TCRAP_Public/160421.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 21, 2016, Vol. 19, No. 78


                            Headlines


A U S T R A L I A

ELITE PACKAGING: Collapses Into Administration
EQUIVEST CAPITAL: First Creditors' Meeting Set For April 29
EXHIBITION ENTERPRISES: First Creditors' Meeting Set For April 29
KEY TO THE COAST: First Creditors' Meeting Scheduled For April 29
SCOTT & ENSOLL: First Creditors' Meeting Set For April 27

WALKABOUT BEDS: First Creditors' Meeting Set For April 27


B A N G L A D E S H

BANGLADESH: Fitch Affirms 'BB-' Issuer Default Ratings


C H I N A

CHINA: Default Chain Reaction Looms Amid 192 Day Cash Turnaround


I N D I A

ABT LIMITED: CARE Puts 'B' Rating on INR80Cr Loan on Credit Watch
AEON MANUFACTURING: CRISIL Suspends D Rating on INR500MM Loan
AERON EXPORTS: CRISIL Cuts Rating on INR150MM Cash Loan to D
AGRAWAL COTSPIN: CARE Reaffirms B+ Rating on INR8cr LT Loan
AKASH COKE: CRISIL Suspends B+ Rating on INR150MM Cash Loan

AMBICA TIMBERTRADE: CRISIL Suspends B Rating on INR62.5MM Loan
ANC INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR60MM Loan
BALDEV KRISHAN: CRISIL Suspends 'D' Rating on INR95MM Term Loan
DEEPSHIKHA PAPER: CRISIL Suspends 'B' Rating on INR58.5MM Loan
DIRCO POLYMERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan

EAST HOOGHLY: CRISIL Suspends B+ Rating on INR60.2MM Term Loan
FAMINA KNIT: CRISIL Suspends D Rating on INR230MM Loan
G. M. AGRO: CARE Assigns B+ Rating to INR6cr LT Loan
GEM GRANITES: CARE Assigns 'D' Rating to INR86.50cr ST Loan
HARA PARBATI: CRISIL Suspends D Rating on INR40MM Cash Loan

IG3 INFRA: CARE Reaffirms D Rating on INR546cr LT Loan
IUA TRUST: CRISIL Suspends 'B' Rating on INR75MM Term Loan
JAGDAMBA POLYFABES: CRISIL Suspends D Rating on INR64.8MM Loan
JAYARAM TEXTILES: CARE Cuts Rating on INR23.67cr LT Loan to D

JEWEL OVERSEAS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
KAMALAKANTA COLD: CRISIL Reaffirms 'B' Rating on INR60MM Loan
LAKHOTIA MEDICAL: CRISIL Suspends 'D' Rating on INR52MM Loan
LORDS ORIENTAL: CARE Raises Rating on INR13.16cr LT Loan to 'B'

MARIA RUG: CRISIL Suspends B- Rating on INR16MM LT Loan
MIDHUNAM SPINNERS: CRISIL Reaffirms B Rating on INR80MM Loan
P B NIRMAN: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
P. G. TIMBER: CRISIL Suspends 'D' Rating on INR46MM Demand Loan
PATEL AGRI: CRISIL Suspends 'B' Rating on INR127MM Term Loan

PRAG DISTILLERY: CARE Lowers Rating on INR20cr LT Loan to D
QUAD LIFESCIENCES: Ind-Ra Affirms 'IND BB' LT Issuer Rating
RARE JEWELS: CARE Revises Rating on INR11.5cr LT Loan to BB-
RAY INTERNATIONAL: CRISIL Suspends B+ Rating on INR35MM Loan
REXON STRIPS: CARE Reaffirms B+ Rating on INR22cr LT Loan

ROLEX CYCLES: CRISIL Suspends B+ Rating on INR202.5MM Cash Loan
SAGAR FIBERS: CARE Assigns B+ Rating to INR7cr LT Loan
SAKA EMBROIDERY: CARE Assigns B+ Rating to INR11.77cr LT Loan
SHARDA TIMBERS: CRISIL Suspends 'B' Rating on INR58.5MM Loan
SHREE HARI: CARE Assigns B+ Rating to INR7cr LT Loan

SHREE SAI: CRISIL Suspends 'D' Rating on INR256MM Cash Loan
SHRI VAIJANATH: CARE Assigns D Rating to INR2.0cr LT Loan
SHYAMJOTI RICEMILL: CARE Assigns B+ Rating to INR9.78cr LT Loan
SIDDHI REFOILS: CRISIL Suspends D Rating on INR500MM Loan
SRI BALAJI: CRISIL Suspends 'D' Rating on INR425MM Loan

SRIADITYA AGRI: CRISIL Suspends 'D' Rating on INR31.1MM Term Loan
STANDARD PHARMACEUTICALS: CRISIL Suspends D Rating on Loans
STEELSWORTH PRIVATE: CRISIL Suspends B Rating on INR40MM Loan
SUN STEEL: CRISIL Suspends B+ Rating on INR55MM Cash Loan
SUPRABHA CONSTRUCTION: CRISIL Reaffirms B- Rating on INR45MM Loan

SWAIN ALUMINIUM: CRISIL Suspends D Rating on INR150MM Term Loan
TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR197.83cr Loan
TRAVANCORE MULTISPECIALTY: CARE Rates INR12.2cr LT Loan at B+
VIDEOCON TELECOM: CARE Reaffirms 'D' Rating on INR3,700cr Loan


P H I L I P P I N E S

BF GENERAL: Placed Under Conservatorship
VITARICH CORP: Moves Closer to Early Corporate Rehab Exit


                            - - - - -


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


ELITE PACKAGING: Collapses Into Administration
----------------------------------------------
April Glover at ProPrint reports that Elite Packaging Solutions
has collapsed into administration following the sad and widely
publicised murder of its managing director Keith Collins last
month.

Managing director Keith Collins was involved in a fatal exchange
with a man unknown to him at a Korean restaurant in Sydney's
north-west on March 31, ProPrint recalls.

Mr. Collins was on a first date with Jovi Pilapil who he knew
through an internet dating site, and was tragically stabbed to
death by his date's abusive ex-partner who also tried to kill
her.

The man, Alexander Villaluna is now facing murder and attempted
murder charges. He walked into the restaurant and launched into a
stabbing frenzy.

However, the administrators appointed to Elite Packaging Shaw
Gidley told ProPrint Mr. Collins' death is not at all associated
with the company's administration, and say it had been
'experiencing financial difficulties' for quite some time prior
to his passing.

The business is listed online as generating an estimated yearly
revenue upwards of AUD500,000.

According to ProPrint, voluntary administrator Paul Gidley said
himself and James Shaw were appointed to the case due to the
sudden absence of a managing director, to guide the company
through the current period.

Mr. Gidley told ProPrint the administrators will lead the company
through two separate creditors meeting, the first on slated for
April 28 to inform creditors of their position.

ProPrint relates that the following meeting is scheduled to
address one of three options for Elite Packaging: it may enter
into a deed of company arrangement, fall into liquidation or
reach a solution where Elite may resume trading as a solvent
business.

Mr. Gidley said it is highly unlikely that a solvent solution is
reached, and predicts the administration will result in one of
the first two options, ProPrint relays.

"We are now assessing the viability of Elite Packaging having a
trading future, and the desired outcome is for the company to
return to solvency however it is unlikely this will happen," the
report quotes Mr. Gidley as saying.  "At present time we have
only been dealing with the administration for 48 hours and we are
still collating company financial data to assess its position. It
may attempt to trade its way out of administration but I don't
see this happening."

It is hoped the workforce of 16 that are employed by Elite
Packaging at its Gosford headquarters will retain employment,
however their future with the company remains uncertain,
according to ProPrint.

Mr. Collins leaves behind a teenage daughter. His older son was
killed in a car crash three years ago, ProPrint reports.

Elite Packaging Solutions is a print packaging specialist based
in Gosford. The Company has been in operation for 20 years, it
designs, prints and laminates cardboard and diecut packaging,
with some 16 staff members.


EQUIVEST CAPITAL: First Creditors' Meeting Set For April 29
----------------------------------------------------------
Richard Albarran and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Equivest Capital
Pty Limited on April 18, 2016.

A first meeting of the creditors of the Company will be held at
The Grace Hotel, Karana Room, Level 3, 77 York Street, in Sydney,
on April 29, 2016, at 10:00 a.m.


EXHIBITION ENTERPRISES: First Creditors' Meeting Set For April 29
-----------------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Exhibition Enterprises Pty Limited on April 18,
2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clearance, in
Sydney, on April 29, 2016, at 11:00 a.m.


KEY TO THE COAST: First Creditors' Meeting Scheduled For April 29
-----------------------------------------------------------------
David Ingram and Shahin Hussain of Hall Chadwick were appointed
as administrators of Key To The Coast Pty Limited on April 18,
2016.

A first meeting of the creditors of the Company will be held at
Level 12, 144 Edward Street, in Brisbane, Queensland, on
April 29, 2016, at 11:00 a.m.


