TCRAP_Public/160414.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

           Thursday, April 14, 2016, Vol. 19, No. 73


                            Headlines


A U S T R A L I A

AQUA COOLER: First Creditors' Meeting Set For April 21
DYNASTY CORP: First Creditors' Meeting Set For April 21
QUEENSLAND NICKEL: If Liquidated, Taxpayers to Fund Payouts
SYDNEY ALLEN: Mascot Printing Steps in to Help
VIP SHEDS: Goes Into Liquidation


C H I N A

CHINA SHANSHUI: Courts Order Unit to Pay Creditors US$372MM
DELTA TECHNOLOGY: Receives Nasdaq Listing Non-Compliance Notice
LDK SOLAR: Grand Court of Cayman Islands Orders Liquidation
SUNSHINE 100: Fitch Affirms 'B-' LT Issuer Default Ratings
SUNTECH POWER: U.S. Unit's Plan Hearing Adjourned to April 27

ZOOMLION HEAVY: S&P Affirms B+ Corp. Credit Rating; Outlook Neg.


I N D I A

A.N.R COTTON: ICRA Suspends B+ Rating on INR11.0cr Loan
AGNI LIMITED: CRISIL Suspends B Rating on INR34.6MM Cash Loan
AMBO EXPORTS: CRISIL Suspends D Rating on INR700MM Loan
AMIT ENGINEERS: ICRA Assigns 'B+' Rating to INR4.10cr Loan
ANKIT INTERNATIONAL: ICRA Assigns 'B' Rating to INR35cr Loan

AUSTIN DISTRIBUTORS: CRISIL Suspends B- Rating on INR273.5MM Loan
B.R. GUAR: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
B.S. AGRICULTURE: ICRA Assigns B/A4 Rating to INR5.50cr Loan
BHALARA COTTON: ICRA Reaffirms 'B' Rating on INR17cr LT Loan
BORSE BROTHERS: CRISIL Cuts Rating on INR93.7MM Loan to B-

CHALLANI RANKA: ICRA Suspends B+ Rating on INR10cr Bank Loan
COMPETENT DYESTUFF: ICRA Suspends B Rating on INR10cr Loan
COOCH BEHAR: ICRA Reaffirms B- Rating on INR34.49cr Term Loan
CYBERWALK TECH: ICRA Reaffirms 'D' Rating on INR68.84cr Loan
DEV BHOOMI: ICRA Assigns 'B' Rating to INR6.0cr Term Loan

EMERALD INDUSTRIES: ICRA Suspends B-/A4 Rating on INR14.80cr Loan
FILTER MANUFACTURING: CRISIL Suspends D Rating on INR35MM Loan
GANTA SRIRAM: ICRA Assigns B+ Rating to INR5.90cr LT Loan
GROWTHPATH SOLUTIONS: CRISIL Assigns 'B' Rating to INR60MM Loan
HINDUSTAN WINDOWS: Ind-Ra Suspends IND B- Long-Term Issuer Rating

ICA EDU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
JBJ TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR7.25cr Loan
KAILASH EDUCATIONAL: Ind-Ra Rates INR90MM Term Loan 'IND BB-'
KALINGA FERRO: CRISIL Suspends D Rating on INR221MM Cash Loan
KCRM FOODS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan

KDM CLOTHING: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
KIRPA FOODS: ICRA Assigns 'B' Rating to INR22.50cr Loan
KPR INDUSTRIES: ICRA Lowers Rating on INR337.54cr Loan to D
MA MAHAMAYA: CRISIL Suspends B Rating on INR60MM Term Loan
MADHOOR BUILDWELL: CRISIL Reaffirms B+ Rating on INR204.5MM Loan

MANGALA CASHEW: ICRA Assigns B+ Rating to INR10cr LT Loan
MG WELL: ICRA Lowers Rating on INR4.0cr Loan to 'D'
MITTAL ALLOY: CRISIL Assigns 'B' Rating to INR33MM LT Loan
MULCHAND FIBER: CRISIL Reaffirms B Rating on INR89.2MM Term Loan
NARULA FOODS: CRISIL Suspends D Rating on INR196MM Cash Loan

PRECISE SEAMLESS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
R.H. SORTEX: ICRA Assigns D Rating to INR5.62cr Loan
RAMALINGA REDDY: CRISIL Assigns B+ Rating to INR45MM LT Loan
SEAGA INDIA: ICRA Reaffirms 'B+' Rating on INR8.0cr Term Loan
SHAKUN GASES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan

SHANTI GOPAL: ICRA Revises Rating on INR40cr LT Loan to 'B'
SHREE KRISHNA: ICRA Lowers Rating on INR48cr LT Loan to 'D'
SHREE SANYEEJI: CRISIL Suspends D Rating on INR440MM Cash Loan
SHYAMA SAKTI: CRISIL Suspends D Rating on INR50MM Cash Loan
SIDDARTH ORGANISATION: ICRA Assigns B+ Rating to INR2.16cr Loan

SKD REALTY: ICRA Assigns B+ Rating to INR25cr LT Loan
SMVD POLYPACK: CRISIL Suspends B+ Rating on INR105MM LT Loan
SRI BALAJI: CRISIL Suspends D Rating on INR650MM Cash Loan
SRI SUBRAMANYESWARA: ICRA Assigns 'B' Rating to INR12.70cr Loan
SRI VIJAYA: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan

SUMIT GAS: CRISIL Suspends D Rating on INR40MM Bank Loan
SUNSHAKTI OIL: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
SUSHEEL YARNS: CRISIL Suspends B+ Rating on INR85MM Cash Loan
SUYAMBU PROJECTS: CRISIL Assigns B Rating to INR60MM Cash Loan
SVL TRADING: Weak Financial Strength Cues ICRA SP 3D1 Grading

VARDA SPINNING: CRISIL Suspends B+ Rating on INR100MM Loan


J A P A N

TAKATA CORP: To Seek Restructuring Sponsor by August


N E W  Z E A L A N D

CJ SOLUTIONS: In Liquidation; Owes More Than NZ$4.5MM
EVERGREEN LODGE: Lodges Placed Under Receivership


P A K I S T A N

PAKISTAN: Fitch Affirms 'B' Long-Term Issuer Default Ratings


T A I W A N

WAN HAI: Moody's Retains Ba2 CFR on Slightly Weaker 2015 Results


                            - - - - -


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


AQUA COOLER: First Creditors' Meeting Set For April 21
------------------------------------------------------
John Melluish and Robyn Duggan of Ferrier Hodgson were appointed
as administrators of Aqua Cooler Pty Limited on April 11, 2016.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 13, 225 George Street, in Sydney, on
April 21, 2000, at 10:30 a.m.


DYNASTY CORP: First Creditors' Meeting Set For April 21
-------------------------------------------------------
Kimberley Stuart Wallman at HLB Mann Judd (Insolvency WA) was
appointed as administrator of Dynasty Corporation Pty Ltd,
trading as Dynasty Drycleaners, on April 11, 2016.

A first meeting of the creditors of the Company will be held at
Level 3, 35 Outram Street, in West Perth, on April 21, 2016, at
10:30 a.m.


QUEENSLAND NICKEL: If Liquidated, Taxpayers to Fund Payouts
-----------------------------------------------------------
Mark Ludlow at Australian Financial Review reports that federal
taxpayers will have to pick up the tab for most of Queensland
Nickel's AUD110 million in debts if it is placed in liquidation
later this month.

With Clive Palmer failing to officially lodge his AUD250 million
rescue plan and proponents of a community and worker buy-back
deciding they will not submit a proposal, administrator FTI
Consulting is expected to be left with little choice but to
recommend to creditors the company be wound up, according to AFR.

If the former operating company is placed into liquidation, the
bulk of the debts -- or about AUD70 million of worker
entitlements -- will be picked up by the federal government's
Fair Entitlements Guarantee Scheme, the report states.

According to AFR, Mr. Palmer's calculated ploy to get taxpayers
to help cover his debts has angered the cash-strapped Turnbull
government.

"The moral and legal responsibility for the payment of
entitlements of all Queensland Nickel workers lies with Mr
Palmer, not the taxpayer," the report quotes a spokesman for
Employment Minister Michaelia Cash as saying.  "It is up to Clive
Palmer and the management of Queensland Nickel Sales to urgently
make arrangements to ensure that employees are not denied their
lawful entitlements."

AFR says the potential AUD70 million-plus payment would easily be
the largest claim under the Fair Entitlements Guarantee Scheme.

If the federal government pays the worker's entitlements, that
will leave about AUD40 million in debts to trade creditors such
rail company Aurizon (AUD20 million), the Australian Taxation
Office, nickel mines in New Caledonia and electricity and gas
suppliers to Mr Palmer's Yabulu refinery just north of
Townsville.

AFR relates that Mr Palmer, the resources tycoon turned federal
MP, has remained coy in the past few weeks about whether he would
submit a deed of company arrangement for Queensland Nickel.

This followed his audacious bid last month to take back
operational control of the Townsville refinery through the
creation of a new operating company, Queensland Nickel Sales. He
then promptly mothballed the refinery until July, forcing 550
workers out of a job, the report says.

If Queensland Nickel is placed into liquidation Mr Palmer could
leave himself exposed to charges of being a shadow director and
insolvent trading, as well as QNI's parent companies, QNI Metals
and QNI Resources, being chased for outstanding debts, AFR
states.

According to AFR, Mr Palmer said he hadn't been a director of
Queensland Nickel in February last year, while QNI's financial
accounts were signed off by Ernst & Young in September last year.

Mr Palmer denied he will be chased for outstanding debts after
FTI Consulting submits its report to creditors in the next few
weeks, adds AFR.

"If it goes into liquidation that's just what happens. Companies
go into liquidation across the country everyday," the report
quotes Mr. Palmer as saying in an interview.

"If there's a debt to that company, it's a company debt. Provided
the company has traded while solvent -- which the administrators
will report on -- that's where it ends. I haven't had any
involvement in any of it."

If Mr Palmer decides to re-open the Yabulu refinery he will have
to negotiate new agreements with suppliers such as Aurizon, AFR
states.

According to the report, the rail company which transports the
nickel products to and from the Port of Townsville has already
allocated AUD18 million in provisional losses for its debts from
Queensland Nickel.

With the refinery shut until at least July 30, Aurizon has
already called for 18 voluntary redundancies from its 110
Townsville-based train drivers, AFR says.

AFR says FTI Consulting director John Park late last month warned
Mr Palmer was running out of time to lodge his deed of company
arrangement before they report back to creditors in mid-April.

AFR relates that Sister City Partners director Warwick Powell,
who is trying to co-ordinate a creditor-worker buyback of the
Townsville refinery, also confirmed they would not submit a
rescue plan for Queensland Nickel, but they were still interested
in buying the refinery assets off Mr Palmer.

"We wouldn't proceed with the buyback if those debts were
transferred to a new operating company. There is no reason why a
brand new company would be interested in taking on the liability
of an old company," AFR quotes Mr Powell as saying.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.


SYDNEY ALLEN: Mascot Printing Steps in to Help
----------------------------------------------
Broede Carmody at SmartCompany reports that a multimillion-dollar
printing business that collapsed into voluntary administration
last week has been thrown a potential lifeline after a competitor
decided to step in to operate the company while administrators
assess a possible restructure.

Sydney Allen Printers, which is based in Parramatta in New South
Wales and turns over around AUD14 million annually, appointed
external managers last week, SmartCompany relates.

However Sydney Allen Printers continues to trade, with fellow
printing company Mascot Printing entering into a licence
agreement to manage the business while administrators explore a
possible sale or restructure, according to SmartCompany.

In a statement issued to SmartCompany, Mascot Printing's managing
director Joe Pizzo said he is "very pleased" to be able to
support Sydney Allen Printers.

"With key staff and management onboard and the financial backing
of Mascot, we are confident that we will be able to service all
Sydney Allen customers without any interruption," Mr. Pizzo said,
notes the report.

Sydney Allen Printers employs around 50 people, with a creditors'
meeting scheduled for April 19.

The report says Mascot Printing has signalled its interest in
purchasing Sydney Allen once the voluntary administration process
wraps up.

SmartCompany understands that should Mascot Printing put up its
hand to purchase Sydney Allen Printers, it would aim to retain as
many staff as possible.


VIP SHEDS: Goes Into Liquidation
--------------------------------
Cliff Sanderson at Dissolve.com.au reports that VIP Sheds Pty Ltd
has gone into liquidation. Barry Kenneth Hamilton of Barry
Hamilton and Associates has been appointed liquidator of the
company on April 7, 2016, the report discloses.

According to Dissolve.com.au, the liquidation reportedly left the
fabrication company's customers out of pocket. These customers
have deposited money on sheds, which haven't been delivered. The
liquidator is currently investigating the matter, the report
states.



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


CHINA SHANSHUI: Courts Order Unit to Pay Creditors US$372MM
-----------------------------------------------------------
Reuters reports that Chinese courts have ordered cash-strapped
Shandong Shanshui Cement Group Ltd to pay back its creditors
CNY2.4 billion ($372 million), the company said in a statement
posted on the Shanghai Clearing House website on April 12.

Reuters relates that the company said it was unlikely to be able
to make the required payments due to financial difficulties, and
the courts would take steps such as auctioning off the firm's
assets to meet these obligations.

Defaults have accelerated among Chinese companies, particularly
in the heavy industrial sectors including steel and cement, which
have been hard hit by China's economic slowdown, says Reuters.

According to the news agency, bond defaults by the cement maker,
a subsidiary of Hong Kong-listed China Shanshui Cement Group Ltd,
had led creditors to turn to legal avenues to seek repayments.

Reuters relates that Shandong Shanshui Cement's statement to the
clearing house outlined the current status of almost 100 suits
against the indebted company and showed that various courts had
ordered it to pay back principal and interest to creditors burnt
by unmet bond repayments.

Courts have ruled on eight out of a total 96 cases against the
company, although these were some of the largest suits, the
statement, as cited by Reuters, showed. The total amount being
sought is around $764 million.

The courts have ordered repayments to be made to creditors
including China Merchants Bank, Qilu Asset Management and
regional lender China Guangfa Bank (CGB), adds Reuters.

                       About China Shanshui

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

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

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


DELTA TECHNOLOGY: Receives Nasdaq Listing Non-Compliance Notice
-------------------------------------------------------------
Delta Technology Holdings Limited ("Delta" or "the Company"), a
leading 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.


LDK SOLAR: Grand Court of Cayman Islands Orders Liquidation
-----------------------------------------------------------
LDK Solar CO., Ltd., in Official Liquidation, on April 7
disclosed that on April 6, 2016, subsequent to the filing on
February 11, 2016 of a joint creditors' petition dated February
5, 2016 (the "Petition") in the Grand Court of the Cayman Islands
(the "Cayman Court"), the Cayman Court ordered that the Company
be wound up in accordance with the Companies Law (2013 Revision)
(as amended) (the "Cayman Order").  The Cayman Court further
ordered that David Martin Griffin of FTI Consulting (Cayman) at
Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand
Cayman, KY1-1203, Cayman Islands and John Howard Batchelor of FTI
Consulting, Level 22, The Center, 99 Queen's Road Central,
Central, Hong Kong, be appointed as Joint Official Liquidators of
the Company ("JOLs") and that the JOLs be authorized to, amongst
other things, do any acts or things considered by them to be
necessary or desirable in connection with the liquidation of the
Company and the winding up of its affairs.

