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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, April 22, 2016, Vol. 19, No. 79


                            Headlines


A U S T R A L I A

BECKER ACROMA: First Creditors' Meeting Set For April 29
JUST COOKING: First Creditors' Meeting Slated For May 3
KLEENMAID GROUP: Dire Financial Position Kept Hidden From Bank
QUEENSLAND NICKEL: Palmer Probably Won't Pay Back Debts
SEAFORCE MARINE: First Creditors' Meeting Set For April 29

SIGNATURE COMMERCIAL: First Creditors' Meeting Set For May 2
SLATER & GORDON: UK Accts Has 'A Going Concern' Until March 2017
STRATTON GROUP: First Creditors' Meeting Slated For May 2


C H I N A

CAR INC: S&P Puts 'BB+' CCR on CreditWatch Negative
FOSUN INTERNATIONAL: Moody's Changes Outlook on Ba3 CFR to Stable
WINSWAY ENTERPRISES: Fitch Withdraws 'D' Issuer Default Rating

* CHINA: 50% of Microcredit Lenders in Guangdong Deemed Insolvent


I N D I A

AASU EXIM: ICRA Reaffirms B+ Rating on INR4.56cr LT Loan
ABC FRUITS: CRISIL Ups Rating on INR70MM Cash Loan to B+
AMI RIDDHI: ICRA Reaffirms B+ Rating on INR11.0cr LT Loan
ATC BEVERAGES: CRISIL Ups Rating on INR158MM LT Loan to B-
AUKLAND CERAMIC: ICRA Reaffirms 'B' Rating on INR4.13cr Loan

AURA HOTELS: CRISIL Lowers Rating on INR400MM Term Loan to 'B'
BLACK ENERGY: CRISIL Assigns 'D' Rating to INR110MM Cash Loan
CHANDIGARH HEALTHCARE: CRISIL Rates INR252.6MM Term Loan at 'B'
COASTAL ENERGEN: ICRA Reaffirms D Rating on INR6,296cr Loan
CRACKERS INDIA: CRISIL Assigns 'C' Rating to INR650MM LT Loan

DBS AUTOMOBILES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
DHARESHWAR COTTON: ICRA Reaffirms 'B' Rating on INR7.0cr Loan
DIVYA COTTON: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
GANESA HITECH: CRISIL Assigns 'B' Rating to INR37MM Loan
GOLHAR GINNING: ICRA Assigns 'B' Rating to INR4.75cr Loan

HANS RUBBER: ICRA Suspends B+/A4 Rating on INR11.8cr Loan
K.K. COTEX: ICRA Reaffirms B+ Rating on INR22cr LT Loan
K. P. SAHA: ICRA Reaffirms B+ Rating on INR2.69cr Term Loan
KUBER AGRICOLD: CRISIL Assigns B- Rating to INR99MM Term Loan
LAKSHMI PRABHA: CRISIL Lowers Rating on INR80MM LT Loan to B+

LASER FIBERS: ICRA Reaffirms 'B' Rating on INR12.80cr Loan
M MAHESH: ICRA Suspends B- Rating on INR10.5cr Loan
M.M. VORA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
MAHESH GINNING: ICRA Reaffirms B+ Rating on INR3.50cr Loan

MANMOHAN GINNING: ICRA Reaffirms B+ Rating on INR12cr Loan
MAYUR ENTERPRISE: ICRA Reaffirms B+ Rating on INR4.0cr Loan
MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3.0cr Loan
NAATCHIAR TEXTILE: CRISIL Assigns B+ Rating to INR1.5MM LT Loan
NACHIAR SPINNING: CRISIL Assigns B+ Rating to INR50MM Cash Loan

NAGARJUNA HOSPITALS: CRISIL Puts B Rating on INR132MM LT Loan
NARMADA DAL: ICRA Assigns B+ Rating to INR10.0cr Cash Loan
NEEDS SUPERMART: CRISIL Puts B+ Rating on Notice of Withdrawal
NIRMAN ASSOCIATES: CRISIL Reaffirms B+ Rating on INR80MM Loan
P.K. COLD: CRISIL Assigns B- Rating to INR60MM Overdraft Loan

PACK PRINT: CRISIL Puts B+ Rating on Notice of Withdrawal
PROVIEW RISHABH: ICRA Suspends D Rating on INR31cr Bank Loan
PUREWAL STONE: ICRA Reaffirms B Rating on INR8.60cr LT Loan
PURNAM: ICRA Reaffirms 'B' Rating on INR12.75cr Term Loan
R. J. BUILDCON: ICRA Reaffirms 'B' Rating on INR4.0cr LT Loan