SCOTT & ENSOLL: First Creditors' Meeting Set For April 27
---------------------------------------------------------
Paul Eric Nogueira and Morgan Gerard Lane of Worrells Solvency &
Forensic Accountants were appointed as administrators of Scott &
Ensoll Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Worrells Bryant House,
Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, Queensland,
on April 27, 2016, at 10:30 a.m.


WALKABOUT BEDS: First Creditors' Meeting Set For April 27
---------------------------------------------------------
Ann Fordyce and Nigel Markey of Pilot Partners were appointed as
administrators of Walkabout Beds Pty Ltd on April 14, 2016.

A first meeting of the creditors of the Company will be held at
Pilot Partners, Level 10, 1 Eagle Street, in Brisbane,
Queensland, on April 27, 2016, at 11:00 a.m.



===================
B A N G L A D E S H
===================


BANGLADESH: Fitch Affirms 'BB-' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB-'. The Outlooks on
the Long-Term IDRs are Stable. The Country Ceiling is affirmed at
'BB-' and the Short-Term Foreign-Currency IDR at 'B'.

KEY RATING DRIVERS
Bangladesh's rating balances strong foreign-currency earnings and
high and stable real GDP growth against significant political
risk and weak banking-sector health.

Strong and relatively stable foreign-currency revenue from
remittances and garments exports, two main pillars of
Bangladesh's economy, support the external balances and overall
credit profile. Bangladeshi exports have only been moderately
affected by the current global trade slowdown: exports grew 5.9%
over the year to January 2016, compared with 9.0% a year earlier.
Remittances also remained strong at $US15billion on an annual
basis in February 2016, dwarfing the roughly $US3billion annual
inflow of foreign project-based aid. At the same time, weak
global conditions imply downside risks to foreign demand for
exports and Bangladeshi workers abroad. Inflows, combined with
Bangladesh Bank's foreign-exchange interventions aimed at keeping
the taka relatively stable against the US dollar, have led to a
build-up of foreign reserves to a record-high of $US28.3billion
in March 2016.

The authorities' macroeconomic track record was strengthened by
Bangladesh's successful completion in October 2015 of its
Extended Credit Facility arrangement with the IMF. Real GDP
growth remained relatively strong and stable over the past years,
even during times of political turmoil and natural disasters.
Bangladesh's five-year average real GDP growth of 6.3% is high
relative to the 'BB' category median of 4.0%. Fitch expects
growth to reach 6.7% in the financial year to 30 June 2016 (FY16)
and 6.8% in FY17, slightly below the authorities' forecasts of
7.1% and 7.2% respectively. Increased purchasing power from
public-sector wage hikes and monetary policy loosening in January
2016 should support this growth. Inflation is also relatively
high compared with peers, averaging 6.1% in the first eight
months of FY16, but close to the authorities' target of 6.2% set
for the entire financial year.

The return to relative calm after political violence erupting in
the first quarter of 2015 is positive, but political risk remains
substantial. Continued strong political polarization could again
lead to widespread violence and blockades, especially near the
time of parliamentary elections, which will be held no later than
January 2019. Political turmoil or terrorism could inflict long-
term economic harm if it deters foreign investors and buyers,
especially of ready-made garments, from doing business in
Bangladesh.

Bangladesh scores poorly on a broad range of structural
indicators, including the World Bank's governance indicator (23rd
percentile versus the 'BB' median of 45th percentile). The
difficult business environment is illustrated by the country's
174th ranking out of 189 countries in the World Bank's Ease of
Doing Business report. Bangladesh reached the World Bank's lower
middle-income status in July 2015, but GDP per capita of $US1,291
remains well below the 'BB' peer category median of $US4,087.

Bangladesh's general government debt of 33.7% of GDP in FY15
compares well to the 'BB' median of 42.5%. However, the
government's revenue intake of 9.8% of GDP is the second lowest
of 113 rated sovereigns after Nigeria, implying limited fiscal
space to boost badly needed infrastructure development.
Implementation of the new VAT, planned for mid-2016, will likely
boost revenues. However, the impact will depend on the final tax-
rate and degree of tax compliance.

The risk of banking-sector contingent liabilities crystallising
for the sovereign is substantial, although the small size of the
banking sector, with loans of just 35.9% of GDP, would moderate
the impact. The sector's health and governance standards are
generally weak, particularly in public-sector banks. Non-
performing loans remained high for the banking sector as a whole
at 8.8% in 4Q15 and 21.5% for public-sector banks. Recent changes
in Bangladesh Bank's leadership after the theft of $US101m of its
foreign reserves may impact banking-sector policies.

RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well-balanced.

The main factors that individually, or collectively, could
trigger positive rating action are:
-- An improvement in governance, which would strengthen the
business climate and could improve banking sector health
-- Sustained stronger real GDP growth, which would bring GDP per
capita more in line with peers. This could be, for instance,
supported by a political environment that is more conducive for
economic activity

The main factors that individually, or collectively, could
trigger negative rating action are:
-- Protracted substantial economic disruption from materialising
    political risk
-- Deterioration in the banking sector's asset quality,
    prompting substantial government support, or other
    developments causing public finances to deteriorate so that
    there is a significant rise in the government debt-to-GDP
    ratio

KEY ASSUMPTIONS
-- The global economy performs broadly in line with forecasts in
    Fitch's Global Economic Outlook, including world GDP growth
    of 2.5% in 2016 and 2.9% in 2017 and Brent oil price
    averaging at $US35 per barrel in 2016 and $US45 in 2017.


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


CHINA: Default Chain Reaction Looms Amid 192 Day Cash Turnaround
----------------------------------------------------------------
http://www.bloomberg.com/news/articles/2016-04-19/china-default-
chain-reaction-looms-as-bills-take-192-days-to-pay

Bloomberg News reports that Chinese companies have never had to
wait so long to get paid, as stockpiles build and customers delay
sending funds.

Firms now take a record 192 days to collect payment for their
goods or services from when they pay for the inputs, according to
data compiled by Bloomberg on non-financial corporations traded
in Shanghai and Shenzhen. The cash conversion ratio is up from
125 days five years ago, Bloomberg says. Liquidity is tightening
in China after company profits declined for the first time in
three years and as debtors face their hardest time ever paying
interest, Bloomberg notes.

"The longer the cash conversion cycle, the higher the risk of
corporates not having enough cash to repay their debts,"
Bloomberg quotes Iris Pang, senior economist for greater China at
Natixis SA in Hong Kong, as saying. "That creates a chain
reaction."

Bloomberg says the weakest economy in a quarter century has
prompted at least seven firms to miss local bond payments this
year, already reaching the tally for the whole of last year.
Among those to default was Baoding Tianwei Group Co., whose
listed unit saw its cash conversion cycle spike to 321 days in
2015, according to Bloomberg.  Among companies facing the worst
delays is Sichuan Renzhi Oilfield Technology Services Co. at 678
days, as the nation's oil projects were disrupted by corruption
probes and plunging crude prices, Bloomberg states.

"When the economy slows to a point, everyone drags their feet in
repaying business partners," Bloomberg quotes Xia Le, chief
economist for Asia at Banco Bilbao Vizcaya Argentaria SA in
Hong Kong, as saying. "We will see more defaults because longer
time to collect cash means companies need more financing to keep
their business going, which will increase their financing costs."

Spooked by the debt failures, investors in yuan company notes
have driven up yields for nine of the past 11 days and triggered
the biggest selloff in onshore junk securities since 2014.
Failures were concentrated in the energy and steel industries,
Bloomberg says.

"We do not classify it as a big shakeout in the whole corporate
bond market," the report quotes Patrick Song, Hong Kong-based
portfolio manager at CSOP Asset Management Ltd, as saying. "This
actually signaled willingness by local governments to allow firms
they control to face market pressure, instead of simply bailing
them out."

China's oil, gas and coal companies saw cash conversion days jump
68 percent to 196 days in 2015, Bloomberg data show. A call to
Sichuan Renzhi Oilfield's general line went unanswered.

Energy-sector firms have liquid assets such as cash and account
receivables enough to cover 89 percent of their short-term
liabilities, the worst ratio in four years, Bloomberg-compiled
data show. The average for all non-financial firms traded onshore
was 106 percent, also the worst in four years.

According to Bloomberg, Fitch Ratings highlighted rising default
risks among China's coal companies in an April 12 report.
Chinacoal Group Shanxi Huayu Energy Co. failed to make a local
bond payment on April 6. Yanzhou Coal Mining Co., whose profit
plunged 79 percent in 2015, plans to lay off 6,000 workers,
Chairman Li Xiyong told reporters in March. China Shenhua Energy
Co., the nation's biggest coal producer, may continue to trim
production, according to a March Bloomberg Intelligence report.

"The lower prices, reduced demand and industry over-capacity have
significantly affected profitability and cash flow health of not
only smaller-scale companies like Chinacoal Shanxi Huayu, but
also major coal enterprises such as Yanzhou Coal and China
Shenhua," the Fitch report, as cited by Bloomberg, said. Moody's
Investors Service downgraded Yanzhou Coal to B2 with a negative
outlook from Ba3 on April 19 -- a two-step cut to a junk grade --
as its liquidity position weakens, Bloomberg says.

