-Ra Withdraws 'IND BB(suspended)' Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Deccan Fine
Chemicals (India) Private Limited's (Deccan Fine) 'IND
BB(suspended)' Long-Term Issuer Rating. A full list of rating
actions is at the end of the commentary.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Deccan Fine.

Ind-Ra suspended Deccan Fine's ratings on 28 January 2015.

Deccan Fine's Ratings:

-- Long-Term Issuer Rating: 'IND BB(suspended)'; ratings
    withdrawn
-- INR160 million fund-based working capital: 'IND
    BB(suspended)'/'IND A4+'(suspended)'; ratings withdrawn
-- INR130 million non-fund-based working capital:  'IND
    BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn
-- INR540 million outstanding long-term loans: 'IND
    BB(suspended)'; rating withdrawn


DECCAN HYDERABAD: CARE Reaffirms D Rating on INR10cr ST Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Deccan Hyderabad Trade Impex Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Deccan Hyderabad
Trade Impex Private Limited continue to be constrained by delays
in servicing debt obligations backed by instances of devolvement
of letter of credit facility.

Deccan Hyderabad Trade Impex Private Limited (DHTPL),
incorporated in 2013, is promoted by Mr Kristam Srinivasa Rani
Rama Charan and Mr Vanga Seshi Reddy. The company belongs to the
Nandi group of Kurnool, Andhra Pradesh (A.P.). DHTPL commenced
operation in May 2013 and is into trading business of Poly vinly
chloride (PVC) Resin. The company imports the PVC resins mainly
from Taiwan and Korea and sells it to indigenous customers.

During FY14 (refers to the period April 1 to March 31 - based on
provisional results), DHTPL reported total operating income of
INR41.23 crore with PBILDT of INR2.25 crore and PAT of INR1.11
crore


DEVICOLAM DISTILLERIES: CRISIL Reaffirms B- Rating on INR50M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Devicolam
Distilleries Ltd (TDDL) continues to reflect its below-average
financial risk profile.

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

   Export Packing Credit   10       CRISIL B-/Stable (Reaffirmed)

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

   Term Loan               20       CRISIL B-/Stable (Reaffirmed)

The rating also factors in modest scale of operations, large
working capital requirement, and susceptibility to regulatory
risks in the Indian-made foreign liquor (IMFL) segment. These
rating weaknesses are mitigated by the promoters' extensive
experience in the liquor industry.
Outlook: Stable

CRISIL believes TDDL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant ramp up in scale of
operations improves operating profitability or working capital
management, resulting in better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any
regulatory change adversely impacts revenue and margins or if a
large, debt-funded capital expenditure programme or stretched
working capital cycle leads to weak financial risk profile.

TDDL, based in Ernakulam (Kerala), manufactures IMFL. The company
is promoted by Mr. Clint Martel Wilfred, Mr. Clive Melini
Wilfred, and Ms. Certina Roy Vayalat.


DUNCANS INDUSTRIES: CARE Reaffirms 'D' Rating on INR44.07cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Duncans Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     44.07      CARE D Reaffirmed
   Short-term Bank Facilities    13.00      CARE D Reaffirmed

Rating Rationale

The ratings assigned to Duncans Industries Ltd. (DIL) takes into
account past and ongoing delays in debt servicing on account of
significant losses leading to tight liquidity position of the
company.

DIL, belonging to the Kolkata-based Duncan Goenka group, was
incorporated by taking over the tea business of Duncans Agro
Industries Ltd (over 150 years old). DIL is currently engaged in
tea cultivation and processing. It has 14 tea gardens and 12 tea
processing facilities spread across the Dooars, Terai and
Darjeeling regions of North Bengal, with annual processing
capacity of around 170 lakh kg. The aggregate area available for
cultivation is 9,000 hectares.  The Duncan Goenka group, which
has interest in sectors like tea, paper, chemical and
engineering, is headed by Mr. G. P. Goenka duly supported by his
sonMr. S. V. Goenka.

Credit Risk Assessment
The operation of the company is affected due to labour unrest in
the tea gardens of DIL. In November 2015, the Criminal
Investigation Department (CID) of the West Bengal government had
launched an investigation into the closure of few tea estates of
DIL. The investigation is pending with the authority.

As per the unaudited results for 9MFY15, DIL incurred a net loss
of INR71 crore on operating income of INR102 crore vis-a-vis net
loss of INR26 crore on an operating income of INR132 crore in
9MFY14.


EASY FIT: CRISIL Suspends 'D' Rating on INR1.0BB Loan
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Easy Fit Jewellery Private Limited (Easy Fit; part of the SGJHL
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        1000       CRISIL D
   Proposed Long Term
   Bank Loan Facility       300       CRISIL D
   Proposed Short Term
   Bank Loan Facility       700       CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gokul Jewellery House Pvt Ltd (Gokul),
Easy Fit and Shree Ganesh Jewellery House Ltd (SGJHL). This is
because, the three entities, together referred to as SGJHL group,
are under a common management, are engaged in the same line of
business, and operational and financial linkages.

The SGJHL group of Kolkata is promoted by Mr. Nilesh Parekh and
Mr. Umesh Parekh. SGJHL was incorporated in 2002. The company is
engaged in trading, manufacturing and export of handcraft and
machine-made studded gold and diamond jewellery.

Easy Fit is a 100 per cent subsidiary of SGJHL and is engaged in
manufacturing and export of handcrafted or machine-made plain and
studded diamond jewellery. Gokul is a 51.5 per cent subsidiary of
SGJHL. The company is engaged in trading of bullions and
manufacturing of handcraft jewellery.


ENAR RUBBER: CRISIL Suspends 'B' Rating on INR68.3MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Enar Rubber Reclaim Industries Private Limited (ERRIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             25         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       6.7       CRISIL B/Stable
   Term Loan               68.3       CRISIL B/Stable

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

ERRIPL was incorporated in September 2012 to undertake the
production of reclaimed rubber. The company has its manufacturing
facility in Jamshedpur (Jharkhand) and started its commercial
operations in March, 2014.


GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gadia Structurals
Private Limited (GSPL) continue to reflect moderate scale of
operations in highly competitive steel industry, weak financial
risk profile, because of modest networth and weak debt protection
metrics and susceptibility of margins to volatility in steel
prices.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          120      CRISIL A4 (Reaffirmed)

   Cash Credit             100      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       30      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are mitigated by the benefits derived
from the extensive industry experience of its promoters and
longstanding customer relationships.
Outlook: Stable

CRISIL believes GSPL will continue to benefit over the medium
term from the promoters' extensive experience and GSPL's
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if financial risk profile weakens
because of lower-than-expected cash accrual, or stretched working
capital cycle, leading to pressure on liquidity.

Incorporated in 1995 and based in Vishakhapatnam, GSPL trades in
structural steel products such as thermo-mechanically treated
bars, ingots, and billets, as well as in pig iron. The company is
promoted by Mr. Dilip Gadia and his wife, Ms. Ranjana Gadia.


GMR RAJAHMUNDRY: CARE Reaffirms D Rating on INR3,010.61cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
GMR Rajahmundry Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   3,010.61     CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of GMR Rajahmundry
Energy Limited (GREL) continues to factor in ongoing delays in
debt servicing. However, CARE takes note of the company clearing
all the outstanding dues till September 2015 and proposal for
Strategic Debt Restructuring (SDR) scheme and 5/25 restructuring
scheme under consideration by the lenders at present; which, if
approved, may ease liquidity concerns to an extent.

Incorporated in November 2009, GMR Rajahmundry Energy Limited
(GREL) is a Special Purpose Vehicle (SPV) promoted by GMR Energy
Limited (GEL; rated CARE BBB-(SO)) to set up a 768 MW (2x384 MW)
gas-based Combined Cycle Power Plant (CCPP) at Vemagiri, Dist.
East Godavari, Andhra Pradesh. GREL has been set up adjacent to
the existing 389 MWgasbased CCPP of GMR Vemagiri Power Generation
Limited.

GEL is a subsidiary of GMR Infrastructure Limited (GIL; rated
CARE BBB-/A3) which is the holding company for all Infrastructure
activities of GMR group.

Commencement of operations:
GREL commenced commercial operation of its 2x384 MW gas based
power plant at Rajahmundry on October 22, 2015 after entering
into e-RLNG Sales agreement with GAIL (India) Ltd (GAIL) on
September 29, 2015 for the gas supply pursuant to the GOI's
"Scheme for Utilization of Gas Based Power Generation Capacity".
The company has been generating power since; albeit at a sub-
optimal PLF (at less than 25%) owing to limited gas supply. The
company's ability to arrange for continuous fuel supply for power
generation remains critical from the credit perspective.


GOKUL JEWELLERY: CRISIL Suspends 'D' Rating on INR160MM ST Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gokul Jewellery House Private Limited (Gokul; a part of the SGJHL
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        140        CRISIL D
   Proposed Short Term
   Bank Loan Facility      160        CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gokul, Easy Fit Jewellery Pvt Ltd
(Easy Fit) and Shree Ganesh Jewellery House Ltd (SGJHL). This is
because, the three entities, together referred to as SGJHL group,
are under a common management, are engaged in the same line of
business, and operational and financial linkages.

The SGJHL group of Kolkata is promoted by Mr. Nilesh Parekh and
Mr. Umesh Parekh. SGJHL was incorporated in 2002. The company is
engaged in trading, manufacturing and export of handcraft and
machine-made studded gold and diamond jewellery.

Easy Fit is a 100 per cent subsidiary of SGJHL and is engaged in
manufacturing and export of handcrafted or machine-made plain and
studded diamond jewellery. Gokul is a 51.5 per cent subsidiary of
SGJHL. The company is engaged in trading of bullions and
manufacturing of handcraft jewellery.


HIMALAY COLD: CRISIL Reaffirms 'B' Rating on INR60MM Loan
---------------------------------------------------------
CRISIL's rating to the bank loan facility of Himalay Cold Storage
(HCS) continues to ratings reflect the weak financial risk
profile marked by high gearing and low net worth along with
modest scale of operations and fragmented nature of the cold
storage industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       60       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoter in the cold storage
business.
Outlook: Stable

CRISIL believes that HCS will continue to benefit over the medium
term from its promoters extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and improves its
profitability along with substantial capital infusion leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of stretch in its working capital
cycle, decline in profitability, or any large, debt-funded
capital expenditure which can impact the liquidity of the company

Update:
For the year 2014-15 (refer financial year, April 1 to March 31),
HCS has registered sales of around INR17 million with year-on-
year growth of 104 per cent backed by healthy increase in its
trading income during the year. Over the medium term, sales are
expected to be grow at a modest pace of 10 to 15 per cent.
Operating profitability remained at 31.6 percent in 2014-15 and
is expected at 30 per cent per annum over the medium term.
However the margin will remain susceptible to volatility in
potato prices. In 2014-15, working capital requirement were high;
gross current assets (GCAs) were 764 days, with high inventory of
219 days and high advances given to farmers, as on March 31,
2015. Over the medium term, the operation of the firm will remain
working capital intensive as working capital requirement will
rise with an increase in scale of operations. As on March 31,
2015, gearing was high at 16.03 times due to modest networth of
INR3.0 million coupled with high working capital-related debt.
Over the medium term, gearing is expected be highly levered on
account of low accretion to reserves along with high reliance on
external debt. Debt protection metrics are expected to be weak
with interest coverage ratio at 1.3 to 1.50 times and net cash
accrual to total debt ratio at 0.03 to 0.05 time due to moderate
profitability compared with debt. Liquidity continues to be
constrained by modest cushion between accruals vs. debt repayment
along with highly utilised bank lines.