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com/-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of
Hong Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.  The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On
Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands.  The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No.
14-12387).  The U.S. Debtors' General Counsel is Jessica C.K.
Boelter, Esq., at Sidley Austin LLP, in Chicago, Illinois.  The
U.S. Debtors' Delaware counsel is Robert S. Brady, Esq., Maris J.
Kandestin, Esq., and Edmon L. Morton, Esq., at Young, Conaway,
Stargatt & 73 Taylor, LLP, in Wilmington, Delaware.  The U.S.
Debtors' financial advisor is Jefferies LLC.  The Debtors' voting
and noticing agent is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014, from the holders of LDK Solar's 10% Senior Notes due
2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor
of accepting the Prepackaged Plan.


SUNSHINE 100: Fitch Affirms 'B-' LT Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed China-based Homebuilder Sunshine 100
China Holdings Ltd.'s (Sunshine 100) Long-Term Foreign-Currency
Issuer Default Ratings (IDR) at 'B-'. The Outlook is revised to
Negative from Positive. Sunshine 100's senior unsecured rating
and the rating on its outstanding $US215m senior notes due in
2017 have been downgraded to 'CCC+' from 'B-', with a Recovery
Rating of 'RR5'.

The Outlook revision reflects significant headwinds for the
homebuilder as slower growth in housing sales resulted in
insufficient cash flow to support the expansion of its commercial
property business. Contracted sales turnover, measured by
contracted sales to gross debt, slowed to 0.4x, and leverage,
measured by net debt to adjusted inventory, surged to 62%.

The IDR was affirmed at 'B-' because the company does not have an
imminent liquidity shortage, and it may yet gradually improve its
business model by cutting back land purchases and disposing of
lower-quality projects.

The one-notch downgrade of the senior unsecured rating reflects
Fitch's expectations of lower recovery in the event of a default,
which may be seen in the shift in the Recovery Rating to 'RR5',
which represents below average recovery prospects, from 'RR4',
which represents average recovery prospects.

KEY RATING DRIVERS

Contracted Sales Miss Target: Sunshine 100's contracted sales
rose 12.4% to CNY7.5billion in 2015, which was below the
management's target. Most of the company's projects acquired
before 2015 are in areas with excessive property inventories or
in lower-tier cities, which have slower turnover and less
predictable sales. Sunshine 100 needs to generate contracted
sales to support its large development expenditure which includes
the expansion of its investment properties. The slower-than-
expected contracted sales turnover has put pressure on its
financial flexibility.

Asset Quality Improving Gradually: Sunshine 100 is refocusing its
resources on better located projects in 2015 to improve its sales
performance. The company acquired four land parcels with gross
floor area (GFA) of 1.5 million square metres (sqm) in 2015 for
attributable land premium of CNY1.1billion. The four sites are of
better quality and well-located. Sunshine 100 could gradually
improve its asset quality to support contracted sales growth if
it continues this disciplined land purchase strategy. The
company's total attributable land reserve was 10.5million sqm of
GFA at end-2015.

Persistent High Development Expenditure: Sunshine 100's high
development expenditure has increased its cash needs and hurt its
financial profile. The company has had high construction budgets
since 2014, and the budget is CNY6billion in 2016, representing
60% of total planned contracted sales. This is driven by its
large construction scale; the company had total GFA under
construction of 3.4 million sqm at end-2015, among which 1.9
million sqm were started in 2015.

Leverage to Remain High: Sunshine 100's net debt increased 55%
yoy at end-2015, which drove leverage to 62% from 51% at end-
2014. However, if its efforts in raising contracted sales,
project destocking and improving asset quality go as the
management expects, its leverage could be maintained at 60%-65%
in the next 12-18 months.

Sustainable Liquidity: Sunshine 100's short-term debt payable in
2016 is less than 25% of total debt, which reached CNY20billion
at the end of 1Q16. Fitch believes Sunshine 100's liquidity is
sustainable in the next 12-months because it has an undrawn bank
facility of CNY5.7billion and domestic bond issuance quota of
CNY3.7billion approved by China Securities Regulatory Commission
(CSRC).

KEY ASSUMPTIONS
"Fitch's key assumptions within our rating case for the issuer
include:
-- Mild growth in contracted sales in 2016
-- Active inventory destocking and sales of lower-quality assets
    to improve asset quality and ease liquidity
-- Selective and disciplined land purchases to improve land bank
    quality and support contract sales growth
-- Development expenditure remains high at around CNY6billion in
    2016
-- Profit margins remain under pressure"

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Net debt/adjusted inventory sustained above 65% (2015: 62%)
-- Contracted sales/total debt sustained below 0.4x (2015: 0.4x)
-- EBITDA margin sustained below 10% (2015: 11%)
-- Deterioration in Sunshine 100's liquidity position, such as
    failure to refinance its existing $US215m offshore bond
    maturing in 2017 in the next 12-18 months

Positive: The current rating is on Negative Outlook. Fitch does
not anticipate developments with a material likelihood,
individually or collectively, of leading to a rating upgrade.
However, if the above factors do not materialise, then the
Outlook may revert to Stable.

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign-Currency IDR affirmed at 'B-', Outlook
    revised to Negative from Positive
-- Senior unsecured rating downgraded to 'CCC+' from 'B-',
    with a Recovery Rating of 'RR5'
-- $US215 million 12.75% senior unsecured notes due 2017
    downgraded to 'CCC+' from 'B-', with a Recovery Rating of
    'RR5'


SUNTECH POWER: U.S. Unit's Plan Hearing Adjourned to April 27
-------------------------------------------------------------
Suntech America, Inc., and its affiliated debtors announced that
the hearing to consider confirmation of their plan of liquidation
has been adjourned for April 27, 2016 at 1:00 p.m. (prevailing
Eastern Time) before The Honorable Christopher S. Sontchi, United
States Bankruptcy Judge, in the Bankruptcy Court, 824 North
Market Street, 5th Floor, Courtroom 6, Wilmington, Delaware
19801.

Based on the date of the Confirmation Hearing, each of (i) the
Deadline to File Memoranda of Law and/or Affidavits in Support of
Confirmation of the Combined Plan and Disclosure Statement,2 (ii)
the Deadline to File Replies to any Objections to the Combined
Plan and Disclosure Statement, and (iii) the Vote Report Filing
Deadline has been extended to April 25, 2016 at 12:00 p.m.
(prevailing Eastern Time).

On Nov. 17, 2015, the Debtors, with the support of the Committee,
filed the Debtors' Combined Disclosure Statement and Chapter 11
Plan of Liquidation.

On Jan. 14, 2016, the Court entered an order approving the
Solicitation Procedures Motion and authorizing the Debtors to
solicit votes on the Combined Plan and Disclosure Statement.  The
Court set a Feb. 16 deadline for ballots and objections, and a
Feb. 25 hearing to consider confirmation of the Plan.  The
Feb. 25 hearing was adjourned by the Debtors.

On Feb. 19, the Debtors filed an omnibus objection to disputed
warranty-related claims solely for purposes of voting to accept
or reject the Plan.  The Debtors explained that they have
received claims on account of warranties provided by former
affiliate Wuxi Suntech Power Co., Ltd., to customers of
photovoltaic (PV) modules.

According to the Debtors, Wuxi has agreed to honor the warranties
with the same force, effect and validity as such warranties
existed prior to the sale of Wuxi to Jiangsu Sunfeng Photovoltaic
Technology Co., Ltd. in April 2014.  The Debtors have examined
the disputed warranty claims and have determined that such Claims
seek recovery for amounts for which the Debtors have no
liability.

On March 4, Wuxi Suntech Power Co. Ltd., responded to the Omnibus
Objection, acknowledging that "Wuxi has agreed to reconfirm its
obligation to honor Old Wuxi's standard warranties in effect on
the day Wuxi purchased Old Wuxi's assets in the PRC with the same
force, effect and validity as such warranties existed against Old
Wuxi."  However, Wuxi objects to the Debtors' characterization
that the Disputed Warranty Claims "all relate to claims that
arise under, or are otherwise covered by, the Warranties."

                        The Chapter 11 Plan

Suntech America, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a combined disclosure
statement and Chapter 11 plan of liquidation, which serve as the
culmination of extensive negotiations between the Debtors, the
Official Committee of Unsecured Creditors, The Solyndra Residual
Trust and Wuxi Suntech Power Co., Ltd./Suntech Power Asia
Pacific.

Majority of the Debtors' assets have already been liquidated to
cash.  The Debtor has $16.3 million in cash and cash equivalents.

A plan settlement provides for the resolution of two significant
disputed claims against the Debtors (The Solyndra Residual
Trust's $1.5 billion Claim and Wuxi Suntech Power Co.'s
approximate $145 million Claim).  The general unsecured claims of
Solyndra and Wuxi are allowed at $360,441,916 and these claimants
have agreed to a payment of $10,312,500 plus 60% of the total
value of any additional assets, for a 2.86% recovery.  Holders of
other general unsecured claims totaling $6 million are slated to
recover 30%. Holders of equity interests will receive the
remaining cash after distribution to holders of allowed claims
have been made.

A black-lined version of the Combined Plan filed Jan. 14, 2016,
is available for free at

http://bankrupt.com/misc/SUNTECHplan0114.pdf


                      About Suntech America

Headquartered in San Francisco, California, Suntech America,
Inc., aka Suntech Power, an affiliate of Wuxi, China-based
Suntech Power Holdings Corp., was the main operating subsidiary
of the Suntech Group in the Americas and its primary business
purpose was acting as an intermediary for marketing, selling and
distributing Suntech Group manufactured products.

Suntech America, Inc., and Suntech Arizona, Inc. filed for
Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-
10054 and 15-10056) on Jan. 12, 2015.  Judge Christopher S.
Sontchi presides over the cases.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.


ZOOMLION HEAVY: S&P Affirms B+ Corp. Credit Rating; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Zoomlion Heavy Industry Science and
Technology Co. Ltd.  The outlook is negative.  S&P also affirmed
its 'cnBB-' long-term Greater China regional scale rating on the
China-based machinery maker.  At the same time, S&P affirmed its
'B+' long-term issue ratings and 'cnBB-' long-term Greater China
regional scale ratings on US$400 million 6.875% senior unsecured
notes due 2017 and US$600 million 6.125% senior unsecured notes
due 2022 issued by Zoomlion H.K. SPV Co. Ltd.  Zoomlion
guarantees the notes.

"We affirmed the rating to reflect Zoomlion's moderately
declining leverage over the next 12 months.  The company has made
progress in reducing its off-balance-sheet liabilities, such as
guarantees and account receivables," said Standard & Poor's
credit analyst Stanley Chan.  "Our base case factors in
Zoomlion's clear plan to refinance its foreign currency debt with
onshore bonds that have lower interest cost."

However, S&P sees risks to its base case from Zoomlion's short
weighted average debt maturity profile, at less than two years as
of end-2015.  In addition, liquidity pressure may escalate if the
currently favorable onshore credit conditions quickly or
significantly change.

Zoomlion's profitability should mildly recover in 2016 and 2017
from historical lows in 2015.  However, the increase won't be
sufficient to significantly reduce the company's leverage.
Sluggish demand in China's construction machinery market caused
the company's operating scale and profitability to decline
substantially in 2012-2015.

S&P estimates Zoomlion's debt-to-EBITDA ratio to be a high 17.7x
in 2016, albeit declining from 19.9x in 2014, after factoring in
the off-balance-sheet liabilities.  The company's overall
exposure to contingent liabilities includes guarantees to banks
and others. S&P estimates these liabilities will decline to
Chinese renminbi (RMB) 8 billion-RMB9 billion in 2016, from
RMB10.27 billion in 2015 and RMB17.26 billion in 2014.  Zoomlion
was no longer engaged in factoring its account receivables to
banks for cash in 2015.

S&P expects the mildly positive momentum in Zoomlion's operating
cash flows starting in second-half 2015 to continue in 2016.  The
company has been executing tight credit underwriting standards.
S&P estimates that Zoomlion will generate positive operating cash
flows of RMB2 billion-RMB2.5 billion in 2016.  However, S&P
believes the company may still face some challenges in execution
as the market remains weak.

In S&P's base-case scenario, it expects Zoomlion to benefit from
business diversification after its recent acquisitions of Chery
Heavy Industries and its machinery business, and Ladurner
Ambiente and its environment protection related business.
Zoomlion will likely continue to control its business costs, with
a focus on controlling its selling, general, and administrative
(SG&A) expenses.  S&P estimates the company's gross margin will
stabilize at around 30% in the coming 24 months.  Zoomlion's
EBITDA margin could improve to 9%-11% during this time, from 8.3%
in 2015.

Despite the recent improvement in working hours for certain
construction machinery, S&P remains cautious on China's
construction machinery sector and see no clear sign of a sector
turnaround yet.  S&P believes the excessive inventory in the
property market and supply-side reforms will reduce overcapacity.
The ongoing reforms will continue to pressure demand in the
construction machinery sector over the coming 12 months.  S&P
expects industry consolidation to take place, and the large
market players will likely seize market share from small players
in the medium to long term.

S&P projects Zoomlion's total revenue to increase 3%-5% to RMB21
billion in 2016.  S&P believes the major driver for business
growth will come from the agricultural and environmental
business. S&P expects the revenue contributions from concrete and
crane machinery to continue to decline to 7%-12%.  S&P estimates
the contribution from environmental and sanitation machinery to
grow 15%-20% during the year.  In addition, S&P forecasts the
agricultural business to grow at above 15% in 2016, with revenues
reaching RMB4.3 billion in 2016.  S&P estimates the percentage of
revenue generated from agricultural and environmental protection
business to increase to 43% by 2016.

S&P anticipates the Chinese government's "one belt, one road"
development strategy will have limited earnings impact on
Zoomlion in the coming two years.  The majority of the company's
overseas clients are based in developing countries.  S&P expects
Zoomlion to lose its price advantage to domestic players in the
developing countries due to the currency devaluation of local
currency against Chinese yuan.

Zoomlion has made provisions on bad and doubtful account
receivables, which accounted for 7.41% of the total account
receivables in 2015, from 5.52% in 2014.  S&P projects the ratio
may increase further in 2016 as the amount of receivables
exceeding one year has increased over time and the level of
provisioning is lower than peers'.  In addition, 47.63% of the
receivables under finance leases are classified as past due in
2016, from 30% in 2015. In S&P's view, the asset quality of the
tradition business, which the company engaged in aggressive
credit sales before 2013, may deteriorate further but at a slower
pace. S&P believes the company has been prudently managing its
business starting from 2014, and should partially offset the
pressure on working capital.