Bloomberg notes that at least 70 Chinese issuers have canceled a
combined CNY68.5 billion ($10.6 billion) of local bond sales in
April alone, seven times the number of cancellations in the same
period a year earlier.

Liquidity pressure on Chinese corporates is escalating, according
to ICBC International Research Ltd.

"The decline in operating efficiency has made getting short-term
financing more challenging for Chinese companies," said Cheng
Shi, co-head of research at the firm, Bloomberg relays.


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


ABT LIMITED: CARE Puts 'B' Rating on INR80Cr Loan on Credit Watch
-----------------------------------------------------------------
CARE places the ratings assigned to the bank facilities and fixed
deposit programme of ABT limited under 'Creditwatch'.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      80        CARE B Placed under
                                            'CreditWatch'
   Fixed Deposits                 60        CARE B (FD) Placed
                                            Under 'CreditWatch'

Rating Rationale

CARE has placed the ratings assigned to the bank facilities and
fixed deposit programme of ABT Limited (ABT) under
'credit-watch', in view of the proposed demerger scheme of the
company.

ABT has proposed a scheme of demerger to hive off the non-core
activities of the company. The company's investments are expected
to be demerged and transferred to a wholly owned subsidiary and
the property development business is expected to be demerged and
transferred to another wholly owned subsidiary.

CARE is in discussion with the company with regards to the
details of the transaction and other particulars and will take a
view on the ratings once the implications of the above on the
overall credit profile of ABT are clear.

The Anamallais Bus Transport Limited (ABT) was incorporated on
August 28, 1931 by Mr. P Nachimuthu Gounder as a bus service
company with 21 buses. In the year 1946, his son Mr. N Mahalingam
joined the business and the company has grown over the years to
become a conglomerate with various businesses. ABT has various
business divisions and the key ones are ABT Parcel service, ABT
Maruti (sales & service). Currently, Mr. M Manickam S/o Mr. N
Mahalingam manages the day to day affairs of the company
supported by well qualified professional team of executives.

During FY14, the company has posted net profit of INR2.06 crore
on a total income of INR892.63 crore.


AEON MANUFACTURING: CRISIL Suspends D Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aeon Manufacturing Private Limited (AMPL; part of the Balaji
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              200       CRISIL D
   Letter of Credit         500       CRISIL D

The suspension of ratings is on account of non-cooperation by
AMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AMPL is yet to
provide adequate information to enable CRISIL to assess AMPL'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 AMPL, Sri Balaji Forest Products Pvt
Ltd, Shree Ram Saw Mills Pvt Ltd, Sri Balaji Logs Products Pvt
Ltd, and MK Patel Exim Pvt Ltd. This is because these companies,
collectively referred to as the Balaji group, are under a common
management, operate in the same industry, and derive significant
operational benefits from each other.

AMPL was incorporated in August 2012 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.


AERON EXPORTS: CRISIL Cuts Rating on INR150MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Aeron Exports Private Limited (AEPL) to 'CRISIL D' from
'CRISIL B+/Stable'. The downgrade reflects the company's weak
liquidity due to delays in sales realisation, leading to
overutilisation of the working capital facility.

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

AEPL also has a small scale of operations and large working
capital requirement in the highly fragmented steel trading
business. Moreover, the company has an average financial risk
profile because of a high total outside liabilities to tangible
networth ratio and modest debt protection metrics. However, AEPL
benefits from the extensive experience of promoters in the steel
trading business.

Incorporated in 2012 and based in Vadodara, AEPL is promoted by
Mr. Jainam Shah and his family members. The company trades in
products such as iron dust and steel scrap.


AGRAWAL COTSPIN: CARE Reaffirms B+ Rating on INR8cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Agrawal Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Re-affirmed
   Short-term Bank Facilities      1.20     CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Agrawal Cotspin
Private Limited (ACPL) continues to be constrained primarily
on account of its modest scale of operations in highly fragmented
and competitive cotton ginning industry, thin profit margins,
leveraged capital structure and weak debt coverage indicators.
The ratings are further constrained on account of working capital
intensive nature of its operations and modest liquidity coupled
with susceptibility of its operating margins to cotton price
fluctuation and seasonality associated with cotton industry. The
reaffirmation also takes in to consideration decline in its total
operating income during FY15 (refers to the period April 1 to
March 31) on account of decline in the sales volume and lower
cotton prices.

The ratings, however, continue to derive strength from the
experienced promoters in cotton ginning business coupled
with strategically located within the cotton-producing belt of
Gujarat.

The ability of ACPL to increase the scale of operations,
improvement in capital structure along with better working
capital
management are the key rating sensitivities.

Bodeli-based (Baroda) ACPL is a private limited company engaged
in the business of cotton ginning & pressing and cotton seed
crushing. Established in the year 1997, by Mr Manubhai Agrawal,
ACPL is operating from its plant with an installed capacity of
60,000 metric tonnes of cotton bales and 2,700 metric tonnes of
cotton seed per annum as on March 31, 2015.

As per the audited results of FY15, ACPL reported profit after
tax (PAT) of INR0.13 crore (FY14: INR0.23 crore) on a total
operating income (TOI) of INR28.48 crore (FY14: INR45.36 crore).
As per the provisional results for 11MFY16, ACPL registered
turnover of INR30 crore.


AKASH COKE: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Akash Coke Industries Private Limited (ACIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Cash Credit             150        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility        5        CRISIL A4
   Standby Line of Credit   23        CRISIL B+/Stable

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

ACIPL, incorporated in 1988 and based in Dhanbad (Jharkhand), was
originally set up in 1973 as a partnership firm. It manufactures
hard coke and has a capacity of 126,000 tonnes per annum. Bharat
Coking Coal Ltd and dealers of Tata Steel Ltd are its key coal
suppliers.


AMBICA TIMBERTRADE: CRISIL Suspends B Rating on INR62.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ambica Timbertrade Private Limited (ATPL; part of the Sharda
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             62.5       CRISIL B/Stable
   Letter of Credit       257.5       CRISIL A4

The suspension of ratings is on account of non-cooperation by
ATPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ATPL is yet to
provide adequate information to enable CRISIL to assess ATPL'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 Sharda Timbers (ST) and Ambica
Timbertrade Pvt Ltd (ATPL). This is because the two entities,
together referred to as the Sharda group, have significant
business linkages and common promoters, and are in the same line
of business.

Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing
business of Ambica Timbers, a proprietary concern set up by Mr.
Ishwar Chand Bansal, brother of Mr. Raj Kumar Bansal. It is in
the same line of business as ST. Ambica International, a
proprietary concern of Mr. Praveen Bansal (son of Mr. Raj Kumar
Bansal) was also merged with ATPL as on April 1, 2013.


ANC INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR60MM Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of ANC Industries Private
Limited (AIPL; formerly, ANC Enterprises) continues to reflect
group's small scale of operations, large working capital
requirements, high customer concentration in revenue profile, and
susceptibility to cyclicality in the commercial vehicle industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          60         CRISIL B+/Stable (Reaffirmed)
   Term Loan            10.4       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan            12.4       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the group's below-average financial
risk profile because of moderate net worth and sub-par debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of its promoters.

CRISIL had on March 31, 2016 upgraded its rating on the long-term
bank facilities of SAFPL to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

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

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


BALDEV KRISHAN: CRISIL Suspends 'D' Rating on INR95MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Baldev Krishan Memorial Charitable Society (BKMCS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL D
   Term Loan                95        CRISIL D

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

BKMCS was established in 1992 by the late Mr. Baldev Krishan
Garg. It currently runs a dental college, BRS Institute of
Medical Sciences, and is in the process of setting up the
Sanskaar International School. The society's day-to-day
operations are managed by its chairman, Mr. Anup Garg.


DEEPSHIKHA PAPER: CRISIL Suspends 'B' Rating on INR58.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deepshikha Paper Private Limited (DPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             58.5       CRISIL B/Stable
   Letter of Credit       156.5       CRISIL A4

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

DPPL manufactures kraft paper and duplex boards, which are used
for making corrugated boxes. The company was incorporated in 2007
and is promoted by Mr. Ravinder Singh and Mr. Sudip Kapisway and
their family members.


DIRCO POLYMERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dirco
Polymers Private Limited (DPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable
   Letter of Credit          70       CRISIL A4
   Proposed Cash
   Credit Limit              40       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        55.4     CRISIL B+/Stable

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

DPPL was incorporated in 1996, promoted by Mr. Naresh Goyal and
Mr. Surender Goel. The company manufactures masterbatches and
compounds that are primarily used to manufacture a variety of
plastic products for the automobile, electronic, furniture, and
packaging industries. DPPL has three manufacturing units at
Manesar and Gurgaon (both in Haryana), with capacity utilisation
of 80 per cent on an average.


EAST HOOGHLY: CRISIL Suspends B+ Rating on INR60.2MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of East
Hooghly Polyplast Private Limited (EHPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL A4
   Cash Credit              54        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       30.8      CRISIL B+/Stable
   Term Loan                60.2      CRISIL B+/Stable

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

EHPPL was incorporated in September 2010, promoted by Mr. Mainak
Mondal, Mr. Bimal Pal, and Mr. Kamal Pal, in Hooghly (West
Bengal). The company manufactures HDPE tarpaulins and fabric
sheets used in the agriculture and construction industries, and
as truck and container liners and wagon covers.