RANGAR BREWERIES: CRISIL Cuts Rating on INR70MM Cash Loan to B
RASIK PRODUCTS: ICRA Suspends B+ Rating on INR13cr Loan
RELIANCE DIAMOND: CRISIL Ups Rating on INR65MM Term Loan to B+
S.K. COTTON: ICRA Assigns 'B' Rating to INR4.50cr Cash Loan
SAI GLOBAL: ICRA Reaffirms 'B+' Rating on INR28.88cr LT Loan

SEW KRISHNAGAR: CRISIL Reaffirms 'D' Rating on INR6.0BB Term Loan
SEW LSY: CRISIL Reaffirms 'D' Rating on INR17BB Term Loan
SINGHAL COMMODITIES: Ind-Ra Suspends B+ Long-Term Issuer Rating
SONAPUR HERBAL: ICRA Reaffirms 'D' Rating on INR11.88cr Loan
SOORYA CASHEW: CRISIL Cuts Rating on INR90MM Cash Loan to 'B'

SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR440MM LT Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR70MM Loan
SUDARSHAN SULZ: ICRA Reaffirms B+ Rating on INR6.37cr Bank Loan
SUNLAND CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Loan
SWOSTI PREMIUM: Ind-Ra Assigns 'IND BB' Rating; Outlook Stable

T BHIMJYANI: Ind-Ra Assigns BB+ Long-Term Issuer Rating
TAXUS INFRASTRUCTURE: CRISIL Rates INR50MM Cash Loan at 'C'
TEN CONSTRUCTION: CRISIL Assigns 'B' Rating to INR50MM LT Loan
VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR60MM Loan
VIVA INFRAVENTURE: CRISIL Assigns B+ Rating to INR5MM Loan

WATER SYSTEMS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
WELCOME DISTILLERIES: Ind-Ra Withdraws BB+ LT Issuer Rating

* INDIA: Corporate Debt Worth $178BB at Default Risk, BNP Says


I N D O N E S I A

BERAU COAL: Moody's Withdraws Caa2 Corporate Family Rating


J A P A N

MITSUBISHI MOTORS: Scandal Could Push Firm to Brink Again
TOSHIBA CORP: Starts Search for Next President


N E W  Z E A L A N D

FE INVESTMENTS: S&P Puts 'B' ICR on CreditWatch Negative
STONEWOOD HOMES: Two Stonewood Firms Placed Into Liquidation


S I N G A P O R E

CAPITOL INVESTMENT: Partner Files Wind Up Bid Over Deadlock


                            - - - - -


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


BECKER ACROMA: First Creditors' Meeting Set For April 29
--------------------------------------------------------
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Becker Acroma (Qld) Pty Ltd on
April 18, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
April 29, 2016, at 10:30 a.m.


JUST COOKING: First Creditors' Meeting Slated For May 3
-------------------------------------------------------
Con Kokkinos and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Just Cooking Cafe
Pty Ltd on April 21, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on May 3, 2016, at 2:30 p.m.


KLEENMAID GROUP: Dire Financial Position Kept Hidden From Bank
--------------------------------------------------------------
Leonie Mellor at ABC News reports that the directors of the
failing Kleenmaid company deliberately hid its dire financial
position from Westpac bank in securing a $13 million loan, a
Brisbane court has heard.

According to the report, brothers and former Kleenmaid directors
Andrew and Bradley Young are accused of fraud and insolvent
trading.

ABC News says both have pleaded not guilty in the District Court
to dishonestly defrauding Westpac of AUD13 million in 2007. They
are also accused of 18 counts of insolvent trading during 2008
and 2009. Four of those charges related to bookings with
advertising agency Mitchell and Partners.

ABC News relates that Andrew Young faces a further count of fraud
over AUD330,000 he allegedly transferred to a private bank
account shortly before calling in administrators.

In his opening address, crown prosecutor Stephen Keim SC
described the failure of Kleenmaid as a collapse that was "some
years in the making," ABC News reports.

The report says the crown alleged that through a complex web of
companies, the former directors sought a AUD13 million loan from
Westpac for a company known as Edis, but they did not reveal the
dire financial state of another company called Orchard.

"What we would argue at the end of the day is that the bank was
misled by concealment of the Orchard group position," the report
quotes Mr. Keim as saying.  "The bank was, in fact, lending to an
entity which was in desperate financial straits because of its
inter-relationship with the Orchard group. And we say that this
fact was dishonestly concealed."