In S&P's view, Zoomlion has stronger technology capability with a
well-diversified business across the construction, agricultural,
and environment related machinery segments compared with
international peers of similar scale.  In addition, Zoomlion has
shown resilient profitability during industry downturns.  As of
end-2015, policy bank borrowings account for a sizable proportion
of company's total borrowings.  Therefore, S&P applies a positive
score to Zoomlion in S&P's comparable rating analysis.

The negative outlook reflects S&P's expectation that Zoomlion's
leverage will improve mildly but remain very high over the next
12 months.  S&P forecasts the company's debt-to-EBITDA ratio to
stay high at more than 10x in the coming 12 months but with an
improving trend, benefitting from improving product mix, working
capital management and capex control.  Also, the company's large
short-term maturities are vulnerable to a sudden change in the
currently favorable onshore credit conditions.

S&P may lower the rating if Zoomlion's funding and liquidity
pressure escalates further and the debt maturity profile
deteriorates.  This could happen due to: (1) weaker-than-expected
working capital management and profitability; (2) more aggressive
debt-funded acquisitions; or (3) the weighted average debt
maturity profile remaining less than two years.  S&P may also
downgrade the company if its EBITDA interest coverage ratio falls
substantially below 1.2x.  Although not explicitly factored into
the current rating, any large debt-funded acquisitions could
weaken S&P's current expectation for debt servicing and liquidity
position.

S&P may revise the outlook to stable if Zoomlion's liquidity and
funding improves, while the company lengthens its debt maturity
profile and reduces its off-balance-sheet exposure on a sustained
basis.  This could happen if Zoomlion: (1) generates positive
operating cash flows for early debt prepayment; (2) improves its
capital structure and lengthens its weighted average debt
maturity debt to substantially more than two years; and (3)
continues to reduce its off-balance-sheet liabilities and manage
its on balance sheet exposure.


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


A.N.R COTTON: ICRA Suspends B+ Rating on INR11.0cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA] B+ assigned to INR11.00 crore fund
based limits and INR1.00 crore unallocated limits of A.N.R Cotton
Traders. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

A.N.R Cotton Traders was set up in 2001 as a partnership firm in
Guntur and managed by Mr. A.Gopala Krishna. The firm is involved
in trading of Cotton Lint, Seed and Kappas.


AGNI LIMITED: CRISIL Suspends B Rating on INR34.6MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agni Limited (AGL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Cash Credit              34.6      CRISIL B/Stable
   Proposed Long Term
    Bank Loan Facility       8.4      CRISIL B/Stable
   Term Loan                12        CRISIL B/Stable

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

AGL was originally incorporated in 2000 as a private limited
company, Agni Constructions Pvt Ltd; this company was
subsequently reconstituted as a public limited company with the
current name in April 2012. AGL is promoted by Delhi-based Mr. C
Agnihotri. It is a civil contractor, engaged in construction of
buildings.


AMBO EXPORTS: CRISIL Suspends D Rating on INR700MM Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ambo Exports Industries Limited (AEL; formerly known as Ambo
Exports Ltd).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           100       CRISIL D
   Foreign Bill
   Discounting              700       CRISIL D
   Letter of Credit          50       CRISIL D
   Proposed Short Term
   Bank Loan Facility        50       CRISIL D

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

AEL commenced operations in 1992 and exports commodities such as
tea, oil, rice, dal, and biscuits. It is promoted by Mr. O P
Agarwal (based in Kolkata) and his family.


AMIT ENGINEERS: ICRA Assigns 'B+' Rating to INR4.10cr Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR4.60
Crore bank lines of Amit Engineers. ICRA has also assigned the
short term rating of [ICRA]A4 to the INR1.70 crore short term
bank facilities of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund-
   based bank
   facilities            4.10       [ICRA]B+ assigned

   Long-term non
   fund-based bank
   facilities            0.50       [ICRA]B+; assigned

   Short-term-Non
   fund based
   facilities            1.70       [ICRA]A4; assigned

ICRA's ratings take into account the small scale of firm's
operations as well as its limited bargaining power as reflected
in moderate margins and high working capital intensive
operations. Further major supplies of the firm are to Indian
railways wherein realizations are relatively slow. The ratings
however derive comfort from the significant experience (more than
two decades) of promoters, in the manufacturing of air
conditioning and refrigeration products for Indian Railways, low
counterparty default risk and relationships with other corporate
like BEML. The order book of the firm provides visibility in
revenues going forward. ICRA also takes note of the constitution
of the firm as sole-proprietorship wherein there is risk of
withdrawal of capital.

Going forward, the firm's ability to improve in margins, increase
scale of operations while optimizing its working capital cycle,
will be the key rating sensitivities.

Firm Profile Amit Engineers was established in 1986 and is into
manufacturing of Air Conditioning and Refrigeration products for
Indian Railways and is supplying fully integrated Air Conditioner
to the Indian Railways since 2001. The company is an ISO
9001:2008 certified Company having their unit located in
Chandigarh.

Recent Results
The company, on a provisional basiswhy on provisional basis for
FY15, reported an Operating Income (OI) of INR11.30 crore and a
Profit after Tax (PAT) of INR0.11 crore in FY15, as compared to
an OI of INR9.09 crore and a PAT of INR0.09 crore in FY14.


ANKIT INTERNATIONAL: ICRA Assigns 'B' Rating to INR35cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR35.00
crore (enhanced from INR25.00 crore) of fund based bank facility
of Ankit International. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR35.00 crore (enhanced from INR25.00
crore)2 non-fund based bank facility(Sub-limit of Short term Non-
Fund Based Limit) of the firm.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund
   based Limit              35.00      [ICRA]B Assigned

   Short term Non
   Fund Based Limit         35.00      [ICRA]A4 Assigned


The assigned ratings of Ankit International is constrained by its
low profitability as a result of limited value addition in the
trading business and pricing pressure from presence in the
intensely competitive, unorganized and fragmented metals and
metal scrap trading business. The ratings are further constrained
by the relatively high working capital intensity resulting from
inventory stocking practice on account of a wide product profile
and relatively high debtor days which renders high reliance on
external working capital borrowings. Inventory holding also
renders exposure to price volatility of the trading products, the
prices of which are commoditized in nature. The ratings are also
constrained by the leveraged capital structure marked by high
debt levels given the corresponding low net worth level and
vulnerability of the same to withdrawals by the proprietor.

However, the ratings favorably take into account the long
experience of the promoters in scrap trading business and support
of the group companies operating in the same line of business.

Ankit International (AI) is a proprietorship firm, mainly engaged
in import and trading of ferrous and non-ferrous metals, scrap
and pipes. It procures goods mainly from China through direct
import. It also imports from USA, UK and Estonia. There has been
a major purchase from the domestic market as well. Sales region
is mainly spread across the markets of Maharashtra, Gujarat and
Haryana.

Recent Results
For the eleven months ending February 29, 2016, AI registered a
net profit of INR0.27 crore on an operating income of INR71.51
crore (provisional numbers).


AUSTIN DISTRIBUTORS: CRISIL Suspends B- Rating on INR273.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Austin Distributors Private Limited (ADPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B-/Stable
   Term Loan               273.5      CRISIL B-/Stable

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

ADPL was set up in 1938 in Kolkata (West Bengal) by British
citizens. The company was acquaired by Mr. R P Patodia in 1970.
Currently, it is managed by Mr. Sanjay Patodia, who is the
managing director. ADPL has dealership of passenger cars of HMIL
(since March 2011), and MM (since 2004); and two-wheelers of EML
(since 1970).


B.R. GUAR: ICRA Reaffirms B+ Rating on INR5.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR5.50 crore
cash credit facility and the Rs.1 crore term loan of B.R. Guar
Gum Private Limited. ICRA has also reaffirmed its rating of
[ICRA]B+/[ICRA]A4 on the INR0.50 crore unallocated limit of
BRGGPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B+; reaffirmed
   Term Loan             1.00       [ICRA]B+; reaffirmed
   Unallocated           0.50       [ICRA]B+/[ICRA]A4; reaffirmed

The ratings reaffirmation factors in the decline in revenues as
well as profitability during the current year (YTD 2015-16) which
is attributable to the dip in demand of guar gum powder from
North America's oil and drilling sector, which is the major end
user segment for Indian guar gum powder manufacturers, leading to
crash in prices of guar gum over the last one year.

The ratings continue to be constrained by the high fragmentation
and high competitive intensity in the guar split manufacturing
business resulting in thin profitability and the vulnerability of
the company's profitability to adverse fluctuations in the guar
seed prices, as seasonality and crop harvest impact guar seed
production. The ratings, however, favourably factor in the
location advantage of the company's manufacturing facility in
terms of proximity to the main guar seed growing region in
Rajasthan.

Going forward, the ability of the company to increase its scale
of operations while maintaining moderate gearing level and debt
coverage indicators remain the key rating sensitivities.

Incorporated in April 2011, BRGGPL commenced commercial
operations in November 2011. The company is engaged in the
manufacturing of guar gum splits at its unit located in Siwani
Mandi in Haryana. The current seed processing capacity of the
company is 1400 quintals per day. The company sells its product
in the domestic market through a network of brokers who, in turn,
sell to merchant exporters for use in oil & gas and food sector.

As per its audited financials for 2014-15, BRGGL recorded a net
profit of INR0.17 crore on an operating income of INR113.01 crore
as against a net profit of INR0.15 crore on an operating income
of INR98.60 crore in 2013-14.


B.S. AGRICULTURE: ICRA Assigns B/A4 Rating to INR5.50cr Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR5.50 crore fund-based bank limits
and INR1.50 crore non fund-based bank limits of B.S. Agriculture
Industries (India).

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based Limit         5.50         [ICRA]B/A4; assigned
   Non Fund based Limit     1.50         [ICRA]B/A4; assigned

ICRA's rating is constrained by the vulnerability of BSAI's
margins to raw material price fluctuations and the high
competitive intensity of the industry given the low entry
barriers. The ratings also factor in the modest scale of
operations of the firm and its weak financial risk profile
characterized by low net worth and high leverage (Gearing of
4.41x and Debt/OPBDITA3 of 3.7x as on March 31, 2015). The rating
is further constrained by the vulnerability of the firm's
profitability to adverse movements in exchange rates and inherent
risks associated with the partnership constitution of the firm
like withdrawal of capital, risk of dissolution etc. However, the
rating draws comfort from the long experience of the promoters in
the manufacturing of pump sets and diesel engines. The rating
also favorably factors in BSAI's geographic revenue diversity as
well as its moderate working capital cycle (NWC/OI4 of 7% in
FY15) which has kept BSAI's funding requirements low.

The ability of the firm to achieve sustained and profitable
growth in operating income and improve its leverage will be the
key rating sensitivities.

BSAI, incorporated in 1968 by Mr. Baldev Singh Matharoo
manufactures pump sets, diesel engines, centrifugal water pumps,
generating sets and other agricultural equipment. The firm has
manufacturing units in Ludhiana (Punjab) and Agra (Uttar Pradesh)
and also one branch office in Patna (Bihar). Exports are made
through the Ludhiana unit to Egypt, Bangladesh, Australia, South
Africa etc. while domestic sales are catered to by the Agra unit.

Recent Results
For FY2015, the firm reported a net profit of INR0.79 crore on an
operating income of INR31.9 crore, as compared to a net profit of
INR0.68 crore on an operating income of INR28.6 crore for the
previous year. The firm, on a provisional basis, reported an
operating income of ~INR38 crore for FY2016.


BHALARA COTTON: ICRA Reaffirms 'B' Rating on INR17cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR17.00 crore fund
based cash credit facilities of Bhalara Cotton Private Limited.
ICRA has also reaffirmed the [ICRA]B rating to the INR5.00 crore
long term fund based proposed limits of BCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   based Cash Credit     17.00      [ICRA]B reaffirmed

   Long Term Fund
   based-Proposed
   Limits                 5.00      [ICRA]B reaffirmed

The reaffirmation of rating continues to reflect company's weak
financial profile as reflected by low profitability, adverse
capital structure, and weak debt coverage indicators. The ratings
also take into account the low value additive nature of
operations and intense competition on account of fragmented
industry structure leading to thin profit margins and
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on MSP for procurement of raw
cotton.

The ratings however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the plant giving it easy access to raw
cotton.

Incorporated in 2005, Bhalara Cotton Private Limited is promoted
by Mr. Bipin Ranpariya and Mr. Jitendra Bhalara along with other
shareholders. The company is engaged in the business of ginning
and pressing of raw cotton with installed manufacturing capacity
of around 250 bales per day.

Recent Results
For the year ended 31st March 2015, Bhalara Cotton Private
Limited has reported an operating income of INR128.05 crore and
profit after tax of INR0.23 crore as per audited results.


BORSE BROTHERS: CRISIL Cuts Rating on INR93.7MM Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Borse Brothers Engineers & Contractors Private Limited (BBEC)
to 'CRISIL B-/Stable' from CRISIL B/Stable, while reaffirming its
rating on the short-term facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)

   Cash Credit             20        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      31.3      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan               93.7      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects pressure on liquidity due to
stretched working capital cycle. Working capital requirement is
large because of high gross current assets of 567 days as on
March 31, 2015. This is mainly due to sizeable inventory (304
days) and slow construction in ongoing build-operate-lease-
transfer (BOLT) projects. Hence the working capital limits was
utilised at an average of 95 percent over the 12 months ended
October 2015, with instances of full utilisation. Further the
term loan availed to fund BOLT projects has also weakened the
capital structure. Gearing is expected to increase to above 2
times as on March 31, 2016, from 1.23 times in the previous year.
Working capital management will remain a key rating sensitive
factor over the medium term.

The ratings reflect BBEC's small scale of, and working capital-
intensive, operations in the fragmented and tender-driven civil
construction industry, weak financial risk profile because of
small net worth, high gearing, and low cash accrual, and exposure
to risks related to BOLT projects. These weaknesses are partially
offset by promoters' extensive experience and healthy order book.
Outlook: Stable

CRISIL believes BBEC will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' in case of substantial improvement in scale
of operations and efficient working capital management, while
maintaining profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
financial risk profile, particularly liquidity, because of low
cash accrual or large working capital requirement in the absence
of funding from promoters.

Incorporated in April 2010, BBEC constructs roads and buildings,
and also undertakes irrigation projects for Central and state
government agencies. Business was earlier carried out under
proprietorship firm, Borse Brothers Engineers and Contractors,
established in 1986.