Profit after tax (PAT) was INR0.1 million on sales of INR17
million, in 2014-15, against a PAT of INR0.01 million on sales of
INR8 million in 2013-14.

HCS is a partnership firm set up in 2007 by Padhiyar Family, The
firm is based at Deesa, Banaskantha (Gujarat).


ICON POWER: CRISIL Reaffirms B+ Rating on INR75MM Loan
------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Icon Power
Solutions Private Limited (Icon) continues to reflect the
company's small scale of operations, and volatility in revenue
because of tender-based business. The rating also factors in
working capital-intensive operations because of stretched
receivables. These weaknesses are partially offset by the
extensive experience of Icon's promoters in the
telecommunications (telecom) infrastructure industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Icon will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustainable increase in scale of operations and profitability, or
improved working capital management. Conversely, the outlook may
be revised to 'Negative' if liquidity weakens because of a
decline in revenue or profitability, or large working capital
requirement.

Update
Operating revenue improved by around 57 percent to INR217.0
million in 2014-15 (refers to financial year, April 1 to
March 31) vis-a-vis INR138.4 million in 2013-14. However, the
operating revenue was lower in 2015-16 at around INR160 million
due to delay in commencement in execution of an orders received
from the Ministry of Defence and Ministry of Home Affairs.
Operating margin is expected to remain in line with historical
levels at 8-10 percent, though it will continue to be susceptible
to competition in a tender-driven business.

The company's financial risk profile is healthy because of
comfortable gearing of 0.18 time as on March 31, 2015; gearing is
expected to remain below 0.20 time over the medium term.
Interest coverage ratio is also expected to remain healthy at
above 4 times over this period.

Operations are working capital intensive, with debtors of 238
days and inventory of 25 days as on March 31, 2015. Debtors have
increased to around 320 days as on March 31, 2016, on account of
deferred receivables of INR66.8 million from Assam Rifles (due
since 2014-15); however, this is expected to be received by April
2016. Bank limit was moderately utilised at an average of around
65 percent during the 12 months ended February 29, 2016. In 2015-
16, net cash accrual was INR10-11 million with no term debt
repayment obligation. Absence of large capital expenditure plans
will also support liquidity.

Net profit and net sales were at INR12.5 million and INR217
million, respectively, in 2014-15, against INR5.0 million and
INR138 million, respectively, in 2013-14.

Icon, incorporated in 2001, is promoted by Mr. K P Madhusoodhanan
and Mr. Ajit Kumar. The company sells telecom infrastructure
solutions, telephone exchanges, power management systems,
electronic panels, and lightning prevention systems. Its
manufacturing facilities are in Manesar and Haridwar.


J. M. D. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of J. M. D. Industries
(JMD) reflects JMD's nascent stage of operations coupled with
significant off-take risks faced by the firm and exposure to
intense competition in the packaging industry. These rating
weaknesses are partially offset by entrepreneurial experience of
promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              60        CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility               20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JMD's revenue is expected benefit from the
experience of the promoters. The outlook may be revised to
'Positive' in case of a higher than expected ramp up of revenue
and operating margin. Conversely, the outlook may be revised to
'Negative' in case of lower than expected revenues or
profitability, leading to significant impact on its debt
servicing ability.

Update
JMD, achieved a revenue of INR22.5 million in 2014-15, in its
first year during which it was operational for four months, with
an operating margin of around 34 percent. The firm's revenue is
expected to ramp up to INR140-180 million annually. The
profitability of the company is expected to soften over the
medium term, on the back of which its net cash accruals are
expected to be tightly matched with its scheduled term loan
repayments of INR13 million annually. The extent of ramp up of
revenue and its operating margin remain key rating sensitivity
factors affecting its liquidity and financial profiles over the
medium term.

JMD's financial profile is modest constrained by its weak capital
structure. The firm's net worth and gearing stood at INR25
million and 2.95 times as on March 31, 2015. The gearing is
estimated to have increased further to 3.6 times as on March 31,
2016 driven by debt funded capital expenditure incurred by the
firm in 2015-16 for expansion of its capacities. The firm's
liquidity remains adequate marked by moderate utilisation of its
bank lines. The firm's working capital management remains a key
rating sensitivity factor affecting its liquidity profile over
the medium term.

JMD, setup in 2013, is a partnership firm of Mr. Manoj Agrawal,
Mr. Abhishek Gurjar & Mrs. Seema Gurjar. The firm is setting up a
manufacturing unit for HDPE/PP woven sacks at Harda (MP).


JAI KARNI: CARE Assigns B+ Rating to INR10.60cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' the ratings to the bank facilities
of Jai Karni Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.60      CARE B+ Assigned
   Short-term Bank Facilities     0.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jai Karni Suitings
Private Limited (JSPL) is primarily constrained on account of
its modest scale of operations in the highly fragmented and
competitive textile industry. The ratings are, further,
constrained on account of thin profitability, moderately
leveraged capital structure, stressed liquidity position and
vulnerability of margins to fluctuation in the raw material
prices.

The ratings, however, favourably take into account the experience
of the promoters with long track record of operations in the
textile industry and benefits derived from its presence in the
textile cluster of Bhilwara. Further, the rating also factors
in its established marketing and distribution network.

Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices
and improvement in the liquidity position are key rating
sensitivities.

Bhilwara based (Rajasthan) JSPL was incorporated in 1993 by Mr.
Mahavir Jhanwar and Mr. Abhishek Jhanwar. Initially, JSPL is
engaged in the business of trading of grey and finished fabrics
where it gets finished fabrics on job work basis from other
process house. Further, during FY15 (FY refers to the period from
April 1 to March 31), JSPL took a project to install 12 rapier
looms having installed capacity of 30 Lakh Meters Per month
(LMPA) at a cost of INR12.03 crore to be financed through term
loan of INR6.60 crore, share capital of INR2.60 crore, unsecured
loans of INR2.48 crore and remaining through internal accruals.
The project was completed in November 2015. The company markets
its product through 100 dealers in all over India; major states
are Uttar Pradesh (UP), Bihar, Haryana, Punjab, Madhya Pradesh
(MP), Andhra Pradesh (AP), Rajasthan and Delhi. Further, JSPL
procures raw material (cotton and synthetic yarn) from Rajasthan,
Madhya Pradesh and Hyderabad.

The promoters has also promoted, Jai Karni Fabrics Private
Limited (JKPL), which is engaged in the business of financing the
firms located in Bhilwara and Jai Karni Yarns Agencies (JKY;
Proprietor: Mr. Abhishek Jhanwar) which is engaged in the
business of trading of yarns.

During FY15 (refers to the period April 1 to March 31), JSPL has
reported a total operating income of INR23.67 crore (FY14:
INR27.58 crore) with a PAT of INR 0.13 crore (FY14: INR0.11
crore).


JSM VEGOILS: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JSM Vegoils
Private Limited's (JSMV) 'IND BB-' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will
now appear as 'IND BB-(suspended)' on the agency's website.

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

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

JSMV's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR32.5 mil. fund-based working capital limits: migrated
      to 'IND BB-(suspended)' from 'IND BB-' and
      'IND A4+(suspended)' from 'IND A4+'
   -- INR37.5 mil. proposed fund-based working capital limits:
      'Provisional IND BB-'/'Provisional IND A4+' ratings
      withdrawn as the company did not proceed with the
      instrument as envisaged
   -- INR92.5 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'
   -- INR5 mil. proposed non-fund-based working capital limits:
      'Provisional IND A4+' rating withdrawn as the company did
      not proceed with the instrument as envisaged


JUNO IFMR: Ind-Ra Rates INR23.2MM Series A2 PTCs 'IND BB+(SO)'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Juno IFMR
Capital 2015 (an ABS transaction) final ratings as follows:

-- INR166.2 million Series A1 pass through certificates (PTCs):
    'IND A(SO)'; Outlook Stable

-- INR23.2 million Series A2 PTCs: 'IND BB+(SO)'; Outlook Stable

The micro finance loan pool assigned to the trust has been
originated by Future Financial Services Private Limited (FFSPL).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of FFSPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and ultimate payment of principal by the final maturity date on
20 September 2017 in accordance with the transaction
documentation.

The rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on 20 September 2017, in accordance with
the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 and A2
PTCs are 14% and 2%, respectively, of the initial pool principal
outstanding (POS). The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 28.4% and 16.4%,
respectively, of the initial POS. The transaction also benefits
from the external CE of 10.00% of the initial POS available in
the form of fixed deposits with Union Bank of India ('IND
AA+'/Stable) in the name of the originator with a lien marked in
favour of the trustee. The collateral pool assigned to the trust
at par had the initial POS of INR193.2 million, as of the pool
cut-off date of 8 November 2015.

The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 Maximum Payout on the Series A2 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 and Series A2 PTCs will be downgraded by one notch and
two notches, respectively.


KARIGANUR MINERAL: CARE Reaffirms B+ Rating on INR55cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kariganur Mineral Mining Industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     55.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kariganur Mineral
Mining Industry (KMMI) continues to be constrained by uncertainty
on timelines for renewal of mining license on account of pending
approvals, pending financial closure and regulatory risk.

The rating, however, derives strength from experience of
partners, long track record of KMMI in mining, 'Category A'
Status of the mine and receipt of some of key approvals.

Going forward, timely receipt of all the approvals, financial
closure and commencement of the mining operation continue to be
the key rating sensitivities.

Established in 1952 as a partnership firm, KMMI was promoted by
six partners namely Mr. Allam Doddappa, Mr. Allam Basavaraj, Mr.
Allam Guru Basavaraj, Mr. Allam Chennappa, Mr. H Abdul Wahab, and
Mr. H Noor Ahmed. The firm is engaged in the business of iron-ore
mining (open cast). The mine is located in Kariganur Village,
Hospet Taluk, Bellary District. It obtained its first mining
license (lease) in 1952 for the lease period of thirty years over
199.43 hectares, which was renewed in March 1982 for thirty year
period. The license expired in March 2012. Since then the firm
has discontinued mining activity is currently in process of
renewing its mining license.

The entire strike length of the ore body of iron is opened up and
the resource has Hematite iron ore with more than 62% Fe Content.
The total reserves of the mine (115.67 hectares for which license
renewal is under process) as per approved IBM Mining Plan is
17.50 million tonnes of iron ore and 2.8 million tonnes of BHQ
(Banded Hematite Quartizite) with estimated life of the deposit
of 20 years.

KMMI registered total operating income of INR0.09 crore and net
loss of INR 1.62 crore in FY15 (refers to April 1 to March 31) as
against operating income of INR9.43 crore and PAT of INR2.41
crore in FY14.


KARTHIK INDUCTION: CARE Reaffirms 'B' Rating on INR6cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assgined to the bank facilities of
Karthik Induction Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6         CARE B Re-affirmed
   Short term Bank Facilities    12.75      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Karthik Inductions
Limited (KIL) continues to remain constrained on account of weak
financial risk profile characterized by highly leveraged capital
structure, low profitability margins and weak liquidity position.
The ratings also factor in the customer concentration risk with
majority of sales to the group companies, cyclical nature of the
steel industry and susceptibility of margins to volatility in the
raw material prices.

The ratings continue to factor in the experience of the promoters
and KIL's established track record in the iron and steel
industry.

The ability of the company to increase the scale of operations
and effectively manage its working capital requirements remain
the key rating sensitivities.