FAMINA KNIT: CRISIL Suspends D Rating on INR230MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Famina
Knit Fabs.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee             1       CRISIL D
   Bill Discounting           1       CRISIL D
   Foreign Bill Purchase    230       CRISIL D
   Packing Credit           198       CRISIL D
   Proposed Long Term
   Bank Loan Facility        18       CRISIL D
   Term Loan                  2       CRISIL D

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

FKF was established as a partnership firm in 1996 by Mr. Vijay
Miglani and Mr. Rakesh Miglani. In 2006, a new partner, Ms. Rekha
Miglani, came in, while Mr. Rakesh Miglani resigned. The firm
manufactures cotton-based knitted wear (mainly T-shirts, night
wear, women's gowns, and track suits) for men and women. It
mainly exports to Europe, the US, and the Middle East.


G. M. AGRO: CARE Assigns B+ Rating to INR6cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of G. M.
Agro Industries.

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

Rating Rationale

The rating assigned to the bank facilities of G. M. Agro
Industries (GMA) is primarily constrained on account of its
partnership nature of constitution, weak financial risk profile
marked by thin profitability, leveraged capital structure, weak
debt coverage indicators and modest liquidity position.

Furthermore, the rating also remained constrained on account of
its profitability being susceptible to raw material prices, its
presence in a highly regulated and a fragmented industry with low
entry barriers.

However, the rating derives strength from the experienced
partners and its presence in the favorable manufacturing location
at Bavla (Gujarat) along with consistent growth in its scale of
operations.
Going forward, the ability of the firm to profitably scale up the
operations, improve its capital structure with more efficient
working capital management would be the key rating sensitivities.

GMA was established in April, 2009 as a partnership firm by two
partners Mr Jashvant Thakkar and Mr Navinchandra Thakkar. Mr
Jashvant Thakkar has a long industry experience of around 35
years.  GMA is engaged in the business of rice processing and
trading of grains and pulses. GMA operates from its manufacturing
facilities located at Bavla (Gujarat).

As per the audited results of FY15 (refers to the period April 1
to March 31), GMA reported net profit of INR0.04 crore on a total
operating income (TOI) of INR27.38 crore as against net profit of
INR0.03 crore on a TOI of INR19.83 crore during FY14. During
8MFY16 (provisional), GMA reported TOI of INR25.41 crore.


GEM GRANITES: CARE Assigns 'D' Rating to INR86.50cr ST Loan
-----------------------------------------------------------
CARE assigns 'CARE D' ratings to bank facilities of Gem Granites.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     80.19      CARE D Assigned
   Short term Bank Facilities    86.50      CARE D Assigned
   Long term /Short term
   Bank Facilities               19.33      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Gem Granites (GG)
factor in the ongoing delays in debt servicing due to the
strained liquidity position arising from stagnation of inventory.

GG is a partnership firm established in the year 1972 by Mr
Veeramani to carry on the business of mining /quarrying and
processing of various varieties of granites. The firm presently
has three other partners who are part of the same family.

The firm has two quarrying units one in Ilkal, Karnataka, and the
other in Dharmapuri District, Tamil Nadu. It also has a granite
processing unit in Injambakkam, Chennai, with a capacity to
process 60-80 containers per month. GG is part of the Gem Group
of companies with interest in textiles, sugar, hospitality, real
estate and IT software services.GG is one of the largest
exporters of granites covering over 60 countries.

GG is involved in mining, processing of building slabs, tiles and
monuments. GG also undertakes large projects involving granite
installation.

As per the audited results, the firm has achieved PAT of INR1.92
crore on total operating income of INR145.59 crore in FY15
(refers to the period April 1 to March 31) as compared with PAT
of INR3.57 crore on the total operating income of INR150.35 crore
in FY14.


HARA PARBATI: CRISIL Suspends D Rating on INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hara Parbati Cold Storage Private Limited (HPCSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.2       CRISIL D
   Cash Credit             40         CRISIL D
   Term Loan               16.1       CRISIL D
   Working Capital Loan     7.7       CRISIL D

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

Incorporated in 1996, HPCSPL provides cold storage facilities to
potato farmers and traders. It also undertakes potato trading.
Its cold storage facility is in Hooghly district (WB).


IG3 INFRA: CARE Reaffirms D Rating on INR546cr LT Loan
------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of IG3
Infra Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      546       CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities
of IG3 Infra Limited (IIL) continues to factor in instances of
delays in debt servicing on account of stressed liquidity
position.

IGL (formerly known as Indian Green Grid Group Limited) is a
Chennai-based company engaged in the business of developing and
maintaining comprehensive infrastructure facilities like IT Parks
/ IT SEZ. IGL is presently operating an IT SEZ (C1) in Chennai.
IGL was promoted by Mrs Unnamalai Thiagarajan & her Associates
and Elnet Technologies Limited (ETL) in the year 2004. Mrs
Unnamalai Thiagarajan, is the Managing Director of IGL and she is
also the Managing Director of Elnet Technologies Ltd. Elnet is a
joint venture by Mrs Thiagarajan and Electronic Corporation of
Tamil Nadu Limited (a Tamil Nadu government undertaking) which
set up the first IT park in India in 1993. C1 has a constructed
area of 1.2 million sq ft (msf) and has been operational since
November 2006 with full occupancy. IG3 is setting up another IT
SEZ named C2 with a leasable area of 2.4 msf near C1.


IUA TRUST: CRISIL Suspends 'B' Rating on INR75MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of IUA
Trust.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 75       CRISIL B/Stable

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

IUA was established in 2009 by members of the Dhingra and
Maheshwari families to set up DD Club, a recreational club and
sports centre at Rohini (Delhi). Its operations are expected to
commence by end of June 2014.


JAGDAMBA POLYFABES: CRISIL Suspends D Rating on INR64.8MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jagdamba Polyfabes Private Limited  (JPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit              50        CRISIL D
   Letter of Credit         25        CRISIL D
   Proposed Long Term
   Bank Loan Facility       20.2      CRISIL D
   Standby Line of Credit    5.0      CRISIL D
   Term Loan                64.8      CRISIL D

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

JPPL, a part of the Jagdamba group, was set up in 2010 as a
private limited company by Mr. Krishna Murari Choudhary. The
company manufactures plastic bags for various industries, such as
cement, iron and steel, and rice.


JAYARAM TEXTILES: CARE Cuts Rating on INR23.67cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Jayaram
Textiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     23.67      CARE D Revised from
                                            CARE BB-

   Short term Bank Facilities     0.18      CARE D Revised from
                                            CARE A4


Rating Rationale
The revision in the ratings assigned to the bank facilities of
Jayaram Textiles (JT) factors in the ongoing delays in debt
servicing.

Jayaram Textiles (JT) was established as a partnership firm in
1985 by Mr P.M.Thirumoorthy, Mr P.M.Balasubramaniam and Mr
P.M.Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its
weaving operations to the current levels. The present installed
capacity is 140 power looms and 32 suzler looms. It also utilizes
the third party capacity of 300 power looms.

With a view to integrate backwards, the firm has forayed into
spinning activity by establishing a manufacturing unit in April
2013 with an installed capacity of 12,000 spindles at Tirupur to
produce yarn of 32's, 40's and 60's count which is used for the
company's own fabric production. The fabric produced by JT finds
application in linen, curtain etc. The firm sells the fabric to a
number of distributors and agents in the markets like Tirupur,
Ahmedabad, Mumbai and New Delhi, who in turn sell the fabric to
linen and garment manufacturing units.

As per audited results, JT has achieved a PAT of INR2.28 crore on
a total operating income of INR36.82 crore in FY15 ascompared
with PAT of INR0.96 crore on a total operating income of INR30.91
crore in FY14. In 11MFY15 (provisional; refers to April 1 to
February 29), the firm achieved sales of INR33 cr.


JEWEL OVERSEAS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jewel Overseas Private Limited (JOPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable
   Letter of Credit         300       CRISIL A4

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

JOP, based in Delhi, trades in polymers. It was incorporated in
June 2010, and is promoted by Mr. Rajiv Hasija. Mr. Hasija has
been in the polymer trading business since 1986, under JP, a
proprietorship firm. JP's operations were wound up during 2010-
11, and its business was fully transferred to JOPL.


KAMALAKANTA COLD: CRISIL Reaffirms 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
Kamalakanta Cold Storage Private Limited (KCSPL) continues to
reflect the company's below-average financial risk profile, and
susceptibility to regulatory changes and to intense competition
in the cold storage industry in West Bengal. These rating
weaknesses are partially offset by its promoters' extensive
industry experience in the cold storage industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)
   Term Loan              30        CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility               10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations, while improving its
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the financial risk profile, particularly liquidity, most likely
because of substantial working capital requirement, decline in
cash accrual, or large debt-funded capital expenditure.

KCSPL, promoted by Mr. Kartik Ghosh, was incorporated in 2012.
The company provides cold-storage services to potato farmers and
traders in West Bengal.