He told the court a third former director would give evidence the
trio had discussed and agreed not to tell the bank of the losses
that Orchard was incurring, ABC News says.

He said a Deloitte auditor would also give evidence that
Kleenmaid was insolvent a year before directors went into
voluntary administration, adds ABC News.

The trial is set down for three months, the report adds.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


QUEENSLAND NICKEL: Palmer Probably Won't Pay Back Debts
-------------------------------------------------------
Australian Associated Press reports that Clive Palmer's companies
"probably" won't pay back tens of millions to Queensland Nickel
creditors due to a complex corporate structure that allows them
to sidestep debts, his nephew has admitted in court.

AAP relates that Clive Mensink, the director of QN until it went
into administration, told the Supreme Court a joint venture
agreement between his uncle's companies was constructed in a way
that assets and funds could be transferred to one another, all
the while leaving the debt behind.

According to the news agency, the admission came as Mr Palmer
attempted to stop QN's administrators, FTI Consulting, from doing
their job with an injunction application.

A decision was reserved on Thursday afternoon until next week
(April 28), the report notes.

If Mr Palmer's bid is successful, it will block FTI Consulting
from appointing receivers or "dealing" with QN's bank accounts,
effectively putting the company back into Mr Mensink's hands, AAP
relays.

AAP says Mr Mensink was grilled over his role in the demise of
the Yabulu nickel refinery in Townsville and the joint venture
agreement between QNI Metals, QNI Resources, Queensland Nickel
Sales and QN amid a full day of legal argument.

He admitted QN had been stripped of all its assets, which were
instead owned by parent companies QNI Resources and QNI Metals,
the report states.

AAP relates that during a fiery cross-examination from barrister
Walter Sofronoff QC, Mr Mensink said the two parent companies did
not want to pay QN's debts, that ran into tens of millions of
dollars.

"They probably won't be paid," the report quotes Mr. Mensink as
saying.

When asked by Mr Sofronoff whether he cared that the money would
not be paid, he answered "yes", but a short time later said:
"Well, there's nothing I can do about it," AAP relays.

According to AAP, the court heard the parent companies did not
want to transfer money to QN because they were losing a lot of
money, and Mr Mensink told the court they couldn't be forced to
due to a complicated corporate structure.

He is the sole director of both those companies.

AAP says bank records tabled as evidence showed QN lost millions
from June 2014 up until December 2015.

Despite this, Mr Mensink said he was not aware of the company's
dire financial position until administrators were appointed in
January this year, AAP relays.

He also claimed QN had the "means" to continue operating, despite
being stripped of its assets and his failure to provide any plan
for how the business would be managed, adds AAP.

Mr Palmer did not provide an affidavit to the court nor did he
appear in person on April 21, says AAP.

AAP adds that Mr Mensink said he didn't know where Mr Palmer was
and denied accusations he was refusing to pay QN's debts because
none of his other companies had any money.

As well as seeking an injunction, Mr Palmer also wants the court
to rule that FTI Consulting's request for QNI Metals and QNI
Resources to pay AUD200 million to QN to cover its debts, is
invalid, the report discloses.

It is understood the lawsuit will not impact on a QN creditors
meeting, April 22 where they will vote on whether the company
should be liquidated.

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


SEAFORCE MARINE: First Creditors' Meeting Set For April 29
----------------------------------------------------------
Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol
were appointed as administrators of Seaforce Marine Diving
Service Pty Ltd on April 19, 2016.

A first meeting of the creditors of the Company will be held at
McGrathNicol, Level 17, 37 St Georges Terrace, in Perth, on
April 29, 2016, at 11:00 a.m.


SIGNATURE COMMERCIAL: First Creditors' Meeting Set For May 2
------------------------------------------------------------
Brent Leigh Morgan of Rodgers Reidy was appointed as
administrator of Signature Commercial Roofing Pty Ltd on April
19, 2016.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, Level 3, 326 William Street, in Melbourne, on
May 2, 2016, at 10:30 a.m.


SLATER & GORDON: UK Accts Has 'A Going Concern' Until March 2017
----------------------------------------------------------------
The Sydney Morning Herald reports that Slater & Gordon has filed
its UK accounts which, unlike its Australian filings, include a
note the company is rated as a going concern only until the end
of March 2017.