KIL was incorporated in the year 1994 by Mr B Raghvendra. The
company was established in order to support group operations by
way of backward integration through manufacturing of MS ingots
and by-products viz. runners and risers. The company procures
(sponge iron, pig iron and MS scrap) required raw material from
the domestic market and has a manufacturing plant (leased) in
Kundaim, Goa. The company has an installed capacity of 37,200
MTPA with capacity utilization of around 67% in FY15 (refers to
the period April 1 to March 31) as against 64% in FY14.

Group companies of KIL are Karthik Alloys Limited (KAL, rated
CARE D'), Rukminirama Steel Rolling Private Limited (RSRPL) and
Rukminirama Ferro Alloys & Power Limited (RFAPL). KAL is engaged
in manufacturing of ferro alloys used in the manufacturing of
stainless steel while RSRPL is engaged in manufacturing ofMS
Ingots and rolled products such as TMT bars, squares, angels and
channels.

KIL as a part of backward integration of the group in the steel
manufacturing value chain and supplies majority of its production
to group companies engaged in manufacturing of TMT bars,
structured steel and steel rolled bars.

KIL as a part of backward integration of the group in the steel
manufacturing value chain and supplies majority of its production
to group companies engaged in manufacturing of TMT bars,
structured steel and steel rolled bars.

In FY15, KIL earned PAT of INR0.02 crore on a total operating
income of INR80.69 crore against PAT of INR0.23 crore on a total
operating income of INR69.64 crore in FY14.


KHAITAN ELECTRICALS: CARE Cuts Rating on INR160.69cr Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Khaitan Electricals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    160.69      'CARE D' Revised from
                                             CARE BB-

   Short term Bank Facilities    89.94      'CARE D' Revised from
                                             CARE A4

Rating Rationale

The revision in the rating of Khaitan Electricals Ltd. (KEL)
takes into account ongoing delays in debt servicing on account of
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularize its debt
servicing will be the key rating sensitivities.

KEL, incorporated in October, 1975 as Khaitan Tibrewala
Electricals Private Ltd (KTEPL), is engaged in the business of
manufacturing & selling of electric fan, pumps and other
electrical appliances. KTEPL was converted into a public limited
company in 1983 and subsequently rechristened as KEL in 1999. KEL
sells its products under the brand 'Khaitan'. Shri Sunil K.
Khaitan, the main promoter of KEL, is a well-known industrialist
with over three decades of experience in the electrical appliance
industry. He became the CMD of the company effective from Nov.10,
2012 after demise of previous chairman, Shri S. K. Khaitan.

KEL registered net loss of INR48.92 crore on total operating
income of INR441.01 crore in FY15 (refers to the period April 1
to March 31) as compared to net loss of INR16.62 crore on a total
operating income of INR525.40 crore in FY14.


KINGFISHER AIRLINES: Court to Hear Plea for CBI Probe
-----------------------------------------------------
The Times of India reports that the Bombay high court on April 11
received a petition to hear a fresh plea for CBI action against
Vijay Mallya and his defunct Kingfisher Airlines over
INR602 crore aviation fuel, which he received on credit from a
public sector company between 2008 and 2010.

According to the report, the petition has alleged that Hindustan
Petroleum Corporation (HPCL) started extending credit for the
sale of aviation fuel to Kingfisher Airlines in 2008, and
continued to do so despite his unpaid fuel bill of INR602 crore.
TOI relates that after social activist Pratap Teli first
approached the HC in 2013, the CBI had in February 2014 assured
the court that it had registered a criminal case against
Kingfisher and would complete its "inquiry" within three to four
months. TOI says the HC bench of Justices Naresh Patil and V L
Achliya had disposed of the petition then after recording the
statement made by CBI counsel Rajesh Desai, but kept all issues
open on merits of the case.

Over two years later, Teli's counsel Aditya Pratap on April 11
informed a bench of Justices Naresh Patil and A M Badar that the
CBI appears to have done nothing as its probe has not progressed
at all. He said, "Representations made even last December to the
CBI to find out the status of the probe have gone unanswered, and
the HC ought to hear the matter afresh and direct it to complete
it." The bench directed that the matter be placed for hearing
after two weeks, TOI relays.

According to TOI, Teli's petition said that in 2013 he got
information of how a public servant was committing an offence of
criminal breach of trust under the Indian Penal Code and criminal
misconduct under the Prevention of Corruption Act over the huge
fuel credit to Kingfisher Airlines.

Concerned at the huge outstanding amount, the ministry of
petroleum had written in March 2010 that "further supplies to KFA
be made against bank guarantee to cover entire outstanding dues
including for the credit period allowed by HPCL," the report
recalls.  TOI notes that the ministry even sent a reminder in
May 2010 expressing its "concern'' over the "continued
outstanding of HPCL towards Kingfisher Airlines on account of ATF
supplies. Almost one-and-a-half months have elapsed, HPCL has not
furnished action taken report."

TOI relates that when Teli first gave the information to the CBI,
he said the premier agency merely sat on it till he moved the HC
when the CBI said it registered an FIR. But despite the
February 2014 HC order, the CBI has not investigated, nor filed
any chargesheet or even a closure report, his petition said.
"This inaction has emboldened Mallya to leave the country" and
the petitioner to move the court, TOI relays.

TOI adds that the petition in the court now says, "A detailed
investigation is required to unravel the real truth about how
HPCL kept on giving credit in violation of public policy."

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and
competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue
to reflect delays by KFAL in servicing its debt; the delays have
been caused by the company's weak liquidity and continued losses
at the operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete
erosion of KFAL's net worth, leading to its weak financial risk
profile. Presently, the company does not carry out any commercial
operations.


KUBS SAFES: CARE Lowers Rating on INR28.76cr LT Loan to D
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Kubs
Safes & Locks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.76      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
KUBS Safes & Locks Private Limited (KSL) were primarily on
account of the delay in its debt servicing owing to the stressed
liquidity position.

KSL is engaged in the manufacturing and trading of various
physical security equipment such as safe deposit lockers and
boxes, record protection filing cabinets, fire resistant data
storage cabinets, fire resistant vault doors and similar space-
saving storage equipment.

These products are primarily used by jewellers, corporate houses,
banks, financial institutions and government establishments. KSL
was incorporated in October 2009 by a group of entrepreneurs who
are involved in the distribution of physical security equipment
of reputed global majors in the Middle East, since 2004. The firm
has setup a warehouse at Oragadam, Chennai, for storage of its
inventory.

During FY15 (refers to the period April 1 to March 31), KSL
reported a net loss of INR11.86 crore on a total operating income
(TOI) of INR10.11 crore as against a net loss of INR3.54 crore on
a TOI of INR10.85 crore during FY14.


LAKSHMI SARASWATHI: CARE Reaffirms 'B' Rating on INR0.84cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Lakshmi
Saraswathi Textiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities     0.84       'CARE B' Reaffirmed
   Short-term bank facilities    5.20       'CARE A4' Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Lakshmi Saraswathi
Textiles (LST) continue to be constrained by the small scale of
operations, sharp fluctuation in revenues and profitability,
working capital intensive nature of operations, weak gearing and
coverage indicators. The ratings also factor in the constitution
of the firm as a proprietorship, susceptibility of profitability
to the fluctuation in prices of yarn and the firm's presence in
highly fragmented cotton yarn industry.

The ratings derive comfort from the long experience of the
promoters in textile industry, established track record of
operations of the firm for over three decades and long
association with reputed customers and suppliers.

Going forward, the ability of the firm to effectively manage the
production levels and maintain its profitability, and manage its
working capital borrowings effectively, will be the key rating
sensitivities.

LST is a proprietorship concern established in the year 1982 by
Mrs Vijayalakshmi, supported by her husband Mr T. A. Rajah. LST
was engaged in trading yarn and fabric in the domestic market
till 2004. Since 2005, they are into manufacturing fabric and
started concentrating on the export market. After the demise of
Mrs Vijayalakshmi in the year 2007, the full control of
operations was taken over by Mr T.A. Rajah.

LST has two associate concerns, namely, Ananda Textiles, a Hindu
Undivided Firm, engaged in the trading of fabrics and M/s.
PravinWeaves, engaged in the sizing of yarn to support the
manufacturing of fabrics for LST.

As per the audited results, the firm earned net profit of INR0.10
crore on total operating income of INR12.40 crore as compared
with a net profit of INR0.08 crore on total operating income of
INR21.16 crore in FY14 (refers to the period April 1 to
March 31). During 10MFY16 (refers to the period April 1 to
January 31), LST has achieved INR15.00 crore approximately (an
annualized growth of 45% for FY16).


LOTUS CHOCOLATE: CRISIL Reaffirms 'B' Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Lotus Chocolate
Company Limited (Lotus) continues to reflect the company's below-
average financial risk profile marked by a negative net worth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           250       CRISIL B/Stable (Reaffirmed)

The rating also factors in a modest scale of operations, subdued,
though improving, operating efficiencies, and susceptibility to
volatility in cocoa bean prices. These rating weaknesses are
partially offset by Lotus's long track record in the cocoa
industry, and its promoters' ability to extend financial support
in case of exigencies.
Outlook: Stable

CRISIL believes Lotus will continue to benefit over the medium
term from its long track record in the industry and established
relationship with key customers. The outlook may be revised to
'Positive' in case of higher-than-expected revenue and
profitability, leading to substantial increase in cash
generation, along with improvement in key credit metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, resulting in lower-than-
expected cash accrual, a significantly stretched working capital
cycle, or large, debt-funded capital expenditure, impacting the
financial risk profile. Timely and adequate support from
promoters to tide over any  funding requirements will also remain
a key rating sensitivity factor.

Incorporated in 1988, Lotus processes cocoa beans into cocoa
powder and cocoa butter, and also sells chocolates (under the
brand name Lotus). The company is headquartered in Hyderabad and
its manufacturing unit is in the Medak district (Andhra Pradesh).
Lotus is promoted by Mr. Prakash Pai, managing partner of
Puzzolana Machinery Fabricators (rated C'RISIL A+/Stable/CRISIL
A1'), along with his brother Mr. Ananth Pai.

In 2014-15 (refers to financial year, April 1 to March 31),
profit after tax was INR5.9 million on net sales of INR613.7
million, as against a net loss of INR26.9 million on net sales of
INR563.3 million in 2013-14.


LSR FOODS: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
LSR Foods Limited (LSR) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

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

The rating downgrade reflects CRISIL's belief that LSR's business
risk profile has been impacted by the temporary shutting down of
its milk-processing operations in 2015-16 (refers to financial
year, April 1 to March 31). The company was, therefore,
completely dependent on trading of edible oil, which is a low
profit yielding segment. Its financial flexibility is further
constrained by delayed commercialisation of its cashew-processing
facility, leading to lower cash accruals generation.
Consequently, the company's dependence on external funding has
increased significantly, with expected gearing of more than 5
times. CRISIL believes in the absence of improvement in the
business risk profile, especially resumption of operations at the
milk-processing plant and ramp up in cashew processing, the
financial risk profile will remain weak over the medium term.

The ratings continue to reflect the company's modest scale of
operations, susceptibility to changes in government regulations,
and a weak financial risk profile. These weaknesses are partially
offset by the experience of the promoters in the industry and
their funding support.
Outlook: Stable

CRISIL believes LSR will benefit over the medium term from the
promoters' experience and their funding support. The outlook may
be revised to 'Positive' if the company reports significantly
better-than-expected revenue and profitability from its milk-
processing operations and cashew-processing facility along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of low cash accrual or large
working capital requirements or unanticipated debt-funded capital
expenditure, constraining liquidity.