LAKHOTIA MEDICAL: CRISIL Suspends 'D' Rating on INR52MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Lakhotia
Medical Centre Private Limited (LMCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               52       CRISIL D

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

LMCPL was set up in September 2007 by Kolkata (West Bengal)-based
Mr. Ashok Kumar Lakhotia and Mr. Anup Kumar Lakhotia. It is
developing RD Ganges View Enclave, a residential real estate
project, at Sreerampur in Hooghly (West Bengal)


LORDS ORIENTAL: CARE Raises Rating on INR13.16cr LT Loan to 'B'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Lords Oriental Resorts Developers (Silvassa) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.16      CARE B Revised from
                                            CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of
Lords Oriental Resorts Developers (Silvassa) Private Limited
(LORDSPL) is primarily on account of satisfactory debt servicing
track record. Rating also take into account improvement
in scale of operations and operating profit coupled with
comfortable capital structure during FY15 (refers to the period
April 1 to March 31). The ratings, however, continue to be
constrained by net losses reported during FY15 and weak debt
coverage indicators during FY15 coupled with company's presence
in cyclical and competitive nature of hospitality industry.

Going forward, LORDSPL's ability to increase its scale of
operations and profitability while maintaining its comfortable
leverage are the key rating sensitivities. Furthermore,
improvement in the liquidity position by better working capital
management would also remain crucial.

LORDSPL was incorporated in 2011 as a Private Limited Company by
Mr Pushpendra Bansal, Mr Sanjeev Gupta and Mr Brijesh Chauhan.
The company is engaged into hospitality business and it operates
one resort, Lords Resorts Silvassa, at Silvassa which has 76
rooms of different categories. The resort has a restaurant which
can accommodate around 60 people and a coffee shop which can
accommodate around 25 people. The resort also has two banquet
halls having capacity of 500 people and 250 people, respectively.
Other amenities in the resort include swimming pool, spa, health
club, etc. The resort became operational fromMay 2012 with 45
rooms and subsequently added another 31 rooms during FY14.

LORDSPL is a part of Lords Group promoted by Mr Pushpendra
Bansal. The group has its presence in hospitality business for
more than two decades. At present, Lords group is running 24
properties across various cities of India, of which nine
properties are owned and run by the promoter group while for the
remaining properties the group has signed MOU for management of
the hotel.


MARIA RUG: CRISIL Suspends B- Rating on INR16MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maria
Rug International (MRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase            45        CRISIL A4
   Packing Credit            9        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       16        CRISIL B-/Stable

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

MRI was set up in 2005 as a partnership firm by Mr. Zakir Husain
Ansari and his brothers, Mr. Shabir Ahmad and Mr. Abdul Quadir.
The firm manufactures and exports rugs, carpets, and home
furnishing products made of wool, cotton, and leather under the
brand MRI. These products include hand-tufted, hand-knotted,
leather wall-to-wall carpets, bath rugs, and other home
furnishing products. The promoters manage the firm's day-to-day
operations.


MIDHUNAM SPINNERS: CRISIL Reaffirms B Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Midhunam Spinners
Private Limited (MSPL) continue to reflect MSPL's modest scale of
operations in the intensely competitive textile industry, and the
company's below-average financial risk profile because of high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
MSPL's promoters in the textile industry and their funding
support.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          13       CRISIL A4 (Reaffirmed)

   Cash Credit             80       CRISIL B/Stable (Reaffirmed)

   Long Term Loan          25       CRISIL B/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            20       CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan      45.7     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue along with improvement in profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, or significant time or
cost overrun in the company's proposed debt-funded project,
resulting in weakening of its financial risk profile.

MSPL, incorporated in 1999, manufactures cotton yarn. The company
is promoted by Mr. Armugam and his family.


P B NIRMAN: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P B Nirman Udyog Private Limited (PBN).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          28.8       CRISIL D
   Cash Credit             90         CRISIL D
   Proposed Long Term
   Bank Loan Facility      17.8       CRISIL D
   Working Capital
   Demand Loan             33.4       CRISIL D

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

Based in Kolkata, PBN undertakes construction of roads,
buildings, and bridges, in Kolkata and Tripura. It mainly takes
up projects of public sector undertakings and is a Class A
subcontractor for Hindustan Steelworks Construction Ltd, National
Projects Construction Corporation Ltd, National Buildings
Construction Corporation Ltd, and Engineering Projects India Ltd.


P. G. TIMBER: CRISIL Suspends 'D' Rating on INR46MM Demand Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of P. G.
Timber Private Limited (PGTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               24       CRISIL D
   Working Capital
   Demand Loan               46       CRISIL D

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

PGTPL, incorporated in December 2007, manufactures wooden doors
and frames and uses scrap timber to produce mouldings. The
promoters, Mr. Ajay Gupta and Mr. Ganga Prasad Gupta, have more
than two decades' experience in this line of business. The
company's current manufacturing facility is in Baidyabati,
Hooghly (West Bengal).


PATEL AGRI: CRISIL Suspends 'B' Rating on INR127MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Patel
Agri Industries Private Limited (PAIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               68       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility         15      CRISIL B/Stable
   Term Loan                 127      CRISIL B/Stable

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

PAIPL was incorporated in May 2013 as a private limited company.
It is setting up a rice mill with milling capacity of 16 tonnes
per hour at Nalanda (Bihar). The company plans to commence
commercial operations from October 2014.


PRAG DISTILLERY: CARE Lowers Rating on INR20cr LT Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Prag
Distillery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.82      CARE D Revised from
   (Term Loan-ECB)                          CARE BBB

   Long-term Bank Facilities     20.00      CARE D Revised from
   (Fundbased)                              CARE BBB

Rating Rationale

The rating factors in the delays in servicing of debt obligation
owing to deterioration in liquidity profile of the company led by
poor operational performance.

Incorporated in March 2005, Prag Distillery Pvt. Ltd. (PDPL) is
engaged in manufacturing and bottling of Indian Made Foreign
Liquor (IMFL). In 2008, Tilaknagar Industries Ltd (TIL) acquired
100% stake in PDPL; forming it a wholly owned subsidiary. The
company is involved into manufacturing IMFL (whisky, brandy, rum,
gin and vodka) under various brands owned by TI such as Mansion
House, Courier Napolean, Golden Chariot Whisky, Hot Shot Brandy,
Nigro He Mans Rum, Madira Rum, Shot Rum, etc. PDPL's
manufacturing operations comprises five manufacturing units (one
directly operated unit and four leased units - two in Andhra
Pradesh and two in Kerala). The company derived around 94% of its
revenue for FY15 (refers to the period April 1 to March 31) from
sale to Andhra Pradesh State Breweries Corporation Ltd (APBCL),
followed by 2% from sale to Kerala State Breweries Corporation
Ltd (KSBCL) and the remaining was derived from sale to Canteen
Stores Department (CSD), Border Security Force (BSF) and Central
Reserve Force (CRF). In FY15, PDPL has derived majority (i.e.
around 96%) of its revenues from leased units in Andhra Pradesh
and Kerala as the company is using its own facilities largely for
bottling of PRIPL's products.

PDPL reported a net loss of INR1.52 crore on a total operating
income of INR126.18 crore in FY15.


QUAD LIFESCIENCES: Ind-Ra Affirms 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Quad
Lifesciences Private Limited's (QLPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. A full list of rating actions is
at the end of this commentary.

KEY RATING DRIVERS

The affirmation reflects QLPL's small scale of operations and
moderate credit profile, despite its volatile EBITDA margins. The
company generated revenue of INR292.27 million in FY15, (FY14:
INR179.93 million); net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 2.87x (1.92x), interest cover
(operating EBITDA/gross interest expense) was 3.16x (4.69x) and
EBITDA margins were 14.80% (19.34%). Its EBITDA margins
fluctuated between 14.80% and 19.34% over FY14-FY15 due to
volatility in raw material prices and its presence in a highly
fragmented and competitive industry.

The ratings factor in QLPL's comfortable liquidity, as evident
from the 92.76% average utilisation of its working capital limits
for the 12 months ended March 2016.

However, the ratings are supported by QLPL's promoter's
experience of over two decades in manufacturing active
pharmaceutical ingredients (APIs).

RATING SENSITIVITIES

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

Positive: Improvement in its EBITDA margins, leading to a
substantial improvement in credit metrics, could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in March 2012, QLPL commenced operations in February
2013. It manufactures APIs from herbs, seeds, plants, etc at its
manufacturing unit in Derabassi, Punjab.

QLPL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable
-- INR38 million term loan: assigned final 'IND BB'/Stable
-- INR180 million fund-based limits (increased from INR130m):
    affirmed at 'IND BB'/Stable/'IND A4+'


RARE JEWELS: CARE Revises Rating on INR11.5cr LT Loan to BB-
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Rare
Jewels.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE BB- Revised from
                                            CARE B+

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The revision in the rating assigned to the bank facilities of
Rare Jewels (RJ) is on account of growth in total operating
income during FY15 (refers to the period April 01 to March 31)
and 10MFY16; albeit on a modest base, higher geographical
diversification of its sales and reduction in customer
concentration along with improvement in profitability and debt
coverage indicators.