CHALLANI RANKA: ICRA Suspends B+ Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR10.00
crore bank lines of Challani Ranka Jewellery. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


COMPETENT DYESTUFF: ICRA Suspends B Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR10.0
crore bank lines of Competent Dyestuff & Allied Products Private
Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

CDAPPL was incorporated in 1990. The company is engaged in
trading of fluorine-based chemicals. The company is distributor
of fluorine-based chemicals for the Aditya Birla Group (Tanfac
Industries Ltd), the Mafatlal Group (Navin Fluorine International
Limited) and SRF Limited. CDAPPL primarily caters to the
requirements of steel and glass industries. The company also
trades in fabric.


COOCH BEHAR: ICRA Reaffirms B- Rating on INR34.49cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B- to the
INR34.49 crore term loans and INR0.51 crore unallocated limit of
Cooch Behar Mission Hospital Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit
    Term Loans              34.49      [ICRA]B- re-affirmed

   Unallocated Limit         0.51      [ICRA]B- re-affirmed

The re-affirmation of the rating takes into account the company's
exposure to project execution risks and funding risks, given a
significant portion of the total capex and the proposed equity
infusion are pending. The disbursement of the sanctioned term
loan for the pending capex has not yet been started on account of
the delay in infusion of the requisite equity capital, thereby
affecting further progress of the capex programme. ICRA also
notes that the company's cash flows continue to be encumbered by
limited operational activities, with regulatory approval to run
only 50 beds in the hospital at present, vis-a-vis the total
proposed capacity of 136 beds, due to slow augmentation of
medical infrastructure and other resources. The company also
remains exposed to geographical concentration risks with presence
in a single location, accentuated further by competition from
other hospitals operating in the catchment area. Furthermore,
recruitment and retention of good doctors by CBMH would remain a
key challenge.

However, ICRA takes note of the favourable demand outlook of the
healthcare industry in the long term, and long experience of one
of the promoters as a doctor, which is likely to mitigate
operational risks to an extent, going forward.
CBMH's ability to conclude the project without any further
significant time and cost overrun, and attain the expected
occupancy level subsequently, would remain key rating
sensitivities.

Established in 2007, CBMH is currently in the process of setting
up a 136 bedded multi-specialty hospital and nursing college in
Cooch Behar, West Bengal. One of the promoters of the company,
Dr. Nirmal Palit, possesses a long experience as a doctor. CBMH
commenced commercial operation with the initial regulatory
approval obtained in November 2014, for running 20 beds. In
January 2016, the hospital has obtained approval for additional
30 beds, and is running 50 beds currently. Nevertheless, a
significant portion of the proposed infrastructure of the
hospital is yet to be built up.

Recent Results
CBMH reported a net loss of INR0.24 crore on an operating income
of INR1.95 crore in FY2015. It had an operation of five months
(November 2014 - March 2015) during the year.


CYBERWALK TECH: ICRA Reaffirms 'D' Rating on INR68.84cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for INR68.84
crore1 term loans of Cyberwalk Tech Park Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                68.84      [ICRA]D reaffirmed

The rating action factors in the delays in servicing of debt by
CTPPL in light of absence of adequate cash flow generation due to
subdued incremental sales/leasing activity in its project. Given
the oversupply situation in the vicinity of the project, CTPPL
remains exposed to considerable market risk. ICRA has also taken
note of restructuring of CTPPL's debt, resulting in deferment of
principal and its interest repayment liability till January 2017.
Till such date, the company is only required to service the
interest on the funded interest term loan.

The rating however takes into consideration the company's
majority shareholder - Aarone Group's long experience in the
industry and continued funding support extended by the promoters
towards the project. Going forward, timely servicing of debt
repayment commitments and CTPPL's ability to lease/sell the
remaining area at desired prices and maintain its collection
efficiency will remain the key rating sensitivities.

Cyberwalk Tech Park Private Limited (Sofed Retailer Private
Limited) was taken over by Mr. Amit Kumar Modi and Parabolic Real
Estate Private Limited (jointly promoted as a Special Purpose
Vehicle by Mr. Pranav Gupta and Mr.Vineet Gupta) to set up an IT
Park at Manesar, Gurgaon. Thereafter, Aarone Promoters Private
Limited (a group company of Aarone Group) was included in the
management of CTPPL in the capacity of a real estate developer.
Presently Aarone Promoters Private Limited is the largest
shareholder with 44.20% stake followed by Mr.Amit Kumar Modi and
Parabolic Real Estate Private Limited at 27.9% each. The IT Park
is titled 'Cyber Walk' and is being developed in two phases, with
a total leasable/saleable area of 11.28 lakh sq.ft; with 8.8 lakh
sq.ft to be developed in phase one.


DEV BHOOMI: ICRA Assigns 'B' Rating to INR6.0cr Term Loan
---------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR6.0
crore term loans and INR2.5 crore working capital facility of Dev
Bhoomi Frozen Food Products.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              6.0       [ICRA]B; assigned
   Working Capital        2.5       [ICRA]B; assigned

ICRA's rating takes into account the highly competitive nature of
the industry in which DBFF operates, characterized by a few
larger players and a number of small players, coupled with the
firm's limited track record of operations. The rating is also
constrained by the vulnerability of the firm's profitability to
agro climatic risks as raw material availability and prices are
dependent on weather conditions. The rating also factors in the
firm's elongated working capital cycle on account of high
inventory levels and its below average coverage indicators. ICRA
also takes note of the partnership constitution of the firm which
exposes it to risks of withdrawal, dissolution etc. However, the
rating derives comfort from the experience of the firm's
management in a similar line of business and increasing demand
for frozen fruits and vegetables in the domestic market. ICRA
also takes note of the favourable location of the processing
facility, in close proximity to fruit and vegetable growing
areas.

Going forward, the firm's ability to ramp up its scale of
operations while bringing about a sustained improvement in its
working capital cycle and profitability will be the key rating
sensitivities.

Established in 2014, DBFF is engaged in the processing of fruits
and vegetables through Individual Quick Freezing (IQF) technology
for preservation. Its day-to-day operations are looked after by
Mr Yogesh Jain and Mr Vinesh Jain, having profit sharing of 50%
each. Both the partners were earlier engaged in trading of frozen
vegetables and fruits, and packaged food. The firm has a
production capacity of 5,300 Metric Tonnes Per Annum (MTPA) at
its unit located at Kashipur (Uttarakhand). The major products
that can be processed by the firm include green peas,
cauliflower, bean, carrot, okra, litchi, mango and corn; the firm
proposes to source these from adjoining areas of Udham Singh
Nagar and Nainital located in Uttarakhand. However, the firm is
processing green peas in its initial period of operations.

Recent Results
The firm achieved an operating income of INR0.45 crore on which
it incurred a net loss of INR0.55 crore in 2M FY2015.


EMERALD INDUSTRIES: ICRA Suspends B-/A4 Rating on INR14.80cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA] B-/ [ICRA] A4 assigned to the
INR14.80 crore long term bank facilities of Emerald Industries
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


FILTER MANUFACTURING: CRISIL Suspends D Rating on INR35MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Filter Manufacturing Industries Private Limited (FMIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL D
   Cash Credit              35        CRISIL D
   Letter of Credit         10        CRISIL D
   Proposed Long Term
   Bank Loan Facility       18        CRISIL D
   Standby Line of Credit    3        CRISIL D

The suspension of ratings is on account of non-cooperation by
FMIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FMIPL is yet to
provide adequate information to enable CRISIL to assess FMIPL'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 1990, FMIPL designs and erects industrial filters
and APC systems for railways, and steel, fertilisers, and power
industries. The company also undertakes fabrication of sheet
metal, and manufactures and trades in medical disposables. FMIPL
is managed by Mr. Pritish Basu.


GANTA SRIRAM: ICRA Assigns B+ Rating to INR5.90cr LT Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR5.90
crore fund based bank facilities and INR4.10 crore unallocated
limits of Ganta Sriram Educational Society.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term fund based      5.90      [ICRA]B+; Assigned
   Long term Unallocated     4.10      [ICRA]B+; Assigned

The assigned ratings are constrained by the small scale of
operations of GSES, the challenges involved in attracting high
quality of students and faculty amidst high competition in the
industry, and regulated nature of the higher education industry
where any adverse regulation could impact revenue growth and
profitability. Further ratings are subdued by the low placement
percentage in the past. ICRA also notes that, with Government of
Andhra Pradesh accounting for majority of the receivables of the
society, any delays in payments would stretch the liquidity
position.

However the assigned rating favourably factors in the track
record of society members of GSES. Further rating also positively
factors in the healthy occupancy ratio at under graduate courses
offered by the institute in the past few years.

Going forward, the ability of the institute to improve its scale
of operations, maintain healthy occupancy ratio and effectively
manage working capital requirements with timely receipt of fees
from government would be key rating issues.

Ganta Sriram Educational Society was established in 2007. The
society runs "Ramachandra College of Engineering" in Eluru, West
Godavari district of Andhra Pradesh. The college is affiliated to
Jawaharlal Nehru Technological University, Kakinada. Mr. GS
Ramachadra Rao is the current Chairman of the society. The
college offers courses under 5 different streams in under
graduate Engineering, 3 courses under Post Graduation course and
M.B.A course. The college has ~2300 students pursuing various
courses for AY2015-16.

Recent Result
GSES registered INR11.16 Crore of receipts and a net surplus of
INR3.52 Crore in FY15 as against Gross receipts of INR7.34 Crore
and a net surplus of INR0.89 Crore in FY14.


GROWTHPATH SOLUTIONS: CRISIL Assigns 'B' Rating to INR60MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Growthpath Solutions Private Limited (GSPL). The
rating reflects the small scale of operations in a fragmented
industry and low operating profitability. These rating weaknesses
are partially offset by the moderate financial risk profile
because of comfortable gearing and funding support from
promoters.

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

Outlook: Stable

CRISIL believes GSPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the scale of operations and profitability, along with
improvement in the working capital cycle. Conversely, the outlook
may be revised to 'Negative' if larger-than-expected debt-funded
capital expenditure or less-than-expected cash accrual weakens
the capital structure.

Incorporated in 2010 by the Delhi-based Jain family, GSPL is
promoted by Mr. Atul Jain and his wife Ms. Poonam Jain. The
company trades in flour, bakery products, olive oil, and other
fast-moving consumer goods. Mr. Atul Jain manages the operations.
GSPL reported a net profit of INR0.56 million on sales of
INR272.66 million for 2014-15 (refers to financial year, April 1
to March 31), as against a net profit and sales of INR0.41
million and INR175.1 million, respectively, for 2013-14.


HINDUSTAN WINDOWS: Ind-Ra Suspends IND B- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hindustan
Windows Mfg Co's (HWMC) '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. 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 HWMC.

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.

HWMC's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B-(suspended)' from
    'IND B-'/Stable
-- INR65 million fund-based working capital limits: migrated to
    'IND B-(suspended)' from 'IND B-'
-- INR40 million non-fund-based working capital: migrated to
    'IND A4 (suspended)' from 'IND A4'


ICA EDU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ICA Edu Skills
Pvt. Limited (ICA) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned ICA's INR50.0
million non-fund-based working capital limits a Long-term 'IND
BB' rating with a Stable Outlook and a Short-term 'IND A4+'
rating.

KEY RATING DRIVERS

The ratings reflect ICA's moderate revenue base and credit
metrics. In FY15, revenue was INR391.36m (FY14: INR317.95m), net
financial leverage (total adjusted net debt/operating EBITDA) was
negative at 1.2x (FY14: 2.4x) and EBITDA interest coverage was
2.4x (4.3x).

The ratings also reflect ICA's comfortable liquidity profile as
indicated by its 85% average working capital utilisation during
the 12 months ended February 2016.

The ratings are supported by over 15 years of experience of ICA's
promoters in running a computer training centre.

RATING SENSITIVITIES

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

Negative: A sustained decline in the EBITDA interest coverage
would lead to a negative rating action.

COMPANY PROFILE

Kolkata-based ICA was incorporated in 1999. The company runs as a
computer training centre. It is managed by Mr Narendra Kumar
Shyamsukha and Mr Deepak Parmanik.


JBJ TECHNOLOGIES: ICRA Reaffirms 'B' Rating on INR7.25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short
term rating of [ICRA]A4 on the INR8.55 crore1, fund based and non
fund based bank facilities of JBJ technologies Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund-
   based bank
   facilities             7.25      [ICRA]B; reaffirmed

   Short Term Fund
   Based                  0.55      [ICRA]A4; reaffirmed

   Short Term Non
   fund Based             0.75      [ICRA]A4; reaffirmed

ICRA's ratings reaffirmation continues to take into JBJ's modest
scale of operations, its tight liquidity owing to long cash
conversion cycle and high debt repayment obligations in relation
to cash accruals. The ratings continue to be constrained on
account of low bargaining power with its suppliers and customers
due to which JBJ makes payments to suppliers almost on immediate
basis whereas payments are realized after providing credit
period. The liquidity of the company remains tight due to long
conversion cycle involved in developing and designing of the
prototypes in the molding division leading to high inventory
levels. The company relies largely on external borrowings for
funding the working capital given the limited net worth base.
This coupled with high term loan repayments lead to stretched
liquidity position as reflected in near full utilization of its
working capital facilities throughout the year. The assigned
ratings plz update this also factor in its modest financial
profile as indicated in high gearing and modest profitability
margins resulting in modest debt protection metrics. Apart this,
the rating also take into consideration the high client
concentration risk with top two customers contributing ~46% of
the total revenue in FY2015. The ratings, however favorably take
into account JBJ's reputed clientele like SC Johnson and Kent Ro
and its long association with them along with ability to generate
repeat orders. Further, ICRA also factors in the long experience
of promoters in the mould making and injection molding segments.

Going forward, ability of the company to maintain revenue growth
while improving its profitability and efficiently manage its
working capital to improve its liquidity shall be the key rating
sensitivities.

Established in 1996, JBJ is a closely held company primarily
involved into designing and manufacturing of high precision
moulds and manufacturing of plastic moulds through injection
molding. The company caters to highly reputed clients like SC
Johnson, Kent Ro etc and manufactures outer body for the All Out
brand (SC Johnsons) and Kent's Water purification system.

Recent Results
JBJ reported a net profit of INR0.40 crore on an operating income
of INR35.72 crore in FY 2014-15, as against a net profit of
INR0.19 crore on an operating income of INR30.86 crore in the
previous year.


KAILASH EDUCATIONAL: Ind-Ra Rates INR90MM Term Loan 'IND BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kailash
Educational & Charitable Society's (KECS) INR90 million term loan
facility a Long-term rating of 'IND BB-'. The Outlook is Stable.

COMPANY PROFILE

KECS has set up a school in collaboration with Delhi Public
School Society (DPSS).  KECS was established in 2004 under
Societies Registration Act, 1860.

DPS Sirsa is the first school of KECS and is in first year of
operations. Basic infrastructure facilities were completed in
March 2015 with capacity of around 1,200 students and Phase II
construction work is in progress which will take the total
capacity to around 2,000 students.


KEY RATING DRIVERS

The rating is constrained by KECS' current tight liquidity
profile and high debt burden. Available funds/total long-term
debt was 9.57% and debt/cash balance before interest &
depreciation was negative 30.01x in FY15.