Incorporated in 1996, LSR is headquartered in New Delhi. The
company manufactures milk and products such as skimmed milk
powder and ghee. LSR also trades in edible oil and de-oiled
cakes. The company is promoted by Mr. Lakshmi Chand Agarwal and
his family.


MAA TARINI: CRISIL Suspends D Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Tarini Transport Private Limited (MTTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL D
   Proposed Long Term
   Bank Loan Facility        46.5     CRISIL D

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

Set up in 2007 as a closely held company by Mr. Srimanta Kumar
Tripathy, MTTPL provides iron ore transportation services in
Odisha. It also trades in iron ore.


MAXIMAA SYSTEMS: CARE Lowers Rating on INR6.33cr LT Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Maximaa Systems Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.33      CARE D Revised from
                                            CARE BB
   Short-term Bank Facilities     2.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in ratings assigned to the bank facilities of
Maximaa Systems Limited (MSL) takes into consideration the delay
in debt servicing and classification of the company's account as
Non-Performing Asset.

MSL's ability to timely service its debt obligations with
improvement in liquidity position is the key rating sensitivity.

Incorporated in 1990, Maximaa Systems Limited [(MSL) originally
established as a partnership firm in the year 1983] listed
on the Bombay Stock Exchange is engaged in business of
manufacturing and trading of different types of industrial
storage systems [i.e. lockers, cupboards & steel furniture made
of CRC sheets & is in the form of slotted angles, panels of
different specifications and design for storing inventory] and IT
services. Further the company ventured into manufacturing
pharmaceutical formulations making ayurvedic in combination with
probiotics.

During FY15 (refers to period of April 01 to March 31), MSL
earned major revenue (i.e. 47% of the total income) from the
proyurveda division and balance from storage & IT division. MSL
is ISO 9001:2008 certified company with inhouse capacities for
designing, production & installation of storage systems onsite.
It also provides erection and assembly services of the
manufactured storage systems to its clients at their respective
sites.

During FY15, the company achieved a turnover of INR28.34 crore
with a PAT of INR0.05 crore.


MILTECH INDUSTRIES: CARE Revises Rating on INR13cr Loan to B+
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Miltech Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.00      CARE B+ Revised from
                                            CARE B
   Short-term Bank Facilities     6.50      CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Miltech Industries Private Limited (MIPL) takes
into
account the growth in the operating income and cash accruals
along with improvement in capital structure and debt coverage
indicators during FY15 (refers to the period April 1 to March
31).

The ratings, however, continue to be constrained by low and
fluctuating profit margin, moderate scale of operation,
moderately leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by working
capital intensive nature of operations with elongated working
capital cycle, susceptibility of profit margin to raw material
price fluctuation and operations in highly fragmented plastic
processing industry.
The ratings consider the benefits derived from the promoters'
experience, diversified and reputed customer base along with
diversified product portfolio.

The ability of MIPL to improve the scale of operations and
profitability margins amidst intense competition along with
efficient management of working capital are the key rating
sensitivities.

MIPL, previously known as Miltech Metals Private Limited, was
promoted as 'Nityanand Packaging and Allied Industries Pvt Ltd'
by Mr Govindlal Nityanand Agarwal. MIPL commenced commercial
activity in 1990 with its first manufacturing facility at Nagpur
for producing plastic injection moulded components (magazines,
butt LNG, butt normal, ammunition containers, adopter transit
assembly, grip pistol SAF and CLNG, mines) mainly to cater to the
requirements of the Defence Ordinance factories. In August 2005,
MIPL setup an additional injection moulding manufacturing
facility in Rajangoan near Pune mainly to undertake manufacturing
of parts and components for white goods and automobile units.

Mr Govindlal Agarwal has been supplying goods to defence sector
for the last four decades which started with supply of wood and
steel components for armaments which still continues in the other
group companies of MIPL. MIPL has obtained an ISO 9001:2000
certification from KEMA Quality B.V. of the Netherlands in the
year 2003. The company has an in-house NABL accredited laboratory
and is the only plastic manufacturing unit in Central India which
has such accreditation.

During FY15, MIPL reported total operating income of INR74.06
crore (as against INR62.21 crore in FY14) and PAT of INR0.02 (as
against net loss of INR1.71 crore). Furthermore, during 10MFY16,
company has posted total operating income of INR75.00 crore and
PAT of INR1.00 crore. Furthermore, the company has an order book
of INR5.00 crore as on March 17, 2016, which will be executed by
March 2016.


MODERN DISTROPOLIS: CRISIL Reaffirms B Rating on INR175MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Modern
Distropolis Limited (MDL) continues to reflect the company's
below-average financial risk profile because of weak debt
protection metrics and large working capital requirements. These
weaknesses are partially offset by the extensive experience of
the promoters in trading of steel products.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             175       CRISIL B/Stable (Reaffirmed)

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

   Term Loan                25       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MDL will continue to benefit over the medium term
from the promoters' extensive industry experience and its
established relations with suppliers and customers. The outlook
may be revised to 'Positive' if there is a significant increase
in cash accrual leading to improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a stretch in the working capital cycle or large, debt-
funded capital expenditure, weakening the financial risk profile.

Update
MDL had operating income of around INR1.3 billion for 2014-15
(refers to financial year, April 1 to March 31), growth of 32.4
percent year-on-year, supported by an increase in sales volume.
MDL is estimated to report revenue of INR1.56 billion for 2015-
16. Operating margin is expected to be 2.8 percent over the
medium term. The operating profitability is estimated to remain
low at around 2.5-3.0 per cent during 2015-16, in line with the
past.

Net worth is estimated to be modest at INR83 million as on March
31, 2016. The total outside liabilities to tangible net worth
ratio is expected to remain high above 3 times over the medium
term on account of high reliance on external debt to fund working
capital requirements. The interest coverage is expected to be
modest at 1.55 times per annum over the medium term due to low
profitability.

Liquidity is moderate, marked by cash accrual of INR11-14 million
per annum over the medium term against annual debt obligations of
INR3.3 million. The bank limits were utilised by around 95
percent for the 12 months through December 2015. Liquidity is
expected to remain moderate over the medium term.

Set up in 1993 as a partnership firm that was reconstituted as a
closely held public limited company in 2013, MDL is the
authorised dealer for Tata Steel Ltd and Tata Bluescope Steel Ltd
for various building materials, including galvanised iron wires,
galvanised corrugated sheets, and colour-coated sheets. The
operations are managed by Mr. K V Anvar.


NAP CONSTRUCTION: CRISIL Suspends 'D' Rating on INR195MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nap Construction Private Limited (NAP).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           30       CRISIL D
   Cash Credit             195       CRISIL D
   Corporate Loan           20       CRISIL D
   Standby Line of Credit    5       CRISIL D

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

Set up in 1983 as a proprietary concern by Mr. Nirmalya Ghosh and
reconstituted as a private limited company in 1994, NAP
undertakes civil construction projects. The company constructs
housing properties and railway platforms and renovates heritage
properties in West Bengal.


NARMADA CONCAST: CARE Reaffirms 'B' Rating on INR28.71cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Narmada Concast Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.71      CARE B Reaffirmed
   Long-term/Short term Bank
   Facilities                     4.00      CARE B/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Narmada Concast
Private Limited (NCPL) continue to remain constrained on account
of its financial risk profile marked by operating losses leading
to erosion of the net worth during FY15 (refers to the period
April 1 to March 31). The ratings are further constrained on
account of customer concentration risk, its presence in
fragmented nature of the industry with high degree of competition
along with volatility associated with raw material prices.

The ratings, however, continue to derive strength from the
experience of the promoters, proximity to the raw material
and marketing tie-up with Kamdhenu Ispat Limited.

Going forward, NCPL's ability to improve operating performance
through better capacity utilization which will lead increase in
the scale of operations along with improving its profitability in
light of the competitive nature of the industry along with
improvement in the capital structure would be the key rating
sensitivities.

NCPL was incorporated on August 16, 2012, as Narmada Concast and
Rolling Mills Private Limited. The name was further changed to
Narmada Concast Private Limited on November 10, 2012. The company
set up a plant to manufacture steel billets and Thermo-Mechanical
Treatment (TMT) bars. The manufacturing facility is set up at
Village Malpar, Ghogha, Bhavnagar, Gujarat, with an installed
capacity of 76,160 MT of billets and TMT Bar. The company started
its commercial operations on April 22, 2014. FY15 was the first
full year of operations for NCPL.

As per the audited results for FY15, NCPL reported a total
operating income of INR52.40 crore with net loss of INR10.91
crore as compared with TOI of INR0.05 crore and profit after tax
of INR0.01 crore in FY14. As per the provisional results for
9MFY16 (April 1, 2015-December 31, 2015), NCPL has registered a
TOI of INR75.50 crore.


PAULMECH INFRASTRUCTURE: CRISIL Suspends D Rating on INR55MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Paulmech Infrastructure Private Limited (PIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2.5       CRISIL D
   Cash Credit             55         CRISIL D
   Term Loan               17.5       CRISIL D

The suspension of ratings is on account of non-cooperation by
PIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PIPL is yet to
provide adequate information to enable CRISIL to assess PIPL'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 1986, PIPL manufactures rubber gaskets and RMC at
its facilities located at Barasat (West Bengal) and paradip
(Orissa) respectively. The installed capacity for rubber hasket
and RMC unit is 288 tonnes per annum and 60 cubic meters per hour
respectively.


PRATAP WAHINI: CARE Reaffirms B+ Rating on INR4.91cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Pratap Wahini Samaj Kalyan Sansthan.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.91      CARE B+ Reaffirmed
   Short term Bank Facilities     1.80      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Pratap Wahini
Samaj Kalyan Sansthan (PWSKS) continue to remain constrained on
account of modest scale of operations, moderate enrolment ratio,
and skewed distribution of income and expenses resulting in
moderate liquidity profile and intense competition prevailing in
the education sector and highly restricted regulatory guidelines.

The ratings also take cognizance of the improvement in surplus
despite decline in the total operating income of PWSKS in
FY15 (refers to the period April 1 to March 31). The ratings,
however, continue to derive strength from the experienced
faculty, good infrastructure set up and diversified revenue
stream.

The ability of PWSKS to increase its scale of operations, improve
its surplus and capital structure in light of competitive nature
of the educational sector will remain the key rating
sensitivities.

Gwalior-based (Madhya Pradesh) Pratap Wahini Samaj Kalyan
Sansthan (PWSKS) was formed as an education society on November
27, 1995 with an objective to impart technical education. PWSKS
set up two colleges namely Maharana Pratap College of Technology
(MPCOT) in 1996 and Maharana Pratap College of Dentistry &
Research Centre (MPCOD) in 2003 at Gwalior (Madhya Pradesh).

MPCOT is affiliated to Rajiv Gandhi Technical University (RGTU),
Bhopal, and runs All India Council for Technical Education
(AICTE)-approved graduation courses in engineering and post-
graduation courses in engineering, management & information
technology streams. MPCOD is affiliated to Jiwaji University,
Gwalior, and runs Dental Council of India (DCI) approved
graduation and post-graduation courses in dentistry. Currently,
Mrs Shantidevi Dhakre andMr Lokendra Dhakre are Chairman and Vice
Chairman of the society, respectively, and manage the overall
operations of PWSKS.

During FY15, PWSKS reported a surplus of INR0.12 crore on a total
operating income (TOI) of INR12.16 crore as against a
deficit of INR0.60 crore on a TOI of INR13.19 crore in FY14.