The rating assigned to RJ continues to remain constrained by its
presence in the highly competitive diamond cutting and polishing
business involving low value addition and product differentiation
and modest profitability. The rating is further constrained by
closely-held partnership nature of the firm, high working capital
intensity and susceptibility of its profitability to volatility
in the prices of rough diamonds and foreign exchange rate
fluctuations.

The rating continues to derive strength from the experience of
the partners in the diamond cutting and polishing industry along
with moderate leverage and comfortable working capital cycle.

The ability of RJ to improve its scale of operations along with
improvement in its profitability amidst intense competition
along-with efficient management of working capital cycle while
managing fluctuation in foreign exchange rates in diamond cutting
and polishing industry are the key rating sensitivities.

Constituted in 1998 by Mr Pritesh Doshi and Mr Vishal Doshi, Rare
Jewels (RJ) is a partnership firm, engaged in processing of rough
diamonds and sale of Cut and Polished Diamonds (CPD). The firm is
also engaged in trading of rough diamonds and CPD. The firm
primarily deals in solitaires from 0.50 carat to 5.00 carats in
colours ranging from D to K and from VVS to SI2 quality in the
domestic as well as export market. RJ has an in-house facility to
polish the diamonds; however, planning and cutting is carried out
on job-work basis through process houses in Surat.

During FY15 (Audited; refers to the period April 01 to March 31),
RJ reported PAT of INR0.46 crore and Total Operating income (TOI)
of INR136.72 crore as against almost negligible PAT on a TOI of
INR103.67 crore during FY14. As per the provisional results for
10MFY16, RJ reported a PAT of INR0.48 crore on a TOI of INR118.39
crore.


RAY INTERNATIONAL: CRISIL Suspends B+ Rating on INR35MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ray International (Ray).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         35        CRISIL B+/Stable
   Packing Credit           35        CRISIL A4

The suspension of ratings is on account of non-cooperation by Ray
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Ray is yet to
provide adequate information to enable CRISIL to assess Ray'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 1998, Ray manufactures and exports television
brackets (wall mounts) and other telecommunication and electrical
assemblies. Its manufacturing facility is in Aligarh (Uttar
Pradesh).


REXON STRIPS: CARE Reaffirms B+ Rating on INR22cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Rexon Strips Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facility       22.00      CARE B+ Reaffirmed
   Short term Bank Facility       2.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rexon Strips Ltd.
(RSL) continues to be constrained by its modest scale of
operations with low profit margins, low capacity utilisation,
volatility in raw material prices, working capital intensive
nature of operations, intense competition due to fragmented
nature of the industry & sluggish growth in end user industries
and cyclicality in the industry.

The aforesaid constraints are partially offset by its long and
established track record and long experience of the promoter in
the same business.

The ability of the company to grow its scale of operations,
improve its profitability margins and manage its working capital
management efficiently would be the key rating sensitivities.

Rexon Strips Ltd. (RSL), promoted by the Rourkela (Orissa)-based
Kejriwal family in June, 1993, manufactures sponge iron and
ingots with a capacity of 60,000 MTPA and 25000 MTPA,
respectively. The company also has a 3,00,000 MTPA iron ore
roasted beneficiation unit since 2011. The company procures iron
ore from Orissa Mining Company (OMC) and Aryan Mines, and coal
from Mahanadi Coalfields Ltd (MCL). RSL has a coal linkage with
MCL for monthly coal supply of 6000 tonnes. RSL markets sponge
iron and ingots in North India, primarily in Punjab and Uttar
Pradesh, and also in North-East India. The company also exports
its manufactured product to Bangladesh and Nepal (contributing
around 2% of its total sales in FY15 refers to the period April 1
to March 31).

During FY15, RSL reported a total operating income of INR72.87
crore (as against INR104.12 crore in FY14) and loss of INR3.54
crore (as against profit of INR0.39 crore in FY14). The
management has maintained to have achieved a turnover of INR83.48
crore in the last ten months from April 30, 2015 to January 31,
2016.


ROLEX CYCLES: CRISIL Suspends B+ Rating on INR202.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rolex
Cycles Private Limited (RCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             202.5      CRISIL B+/Stable
   Letter of Credit         25        CRISIL A4
   Overdraft Facility       22.5      CRISIL A4

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

RCPL was set up in 1954 as a partnership firm; it was
reconstituted as a private limited company in 1999. It
manufactures hubs for bicycles.


SAGAR FIBERS: CARE Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Sagar Fibers
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sagar Fibers
Private Limited (SFPL) is constrained by relatively small scale
of operations, low profitability margins, weak solvency position,
susceptibility to government policies related to price and export
of cotton, risk associated with seasonality and fragmented nature
of the industry and working capital intensive nature of industry.

The rating derives strength from experienced promoters along with
moderate track record of the company and locational advantage
emanating from the proximity to raw material.

The ability of the company to increase in scale of operations
while moving up in the cotton value chain and improvement in
financial risk profile along with managing the volatility in raw
material prices would remain its key rating sensitivity.

Sagar Fibers Private Limited (SFPL) was established as a private
limited company in the year 2004.  The company is engaged in
ginning and pressing of cotton. The ginning and pressing unit is
located at Yavatmal, Maharashtra. The plant operates for nine
months in a year (from October to June). It procures the raw
material i.e. raw cotton from the local market and sell its final
product i.e. cotton bales and cotton seeds mainly to customers
like Vardhman Fabrics, Ludhiana, Raymond UCO Denim Private
Limited, Yavatmal, Arvind Textile, Ahemdabad, Louis Dreyfus,
Aurangabad, along with the customers located in and around
Yavatmal. These customers contribute around 50% of the total
sales in FY15.The company has an installed capacity of 30,000
bales per annum. The company operated on 50% capacity utilization
in FY15 and produced around 15,000 bales per annum. The company
generates revenue of around 79% from the sale of cotton bales,
16% from the sale of cotton seed and remaining from other income.

In FY15 (refers to the period April 01 to March 31), the company
registered an income from operations of INR23.73 crore as against
the PAT of INR0.05 crore as compared with the income from
operations and PAT of INR16.28 crore and INR0.02 crore,
respectively, in FY14.


SAKA EMBROIDERY: CARE Assigns B+ Rating to INR11.77cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Saka
Embroidery Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.77      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Saka Embroidery
Private Limited (SEPL) is constrained on account of moderate
scale of operations, limited value addition and fragmented nature
of the domestic readymade garment industry.

The rating is further constrained due to working capital
intensive nature of operations inherent to the trading nature of
business.

The above weaknesses are partially offset by the established
presence of SEPL of 16 years with wide experience of promoters in
the garment trading business and moderate profitability margins.
The rating further takes into account locational advantage
enjoyed by the company with retail shops located in prime
commercial area of Pune (Maharashtra) along with robust demand
for readymade apparels.

The ability of the company to manage its working capital needs
efficiently, while improving its scale of operations are the key
rating sensitivities.

Established in 1999 by Mr Satish Rathod and his family members,
SEPL is a wholesaler as well as a retailer of sarees and dress
materials based in Pune (Maharashtra). The company deals in
sarees and dress materials procured primarily from Surat,
Varanasi and Indore and distributes in Maharashtra, Madhya
Pradesh and Chhattisgarh with 70% of the total revenue being
generated from the state of Maharashtra. SEPL's customer profile
is fragmented with major customers comprising of Kasat Exclusive
(Pune), Peshwai Creations (Pune), Shriman-Shrimati Sadiya
(Aurangabad) and Devasree Silk (Kolhapur). The company also owns
two retail stores in Pune under the brands SK Silks and Pushpa
Arts at Narayan Peth in Pune that sell goods supplied by SEPL.

The two retail stores are operated under two sole proprietorships
of the same name which are owned and managed by SEPL. Sales from
these retail stores formed around 20% of the total sales in FY15
(refers to the period April 1 to March 31) while remaining 80% of
sales were contributed by wholesale trading. SEPL operates
through an owned warehouse at Narayan Peth in Pune having area
2,000 square feet. During FY15, the company registered total
revenue of INR18.72 crore with PBILDT of INR2.17 crore and PAT of
INR0.16 crore in FY15.


SHARDA TIMBERS: CRISIL Suspends 'B' Rating on INR58.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sharda Timbers (ST; part of the Sharda group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             58.5       CRISIL B/Stable
   Letter of Credit       156.5       CRISIL A4

The suspension of ratings is on account of non-cooperation by ST
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ST is yet to
provide adequate information to enable CRISIL to assess ST'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 Sharda Timbers (ST) and Ambica
Timbertrade Pvt Ltd (ATPL). This is because the two entities,
together referred to as the Sharda group, have significant
business linkages and common promoters, and are in the same line
of business.

Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing
business of Ambica Timbers, a proprietary concern set up by Mr.
Ishwar Chand Bansal, brother of Mr. Raj Kumar Bansal. It is in
the same line of business as ST. Ambica International, a
proprietary concern of Mr. Praveen Bansal (son of Mr. Raj Kumar
Bansal) was also merged with ATPL as on April 1, 2013.