The rating is supported by the likelihood of demand being high
for the school because of the already established brand name
Delhi Public School. The school started its operations in April
2015 and has 514 students in its first academic session (2015-
2016).

Ind-Ra expects the debt/CBBID, debt service coverage ratio and
interest service coverage ratio to become comfortable on back of
stabilisation of operations and a sustained improvement in CBBID
in coming years. Also, size of operations is likely to increase
on back of growth in the total headcount.

With over 150 institutions, DPSS has established a brand name
Delhi Public School. The collaborations with DPSS reduces KECS'
brand building efforts and allows it to concentrate on developing
efficient and cost-effective operating systems and delivery
mechanisms.

RATING SENSITIVITIES

Positive: Improvements in liquidity and a sustained improvement
operating margins along with growth in total headcount could be
positive for the rating.

Negative: Any unexpected fall in student demand in conjunction
with a disproportionate increase in debt in relation to operating
income and delay in Phase-II construction could affect the
rating.


KALINGA FERRO: CRISIL Suspends D Rating on INR221MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kalinga Ferro Ispat Private Limited (KFIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            221         CRISIL D
   Letter of Credit        10         CRISIL D
   Term Loan               61.5       CRISIL D

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

KFIPL was established in 2005; its corporate office is at
Kolkata. The company manufactures and trades in ferrochrome. Its
manufacturing unit is in Jajpur district (Odisha). KFIPL was
acquired in 2010 by Mr. Giriraj Ratan Binani; it started
commercial operations in July 2010 and has a capacity of 8052
tonnes per annum.


KCRM FOODS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of KCRM FOODS Cont:Kalyana Chakravarthi Rice
Mill (KCRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Cash Credit              45        CRISIL B/Stable

The rating reflects modest scale of operations in the intensely
competitive rice milling industry, and the susceptibility of its
profitability margins to changes in government regulations and
paddy prices. The rating of the firm is also constrained on
account of its below average financial risk profile marked by its
modest net-worth, low gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
KCRM derives from its promoters' extensive experience in the rice
milling industry.
Outlook: Stable

CRISIL believes that KCRM will continue to benefit over the
medium term from its promoters' extensive experience in the rice
milling industry. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in the firm's scale
of operations, or in case of sizeable capital additions from its
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's revenues or profitability
margins, or significant deterioration in its capital structure
caused most likely by a large debt-funded capital expenditure or
a stretch in its working capital cycle.

KCRM, set up in 1999, KCRM is engaged in milling of non-basmati
raw and parboiled rice. Its rice milling unit is located in
Pedapally in Andhra Pradesh. The firm currently has 9 partners'
and is managed by Mr. Valluri Venkata Rao and Mr.Surya Bhaskara
Rao.


KDM CLOTHING: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDM Clothing
Co.'s (KCC) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The affirmation reflects KCC's continued small scale of
operations and moderate credit metrics with revenue of INR207.35
million in FY15 (FY14: INR169.79 million), interest coverage
(operating EBITDA/gross interest expense) of 2.10x (1.85x) and
financial leverage (adjusted net debt/operating EBITDAR) of 2.43x
(1.91x).

The ratings are constrained by the continued deterioration in
EBITDA margins to 7.21% in FY15 (FY14: 7.85%; FY13: 9.11%) due to
increasing raw material prices and the partnership nature of the
business.

The ratings factor in KCC's comfortable liquidity with 60.77%
working capital utilisation over the 10 months ended January 2016
and a net cash conversion cycle of 23 days in FY15 (FY14: 23
days; FY13: 70 days).

RATING SENSITIVITIES

Positive: Substantial growth in the revenue along with an
improvement in the operating margins leading to an improvement in
the credit metrics could lead to a positive rating action.

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

COMPANY PROFILE

Established in 2007, KCC manufactures hosiery goods and sweaters
and sells them both in India and overseas. The promoters of the
firm have more than 20 years of experience in the same line of
business.

KCC's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
-- INR35 million fund-based limits (reduced from INR43.70
    million): affirmed at 'IND BB-'/Stable/'IND A4+'
-- INR20.003 million long-term loan (reduced from INR24.68
    million): affirmed at 'IND BB-'/Stable


KIRPA FOODS: ICRA Assigns 'B' Rating to INR22.50cr Loan
-------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B on the INR22.50
crore fund based facilities of Kirpa Foods.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     22.50      [ICRA]B; Assigned

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

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

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

Incorporated in 2014, KF is a partnership firm engaged in
milling, processing and sorting of basmati rice. The firm also
sells some quantities of non-basmati rice, although the
proportion remains low. The concern has its plant at Fazilka
(Punjab) with a milling capacity of 8 tonnes per hour. The
commercial operations of the entity started from December 2014
onwards.

Recent Results
The concern reported a net profit of INR0.04 crore on an
operating income of INR17.94 crore in 3M FY2015.Further, the
entity, on a provisional basis, has achieved a sale of INR96.50
crore till mid of March 2016 for FY2016.


KPR INDUSTRIES: ICRA Lowers Rating on INR337.54cr Loan to D
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR337.54
crore term loans of KPR Industries (India) Limited from [ICRA]BB-
to [ICRA]D. ICRA has also revised the ratings assigned to the
INR157.46 crore unallocated limits of KPRIL from [ICRA]BB-
/[ICRA]A4 to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit
   Term loans              337.54      [ICRA]D revised

   Unallocated Limits      157.46      [ICRA]D revised

The revision in ratings primarily takes into account delays in
interest servicing owing to delay in project completion on
account of local disturbances, state agitations, and elections
during the construction of caustic soda plant. As a result, the
total estimated cost of the project increased to INR691.27 crore
from INR570.10 crore primarily owing to higher IDC and the
company has approached the bank for sanction of cost overruns
which is pending currently with the lead bank. The ratings
continue to be constrained by moderate project execution risk of
caustic soda plant construction with around 85% of the revised
project cost incurred as on November 2015 end; high project
gearing of 1.45 times and funding risk given that pending cost
overruns have to be sanctioned by bank, promoters yet to bring in
INR34.15 crore of the equity towards project cost funding. The
ratings are also constrained by cyclicality inherent in the
caustic soda industry; competition from other established players
in the caustic soda industry; and lack of captive power plant
resulting in higher operational costs owing to power intensive
nature of caustic soda manufacturing. However, the ratings
positively factors in the execution of plant construction by
reputed equipment suppliers including UDHE India (Private) Ltd
for caustic soda; savings in logistic cost as the proposed plant
is located close to Kakinada port with majority of raw materials
being shipped; and high level of forward integration mitigating
chlorine off-take risk which is the constraining factor for
caustic soda plant capacity utilisations in India.

Going forward, timely sanction of bank limits for cost overruns
funding, execution of the project in a timely manner and early
stabilisation of operations post COD are the key rating drivers
from credit perspective.

Incorporated in 2011, KPR Industries (India) Limited (KPRIL) is
setting up a 210 tons per day (TPD) caustic soda plant along with
chlorine derivative products such as chlorinated paraffin wax (30
TPD), stable bleaching powder (50 TPD), and mono chloro acetic
acid (20 TPD) at Biccavolu, East Godavari district, Andhra
Pradesh. The initial project cost was INR740.65 crore which was
to be funded by equity of INR290.65 crore equity and term loan of
INR450 crore. The project scope got revised downwards with
deferment of caustic potash and sulphuric acid plant construction
owing to prevailing adverse market scenario for these products
resulting in project cost revision from INR740.65 crore to
INR570.10 crore and to be funded by equity of INR232.56 and term
loan of INR337.54 crore with revision in commercial operations
date (COD) from November 2014 to May 2015.

Due to delays in construction, the total project cost increased
to INR691.27 crore and to be funded by term loan of INR409.28
crore and equity of INR281.99 crore. The plant COD is also
revised to November 2016.


MA MAHAMAYA: CRISIL Suspends B Rating on INR60MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MA Mahamaya Rice Mill Private Limited (MMRMPL).

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

The suspension of rating is on account of non-cooperation by
MMRMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMRMPL is yet
to provide adequate information to enable CRISIL to assess
MMRMPL'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 2006, MMRMPL mills non-basmati parboiled rice.
Its manufacturing facility is located in Madhyamgram (West
Bengal). MMRMPL's day-to-day operations are looked after by its
director, Mr. Sandip Hazra. The company markets its product under
the brand, Mahamaya Bhog.


MADHOOR BUILDWELL: CRISIL Reaffirms B+ Rating on INR204.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Madhoor Buildwell
Private Limited (Madhoor) continues to reflect high geographic
concentration in Madhoor's revenue profile, below-average
financial risk profile with modest net worth, moderate gearing,
and adequate debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           204.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    190        CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      5.5      CRISIL A4 (Reaffirmed)

The operations of Madhoor are working capital intensive with
large inventory to be carried for its real estate activities. The
rating weaknesses are partially mitigated by the benefits that
the company derives from the extensive experience of its
promoters in the civil construction business as well as real
estate activities. Madhoor also has moderate order-book position,
which provides medium term revenue visibility.

CRISIL had downgraded its ratings on the bank facilities of
Madhoor to CRISIL B+/Stable/CRISIL A4 from 'CRISIL BB-
/Stable/CRISIL A4+' on February 18, 2016.

The rating downgrade reflected the stretch in the liquidity
profile of the company due to elongation of working capital
cycle. A change in the sponsor for some of its projects has
resulted in an increased processing time for release of payments
to Madhoor for completed work. Consequently, as on September 30,
2015, the company had receivables of about INR246 million
outstanding for more than 6 months, which has increased from
INR26 million as on March 31, 2015. The delay in release of
payments has resulted in increased reliance on short term debt to
meet incremental working capital requirements. Resultantly,
Madhoor's fund-based working capital bank lines have remained
fully utilized for the past six months through December 31, 2016.
Recovery of these slow moving receivables will remain a key
rating sensitivity factor over the medium term.
Outlook: Stable

CRISIL believes that Madhoor will benefit from its promoters'
extensive industry experience and strong revenue visibility, over
the medium term. The outlook may be revised to 'Positive' in case
there is significant improvement in the company's revenue and
profitability, while sustaining its working capital cycle and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of delay in any of Madhoor's projects or less
than anticipated bookings in its real estate projects leads to a
liquidity crunch.

Madhoor is engaged in real estate development and has been
undertaking civil construction activities in Nasik (Maharashtra)
since 1994. The founder promoter and chairman, the Late Mr.
Ratilal Shivdas Patel, was in the construction business for five
decades. Now, the business is run by his three sons'Mr. Pradip
Ratilal Patel, Mr. Arvind Ratilal Patel, and Mr. Chetan Ratilal
Patel.


MANGALA CASHEW: ICRA Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR10.00
crore long term fund based facilities of Mangala Cashew
Industries.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-Term Fund
   Based Limits (CC)        10.00      [ICRA]B+ assigned

The assigned rating takes into account the high competitive
intensity in the cashew industry, which limits the firm pricing
flexibility, the weak operating margins owing to the low value
addition nature of business, the susceptibility of revenues and
margins to the volatility in material prices and exchange rates
owing to its dependence on imports. The rating is also
constrained by the weak capital structure following the capital
withdrawal by the partners in 2014-15; however, the capital
infusion during 2015-16 is expected to moderate the capital
structure. The ratings also take into account the inherent risks
associated with the partnership nature of business including the
risk of capital withdrawal and limited ability to raise capital
among others. The rating, however, positively factors in the long
standing presence of the promoters in the cashew industry with
more than 3 decades of experience and the significant scale up in
operations of the firm in the recent years by undertaking trading
of Raw Cashew Nuts (RCN) and kernels in addition to the job work
business.

Mangala Cashew Industries was established in the year 1985 as a
job work unit for processing of raw cashew nuts (RCN) to cashew
kernels for its sister concern Mangalore Cashew Industries. From
the year 2012-13 onwards, the firm started trading in RCN and
processed kernels, which currently accounts for about 99% of the
firm's revenues. The firm is currently managed by Mr. Vaman
Kamath and Mr. Vasudeva Kamath. MCI has its processing unit in
Padavinangady, Mangalore with an installed capacity of 5 MT per
day.

Recent Results
The firm reported a net profit of INR1.4 crore on an operating
income of INR135.2 crore during the financial year 2014-15, as
against a net profit of INR2.2 crore on an operating income of
INR101.8 crore during 2013-14.


MG WELL: ICRA Lowers Rating on INR4.0cr Loan to 'D'
---------------------------------------------------
ICRA has revised the long term rating assigned to the INR3.86
crore1 (earlier INR5.07 crore) fund based bank facilities of
MG Well Solutions Project International Private Limited from
[ICRA]B to [ICRA]D. ICRA has also revised the short term rating
from [ICRA]A4 to [ICRA]D to the INR4.00 crore non-fund based bank
facilities of the company. The unallocated limits of INR1.21
crore has also been rated at [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund
   based facility (CC)    2.00      [ICRA]D downgraded

   Term Loan              1.86      [ICRA]D downgraded

   Short-term non-
   fund based
   facilities (BG)        4.00      [ICRA]D downgraded

   Unallocated limits     1.21      [ICRA]D assigned

The ratings downgrade is on account of delays in debt servicing
by MGW due to weakening of its liquidity profile arising from
stretched receivables. ICRA also notes the company's small scale
and limited scope of its operations. The ratings also take into
account the susceptibility of revenues to forex fluctuations as
well as the intense competition from other large players who
dominate the field of cementing for oil and gas rigs.
The ratings however favourably incorporate the established
experience of the proprietor and key management personnel of the
firm in the field of cementing of wells in oil and gas rigs.

MG Well Solutions Project International Private Limited (MGW) was
incorporated in 2005, by Mr. Ravinder Singh Bawa and other like-
minded promoters who had significant experience in the field of
designing and construction cementing units. The company commenced
operations in 2009 and is engaged in providing cementing services
for oil and gas rigs. MGW has its registered office in Jabalpur
and a portable laboratory in Baroda.

Recent Results
As per its audited financials for FY 15, MGW recorded net loss of
INR0.14 crore on an operating income of INR7.90 crore.


MITTAL ALLOY: CRISIL Assigns 'B' Rating to INR33MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long
term bank facilities of Mittal Alloy Castings Company. (MACC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             20         CRISIL B/Stable
   Long Term Loan          33         CRISIL B/Stable

The ratings reflect MAAC's exposure to risks related to the
implementation and stabilisation of the firm's ongoing project in
Raigarh (Chhattisgarh), exposure to intense competition in the
Steel manufacturing industry. These rating weaknesses are
partially offset by the benefits that the firm derives from its
promoters' extensive industry experience over the medium term.
Outlook: Stable

CRISIL believes that MAAC will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if MAAC generates more-
than-expected revenues and profits, after stabilising its
operations. Conversely, the outlook may be revised to 'Negative'
in case the firm reports delay in the commissioning of its
project because of unforeseen events, or its financial risk
profile deteriorates because of additional, debt-funded capital
expenditure.