R.K. BEHURIA: CRISIL Suspends 'D' Rating on INR95MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
R.K. Behuria (RKB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL D
   Export Packing Credit    95        CRISIL D

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

RKB trades in iron-ore lumps and fines and is the flagship entity
of the RKB group. Set up in 1996, the proprietorship concern,
owned by Mr. R K Behuria, is based in Odisha.


RANA OIL: CARE Assigns B Rating to INR15cr LT Loan
--------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Rana Oil
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Rana Oil Industries
(ROI) is constrained by the risk associated with seasonality and
fragmented nature of the industry, susceptibility to government
policies related to price and export of cotton, low profitability
margins, weak solvency position and partnership nature of its
constitution.

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

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

Established in the year 1996 as partnership firm, ROI is engaged
in ginning and pressing of cotton and extraction of oil from
cotton seed. The ginning and pressing unit and oil extraction
unit is located at Yavatmal (Maharashtra). The plant operates for
10 months in a year (from October to July). ROI procures the raw
material, ie, raw cotton from the local market and sells its
final product, ie, cotton bales to the customers located in and
around Yavatmal. The firm has an installed capacity to gin and
press 13,200 tons of cotton per annum and to extract 30,000 tons
of oil per annum.

In FY15 (refers to the period April 01 to March 31), the firm
registered an income from operations of INR29.33 crore as against
an income from operation of INR16.86 crore in FY14.


RASHMI MOTORS: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Rashmi
Motors' (Rashmi) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The agency has affirmed Rashmi's INR160.5
million fund-based limits (increased from INR133 million) at 'IND
BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Rashmi's continued moderate credit metrics
along with its subdued profitability. In FY15, EBITDA interest
coverage was 1.5x (FY14: 1.5x), net adjusted financial leverage
was 6.1x (7.9x) and EBITDA margin was 2.6% (2.4%).

The ratings are supported by the revenue growth posted by Rashmi
in FY15 (29.4% yoy) and FY14 (509.9% yoy).


RATING SENSITIVITIES

Positive: A positive rating action could result from continued
revenue growth resulting in an increase in the EBITDA interest
coverage.

Negative: A negative rating action could result from a decline in
the EBITDA interest coverage.

COMPANY PROFILE

Rashmi is a registered partnership firm incorporated in 1995. It
is managed by Rajat Kumar Baliarsinha, and his wife Babita
Baliarsinha. The firm had been a Tata Motors' authorised service
station since its inception before taking up the dealership of
Ashok Leyland's commercial vehicles in December 2012.


RUBAN PATLIPUTRA: CARE Reaffirms B+ Rating on INR16.77cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ruban Patliputra Hospital Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.77      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ruban Patliputra
Hospital Private Limited (RHPL) continues to remain constrained
by its short track record with small scale of operations, capital
intensive nature of business, its presence in a highly fragmented
& competitive healthcare industry with risk of unavailability or
inability to attract quality doctors and medical professionals
and risk relating to mishandling of a case or negligence on the
part of any doctor and/or staff.

However, the rating continues to drive strength from being a
multi-specialty hospital with self-contained infrastructure
facilities, its locational advantage, the experience of the
promoters and favourable industry outlook.

The ability of RHPL to increase its scale of operations with
improvement in profit margins and its ability to improve its
capital structure and effective management of its working capital
will be the key ratings sensitivities.

RHPL was incorporated on February, 2011 by Dr Satyajit Kumar
Singh along with his family members for setting up a 200 bed
multi-specialty hospital with five modular operation theatres at
Patliputra colony, Patna (Bihar). The hospital proposes to offer
a wide array of healthcare facilities encompassing cardiology &
cardiac surgery, neurology, neuro (brain) surgery, orthopaedic
(joint replacement and spinal surgery) etc. Moreover, it proposed
to have all kinds of trauma surgical emergencies, Cardiac Care
Unit (CCU), Intensive Care Unit (ICU) and automated laboratory.
It will also provide indoor and outdoor pharmacy. RHPL belongs to
the Ruban group of hospitals built up by Dr Satyajit Kumar Singh.
Ruban group of hospitals is an established hospital brand in the
city of Patna. Basudeo Health Foudation Pvt Ltd is the flagship
company of the group engaged in medical treatment in critical
diseases since 1996 in and around the city of Patna, Bihar.

RHPL has reported a total operating income of INR45.67 crore
(Rs.3.52 crore in FY14) with a net loss of INR0.22 crore
(Rs.11.11 crore in FY14) during FY15. Moreover, it has reported
cash accrual of INR2.19 crore in FY15 (Rs.-3.77 crore in
FY14).


S.R. INTERNATIONAL: Ind-Ra Suspends IND D Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.R.
International Paper Mills Private Limited's (SRIPMPL) 'IND D'
Long-Term Issuer Rating to the suspended category. This rating
will now appear as 'IND D(suspended)' on the agency's website. A
full list of rating actions is at the end of this commentary.

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

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

SRIPMPL's ratings are as follows:
-- Long-Term Issuer rating: migrated to 'IND D (suspended)' from
    'IND D',

-- INR157.5 million Term Loan: migrated to Long term 'IND D
    (suspended)' from 'IND D'

-- INR32.5 million Fund based limits: migrated to Long term 'IND
    D (suspended)' from 'IND D'

-- INR50 million Non-fund based limits: migrated to Short term
    'IND D (suspended)' from 'IND D'


SANGHVI FORGING: CARE Reaffirms D Rating on INR123.49cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sanghvi Forging & Engineering Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    123.49      CARE D Reaffirmed
   Short-term Bank Facilities     1.05      CARE D Reaffirmed
   Long-term/Short-term          32.00      CARE D/CARE D
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sanghvi Forging &
Engineering Limited (SFEL) continues to take into account the on-
going delay in servicing its debt obligations due to its
stretched liquidity position.

Vadodara-based (Gujarat) SFEL, incorporated in 1989, is promoted
by Mr Babulal Sanghvi. SFEL is engaged in the manufacturing of
forged flanges & heavy forgings used in industrial forging and
precision machined components used in the non-automotive sectors
such as oil and gas, petrochemicals, chemicals, fertilizers,
process equipments, desalination & water treatment, ship
building, defense, instrumentation, etc. The company manufactures
both standardized as well as customized products. SFEL had an
installed forging capacity of 18,600 Metric Tonne Per Annum
(MTPA) as on March 31, 2015 with capability to handle a single
job of up to 40 MT. SFEL caters to the domestic as well as
overseas markets, mostly in Europe, Middle East, Canada and USA.

As per the audited results for FY15 (refers to the period April 1
to March 31), SFEL reported a total operating income (TOI)
of INR89.54 crore and incurred a net loss of INR7.95 crore as
against a TOI of INR54.25 crore with a net loss of INR7.78 crore
in FY14. As per the unaudited results for 9MFY16, SFEL reported
TOI of INR53.29 crore and reported a net loss of INR8.31 crore.


SAPTHAGIRI HOSPITALITY: CARE Reaffirms B+ INR25.4cr Loan Rating
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sapthagiri Hospitality Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     25.40      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sapthagiri
Hospitality Private Limited (SHPL) continues to remain
constrained on account of stabilization risk associated with
recently completed project and its presence in a cyclical hotel
industry which is vulnerable to economic slowdown.

The rating also derives strength from experienced promoters with
their established track record in hospitality industry, favorable
location of the property along with operating and marketing
arrangement with one of the leading hotel chains i.e. Fortune
Park Hotels Limited.

The ability of the company to stabilize the operations, achieve
the envisaged level of turnover and profitability are the key
rating sensitivity.

Promoted by Mr Kiran Dave and Mr Vipul Thakker, Sapthagiri
Hospitality Private Limited (SHPL) is a special purpose vehicle
floated by New Light Hotels and Resorts Limited (NLHRL) which
owns The Gateway Hotel in Vadodara, Gujarat.

Incorporated on January 07, 2009 SHPL has set-up a three star
hotel in Dahej SEZ which comprises hotel, studio apartments and
other facilities. SHPL has built hotel in approximate 5.93 acre
and balance 4.94 acres of land would be used for future projects
of the company. The hotel is a 4 storied building and it has room
inventory of 60 rooms and is managed by team of Fortune Park
Private Limited (FPPL). Furthermore, the hotel also offers state-
of-the-art meeting and banquet facilities and multi cuisine
restaurant that can accommodate up to 200 guests. The Phase-I of
the project was completed in January, 2015 and commercial
operations were commenced from February, 2015. The Phase-II of
the project was completed in February, 2016 and commercial
operations are expected to commence from April, 2016. The Phase-
II would primarily involve the construction of additional 25
rooms with the estimated cost of nearly INR4 crore.

During 11MFY16 SHPL registered total operating income of INR4.40
crore.


SCORE INFORMATION: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Score
Information Technologies Limited (SITL) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. A full list of rating
actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings are constrained by SITL's small scale of operations,
and the impending decline in revenue in FY16. The revenue fell to
INR109.4 million for 9MFY16 from INR267.1 million in FY15 due to
a significant reduction in low-margin trading revenue and the
completion of a contract with the Ministry of Defence. SITL's
revenue, however, is likely to register robust growth in FY17 on
the back of a telecom infrastructure contract of INR430 million
bagged by the company in FY16.

The ratings reflect SITL's moderate credit profile with an
EBITDA interest coverage 2.8x in 1HFY16 (FY15: 1.5x) and
annualised leverage of 4.4x (5.6x). The improvement in the credit
metrics in 1HFY16 was driven by an increase in the EBITDA margin
to 6.8% (FY15: 3.3%) mainly as a result of a reduction in revenue
from the trading operations.

The ratings are supported by SITL being a part of the Kankaria
group of Kolkata which is one of the largest jute manufacturers
in India. SITL has received support in times of need in the form
of unsecured loans (FYE14: INR59.6 million, FYE15: INR4.7
million) from the group's debt-free non-banking financial
companies and its bank facilities are guaranteed by the group
promoter Mr Awanti Kankaria. The support is likely to continue.

The ratings are also supported by SITL's comfortable liquidity
with the average utilisation of its fund-based working capital
limits being around 60% during the 12 months ended February 2016.
Cash flow from operations was positive in FY15 (INR59.7m) and is
likely to have remained positive in FY16 too.

RATING SENSITIVITIES

Positive: Growth in SITL's revenue along with an improvement in
the credit profile could lead to a positive rating action.

Negative: A decline in the EBITDA interest coverage below 1.5x
could lead to a negative rating action.

COMPANY PROFILE

SITL operates in the information and technology sector and
provides services such as software development and maintenance,
CCTV surveillance system integration, scanning and digitisation,
smart card application solutions and telecom infrastructure.

SITL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR55 million fund based limits: assigned 'IND BB+'/Stable
-- INR100 million non-fund-based limits: assigned 'IND A4+'


SHALEEN HEALTHCARE: CARE Assigns B+ Rating to INR12.25cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shaleen Healthcare Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.25      CARE B+ Assigned
   Short term Bank Facilities     1.35      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shaleen Healthcare
Private Limited (SHPL) are constrained primarily on account of
project implementation and stabilization risk associated with its
hospital project, high project gearing, and its presences in a
competitive and regulated healthcare industry.

The ratings, however, derives comfort from qualified promoters
and key management personnel having vast experience in healthcare
industry and positive long-term outlook for the healthcare
sector.

The ability of SHPL to complete its project within time and cost
parameters and achieve the envisaged scale of operations and
profitability with improvement in capital structure would be the
key rating sensitivities.