SHREE HARI: CARE Assigns B+ Rating to INR7cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Hari Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Hari
Developers (SHD) is primarily constrained on account of
implementation risk associated with its on-going project, delay
in project implementation, high dependence on the external
funding for project implementation, partnership nature of the
constitution and its presence in a highly fragmented and cyclical
real estate industry which is currently facing a subdued
scenario.

However, the rating derives strength from experienced promoters
in the real estate development activity along with moderate
project saleability risk coupled with moderate booking advances.

The ability of SHD to successfully complete on-going real estate
project and timely receipt of sale proceeds from customers at
envisaged price are the key rating sensitivities.

SHD is a partnership firm formed in 2010 by six partners viz. Mr
Milanbhai Barot, Mr Jayesh Patel, Mr Hiren Vakil, Mr Mukundsinh
Vaghela, Mr Akshay Patel, Mr Ketan Dave. SHD is involved in
construction of residential and commercial complexes in Sanand
region.


SHREE SAI: CRISIL Suspends 'D' Rating on INR256MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Sai Rolling Mills India Limited (SSR; part of the Sai
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              256       CRISIL D
   Rupee Term Loan           24       CRISIL D

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

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


SHRI VAIJANATH: CARE Assigns D Rating to INR2.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE D', 'CARE C' and 'CARE A4' ratings to the bank
facilities of Shri Vaijanath Industries Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   Fund Based                     2.00      CARE D Assigned

   Long term Bank Facilities
   Cash Credit                    4.10      CARE C Assigned

   Short term Bank Facilities
   Bank Guarantee                 0.31      CARE A4 Assigned

Rating Rationale
The rating assigned to Shri Vaijanath Industries Pvt. Ltd.(SVI)
is constrained by delays in debt servicing resulting from its
strained liquidity due to subdued demand impacting the company's
sales and profits. SVI with small scale of operations in the auto
ancillary industry has reported continuous losses during the last
three years.

Going forward, regularization of debt servicing by SVI will be
the key rating sensitivity.

Shri Vaijanath Industries Pvt. Ltd was incorporated on 13th July
2008 and is involved in the business of forging of gears and
parts of CNC machine. It started its commercial production in
2010. The
company has its own manufacturing unit in Kolhapur having
installed capacity of 3000MTPA. It has 2 induction furnace, heat
treatment furnace, ISO furnace, 2-Tons hammer and 1-Ton hammer
installed in its Kolhapur unit. The products of the company find
their application in automobiles and machining industry.

During FY15 (refers to the period April 1 to March 31), SVI
registered a total operating income of INR11.1 crore (PY: INR15.7
crore) with a net loss of INR0.1 crore (PY net loss of INR0.7
crore).


SHYAMJOTI RICEMILL: CARE Assigns B+ Rating to INR9.78cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Shyamjoti Ricemill Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.78      CARE B+ Assigned
   Short-term Bank Facilities     0.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shyamjoti Rice
Mill Pvt. Ltd. (SRMPL) are constrained by its short track record
coupled with small scale of operation, intensely competitive
nature of the industry characterized by a number of small
players, volatility in profit margins subject to government
regulations, working capital intensive nature of business and
exposure to vagaries of nature.

The aforesaid constraints are partially offset by experience of
the promoter in the same business and proximity to raw material
sources.

The ability of the company to grow its scale of operations,
improve its profitability margins and manage its working capital
management efficiently would be the key rating sensitivities.

SRMPL was incorporated in June 2013 by the Kundu family of
Dakshin Dinajpur, West Bengal, for setting up a paddy processing
unit at Tunidighi, Dakshin Dinajpur, West Bengal. The company
commenced commercial production in September 2014 with rice
processing capacity of 34,500 metric tonne per annum (MTPA).

During FY15 (refers to the period April 1 to March 31), SRMPL
reported a total operating income of INR12.99 crore and loss of
INR0.27 crore. However, the company has not incurred cash loss
and reported GCA of INR0.43 crore. The management has informed
that it has achieved sales of around INR21.0 crore in 10MFY16.


SIDDHI REFOILS: CRISIL Suspends D Rating on INR500MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Siddhi
Refoils and Industries Private Limited (SRIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit              45        CRISIL D
   Letter of Credit        500        CRISIL D
   Long Term Loan          370.4      CRISIL D
   Proposed Long Term
   Bank Loan Facility        5.0      CRISIL D

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

SRIPL, incorporated in 2009, is promoted by Mr. Naval Kishore
Banka and Mr. More. It has set up a 75,000-tonnes-per-annum palm
oil refining facility in Vaishali (Bihar). It has integrated its
operations forward by setting up a 200-tonnes'per-day
fractionation plant for processing refined, bleached, and
deodorised (RBD) palm oil into value-added products such as RBD
palmolein and super-refined palmolein.


SRI BALAJI: CRISIL Suspends 'D' Rating on INR425MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Balaji Forest Products Private Limited (SBFPL; part of the
Balaji group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             285.9      CRISIL D
   Letter of Credit        425        CRISIL D
   Proposed Long Term
   Bank Loan Facility       25.5      CRISIL D

The suspension of ratings is on account of non-cooperation by
SBFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBFPL is yet to
provide adequate information to enable CRISIL to assess SBFPL'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 SBFPL, Shree Ram Saw Mill Pvt Ltd,
Aeon Manufacturing Pvt Ltd, Sri Balaji Logs Products Pvt Ltd, and
MK Patel Exim Pvt Ltd. This is because these companies,
collectively referred to as the Balaji group, are under a common
management, operate in the same industry, and derive significant
operational benefits from each other.

SBFPL 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.


SRIADITYA AGRI: CRISIL Suspends 'D' Rating on INR31.1MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sriaditya Agri Links Private Limited (SALPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.2       CRISIL D
   Cash Credit             22         CRISIL D
   Proposed Long Term
   Bank Loan Facility       0.7       CRISIL D
   Term Loan               31.1       CRISIL D

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

Incorporated in 2013, SALPL processes par-boiled and raw rice.
Its unit has capacity of 4 million tonnes per hour. The day-to-
day operations of the company are managed by Mr. Aniruddha Abedin
and his family members.


STANDARD PHARMACEUTICALS: CRISIL Suspends D Rating on Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Standard Pharmaceuticals Limited (SPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit              53.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       38.8      CRISIL D
   Term Loan                 5.2      CRISIL D

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

SPL was incorporated in 1932, promoted by Mr. Hemen Ghosh and Dr.
Vikram Sarabhai. In 1996, SPL was bought by the Mall group of
companies and in 2013-14 it was acquired by Mr. Omesh Sethi. SPL
manufactures formulations for government as well as private
parties.


STEELSWORTH PRIVATE: CRISIL Suspends B Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Steelsworth Private Limited (SPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               40       CRISIL B/Stable
   Export Packing Credit      8       CRISIL A4
   Letter of credit &
   Bank Guarantee            10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility         0.9     CRISIL B/Stable
   Term Loan                  0.3     CRISIL B/Stable

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

SPL, based in Kolkata was founded by Mrs. Uma Bagaria in 1949.
The company manufactures and supplies tea-processing machinery in
the domestic and international market. It has a foundry,
machining, and fabrication plant in Tinsukia (Assam).


SUN STEEL: CRISIL Suspends B+ Rating on INR55MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sun
Steel Industries Private Limited (SSIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          110        CRISIL A4
   Cash Credit              55        CRISIL B+/Stable
   Letter of Credit         10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      107        CRISIL B+/Stable
   Standby Line of Credit    5        CRISIL A4

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

SSIPL, incorporated in 1973 and promoted by Mr. R K Sharma,
manufactures galvanised lattice steel structures for high-tension
transmission line towers, substation structures, and lighting
masts. SSIPL has two units, a well-equipped fabrication shop and
a hot-dip galvanising plant.


SUPRABHA CONSTRUCTION: CRISIL Reaffirms B- Rating on INR45MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Suprabha Construction Company Private Limited
(SCCPL), while reaffirming its rating on the long-term facilities
at 'CRISIL B-/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Assigned)
   Cash Credit             45       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      45       CRISIL B-/Stable (Reaffirmed)
    Term Loan              20       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile because of aggressive capital structure and inadequate
debt protection metrics, and modest scale of operations in the
fragmented civil construction industry. These weaknesses are
partially offset by SCCPL's healthy order book and promoter's
extensive experience.
Outlook: Stable

CRISIL believes SCCPL will continue to benefit over the medium
term from promoter's extensive experience and healthy order book.
The outlook may be revised to 'Positive' if liquidity improves
significantly because of timely receivables realisation or
infusion of funds by promoter. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates due to further delays in payment by
customers.

Incorporated in Nashik in 2005 and promoted by Mr. Praveen Bhoi,
SCCPL is a registered contractor with Public Works Department
(PWD), Maharashtra. The company constructs roads and highways,
and undertakes allied civil works for PWD and local bodies such
as municipalities and zilla parishads.