MAAC, incorporated in July 2015 is setting up a facility for
manufacturing of Grinding Media Balls.Based out of Raigarh
(Chhattisgarh), MAAC is promoted by Mr. Shri Deepak Agrawal and
Shri Ramsharan Agrawal.


MULCHAND FIBER: CRISIL Reaffirms B Rating on INR89.2MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mulchand
Fiber Private Limited (MFPL; part of the Mulchand group)
continues to reflect below-average financial risk profile,
because of modest networth, high gearing and weak debt protection
metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Term Loan              89.2      CRISIL B/Stable (Reaffirmed)

The rating also factors in stretched liquidity amidst large
working capital requirements, fully drawn bank limits and large
debt obligation in MFPL. These rating weaknesses are mitigated by
the promoters' extensive experience in the cotton industry and
their funding support and moderate scale of operations of the
group.

To arrive at the rating, CRISIL has combined the business and
financial risk profiles of MFPL and Mulchand Phulchand Krishi
Udyog Pvt Ltd (MPKUPL). This is because both the companies,
together referred to as the Mulchand group, are promoted by the
same family, engaged in similar business activities and have
business and financial interlinkages. Moreover, MPKUPL has 60
percent stake in MFPL with remaining held by promoters in
individual capacity.
Outlook: Stable

CRISIL believes the Mulchand group will continue to benefit over
the medium term, from its promoters' extensive industry
experience. The outlook may be revised to 'Positive', if sizeable
cash accrual on sustainable basis, supported by enhanced scale of
operations and profitability or fund infusion by promoters
improves liquidity. Conversely, the outlook may be revised to
'Negative', if financial risk profile and liquidity weaken,
because of significantly low cash accrual or stretched working
capital cycle.

MFPL was founded by Mr. Ashok Phulchand Agrawal and Ms. Chaya
Ashok Agrawal, in Jalna in 2012. The company undertakes cotton
ginning, de-linting of cotton seeds and oil extraction.

MPKUPL was incorporated in 2003 in Jalna by Mr. Ashok Agrawal and
undertakes ginning of cotton.


NARULA FOODS: CRISIL Suspends D Rating on INR196MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Narula
Foods Private Limited (NFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             196        CRISIL D
   Term Loan                 4        CRISIL D

The suspension of rating is on account of non-cooperation by NFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NFPL is yet to
provide adequate information to enable CRISIL to assess NFPL'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 1997, NFPL mills rice and extracts and refines
rice bran oil. The company is promoted by Mr. Ashok Narula and
Mr. Ravi Narula. Its manufacturing unit is in Guru Har Sahai
(Punjab).


PRECISE SEAMLESS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Precise Seamless
Apparels Private Limited (PSAPL) 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 reflect PSAPL's small scale of operations despite a
substantial improvement in revenue in FY16; Interim financials
for the April 2015-January 2016 period indicate revenue of INR661
million (FY15: INR535.67 million, FY14: INR442.25 million). The
ratings also reflect PSAPL's weak credit metrics with net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of
4.08x in FY15 (FY14: 4.94x) and gross interest coverage
(operating EBITDA/gross interest expense) of 2.08x (2.31x); the
operating margins of the company are volatile and ranged between
12.43%-17.23% during FY12-FY15.

The ratings are constrained by PSAPL's presence in the highly
fragmented and intense competitive apparel industry and high
customer concentration with around 90% of the revenue coming from
the top two customers.

The ratings, however, are supported by the company's moderately
comfortable liquidity position as reflected by its 86.91% average
utilisation of the working capital facilities for the 12 months
ended March 2016 and the decade-long experience of its directors
in the apparel industry.

RATING SENSITIVITIES

Negative: Deterioration in the profitability leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue with the
operating profitability being sustained and a subsequent
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

PSAP is a private limited company incorporated in 2005. The
company manufactures garments at its 400,000 pieces/month in
Gurgaon, Haryana. It exports its entire production and has
relationships with reputed brands such as GAP, Kohls, Abercrombie
& Fitch.

PSAPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR130 million fund-based facilities: assigned 'IND
    BB'/Stable/'IND A4+'
-- INR120 million term loan facilities: assigned 'IND BB'/Stable
-- INR70 million non-fund-based facilities: assigned 'IND A4+'


R.H. SORTEX: ICRA Assigns D Rating to INR5.62cr Loan
----------------------------------------------------
ICRA has assigned its [ICRA]D rating to INR5.62 crore fund based
bank facilities of R.H. Sortex Rice Mills Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based limits      5.62      [ICRA ]D; assigned

The assigned rating factors in delays in debt servicing by RHS on
account of its stretched liquidity position. The company
maintained high level of inventory (paddy) due to which the
principal and interest obligation was not met on time. Further
ICRA takes note of the decline in the turnover of RHS in the last
two years on account of its presence in a highly competitive rice
milling industry.

RHS was established in 2011 as a private limited company. The
company is primarily engaged in the milling of rice with an
installed capacity of 8 Tons per hour in Gorakhpur District
(U.P.). The company is professionally managed by Mr. Sukhdev
Jaiswal.

Recent Results
The company reported a profit after tax (PAT) of INR0.15 crore on
an operating income of INR16.06 crore for FY2015 as against PAT
of INR0.12 crore on an operating income of INR19.68 crore in
FY2014. Till January 31st 2016, the company reported, on a
provisional basis, an operating income of INR9.16 crore.


RAMALINGA REDDY: CRISIL Assigns B+ Rating to INR45MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Ramalinga Reddy (RR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
    Bank Loan Facility     34.1       CRISIL B+/Stable
   Lease Rental
   Discounting Loan        20.9       CRISIL B+/Stable
   Long Term Loan          45         CRISIL B+/Stable

The rating reflects RR's exposure to implementation and demand
risks associated with its ongoing commercial real estate project
at Hosur Main Road Bommanahalli, Bengaluru, and its vulnerability
to cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive
experience of promoters in the real estate industry, and the
strategic location of the project.
Outlook: Stable

CRISIL believes RR will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' if earlier-than-expected execution
of its project and improved inflow of advances improve the
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of a time or cost overrun in the project, or subdued
response to the ongoing project, adversely affecting liquidity.

Set up in 2010 as a proprietorship concern, RR is developing a
commercial real estate project at Hosur Main Road Bommanahalli.
The firm is promoted by Mr. Ramalinga Reddy and his family
members.


SEAGA INDIA: ICRA Reaffirms 'B+' Rating on INR8.0cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR13 crore
fund based facilities of Seaga India Private Limited. ICRA has
also reaffirmed its short-term rating of [ICRA]A4 on the INR2
crore (enhanced from INR1 crore) non-fund based limits of SIPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits
   Cash Credit               8.00      [ICRA]B+ ; reaffirmed

   Fund Based Limits
   Term Loan                 5.00      [ICRA]B+ ; reaffirmed

   Non Fund Based
   Limits                    2.00      [ICRA]A4 ; reaffirmed

While reaffirming the ratings, ICRA factors in the increase in
scale of operations of the company with operating income
recording a ~75% yoy growth rate and stood at INR49.07 crore in
2014-15 as against INR28.07 crore in 2013-14. This was primarily
driven by re association of the company with brands like Pepsico
and Coca Cola.

The ratings continue to be constrained by SIPL's low bargaining
power given the large size of its customers and the vulnerability
of its profitability to fluctuations in prices of key raw
materials and foreign exchange rates. The ratings are further
constrained by the financial profile characterised by low return
indicators and adverse capital structure. The ratings, however,
take comfort from the past experience of the promoters in
manufacturing vending machines and the reputed customer profile
comprising large and renowned beverage and FMCG players. The
ability to improve its scale of operations while maintaining
steady flow of orders with its key clients along with improving
its capital structure will be some of the key rating
sensitivities.

SIPL was incorporated in 1966 as Karna Industries Limited (KIL)
and is involved in the business of manufacturing commercial
refrigeration equipment and vending machines. Initially in 2004,
Seaga USA entered into a technical collaboration agreement with
KIL and later on in 2007, acquired it fully and changed KIL's
name to SIPL. SIPL has its manufacturing facility in Bahadurgarh,
Haryana.

In 2014-15, SIPL reported a net profit of INR0.48 crore on an
operating income of INR49.07 crore as against a net profit of
INR0.17 crore on an operating income of INR28.07 crore in the
previous year.


SHAKUN GASES: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shakun Gases Private Limited (SGPL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to these
facilities.

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

   Proposed Letter       200        CRISIL A4 (Assigned;
   of Credit                        Suspension Revoked)

CRISIL had suspended the ratings on July 24, 2014, as SGPL had
not provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

The ratings reflect SGPL's small scale of operations in cyclical
and fragmented ship breaking industry and below average financial
risk profile marked by moderate net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by SGPL's extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes that SGPL will maintain its business risk profile
over the medium term on the back of extensive industry experience
of its promoters in the ship breaking industry. The outlook could
be revised to 'Positive' if there's significant improvement in
the company's financial risk profile, backed by healthy growth in
revenues and profitability . Conversely, the outlook may be
revised to 'Negative' if there's a significant decline in
revenues or further deterioration in profitability, capital
structure or debt protection metrics.

Incorporated in 1985, SGPL is engaged in ship breaking business.
Mr. Sanjeev Jain and Ms. Nita Jain manage the day-to-day
operations of the company. The ship breaking process is carried
out at ship breaking yard in Mumbai for which the company has a
plot on rent from Bombay port trust.


SHANTI GOPAL: ICRA Revises Rating on INR40cr LT Loan to 'B'
-----------------------------------------------------------
ICRA has revised its long-term rating on the INR40.00 crore fund
based facilities of Shanti Gopal Concast Limited to [ICRA]B from
[ICRA]BB-(Stable). Further, ICRA has reaffirmed its short term
rating on INR2.00 crore non fund based facilities of SGCL at
[ICRA]A4.



                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Fund
   Based Facilities         40.00      [ICRA]B; revised

   Short-term Non
   Fund Based
   Facilities                2.00      [ICRA]A4; reaffirmed

The rating revision is driven by the year-on-year decline in
SGCL's operating income in FY2015, which was continued in YTD
FY2016 as well, due to low utilisation levels of the sponge iron
unit, as well as the billet manufacturing operations. The low
capacity utilisation of the sponge iron unit was due to weak
demand, whereas the high cost of external power led to
curtailment of the billet manufacturing operations. This led to
reduced profits, which coupled with high levels of debt due to
the expenditure being incurred on the captive power plant, led to
sharp weakening in debt coverage indicators. The ratings continue
to be constrained by the challenging business environment and the
fragmented industry in which SGCL operates, which limits pricing
power and hence results in modest profitability. ICRA notes that
due to its modest accruals in FY2016, SGCL has remained dependent
on funding support from promoters. However, the ratings continue
to favourably factor in the promoters' established track record
in managing various companies under the Ganga group, having
demonstrated management and funding support. The ratings also
favorably factor in the established relationship of the company
with its customers as evident in regular repeat orders. ICRA
expects that with the commissioning of the captive power plant,
the capacity utilisation of SGCL's plants is likely to improve
and support the profitability in FY2017.

Going forward, the ability of the company to continue to receive
support from the Ganga group, improve its capacity utilisation
while improving the profitability and bring about a sustained
improvement in its liquidity position, will be the key rating
sensitivities.

SGCL was incorporated in 2005 and manufactures sponge iron and
steel billets. The company was initially promoted by the Agarwal
family, who later sold their entire stake in the company to the
Chaudhary family in October, 2011. SGCL has its manufacturing
facility in Mirzapur, Uttar Pradesh, having installed capacity of
90,000 tonnes per annum (TPA) for manufacturing sponge iron and
28,800 TPA for manufacturing steel billets.

The Ganga Group is a collaboration of the Chaudhary and the
Tulsyan families. The group is engaged in various businesses:
polywoven sacks through- Quality Woven Sacks (rated [ICRA]BB-
(Stable)/A4), Ganga Bag Udyog Private Limited (rated [ICRA]BB-
(Stable)/A4), Neel Kamal Polytex Industries Pvt. Ltd. (rated
[ICRA]BB(Stable)) and RAS Polytex Pvt. Ltd.; paper through-Ganga
Papers India Ltd. (rated [ICRA]BB- (Stable)/A4) and Ganga Pulp
and Papers Pvt. Ltd., and sponge iron and billet manufacturing
through SGCL.

Recent Results
SGCL reported an operating income (OI) of INR84.4 crore and a net
profit of INR0.2 crore in FY2015, as against an OI of INR110.3
crore and a net profit of INR0.5 crore in the previous year.


SHREE KRISHNA: ICRA Lowers Rating on INR48cr LT Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from [ICRA]C+
for INR48.00 crore (reduced from INR56.00 crore) fund-based bank
facilities of Shree Krishna Paper Mills & Industries Limited.
Also, ICRA has downgraded the long term rating for INR5.00 crore
Cumulative Redeemable Preference Shares to [ICRA]D from [ICRA]C+.
ICRA has also downgraded the short term rating for INR14.00 crore
non fund-based bank facilities of SKPMIL to [ICRA]D from
[ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund-
   Based Facilities         48.00      [ICRA] D (Downgraded)

   Cumulative Redeemable
   Preference Share          5.00      [ICRA] D (Downgraded)

   Short Term Non
   Fund-Based Facilities    14.00      [ICRA] D (Downgraded)

The rating downgrade takes into account recent delay in debt
servicing because of continued liquidity issues being faced by
the company. Though the debt levels have declined during last few
years, however modest profitability coupled with large scheduled
repayments during FY17 on account of ballooning of repayment
obligations as per the terms of Corporate Debt Restructuring
(CDR) will necessitate further restructuring of the liabilities
during FY17. Accordingly, the company has delayed the repayments
due in March 2016 and the debt servicing ability is expected to
remain inadequate unless the repayment obligations are
restructured. ICRA notes, the repayment burden in FY17 will
almost double to more than INR12 crore from about INR6.9 crore in
FY16 because of bunching up of repayments of term loans and
cumulative redeemable preference share apart from recompense
liability towards lenders under CDR.

ICRA also notes that the operational performance of the company
in terms of capacity utilization remains strong with capacity
utilization of its newsprint plant at Kotputli exceeding 100% for
last few years, which coupled with ongoing shifting of
manufacturing capacity for coated paper and thermal sensitive
paper from Bahadurgarh unit to Kotputli unit will benefit the
company in medium term by way of cheaper grid power and
operational synergies. Besides, the proposed improvements in
product mix can drive improvement in sales, profits and accruals.
Despite strong operational performance, high debt levels have
always constrained the debt servicing ability of the company and
accordingly the company also plans to reduce indebtedness by way
of monetization of its land at its closed Bahadurgarh unit during
FY17.