Ahmedabad-based SHPL was incorporated on November 11, 2011 with
objective of setting up a healthcare facility by the name of
'Shaleen Radio Therapy Center' in the Science City locality of
Ahmedabad for treatment of cancer patients through Radio Therapy.
SHPL is promoted by Mr Mineshkumar Kantilal Patel, Dr. Bharatbhai
Ishwarbhai Patel and Dr. Bhikhabhai Chhanalal Patel, the latter
two promoters have an experience of more than two decades in the
healthcare industry. The total cost of the project is estimated
at INR15.02 core which is to be funded through debt to equity of
2.85
times. The facility is envisaged to become operational from June,
2016 onwards. SHPL had received approval of Radiological Safety
Division, Atomic Energy Regulatory Board, Government of India for
the layout plan of facility and installation of Medical
Accelerator equipment as on March 29, 2016.

The facility will be set up in leased space acquired in the
Science City locality of Ahmedabad in commercial building
named Shaleen Plaza. The plaza is a six story building -
comprising of basement with two bunkers, two floor parking and
second floor and cellar for radio Therapy unit. The third, fourth
and fifth floor shall be rented out for other healthcare
facilities/hospital. The sixth floor is a top floor which shall
be used as the office of promoters and directors. "Shaleen
Plaza" is owned and constructed by Shaleen Construction Company
(Partnership firm) promoted by directors of SHPL.

SHPL is going to provide following services: Palliative Radio
Therapy, 2-Dimentional Radio Therapy, 3-Dimentional Radio
Therapy, 3D+Image Directed Radio Therapy, Rapid Arc+ Intensity
Modulated Radio Therapy, Rapid Arc+ Image Guided Radio Therapy
and Rapid Arc + IGRT + Flattening Free Filter.


SHIRAGUPPI SUGARWORKS: CARE Reaffirms B INR196.16cr Loan Rating
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shiraguppi Sugarworks Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    196.16      CARE B Reaffirmed
   Short term Bank Facilities     0.37      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shiraguppi Sugar
Works Limited (SSWL) continue to be constrained by the continuing
losses due to high interest cost, leveraged capital structure,
working capital intensive nature of operations with high
inventory build-up and exposure of the business operations to
vagaries of monsoon. The ratings also factor in the decline in
the operating income during FY15 (refers to the period April 1 to
March 31).

The ratings, however, derive strength from the experience of its
promoters, partially-integrated business model with captive
source of power, location of the sugar factory in the high
recovery zone.

The ability of SSWL to de-leverage its capital structure and
manage its working capital efficiently forms the key rating
sensitivities.

SSWL was incorporated in May 1995 by Mr. Kallappa Parisa
Magennavar. The company had obtained the license to establish
sugar factory in the year 1998 itself, however the project
remained dormant till the year 2005 due to delay in financial
closure and lack of sufficient funds towards land acquisition. In
March 2006, Doddanvar Brothers took over 95% of the shareholding
in the company. Post financial closure and land acquisition in
year 2010, SSWL commenced project implementation activities and
commenced operations of 5000 TCD sugar mill and 20 MW co-
generation unit from October 2012 onwards (i.e. sugar season (SS)
2012-13) at Athani, Dist Belgaum, Karnataka.

For FY15, SSWL reported total income of INR128.66 crore and
incurred a loss of INR9.54 crore as against a total income of
INR175.83 crore with a loss of INR41.27 crore in FY14.


SHREE RAM: CRISIL Suspends D Rating on INR200MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Ram Saw Mill Private Limited (SRSMPL; part of the Balaji
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              200       CRISIL D
   Letter of Credit         150       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRSMPL, Sri Balaji Forest Products Pvt
Ltd, Aeon Manufacturing Pvt Ltd, Sri Balaji Logs Products Pvt
Ltd, and MK Patel Exim Pvt Ltd. This is because these companies,
collectively referred to as the Balaji group, are under a common
management, operate in the same industry, and derive significant
operational benefits from each other.

SRSMPL was incorporated in 1997 by the Pandey family of Kolkata
(West Bengal). The Balaji group is engaged in timber trading and
allied manufacturing activities. The group's product portfolio
includes timber-related products such as plywood, veneers, wooden
sleepers, and sawn timber.


SHREE SAI: CRISIL Suspends D Rating on INR350MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Sai Prakash Alloys Private Limited (SSP; part of the Sai
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             350        CRISIL D
   Letter of Credit         70        CRISIL D
   Long Term Loan          116        CRISIL D
   Proposed Long Term
   Bank Loan Facility       19.6      CRISIL D

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

SSP, based in Byrnihat (Meghalaya), is part of the Sai group,
promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The group
manufactures mild steel ingots, billets, bars, flats, angles and
ferro-alloy products and has manufacturing operations in Assam,
Meghalaya, West Bengal, and Arunachal Pradesh.


SHREE SAI SMELTERS: CRISIL Suspends D Rating on INR76.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Sai Smelters India Limited (SSSIL; part of the Sai group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL D
   Cash Credit              76.5      CRISIL D
   Long Term Loan           27.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       53.5      CRISIL D

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

SSSIL, based in Byrnihat (Meghalaya), is part of the Sai group,
promoted by Mr. J P Jaiswal and Mr. Sandeep Bhagat. The group
manufactures mild steel ingots, billets, bars, flats, angles and
ferro-alloy products and has manufacturing operations in Assam,
Meghalaya, West Bengal, and Arunachal Pradesh.


SOMANY SANITARY: CARE Revises Rating on INR5.03cr Loan to BB+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Somany Sanitary Ware Private Limited [erstwhile Sonec Sanitary
Private Limited].

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.03      CARE BB+ Revised from
                                            CARE B

   Short-term Bank Facilities     0.25      CARE A4+ Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Somany Sanitary Ware Private Limited (SSPL) factors in change
in the ownership and management of SSPL wherein Somany Ceramics
Limited (SCL), a leading ceramic player, acquired majority equity
stake and entered into off-take agreement with SSPL apart from
improvement in operating performance during FY15 (refers to the
period of April 1 to March 31).

The ratings, however, continue to remain constrained on account
of SSPL's modest scale of operations, moderate profit margins,
leveraged capital structure with modest debt coverage indicators
and its presence in the highly competitive ceramic industry with
fortunes linked to demand from cyclical real estate sector.
The ratings continue to derive strength from the wide experience
of the promoters and location advantage of being present in the
ceramic hub with easy access to raw material, fuel and labour.

Continued support from SCL with achievement of the envisaged
sales level, profitability and rationalization of debt level
while managing working capital efficiently would be the key
rating sensitivities.

SSPL was incorporated in April 2012 was originally known as Sonec
Sanitary Ware Pvt. Ltd. promoted by Mr Balvant Khimji Dalsaniya
and Mr Mahavir Shantilal Jain, the name change event took place
as on November 24, 2015. SSPL had set up its green-field project
for manufacturing sanitary wares with an installed capacity
438,000 pieces per annum at Morbi in Gujarat. The project becomes
operational in June 2013. However, in nascent stages, the company
had incurred losses and the promoters sold their stakes to Mr
Hitesh Vasiyani, Mr Jaswant Patel, Mr Kantilal Serasiya and their
relatives and minority stake of 3.29% was acquired by SCL inMarch
2014.  Furthermore, SCL has increased its stake in SSPL to 44.61%
as on March 31, 2015, and paid INR1 crore as advance to
acquire majority shareholding (51%) to venture into sanitaryware.
Mr Hitesh Vasiyani, Mr Jaswant Patel, Mr Kantilal Serasiya and
their relatives would remain as minority shareholders and would
look after overall management of SSPL. As per shareholders
agreements and supply agreements, SCL has right to buy and sell
the entire production of sanitaryware of SSPL under its own
brand. With stabilization of operations and demand from SCL, it
achieved 53% capacity utilization in FY15.

As per the audited results of FY15, SSPL reported loss of INR0.27
crore on a total operating income (TOI) of INR7.55 crore as
against net loss of INR1.33 crore on a TOI of INR0.84 crore
during FY14. As per the provisional results of 11MFY16, SSPL
registered TOI of INR12.60 crore.


SRI LANGTA: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Langta Baba
Steels Pvt Ltd.'s (SLBSPL) 'IND B-' Long-Term Issuer Rating with
a Stable Outlook to the suspended category. This rating will now
appear as 'IND B-(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

SLBSPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B-(suspended)' from
    'IND B-'/Stable

-- INR157.9 million long-term loans: migrated to 'IND B-
    (suspended)' from 'IND B-'

-- INR51.6 million funded interest term loan: migrated to
     'IND B-(suspended)' from 'IND B-'

-- INR150 million fund-based limits: migrated to 'IND B-
    (suspended)' from 'IND B-'


SWAJIT ABRASIVES: CARE Reaffirms B+ Rating on INR4.25cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Swajit Abrasives Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.25      CARE B+ Re-affirmed
   Short term Bank Facilities     1.15      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Swajit Abrasives
Private Limited (SAOL) continue to be constrained by the small
scale of operations with a limited product portfolio and weak
financial profile marked by net losses and leveraged capital
structure. The ratings are further constrained by the presence of
SAPL in the highly competitive abrasives industry. The ratings
continue to factor in the company's long track record of
operations and the experience of the promoters.

The ability of the company to improve the scale of operations and
efficient management of working capital cycle remains the key
rating sensitivity.

SAPL was incorporated in 2000 and is a part of the Aurangabad-
based Swajit Group promoted in 1992 by Mr Avinash V Chavan. The
parent company Swajit Engineering Private Limited (SEPL) is into
manufacturing of conveyor chains used in material handling and
caters to sugar, cement, fertilizers and allied industries.

SAPL is engaged in manufacturing of coated abrasives products at
its manufacturing facility at Aurangabad (Maharashtra) with an
installed capacity of 4.20 lakh square meters per annum.
Abrasives are mainly used for grinding and surface finishing
purpose and finds applications in automobile, hand tool,
furniture, electroplating, leather and several other industries.
SAPL sells its products under the brands 'Abracut' and 'Tiger'.
The company also exports (around 5-6 % of total revenue) from its
products to countries like Kenya, Dubai and Sri Lanka. It also
imports about 3% of its raw material from USA and France. The
domestic customer base of the company comprises of customers like
Kirloskar Oil Engines Ltd. (Nashik), Trinity Auto Components
Private Limited (Pune), Excellent Forging (Ludhiana), Dheeraj
Industries (Mumbai), Netalkar Engineering Works (Belgaum),
etc.

In FY15 (refers to the period April 01 to March 31), SAPL
reported net loss of INR0.60 crore on a total operating income of
INR12.87crore as against a PAT of INR0.91 crore against a
turnover of INR10.95 crore in FY14.


SWASTIK OIL: CRISIL Suspends 'D' Rating on INR800MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swastik Oil Refinery Private Limited (Swastik; formerly known as
Swastik Refinery Pvt Ltd).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           15       CRISIL D
   Cash Credit             150       CRISIL D
   Letter of Credit        800       CRISIL D
   Proposed Long Term
   Bank Loan Facility       35.2     CRISIL D
   Term Loan                24.8     CRISIL D

The suspension of ratings is on account of non-cooperation by
SWASTIK with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, SWASTIK
is yet to provide adequate information to enable CRISIL to assess
SWASTIK'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 April 1997, Swastik commenced operations in 1999.
The company manufactures edible oils. Its refinery at Jalan
Industrial Complex in Howrah (West Bengal) has a capacity of
20,000 tonnes per annum (tpa) for hydrogenated vanaspati and
75,000 tpa for refined oil. Swastik markets vanaspati under the
Vanaspati 2000 brand and refined oil under the Happy Heart brand.