SWAIN ALUMINIUM: CRISIL Suspends D Rating on INR150MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Swain
Aluminium Pvt Ltd (SAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D
   Composite Working
   Capital Limit           100        CRISIL D
   Term Loan               150        CRISIL D

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

SAPL was incorporated in 2009 and commenced commercial operations
from 2011-12 (refers to financial year, April 1 to March 31). The
company manufactures aluminium extrusions and allied products.
Its manufacturing facility is at Sarua Industrial Area (Odisha).


TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR197.83cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tebma Shipyards Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     197.83     CARE B Reaffirmed
   Short-term Bank Facilities    480.47     CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Tebma Shipyards
Limited (TSL) continue to be constrained by moderate financial
performance characterised by after tax losses in FY15 (refers to
the period April 1 to March 31) and 9MFY16 (refers to the period
April 1 to December 31), weak credit profile, modest order book
position, working capital intensive nature of business and
cyclical nature of the shipbuilding industry. The ratings also
take note of strained financial position of the ultimate holding
Company, Bharti Shipyard Limited. The ratings, however,
favourably take into account the established track record of TSL
in the shipbuilding industry and experienced management team.

The ability of the company to improve its order book position,
improve its profitability and capital structure are the key
rating sensitivities.

TSL, incorporated on July 9, 1984, as Tebma Engineering Private
Limited, was converted into a public limited company in 1998.
Over the years, TSL has upgraded itself to build tugs, dredgers
and
sophisticated off shore support vessels. In FY11, Bharati
Shipyard Limited (BSL) through its whollyowned subsidiary
acquired 53.78% equity stake in TSL. BSL has been in the
shipbuilding industry for
nearly 35 years and over the years, has upgraded itself to build
tugs and sophisticated support vessels, jack-up rigs etc,
catering to the offshore industry. However, owing to high
financial leverage and deterioration in the liquidity profile,
BSL was been referred to the CDR cell in FY12.

During FY08-FY10, TSL incurred significant losses due to global
slowdown in the shipping industry and approached the CDR cell for
re-structuring of debt. The CDR package was implemented in March
2011 with State Bank of India being the monitoring institution.


TRAVANCORE MULTISPECIALTY: CARE Rates INR12.2cr LT Loan at B+
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Travancore Multispecialty Hospital Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.20      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Travancore
Multispecialty Hospitals Private Limited (TMHPL) is constrained
by
the nascent stage of on-going hospital project executed by the
company, dependence on scarcely available qualified medical
professionals and exposure to the competition present in the
healthcare Industry.

The rating however derives strength from well-qualified promoters
with experience in the medical Industry and moderately debt
funded nature of the project.

Going forward, the ability of the company to successfully
complete the hospital project within the estimated cost &
timelines and start operations as scheduled will be the key
rating sensitivities.

TMHPL is a Private Limited company incorporated in July 2015 to
construct & operate a 35 bed hospital in Cochin in Kerala. The
Company is being promoted by two couples - Dr. Safeena Anas & Dr.
Bindhu Mary George practicing as gynecologists in Cochin, while
Mr. A M Anas (spouse of Ms. Safeena Anas) and Mr. James George
(spouse of Dr. Bindhu Mary George) are qualified architects and
jointly run a construction firm called 'Travancore Builders
Private Limited'.

TMHPL is coming up with a 35 bedded hospital in Cochin, Kerala
with a built up area of 41,000 square feet. The Hospital will be
functioning as a mother & child care center with specialty
departments only in Gynecology, Fertility treatment and
pediatrics.


VIDEOCON TELECOM: CARE Reaffirms 'D' Rating on INR3,700cr Loan
--------------------------------------------------------------
CARE reaffirms the rating to the bank facilities of Videocon
Telecommunications Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3,700      CARE D Reaffirmed

Rating Rationale

The rating affirmation for the bank facilities of Videocon
Telecommunications Limited (VTL) continues to take into account
the delays in interest servicing and debt repayment owing to the
strained liquidity position of the company.

VTL was incorporated as Datacom Solutions Private Limited on
June 7, 2007, and subsequently in 2009, the company was renamed
to its present name. VTL is the telecom arm of Videocon group and
is engaged in providing GSM mobile services under the brand name
'Videocon' in six telecom circles, viz, Gujarat, Haryana, Uttar
Pradesh (W), Uttar Pradesh (E), Bihar and Madhya Pradesh
(including Chhattisgarh). In addition to that VTL also have
National Long Distance (NLD)/International Long Distance (ILD)
license which allows the company to offer long-distance domestic
as well as international calls in all 22 circles across India.
VTL is also into tower infrastructure sharing business.

In Q4FY16 (March-2016), VTL has entered into agreement with
Bharti Airtel Limited for selling its spectrum holdings in Bihar,
Haryana, Madhya Pradesh, Uttar Pradesh (East), UP (West) and
Gujarat circle.

During FY15 (refers to the period April 1 to March 31), VTL has
reported net loss of INR1,971.99 crore (loss of INR174.75 crore
in 12-month period ended March 31, 2014) on a total income of
INR1,040.09 crore (Rs.625.34 crore in 12-month period ended
March 31, 2014).



=====================
P H I L I P P I N E S
=====================


BF GENERAL: Placed Under Conservatorship
----------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that the
Insurance Commission has stopped the operations of non-life
insurance provider BF General Insurance Co. Inc. and placed it
under conservatorship.

In an April 11 letter to the company's board through president
Rene Carlos P. Barretto, Insurance Commissioner Emmanuel F. Dooc
ordered BF General Insurance to "cease and desist from taking new
risk and/or renewal business of any kind or character," the
Inquirer relates.

The Inquirer says that the Insurance Commission on March 30
ordered BF General Insurance to infuse into the company
PHP265.1 million to cover deficiencies.  However, Mr. Dooc said
the Insurance Commission's non-life division evaluated BF General
Insurance's response on April 4 and found the submission "not
compliant to the required infusion."

In a separate document also dated April 11, Mr. Dooc informed the
company that the regulator had temporarily appointed lawyer John
A. Apatan, chief of the Insurance Commission's conservatorship,
receivership and liquidation division, as ex-officio conservator
of BF General Insurance, according to the Inquirer.

The Inquirer says latest Insurance Commission data showed that as
of April 18 this year, 43 insurance companies had been placed
under conservatorship, liquidation and receivership.

Another 32 pre-need firms had been placed under conservatorship
as of April 16, while six firms had been under court
rehabilitation as of end-2015, the Inquirer discloses.

Established in 1961, Paranaque City-based BF General Insurance
offers insurance covering engineering, fire and lightning, marine
cargo, motor vehicle and personal accident as well as
underwriting surety, among other casualty and liability products
and services.


VITARICH CORP: Moves Closer to Early Corporate Rehab Exit
---------------------------------------------------------
Krista Angela M. Montealegre at BusinessWorld Online reports that
Vitarich Corp. has moved closer to an early exit from a court-
assisted rehabilitation program after settling its remaining debt
with Kormasinc, Inc.

According to BusinessWorld, Vitarich and Kormasinc executed a
memorandum of agreement for a dacion en pago, or payment in kind,
of the former's non-core assets in Bulacan and Davao at PHP373.19
million "in furtherance of the pending option for successful exit
from corporate rehabilitation," the listed company said in a
disclosure to the stock exchange on April 19.

The balance of PHP39.49 million will be covered by a post-dated
check, BusinessWorld relates.

Kormasinc assigned all its security interest in the Mortgage
Trust Indenture to Vitarich, the listed firm said.

"Vitarich and Kormasinc have agreed to extinguish all secured
debts of Vitarich in accordance with the approved rehabilitation
plan," the listed company, as cited by BusinessWorld, said.

In 2014, Vitarich had asked the Regional Trial Court (RTC) of
Bulacan for an early exit from its court-assisted rehabilitation
program, BusinessWorld recalls.

On May 31, 2007, Branch 7 of the RTC of Bulacan approved a 15-
year rehabilitation program for the firm, with the Securities and
Exchange Commission (SEC) on Oct. 16, 2013 approving the
conversion of the firm's PHP2.38 billion in debt to Kormasinc,
Inc. into equity, as well as an increase in authorized capital
stock to PHP3.5 billion from PHP500 million, BusinessWorld notes.

The sale of the plant and a PHP2.38-billion debt-to-equity
conversion allowed Vitarich to significantly reduce its debt,
Vitarich Executive Vice-President and Chief Operating Officer
Ricardo Manuel M. Sarmiento said in 2014, according to
BusinessWorld.

BusinessWorld says Kormasinc will own 80% of the Philippine firm
after the debt conversion, while the Sarmiento family will retain
a 5% stake. The remaining shares are publicly held.

Once a leading poultry and feeds producer, Vitarich filed for
corporate rehabilitation in 2006 due to difficulty in paying off
its debts. The Asian financial crisis and the avian flu outbreak
in 2003 weighed heavily on the company's finances.

                      About Vitarich Corp.

Based in Bulacan, Philippines, Vitarich Corporation --
http://www.vitarich.com/-- is engaged in the manufacture and
distribution of various poultry products such as live and dressed
chicken, day-old chicks, and animal and aqua feeds.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.  The
company had blamed the Asian financial crisis of 1998 and the
avian flu outbreak in 2003 as the reasons behind its financial
woes.


                             *********

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
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                 *** End of Transmission ***