Going forward, besides the restructuring of its debt repayment
obligations in near term; the debt servicing ability of the
company in the long term will remain contingent upon debt
reduction through monetisation of land at Bahadurgarh unit and
improvement in production, sales and profits through better
product mix, restarting of production for coated paper and
thermal sensitive paper.

Shree Krishna Paper Mills & Industries Limited (SKPMIL) was
incorporated by Pasari Group in the year 1972. While the Company
manufactures newsprint paper, and printing and writing Paper
(PWP) at its Kotputli (Rajasthan) unit, the capacities for
manufacturing coated paper and thermal Sensitive Paper (TSP)
earlier installed at Bahadurgarh (Haryana) unit are being shifted
to Kotputli unit. The erstwhile coated paper manufacturing unit
at Bahadurgarh, Haryana was acquired from Bansal Paper Mills in
the year 1974, while the printing and writing paper unit at
Kotputli was commissioned in FY2006.

The company had availed a sizeable term loan to fund the capex at
Kotputli unit. However, as the production did not commence as
planned due to technical issues, the company suffered huge
losses, thereby resulting in complete erosion of its net worth.
Subsequently, the company made references to corporate debt
restructuring in the year 2007 and in the year 2009, whereby its
debt was rescheduled.

In FY2015, SKPMIL reported an Operating Income (OI) of INR140.9
crore, Operating Profit before Depreciation, Interest, Taxes and
Amortization (OPBDITA) of INR8.8 crore and Profit after Tax (PAT)
of INR0.4 crore against an OI of INR158.2 crore, OPBDITA of
INR14.8 crore and PAT of INR2.7 crore reported in FY14.
Subsequently, as per provisional results for the nine month
period ending Dec'15, SKPMIL has achieved an OI of INR93.1 crore
and OPBDITA of INR7.4 crore vis-Ö-vis OI of INR107.5 crore and
OPBDITA of INR7.6 crore achieved during the previous
corresponding period.


SHREE SANYEEJI: CRISIL Suspends D Rating on INR440MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Sanyeeji Rolling Mills (SSRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             440        CRISIL D
   Proposed Term Loan      209.5      CRISIL D
   Rupee Term Loan         150.5      CRISIL D

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

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures thermo-
mechanically treated (TMT) bars at its unit in Guwahati (Assam).


SHYAMA SAKTI: CRISIL Suspends D Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shyama Sakti Rice Agro Food Products Private Limited (Shyama
Sakti).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             50         CRISIL D
   Term Loan               20         CRISIL D

The suspension of rating is on account of non-cooperation by
Shyama Sakti with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Shyama
Sakti is yet to provide adequate information to enable CRISIL to
assess Shyama Sakti'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 2008, Shyama Sakti mills non-basmati parboiled
rice. Its manufacturing facility is in Galsi (West Bengal). The
company's day-to-day operations are looked after by its director,
Mr. Dhamadas Ghatak.


SIDDARTH ORGANISATION: ICRA Assigns B+ Rating to INR2.16cr Loan
---------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B+ to the
INR2.16 crore long-term fund based facilities of Siddarth
Organisation. ICRA has also assigned its long term rating of
[ICRA] B+ and its short-term rating at [ICRA] A4 to the firm's
INR7.84 crore unallocated Line of Credit.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit               2.16      [ICRA]B+; assigned
   Unallocated               7.84      [ICRA]B+/[ICRA] A4;
                                       Assigned

ICRA's rating is constrained by the highly competitive nature of
the garment manufacturing industry owing to its fragmented
nature, which coupled with SIPL's small scale of operations has
resulted in modest cash accruals. The rating is further
constrained by the firm's high working capital intensity, which
is on account of high inventory holding requirements, resulting
in high utilization of bank limits in the past few months. The
ratings also factor in the firm's modest financial profile
characterised by low net worth and high gearing. ICRA also takes
note of the proprietorship constitution of the firm and the risks
inherent in a proprietorship concern, like limited ability to
raise capital, risk of dissolution, withdrawal of capital, etc
However, the ratings favorably take into account the established
track record and extensive experience of the promoters in the
garment manufacturing business and the firm's diversified
customer base which helps reduce product off-take risk.

Going forward, the ability of the firm to improve its scale of
operations in a profitable manner while optimally managing its
working capital cycle, will be the key rating sensitivities.

The Siddarth Group comprises of three entities- namely, Siddarth
Organisation, Siddarth Organisation Limited and Siddarth
Intercrafts Private Limited and is engaged in the manufacturing
of ladies garments, kids garments, scarfs and fashion
accessories.
Recent Results
Siddarth Organisation reported a net profit of INR0.23 crore on
an operating income of INR4.86 crore in FY15, as against a net
profit of INR0.26 crore on an operating income of INR4.88 crore
in FY14. The firm, on a provisional basis, reported an operating
income of INR2.64 crore for nine months ending December 31st,
2015.


SKD REALTY: ICRA Assigns B+ Rating to INR25cr LT Loan
-----------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR25.00 crore2 term
loan facility of SKD Realty LLP.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund
   Based Limits TL          25.00      [ICRA]B+; Assigned

The rating assigned to SKD Realty LLP (SKD) is constrained by
execution risks for the residential project under implementation
as well as market risk associated with them given the moderate
level of bookings till date. ICRA also takes note of the
relatively high funding risk as a substantial part of the project
funding is planned to be met from customer advances, which are
contingent on timing of bookings and efficiency of collections
from customers; while the efficiency of collection has been
satisfactory till end of December 2015, the pace of bookings has
been sluggish given the ongoing slowdown and weak consumer
sentiment existing in the real estate industry.

The rating however, favourably factors in the established
position and track record of the promoter group in real estate
development having long standing experience. The rating draws
comfort from the favourable location of the project, in Mira Road
(East) by virtue of its proximity to basic amenities and
connectivity to Thane as well as Mumbai.

SKD Realty LLP (SKD) is incorporated in 2011 as a partnership
firm and was later converted into LLP firm in 2014. It is engaged
in construction of residential project in Mira Road, Mumbai. The
firm is promoted by partners having extensive experience in the
field of real estate construction in Mumbai and adjoining areas.
SKD has an on-going residential project 'Pinnacolo' which consist
of 5 towers of 22 storeys each. The group has experience of more
than 20 years in the real estate construction business in Mumbai.


SMVD POLYPACK: CRISIL Suspends B+ Rating on INR105MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
SMVD Polypack Private Limited (SPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              38        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       42        CRISIL B+/Stable
   Term Loan               105        CRISIL B+/Stable

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

Incorporated in January 2010, SPPL manufactures PP and HDPE woven
sacks and fabric. The company commenced commercial operations in
November 2012. The day-to-day operations are managed by Mr.
Promod Agarwal.


SRI BALAJI: CRISIL Suspends D Rating on INR650MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Balaji Logs Products Private Limited (SBLPL; part of the
Balaji group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             650        CRISIL D
   Letter of Credit        570        CRISIL D

The suspension of ratings is on account of non-cooperation by
SBLPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBLPL is yet to
provide adequate information to enable CRISIL to assess SBLPL'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 SBLPL, Sri Balaji Forest Products Pvt
Ltd, Aeon Manufacturing Pvt Ltd, Shree Ram Saw Mill Private
Limited, 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.

SBLPL was set up 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.


SRI SUBRAMANYESWARA: ICRA Assigns 'B' Rating to INR12.70cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR12.70
crore fund based limits and INR5.50 crore unallocated limits of
Sri Subramanyeswara Polymers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          12.70        [ICRA]B; assigned

   Long Term
   Unallocated Limits     5.50        [ICRA]B; assigned

The assigned rating is constrained by the small scale of
operations of the firm in the highly competitive poly woven sacks
industry with low entry barriers and limited product
differentiation, and weak bargaining power with suppliers and
customers exerting pressure on margins. The rating also factors
in high sector and geographic concentration with company selling
most of its products to cement manufacturers located in Telangana
and Andhra Pradesh. The ratings are further constrained by the
susceptibility of profitability to fluctuations in polymer prices
and weak financial profile of the firm with thin net margins,
stretched coverage indicators and high working capital intensity.
ICRA also takes note of the capital fund withdrawal risk inherent
to partnership nature of the firm. The rating, however, draws
comfort from long standing experience of the promoters, healthy
relationships with its customers resulting in repeat orders in
the cement industry, and healthy growth in revenues at CAGR of
23% over the last 5 years backed by increase in capacity
expansion and sales volumes.

Going forward, ability of the firm to improve its scale of
operations, profitability and capital structure will be the key
rating sensitivities from credit perspective.

Sri Subramaneswara Polymers (SSP) incorporated in 2007, is a
partnership firm engaged in the manufacturing of HDPE/PP woven
sacks. The processing unit with current installed capacity of
7560 MT per annum is located at Koilkuntla in Kurnool district of
Andhra Pradesh. SSP manufactures Polypropylene (PP) bags which
are majorly used for packing cement and food grains. It also
sells fabric sheets which is an intermediary product in the
process of making bags.

Recent Results
As per audited financials for FY2015, SSP reported an operating
income of INR58.20 crore with profit after tax of INR0.49 crore
as against INR44.41 crore of operating income with profit after
tax of INR0.43 crore in FY2014.


SRI VIJAYA: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vijaya
Lakshmi Raw and Boiled Rice Mill (SVRB) continues to reflect the
firm's below-average financial risk profile because of weak
capital structure and debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B/Stable (Reaffirmed)

   Long Term Loan          25       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5      CRISIL B/Stable (Reaffirmed)


The rating also factors in a small scale of operations in the
intensely competitive rice milling industry. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters.
Outlook: Stable

CRISIL believes SVRB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
increase in revenue and profitability, along with significant
capital infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
aggressive, debt-funded expansion, or a steep decline in revenue
and profitability, leading to deterioration in the financial risk
profile.

Set up in 1983 and based in Ongole, Andhra Pradesh, SVRB mills
and processes paddy into rice, rice bran, broken rice, and husk.
The firm is promoted by Mr. B Purna Chandra Rao and his family
members.


SUMIT GAS: CRISIL Suspends D Rating on INR40MM Bank Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sumit Gas Agencies Private Limited (SAGPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL D
   Cash Credit              33        CRISIL D

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

SGAPL lays gas pipelines in cities such as Faridabad, Ghaziabad,
and Delhi, and undertakes sub-contract works for gas majors such
as Adani Gas Ltd, Indraprastha Gas Ltd and Gas Authority of
India. It was set up as a proprietorship firm in the 1990s and
reconstituted as a private limited company in 2006. The key
promoter and director Mr. Puneet Sehgal manages the operations.


SUNSHAKTI OIL: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunshakti Oil
Refinery Private Limited (SORPL) a Long-Term Issuer Rating of
'IND D'. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect SORPL's delays in servicing term-loan
principal repayments over the 12 months ended February 2016 due
to stretched liquidity.


RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months may
result in a positive rating action.

COMPANY PROFILE

Incorporated in 2011, SORPL refines crude edible oils such as
palm, sunflower, soya and cotton seed oils.

SORPL's ratings:
-- Long-Term Issuer Rating: assigned Long-term 'IND D'
-- INR17 million long-term loan: assigned Long-term 'IND D'
-- INR50 million fund-based facilities: assigned Long-term 'IND
    D'
-- INR30 million non-fund-based facilities: assigned Short-term
    'IND D'


SUSHEEL YARNS: CRISIL Suspends B+ Rating on INR85MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Susheel Yarns Private Limited (SYPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             85         CRISIL B+/Stable
   Letter of Credit        10.4       CRISIL A4

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

The promoters started business in 1977, this company was
incorporated in 1997and these plants was put in 1999-2000.The
company manufactures blended fabrics and have strategic alliance
for making polyster, polyster viscose & Acrylic polyster yarns.
The company has also started manufacturing of garments
particularly men's wear formal & casual trousers .The company has
started export of fabric, yarn & garments. SYPL's plant is in
Bhilwara (Rajasthan).


SUYAMBU PROJECTS: CRISIL Assigns B Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Suyambu Projects (SP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL A4
   Cash Credit              60        CRISIL B/Stable

The ratings reflect SP's nascent stage and small scale of
operations in the intensely competitive civil construction
industry, revenue concentration risks and working capital
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that the firm derives from the
proprietor's extensive industry experience and its below-average
financial risk profile constrained by small net worth.
Outlook: Stable

CRISIL believes that SP will continue to benefit over the medium
term from the industry experience of its proprietor in the
construction industry. The outlook may be revised to 'Positive'
in case of significant improvement in the company's scale of
operations and profitability resulting in higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative', if the firm undertakes larger than expected debt-
funded capital expenditure or in case of decline in revenues and
profitability leading to deterioration in its financial risk
profile.

Established as a proprietorship firm in November, 2015, SP is
engaged in civil construction activities primarily roads and over
bridges. Based in Chennai (Tamil Nadu), the firm is promoted by
Mr. Rajesh Jeevanandem.


SVL TRADING: Weak Financial Strength Cues ICRA SP 3D1 Grading
-------------------------------------------------------------
ICRA has assigned 'SP 3D1' grading to SVL Trading Corporation
(SVL), indicating the 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake off-grid
solar PV projects. The grading is valid for a period of two years
from March 30, 2016 after which it will be kept under
surveillance.

ICRA has also assigned 'SP 2C2' grading to SVL Trading
Corporation (SVL), indicating the 'High Performance Capability'
and 'Low Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid till 31st December
2019 after which it will be kept under surveillance.

Grading Drivers

Strengths
* Established brand in Karnataka as one of the largest dealers
  of TATA Power Solar India Ltd.

* Addition of established players such as Emmvee Solar, V-Guard,
Bosch, Supreme Solar to its products in the thermal segment

* Long track record of the promoters in the Solar Industry with
established technical competence in the solar thermal and Solar
PV space and also in the advisory role for developers, regulators
and financial institutions

Risk Factors

* Small scale projects executed in Solar PV segment and moderate
size of projects executed in water heaters segment
* Large number of organized/ unorganized players indicating high
level of competition may lead to pressure on margins
* Company has a concentrated dealership network with predominant
presence in Karnataka
* Weak financial profile of the company indicated by increased
gearing, reduced margins, and high TOL/TNW
* Low Net-worth of the company

SI Related Business

* Promoter Track Record: The promoter of SVL Trading Corporation
is Mr. Anand Reddy who has over 13 years of experience in the
business areas related to Solar thermal and PV projects. He is a
B.Com graduate and is responsible for the overall management and
strategic decision making in SVL Trading Corporation.

* Technical competence and adequacy of manpower: SVL is one of
the leading authorized dealers of TATA Power Solar India Limited
in Bangalore with a relationship of over 11 years. The concern
deals in various solar products and has an established brand
image.

* Quality of suppliers and tie ups: The firm mainly supplies
solar PV systems from TATA Power Solar Systems. Apart from TATA,
it has added other reputed suppliers for its SPV systems and
thermal segment such as Emmvee Photovoltaic Power, Promptec
Renewable Energy, Southern Batteries, V-guard Industries etc.