UDAIPUR POLY: CARE Reaffirms 'B' Rating on INR30.30cr LT Loan
-------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of Udaipur Poly Sacks Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     30.30      CARE B Suspension
                                            Revoked and Rating
                                            Reaffirmed

   Short-term Bank Facilities     8.40      CARE A4 Suspension
                                            Revoked and Rating
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Udaipur Poly Sacks
Limited (UPSL) continue to remain constrained on account of its
relatively modest scale of operations and its financial risk
profile marked by highly leveraged capital structure, weak
debt coverage indicators and stressed liquidity profile. The
ratings, further, remain constrained on account of the
susceptibility of the company's profitability to fluctuations in
the raw material prices, low bargaining power with the raw
material suppliers and challenges of operating in a highly
regulated fertilizer industry as well as competitive and
fragmented woven sack industry.

The ratings, however, continue to draw strength from the long-
standing experience of the promoters with its established track
record of operations in the industry along with marketing
arrangement with Indian Potash Limited (IPL) for sale of Single
Super Phosphate (SSP) as well as its own marketing network of
distributors in various states.

UPSL's ability to increase its scale of operations while
maintaining/improving profitability in light of the volatile raw
material prices along with improvement in the solvency position
as well as efficient management of working capital and changes in
the government policies with respect to the SSP industry shall be
the key rating sensitivities.

Udaipur-based (Rajasthan) UPSL, incorporated in 1995, was
promoted by Mr Ravinder Singh along with his family members.
Initially, UPSL was set up with an objective to primarily
manufacture woven sack bags at its plant located at Udaipur
(Rajasthan). Woven sack bags manufactured from Polypropylene (PP)
or High Density Polyethylene (HDPE) finds its application in
packaging across various industries ranging from chemical to
fertilizer industry. The plant of the company is located at
Udaipur (Rajasthan) having a total installed capacity of 1,800
metric tonne per annum (MTPA) as on March 31, 2015.

During FY12 (refers to the period April 1 to March 31), UPSL
diversified its business operations and undertook a project to
set up a fertilizer plant to manufacture SSP and Granule Single
Super Phosphate (GSSP) with the total installed capacity of
130,000 MTPA as on March 31, 2015. The company completed its
project and started commercial operations from September 2013
onwards with FY15 being the first full year of operation for the
company for its SSP and GSSP segment.

Furthermore, for marketing of SSP and GSSP, UPSL has made
marketing arrangement with IPL as well as established its
own dealer network to sell SSP and GSSP under its own brand name
"Ankur". The basic raw materials for manufacturing SSP are Rock
Phosphate (RP) and Sulphuric Acid (SA). UPSL procures its
requirement of RP from Rajasthan State Mines & Minerals Ltd.
(RSMML) and some quantity from Hindustan Zinc Limited which is
located near to its manufacturing establishment at Udaipur).

During FY15, UPSL has reported a total operating income of
INR53.33 crore (FY14: INR15.55 crore), with a PAT of INR2.91
crore (FY14: INR5.63 crore). Furthermore, as per the provisional
results of 9MFY16, UPSL has achieved TOI of around INR42.00
crore.


UNNATI FORTUNE: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Unnati
Fortune Hotmart Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Unnati Fortune
Hotmart Private Limited (UFH) continues to be constrained by
the limited experience of the promoters in the hospitality
industry, project execution and stablisation risk associated with
its debt funded greenfield project, competition from existing
hotels operating in the region and subdued Industry scenario.

The rating, however, continue to derive strength from the
company's association with Unnati Fortune Group, achievement of
financial tie-ups for the project, the location advantage of the
upcoming hotel.

Going forward, the ability of the company to complete the ongoing
project within envisaged cost and time parameters and achievement
of the projected average room rate and occupancy levels shall be
the key rating sensitivities.

Ghaziabad-based (Uttar Pradesh) UFH, a private limited company
was incorporated by Mr Anil Mithas and Mrs Madhu Mithas in
February 2012 and is part of Unnati Fortune group. The group
consists of 25 companies however, only few of them are
operational.

UFH is setting up a four star hotel in Vaishali near Ghaziabad
(Uttar Pradesh). The proposed hotel is being developed on a
land parcel of 3,902 sq. mtrs. The proposed hotel would consist
of 30 rooms, convention centre, fitness centre, restaurant and
other facilities (which include pool, Terrace Garden and
Meditation room). Apart from the mentioned facilities the company
is also constructing anchor shop (12,002 sqft) and retail shop
(15,003 sqft). The hotel is expected to start by July, 2016.


VAISHANAVI ISPAT: CRISIL Suspends D Rating on INR615MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vaishanavi Ispat Limited (VIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             532.9      CRISIL D
   Letter of Credit         75        CRISIL D
   Term Loan               615        CRISIL D
   Working Capital
   Term Loan               240.7      CRISIL D

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

VIL was initially incorporated as a private limited company on
April 13, 2005, promoted by Mr. Giriraj Ratan Binani and Mr.
Subhendu Bhattacharjee. Subsequently, this company was
reconstituted as a limited company with the current name in 2010-
11 (refers to financial year, April 1 to March 31). VIL set up a
steel melting shop comprising an induction furnace with a
capacity of 8 tonnes per annum (tpa) and a 16-inch rolling mill
of 12 tpa capacity to manufacture stainless steel products
(ingots, rounds, and bars). The total installed capacity of the
plant, located at Bamunara, in the Burdwan district of West
Bengal, is now 66,000 tpa.


VALUELINE HOMESTYLE: CARE Assigns B+ Rating to INR4.70cr LT Loan
----------------------------------------------------------------
CARE assigns ratings of 'CARE B+' and 'CARE A4' to the bank
facilities of Valueline Homestyle Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.70      CARE B+ Assigned
   Short term Bank Facilities     3.30      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Value Line
Homestyle Private Limited are constrained by relatively small
size
and scale of operations, low profit level and cash accrual,
leveraged capital structure and working capital intensive nature
of business. The ratings, however, are underpinned by
satisfactory track record of the promoters, growth in total
operating income during the last three years ending FY15 (refers
to the period April 01 to March 31), premium product offering
with established presence of the brand and reputed clientele.
Going forward, the ability of the company to expand the scale of
operation with improvement in the capital structure and
adequately manage the working capital requirement are the key
rating sensitivities.

Value Line Homestyle Private Limited (VLHPL), incorporated in
December 2007 has been promoted by Mrs Seema Anand, Mr Bal Ram
Anand and Mr Srinivasa Rao Deepti of Hyderabad, Telanagna. The
company is primarily engaged in the trading of imported
Sanitaryware and Bathroom Fittings products (basically bath
wellness, kitchen products, Tiles and Bath room fittings etc) and
the products are sold under the brand name of 'Valueline" in the
states of Telangana, Andhra Pradesh, Karnataka and Chennai. The
company deals into luxury brands of sanitary ware and bathroom
fittings only (viz TOTO, Versace and Foster etc) and the major
clientele comprises real estate property builders and high
networth individuals. The company has 4 showrooms each at
Hyderabad, Bangalore, Visakhapatnam and Chennai.

For FY15, VLHPL registered PBILDT of INR1.57 crore (FY14 -
INR1.52 crore) and PAT of INR0.10 crore (FY14 - INR0.09 crore) on
a total operating income of INR21.66 crore (FY14 - INR18.94
crore). During 9MFY16 (Provisional), VLHPL reported a total
operating income of INR18.60 crore and PBT of INR0.12 crore.


VENUS CONTROLS: CRISIL Suspends B- Rating on INR400MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Venus Controls and Switchgear Private Limited (VCSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          100        CRISIL A4
   Cash Credit             400        CRISIL B-/Stable
   Letter of Credit        100        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      200        CRISIL B-/Stable

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

VCSPL, incorporated in 1989, manufactures electrical control
panels. The company also started undertaking turnkey projects in
2010 to set up entire power sub-stations. Its manufacturing
facilities are in Haryana. VCSPL has a team of engineers that
design products or systems based on customer specifications. The
company's day-to-day operations are managed by its promoter-
director, Mr. Shyam Sunder Patodia, and his son, Mr. Vijay Kumar
Patodia.


VIJIT INTERNATIONAL: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vijit International Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Assigned
   Short-term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vijit
International Pvt. Ltd. (VIPL) are primarily constrained by its
small scale of operations with low profitability, susceptibility
of operating margin to volatility in trading material prices,
fragmented nature of business with high competition among the
players and working capital intensive nature of operation. The
ratings, however, derive strength from its experience of the
promoters of around a decade in a similar line of business, long
track record of operation of the company though new management
has taken over during July 2015 and comfortable capital structure
and satisfactory current ratio.

Going forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Vijit International Pvt. Ltd. (VIPL) was incorporated in October
2000 by one Mr Suresh Kumar Goel and Mrs Usha Goel of Kolkata to
initiate an iron and steel products trading business. The company
was in trading of HR Coils, HR Sheet, Steel tubes etc. However,
during July 2015, the earlier management has sold the full
control of the company to the present management. The present
management lead by Mrs Prity Sharma and Mr Madhusudan Agarwalla
has a decade of experience in iron and steel related business.
During FY16 (refers to the period April 1 to March 31) for a few
months, the
operations of the company were on hold and had undergone a
renovation of the warehouse at a cost of INR0.25 crore.
However, during November 2015 the operation of the company again
resumed as a trading business of Coils, Angles, Channels, Pipes
and TMT Bar etc. The day to day operation of the company is
looked after by Mr Madhusudan Agarwalla.

During FY15, the company reported a total operating income of
INR6.91 crore (FY14: INR23.58 crore) and a net loss (in FY14 PAT
was: INR0.11 crore). Furthermore, the company has achieved a
total operating income of INR9 crore during 11MFY16.


WASAN HOSPITALITY: CARE Lowers Rating on INR66.14cr Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Wasan
Hospitality Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     66.14      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Wasan Hospitality Private Limited (WHPL) takes into consideration
the delay in execution of project and along with cost overrun.

The rating further continues to be constrained by the limited
experience of the promoters in the hospitality industry and
inherent industry risk due to dependence on the economic cycles.
The rating, however, continues to derive strength from management
contract with reputed hospitality brand, viz, Taj Group and
resourcefulness of the promoters.

The ability of the company to timely complete its project within
envisaged cost and time parameters and subsequently timely
stabilize the operations amidst intense competition are the key
rating sensitivities.

Incorporated in 2010, WHPL is currently developing a 150-room
five-star property at Navi Mumbai. The hotel will also have three
restaurants (including one 24 hour coffee shop), a spa, business
center and banqueting facilities. The hotel will be operated by
Taj Group [The Indian Hotels Company Limited, 'CARE AA+/A1+']
under the brand "Taj Gateway".

The company is a part of the Wasan Group, which has varied
business interests including hospitality, logistics and
automobile dealership (including passengers/commercial vehicles
of Tata Motors Ltd and Toyota India). The group has around 45
automobiles showrooms including service stations spread across
western region of Maharashtra.

The overall estimated revised cost of the project is INR143.06
crore (erstwhile INR109.32 crore) and is proposed to be funded
through equity, unsecured loans from the promoters and debt in
the ratio of 14:23:63x. As on September 30, 2015, the company has
incurred cost of INR65.15 crore (45.54% of total project cost)
and the hotel is expected to be operational by the 1st week of
October 2016 as against envisaged earlier date of September 2015.


WORTH INFRA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Worth Infra
Industries Private Limited's (WIIPL) 'IND B' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  This
rating will now appear as 'IND B(suspended)' on the agency's
website.