* Customer and O&M Network: SVL has a network of customers
spread across the state of Karnataka which includes both
institutional as well as retail customers. SVL has a well
established network of around 32 sub dealers.


VARDA SPINNING: CRISIL Suspends B+ Rating on INR100MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Varda Spinning and Weaving Mills Private Limited (VSWL).

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Cash Credit               100         CRISIL B+/Stable
   Long Term Loan             55         CRISIL B+/Stable
   Standby Line of Credit     15         CRISIL A4

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

VSWL, established by Mr. Salil Malhotra and his family members in
2010, started operations in September 2010. It was purchased by
Mr. Sahil Singhania and Mr. Pankaj Singhania in September 2013.
The company manufactures polyester yarn at its facility in
Ludhiana (Punjab).



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


TAKATA CORP: To Seek Restructuring Sponsor by August
----------------------------------------------------
Nikkei Asian Review reports that Takata Corp, mired in a
deepening air bag scandal, hopes to select a sponsor by August to
pursue restructuring under new management.

A third-party committee of outside attorneys and others had
briefed automakers and banks on the plan by April 19, Nikkei
says. Takata hopes to select a sponsor by the end of August and
draw up fresh rehabilitation plans, the report relates citing the
committee. It likely will accept a management team from the
sponsor.

Chairman and CEO Shigehisa Takada, a member of the founding
family, is expected to step down, the report states.

According to the report, the company aims to reach an agreement
with automakers and banks around September on handling of recall
costs.

In the interest of maintaining a steady stream of parts, Takata
has pushed for a private workout with creditors to share the
recall cost burden and resolve other issues rather than
undergoing a court-mediated process, Nikkei notes.  The report
says the autoparts maker has asked automakers to resume buying
its air bags after the revamped management team takes over. It
will ask lenders to maintain current credit and provide new
credit lines to fund bond redemptions and new investments.

But with so much uncertainty over recall costs and compensation
for damages, it is unclear whether a willing sponsor will emerge,
according to the report.

At this point, the probability of public-private funds such as
the Innovation Network Corp. of Japan becoming a sponsor is slim,
the third-party committee, as cited by Nikkei, said.

The report says Takata views automakers as possible sponsors. But
"without identifying the cause and scope of the recall, we can't
discuss support or how to split costs," the report quotes an
official at a major automaker as saying.  Takata may face an
uphill battle finding a sponsor after its earlier explanations
were criticized as inadequate, the report states.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


CJ SOLUTIONS: In Liquidation; Owes More Than NZ$4.5MM
------------------------------------------------------
Stuff.co.nz reports that a Christchurch demolition company with
big ticket contracts across New Zealand has gone bust owing more
than NZ$4.5 million.  CJ Solutions Ltd, trading as Shilton &
Brown Demolition, was placed into voluntary liquidation on
April 8.

Stuff.co.nz relates that the company, directed and owned by James
Louis Shilton, better known as Jim, has been involved in major
demolition projects in post-earthquake Christchurch, including
the Vero building in Hereford St.

Liquidator Gordon Hansen -- gordon@pkfgf.co.nz -- of PKF
Goldsmith Fox, said the business was doing work at the University
of Canterbury, Christchurch's The Crossing development, the
Rydges hotel in Queenstown and projects in Auckland and
Wellington when it faltered, according to Stuff.co.nz.

Stuff.co.nz relates that Mr. Hansen said the debt to creditors
would exceed NZ$4.5 million. That would be offset by the sale of
plant and equipment and recovery from debtors.

The company debt included NZ$535,000 to the Inland Revenue
Department, about NZ$3.4 million to unsecured creditors and small
amounts owing to employees. The secured debt to the bank was
about NZ$700,000, Stuff.co.nz discloses.

It is understood unsecured creditors are unlikely to see any of
the money recouped, Stuff.co.nz notes.

"There's probably three of four [other companies] which have
security over things, in terms of specific securities over
equipment and vehicles, then the bank has a general security as
well," the report quotes Mr. Hansen as saying.

Affected unsecured creditors include scaffold, cranage, landfill
businesses, and other general contractors, Mr. Hansen, as cited
by Stuff.co.nz, said.

"They were clearly in an insolvent situation, and they decided
there was no sensible way to trade out of it, so to stop the
matter from getting worse they put the company into liquidation."

According to Stuff.co.nz, Mr. Hansen, who blamed the company
failure on "uneconomic contracts and a poor control over cash
outflows", said Shilton was devastated by the collapse.

Some 35 staff had lost their jobs, but several were rehired by
firms that picked up Shilton & Brown Demolition's contracts,
Mr. Hansen, as cited by Stuff.co.nz, said.

"We are not undertaking any further work. On each site there's
generally quite considerable time constraints in order to get the
demolition work done so the head contracts are moving quickly to
install new contractors, and in a number of situations they are
able to take on the staff."

Shelton did not respond to a request for comment, the report
notes.


EVERGREEN LODGE: Lodges Placed Under Receivership
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that a receivership
sale has left Remarkables Lodge and Evergreen Lodge under
contract. Its previous owners reportedly owe creditors over
NZ$3.7 million, the report relays.

Dissolve.com.au says the two Queenstown lodges became subjects to
a mortgagee sale following the move of their owners to default on
secured creditor interest payments.

Remarkables Lodge Ltd and Evergreen Lodge Ltd which own the
lodges respectively entered receivership on February 4, the
report discloses. Vivian Fatupaito -- vfatupaito@kpmg.co.nz --
and Andrew Hawkes -- ahawkes@kpmg.co.nz -- from KPMG Christchurch
have been appointed receivers of the companies, adds
Dissolve.com.au.



===============
P A K I S T A N
===============


PAKISTAN: Fitch Affirms 'B' Long-Term Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Pakistan's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B' with Stable
Outlooks. The issue ratings on Pakistan's senior unsecured
foreign- and local-currency bonds are also affirmed at 'B'. The
agency has also affirmed the Short-Term Foreign-Currency IDR at
'B' and Country Ceiling at 'B'.

KEY RATING DRIVERS

The ratings reflect the following factors:

-- Pakistan has made progress with fiscal consolidation,
   restoring foreign-reserve buffers, lowering inflation and
   initiating structural reforms after the country agreed to an
   Extended Fund Facility (EFF) with the International Monetary
   Fund (IMF) in September 2013. Nonetheless, a difficult
   political and security environment, high public debt and
   interest burden, and low per capita incomes weigh on
   Pakistan's rating.

-- Official reserves shrank rapidly prior to the EFF, as Pakistan
   had to make large repayments due from previous IMF borrowing
   ($US1.3billion in 2012 and $US2.3billion in 2013). However the
   country's external liquidity position has strengthened
   markedly. Pakistan's official reserve assets rose to
   $US19.3billion at end-February 2016 from $US8.6billion at the
   inception of the latest IMF programme, supported by IMF
   disbursements, grants and Eurobond issuances totalling
   $3.5billion. There is limited pressure from external debt
   repayments in the near term. Projected principal repayments to
   the IMF for the EFF are stretched over a longer timeframe,
   starting with $US0.2billion in 2018 and rising to
   $US0.8billion in 2020, with the final payment due in 2025. An
   $US0.75billion bond due in June 2017 is the only Eurobond
   maturing until 2019. Repayments for official development
   assistance from the Paris Club begin in 2016, but are
   stretched over a 23-year period.

-- Fitch considers external liquidity an ongoing vulnerability
   for Pakistan, despite a small current account deficit compared
   to peers (1% of GDP in the fiscal year to June 2015 (FY15)
   compared with 'B' median of 7.3%) and modest net external
   indebtedness. Net FDI inflows have averaged just 0.7% of GDP
   between 2010 and 2014, requiring Pakistan to access other
   forms of external financing, such as portfolio flows and
   multilateral support. Fitch expects FDI inflows to increase
   substantially in the future as plans for $US46billion worth of
   projects linked to the China-Pakistan Economic Corridor (CPEC)
   get underway. However, the extent the CPEC benefits the
   country's external finances will depend on the exact terms of
   projects, particularly financing plans and the import
   intensity of investments. Slower remittance growth from oil
   producers in the Middle East could add pressure to external
   finances.

-- Pakistan's fiscal position is a key credit weakness. Interest
   payments amount to almost a third of general government
   revenues in FY15, compared to the 'B' median of 7.4%. High
   public indebtedness, the expensive cost of borrowing and a
   small tax base contribute to the government's interest burden.
   However, the budget deficit narrowed to 5.3% in FY15 from 8.4%
    in FY13, driven by a reduction in subsidies (0.6pp) and an
   increase in tax revenues (1.0pp).

-- The power sector is a source of contingent liabilities for the
   government. Clearance of payment arrears accumulated by
   publicly owned utilities contributed 1.4pp to the budget
   deficit in FY13. Payment arrears amounted to 0.8% of GDP in
   FY15, but were not cleared by the government and not reflected
   in the budget numbers. The government plans to use the
   proceeds from the privatisation of power distribution
   companies to pay off the stock of arrears. However labour
   unrest and legal challenges over the privatisation of Pakistan
   International Airlines highlight the difficulty of the
   process. The stock of arrears could materialise on the general
   government balance sheet should privatisation plans fail, and
   the distribution companies continue to be loss-making. The
   build-up of arrears has slowed due to better receivables
   collection, reduction of losses from transmission and
   distribution, and the introduction of late payment surcharges.

-- The ability of the Pakistan government to sustain structural
   improvements and maintain macroeconomic stability after the
   IMF programme is completed, due in September 2016, will be an
   important rating driver. The implementation of politically
   unpopular reforms could become more challenging in the run-up
   to the general election, expected in 2018. Low oil prices have
   also cushioned the cost to consumers of adjusting utility
   tariffs to more economic rates. Public opposition could be
   greater if tariffs were to rise sharply, for example in
   response to a stronger rebound in oil prices than Fitch
   expects,

-- Pakistan is underdeveloped relative to 'B'-rated peers, with
   GDP per capita at $US1,422 in FY15 compared with the 'B'
   median of $US3,625. GDP growth over the past five years has
   averaged lower than peers despite the lower income level,
   environment. Structural reforms have gradually improved the
   availability and reliability of energy for businesses, and
   continued progress would create an environment more conducive
   to private investment. Private credit growth has accelerated
   since September 2015, driven, according to authorities, by
   fixed investments and working capital spending. Total private-
   sector credit only amounted to 15.1% of GDP at end-2015,
   compared to the 'B' median of 37.1%. Pakistani banks are well-
   capitalized and profitable, and should be able to facilitate
   greater provision of credit. Non-performing loans are high at
   11.4% of gross loans, but the ratio has been declining since
   2013.

-- Civilian fatalities as a result of terrorist violence fell to
   around 940 in 2015 from over 3000 in 2013. However, the
   ongoing security risks faced by Pakistan were highlighted by
   the bombing in Lahore on 27 March 2016 that killed over 70
   civilians, the highest number of fatalities from a terrorist
   incident in Pakistan since about 140 civilians were killed in
   the Peshawar school attack on 16 December 2014. An escalation
   of security concerns could lead to higher fiscal expenditure,
   loss of investor confidence and disrupt economic activity.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead
to a negative rating action are:

-- Policy slippage that leads to renewed pressure on economic and
   financial stability, which may be evident in a rapid loss of
   reserves or sharp rise in inflation.
-- Deterioration in the fiscal position that leads to a sharp or
   sustained rise in government debt ratios, including contingent
   liabilities from state-owned entities.
-- Political instability sufficient to damage the country's
   economic or financial stability

The main factors that could, individually or collectively, lead
to a positive rating action are:

-- Sustained fiscal consolidation, strengthening of the revenue
    base, reduction in government debt ratios and the smaller
    contingent liabilities from state-owned entities.
-- Progress with structural reform that leads to improvement in
    the business environment, stronger economic growth and higher
    investment.
-- An improved security situation and decreased political risk

KEY ASSUMPTIONS
-- The ratings incorporate an assumption that Pakistan's
    relations with India do not deteriorate to the point of
    renewed armed conflict.
-- The global economy is presumed to perform broadly in line
    with
    Fitch's latest Global Economic Outlook report.



===========
T A I W A N
===========


WAN HAI: Moody's Retains Ba2 CFR on Slightly Weaker 2015 Results
----------------------------------------------------------------
Moody's Investors Service says that Wan Hai Lines Ltd.'s slightly
increased financial leverage in 2015 will not immediately affect
its Ba2 corporate family rating.

The rating outlook remains stable.

"Wan Hai's financial leverage increased slightly in 2015 and will
likely stay at current levels over the next 12-18 months, but
remains appropriate for its Ba2 rating," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

Wan Hai's adjusted net debt/EBITDA rose slightly to 1.8x in 2015
from 1.6x in 2014, mainly due to an increase in adjusted net debt
to NTD22.8 billion at end-2015 from NTD20.3 billion at end-2014.

The additional net debt was driven by a decline in its cash
balance to NTD21.9 billion at end-2015 from NTD26.8 billion at
end-2014, in turn due to a NTD4.4 billion cash dividend payment
in 2015.  The dividend was much higher than the NTD1.8 billion
paid in 2014, as a result of the company's stronger net earnings
in 2014 than in 2013.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 1.5x-2.0x over the next 12-18 months, based on its (1)
short-term vessel chartering strategy; (2) purchase of slot
capacity from partners; and (3) limited capital expenditure.
This ratio positions it well at the Ba2 rating level.

Wan Hai's revenue will likely decline by 3% in 2016 and remain
flat in 2017, driven by lower freight rates amid a challenging
operating environment stemming from industry overcapacity and
weak demand.

"We expect Wan Hai's adjusted EBITDA margin to stay at its
current level, supported by its implementation of operating
efficiency and cost improvement measures," adds Lu.

Wan Hai's revenue declined by 4.7% to NTD63.9 billion in 2015, as
lower freight rates were partially offset by a growth in sales
volume despite the challenging market conditions in the liner
market.

The company's adjusted EBITDA margin rose slightly to 19.6% in
2015 from 19.4% 2014, as a result of relatively low bunker costs,
cost improvement measures, and stronger sales volumes.

Wan Hai's liquidity profile remains strong.  At end-2015, Wan Hai
had cash and cash equivalents of NTD21.8 billion and short-term
marketable investments of NTD3.4 billion, which together provide
a strong liquidity reserve for its short-term maturing debt of
NTD8.3 billion over the next 12 months and projected capital
expenditure of NTD4.0 billion over the same period.

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Wan Hai Lines Ltd. listed on the Taiwan Stock Exchange in May
1996.  At end-2015, it operated a fleet of 89 container vessels
(72 wholly owned and 17 chartered), offering intra-Asia, Asia-
Middle East, and Trans-Pacific liner services.  With 32 dedicated
service routes at end-2015, Wan Hai is the leading provider of
intra-Asia container shipping services with an estimated 20%
market share.


                             *********

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

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

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


                            *********


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

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

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

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

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



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