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

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

WIIPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR9.0 mil. fund-based working capital limits: migrated to
     'IND B(suspended)' from 'IND B'
   -- INR52.1 mil. term loans: migrated to 'IND B(suspended)'
      from 'IND B'



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


CHANDRA ASRI: Moody's Raises CFR to B1; Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Chandra Asri Petrochemical Tbk (P.T.) to B1 from B2.

The rating outlook is stable.

List of affected ratings:

Upgrades:

Issuer: Chandra Asri Petrochemical Tbk (P.T.)
  Corporate Family Rating, Upgraded to B1 from B2

                         RATINGS RATIONALE

"The upgrade of Chandra Asri to B1 follows the completion of its
multiyear debt-funded capital spending program to expand its
existing naphtha cracker and add a new Butadiene plant, providing
the company with both increased production capacity and product
diversification," says Brian Grieser, a Moody's Vice President
and Senior Analyst.

"With the new capacity on-line and a significant reduction in
capital spending expected over the next two years, we expect
Chandra Asri to generate substantial cash flows and allocate it
to debt reduction," adds Grieser, who is also the lead analyst
for Chandra Asri.

Chandra Asri's increased its EBITDA by roughly 25% in 2015,
driven largely by strong cash margins on its olefin and
polyolefin products.  The improvement came despite low
utilization rates that accompanied the shutdown of the existing
naphtha cracker for turnaround maintenance, and expansion tie-in
work in the fourth quarter.

Moody's anticipates the company's cash margins will fall in
coming years from the elevated levels achieved in 2015 given the
cyclicality of the petrochemical industry.  However, the
combination of solid margins and the roughly 43% increase in
ethylene, propylene, py-gas and mixed C4 production capacity
should support continued EBITDA and cash flow growth in 2016.

The B1 rating reflects Chandra Asri's leading position in the
Indonesian petrochemicals market, its manageable debt levels and
interest burden, good liquidity profile, and both operational and
financial support from Siam Cement Group (unrated), who owns
30.57% of Chandra Asri.

The rating also captures the inherent cyclicality of the
petrochemicals industry and the geographic concentration of
Chandra Asri's facilities.

Chandra Asri's position as the largest petrochemical company in
Indonesia provides it with unique growth opportunities given the
expected consumption growth of petrochemical products in the
country.  Further, Chandra Asri benefits from low transportation
costs given its proximity to customers and the fact that it
doesn't have to pay import duties.  Indonesia remains highly
dependent on imports of ethylene, polyethylene and polypropylene.

Chandra Asri's leverage -- as measured by adjusted debt to EBITDA
-- of 3.6x at end-2015 is projected to fall to around 2.0x-2.5x
in 2016, due to a combination of debt reduction and EBITDA
growth.

The stable outlook reflects the expected improvement in Chandra
Asri's operating performance and cash flow generation in 2016
following the completion of its naphtha cracker expansion and
related tie-in works.  With its investment cycle largely
complete, Moody's expects capital spending to drop materially and
cash flows to be allocated to debt reduction providing it with
incremental balance sheet flexibility to weather the next
cyclical downturn.

The company's rating could be upgraded if the recent capacity
expansion is successful in stabilizing profit margins and
operating cash flow generation through the cycle.  Moody's would
expect Chandra Asri to maintain debt/EBITDA below 2.0x with
positive free cash flow generation on an ongoing basis to
consider an upgrade given the cyclical nature of the
petrochemicals business.

The company's rating could be downgraded, if (1) its credit
metrics deteriorate such that leverage is likely to be maintained
at 4.0x over an extended period; or (2) its liquidity
deteriorates such that its cash balance falls below $75 million;
or (3) the company initiates large incremental debt-funded
expansions.

The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.

PT Chandra Asri Petrochemical Tbk is an integrated petrochemical
company operating the only naphtha cracker in Indonesia.  Chandra
Asri has a production capacity of 860,000 tonnes per annum (tpa)
for ethylene, 470,000 tpa for propylene, 400,000 tpa for py-gas,
315,000 tpa for mixed C4, two polyethylene plants with a combined
production capacity of 336,000 tpa, and 480,000 tpa for
polypropylene.  Through its wholly owned subsidiary PT Styrindo
Mono Indonesia (SMI), CAP also has an annual styrene monomer
production capacity of 340,000 tpa.  CAP's PT Petrokimia
Butadiene Indonesia (PBI), which commenced operations in Q4 2013,
has the capacity to produce 100,000 tpa of Butadiene.


* Fitch Says Economic Indicators Positive for Indonesia Firms
-------------------------------------------------------------
Recent improvement in some sentiment, consumer demand and
purchasing power indicators in Indonesia should be positive for
certain consumer related sectors, says Fitch Ratings. Indicators
ranging from card-based transaction spending, domestic automotive
and motorcycle sales, the consumer confidence index and traffic
volume point to improving demand, albeit the sustainability of
the acceleration remains uncertain.

The latest data from Bank Indonesia shows total credit and debit
card transaction value in February 2016 growing 16% yoy, the
biggest increase since December 2014. Value per card transaction
grew 1.1% yoy in the same period, the first positive growth since
October 2014. However, this is low compared to Indonesia's high-
growth period between 2010 and 2012, when total credit and debit
card transaction value increased by a compound annual growth rate
of 22.8%. Annual growth tapered off to 16.9% and 10.2% in 2014
and 2015 respectively, alongside a slowdown in economic growth.

Automotive sales in February 2016 fell 0.6% yoy, the smallest
decline since August 2014. Motorcycle sales declined 5.6% in the
same period, which marked a significant deceleration in the rate
of contraction from the 17.6% fall in 2015. Furthermore, overall
traffic volume growth in Indonesia's major toll roads picked up
to 8% yoy in the first two months of 2016, after falling to 1%-4%
yoy in 2014-2015 from between 9%-14% yoy in 2011-2012.

The improvement in these consumption indicators combined with
lower inflation suggest some pick-up in consumer purchasing power
and demand this year. Notably, Bank Indonesia's consumer
confidence index swung from 97.5 in September 2015, the lowest
since 2008, to 109.8 in March. A score below 100 indicates there
were more pessimistic responses than optimistic ones, while a
score above 100 means optimism outweighed pessimism.

The pick-up in purchasing power and demand will be particularly
beneficial for corporates in the consumer sector, such as PT
Mitra Pinasthika Mustika Tbk (BB-/Stable), PT Japfa Comfeed
Indonesia Tbk (BB-/Negative) and PT Sri Rejeki Isman Tbk
(A(idn)/Stable). It will also be positive for retail companies
like PT Sumber Alfaria Trijaya Tbk (AA-(idn)/Stable), PT
Multipolar Tbk (B+/Stable) and PT Finnet Indonesia
(A(idn)/Stable).

However, significant economic challenges and risks remain.
Implementing reforms to sustain a recovery through the medium-
term will take time and the extent of implementation will
determine the pace of growth. Growth is not expected to
accelerate rapidly anytime soon and the slight improvement so far
seems driven by public investment rather than private
consumption. Weak domestic corporate balance sheets do not point
to rapid acceleration in private investment growth in the near
term. Hence, certain corporate sectors will continue to face
challenging conditions. This includes the property sector, where
Fitch maintains a negative sector outlook.



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


ALCHEMIST: Video Game Developer Files for Bankruptcy
----------------------------------------------------
Gematsu.com reports that Alchemist, the publisher behind
Higurashi When they Cry, Umineko, and Gal Gun, filed for
bankruptcy in Sapporo district court on April 1.

Alchemist is video game developer based in Japan.  Founded in
1991, Alchemist was founded under the name Bay Crystal. It didn't
enter the software-related business until 2002, when it ported
the PC game Kimi ga Nozomu Eien to Dreamcast, Gemetsy.com
relates.



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


MALAYSIA: GDP Growth Likely to Slow Further in 2016, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that a poll that Moody's conducted
in Kuala Lumpur in the latter part of March 2016 shows that more
than half (58%) of the respondents surveyed believe that
Malaysia's (A3 stable) real GDP growth will slow to 4.0%-4.5% in
2016 from 5.0% in 2015.

"The results are in line with our view that Malaysia's headline
real GDP growth rate will slow to 4.4% in 2016, although there
are downside risks to this view," Rahul Ghosh, a Moody's Vice
President and Senior Research Analyst.

"Given the open nature of its economy -- with exports and imports
combined accounting for 131% of GDP -- Malaysia is susceptible to
a prolonged period of subdued global demand and weaker commodity
prices, which will result in slower investment demand, and
downward pressure on exports and government receipts," adds
Ghosh.

Ghosh also points out that Malaysia's high household debt burden
-- equivalent to 89.1% of GDP in 2015 -- will constrain the
ability of private consumption to support domestic demand.

Ghosh was speaking on Moody's just-released report titled
"Malaysia -- Inside ASEAN: The View from Malaysia".

The report discusses results from real-time polls conducted
during Moody's annual Inside ASEAN -- Spotlight on Malaysia
briefing in Kuala Lumpur, which was held on March 23.  The event
brought together the country's largest investors, intermediaries
and debt issuers, with 110 market participants in attendance.

As for the Malaysian ringgit, the broad view among market
participants at the event was that the currency has improved
significantly, and that the ringgit will show stability against
the US dollar over the next 12 months.

Of the respondents polled, 53% expect the ringgit to consolidate
in a range of MYR4.00-MYR4.20 against the USD over the next 12
months, and roughly a third expect a mild appreciation, within a
range of MYR3.50-MYR4.00/USD.

Moody's says that the recent let-up in dollar appreciation,
together with an improvement in Malaysia's trade surplus and
foreign exchange reserve position, provide a reasonably
supportive backdrop for the ringgit.  And, even if the ringgit
were to remain weak, or embark on a renewed depreciatory trend,
the overall exposure of Malaysia's sovereign and banks to foreign
exchange risks would remain manageable.

Moody's points out that the predominance of funding in the local
currency means that weakness in the ringgit has not led to
increased debt distress in the corporate and banking sectors, and
the knock-on impact on interest rates has remained muted.

Moody's explains that Malaysian government foreign-currency
denominated debt accounted for just 3.4% of the total government
debt at end-2015.  Meanwhile, the net open foreign exchange
positions of Malaysian banks represent a modest 1%-5% of their
capital levels, and most foreign exchange loans are granted to
exporters, which will balance the risk of currency volatility.

As for the banks, of the participants surveyed at the event, 40%
believe that high household leverage poses the greatest risk to
Malaysian banks in the coming 12 months, followed by corporate
defaults, which garnered 27% of total votes.  The slowdown in
China, weak commodity prices and local property market trends
each received roughly 10%-12% of the votes.

Moody's view is that Malaysian banks face rising credit risks in
2016, as slower growth and weaker corporate and household balance
sheets challenge asset quality.

On the exposure of Malaysian banks to the oil and gas sector, 54%
of people polled expressed slight concerns, but believe that most
oil and gas companies remain in good shape, and therefore such
exposures will be manageable for the banks.

Of the banks rated by Moody's, exposures to oil and gas -- and
related companies -- made up between 2% and 3% of the banks'
gross loans, or 15% to 23% of Common Equity Tier 1 capital, at
end-2015. Moody's says that the banks' low share of energy-
related loans should prevent a major spike in their overall non-
performing loans.

Moody's further points out that of the participants polled, 47%
said that governance concerns represent the largest structural
challenge to Malaysia's medium-term growth, while 27% cited high
private sector indebtedness.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1022586



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***