April 30 this year looms as the deadline Slater & Gordon has to
convince its bankers to hold off on calling in its debts in March
next year, SMH says.  Slater & Gordon owed its banking syndicate,
which includes Westpac and National Australia Bank, AUD783
million as at December 31, the report discloses.

According to SMH, the law firm is in a fight for survival
following a horror 2015 that saw its market capitalisation
plummet following an accounting scandal in its UK arm and weaker
than expected growth in both its British business and its
Australian arm.

SMH relates that the urgency for a debt restructure was increased
after the company booked an AUD876.4 million write-down in
February, which saw its debt-to-equity ratio blow out and is
believed to have led to the company breaching its covenants.

If a deal is not reached by the end of the month Slater &
Gordon's lenders have the right to ask the company to repay its
debts in March 2017 -- a move that could spark a massive capital
raising by the company, according to SMH.

SMH relates that according to Slater & Gordon's UK accounts
signed on March 31 and filed on April 8: "The directors, having
given consideration to the current financial forecasts for the
group and the company, the engagement with the banking syndicate
and its financial advisers, the comprehensive review and the
performance improvement programs being implemented by management,
consider the going-concern basis of preparations is appropriate
for a period to 31 March 2017."

SMH says the text in that paragraph of Slater & Gordon's UK
accounts is remarkably similar to a statement by the company in
its Australian accounts, however, there is no mention of the
company being considered as a going concern only up until March
2017.

A going concern is a company that has the resources to operate
indefinitely and meet its obligations, SMH notes.

According to the SMH, the Australian half-year accounts, released
in February, read: "The directors, having given consideration to
the current financial forecasts for the group and the company,
the engagement with the banking syndicate and its financial
advisers, the comprehensive review and the performance
improvement programs being implemented by management, consider
the going concern basis of preparations is appropriate."

Slater & Gordon has declined to comment on its accounts or the
progress of discussions with its lenders, SMH states.

SMH says the law firm has spent the past few months providing its
lenders with weekly updates on its cash-flow position as part of
its negotiations with its lending syndicate.

Its consolidated business listed in Australia reported negative
cash flow from its operating activities of AUD83.3 million for
the six months to December 31. Slater & Gordon posted a massive
AUD958 million loss for the half, SMH discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
March 14, 2016, The Sydney Morning Herald said struggling listed
law firm Slater & Gordon has suffered another blow after the
Australian Securities Exchange dumped the stock from its top 200
list.  SMH said the removal of Slater & Gordon from the ASX 200
is significant because it means some of the index funds which are
required under their self-imposed mandates to hold shares in ASX
200 stocks will exit the stock.  According to the report, the law
firm is in a fight for survival following a horror 2015 that saw
its market capitalisation plummet from more than AUD2.7 billion
to AUD121.6 million on March 11 following an accounting scandal
in its UK arm and weaker-than-expected growth in both its British
business and its Australian arm.  Slater & Gordon has until
April 30 to satisfy its bankers it can remain as a viable
organization, SMH relayed. Its financial advisers from insolvency
firm McGrath Nicol are delivering weekly cash-flow updates to the
firm's bankers, the report stated.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


STRATTON GROUP: First Creditors' Meeting Slated For May 2
---------------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Stratton Group Pty Ltd on April 20, 2016.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington Street, in Nedlands, on May 2, 2016, at
10:30 a.m.



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


CAR INC: S&P Puts 'BB+' CCR on CreditWatch Negative
---------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating and 'cnBBB+' long-term Greater China
regional scale ratings on CAR Inc. on CreditWatch with negative
implications.  At the same time, S&P placed its 'BB+' issue
rating and 'cnBBB+' long-term Greater China regional scale
ratings on the China-based car rental company's outstanding
senior unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CAR on CreditWatch following the recent
change in the company's controlling shareholding and senior
management.

"We believe the emergence of UCAR, the car-hailing company which
leases a substantial number of cars from CAR, as the largest
shareholder in CAR could undermine CAR's credit strength," said
Standard & Poor's credit analyst Gloria Lu.  "This is because
UCAR's high growth aspirations and weaker financial profile could
result in CAR increasing capital spending and dividend payouts.
We believe the UCAR-CAR combination may have a weaker credit
profile than that of CAR on stand-alone basis."

However, the changes in shareholding and management will likely
increase integration between the companies.  The previous CAR
management has now moved to assume leadership positions in UCAR.
Both companies also have highly aligned interests.

"We believe the management changes may signal a shift of business
focus for CAR, especially with UCAR's application for an IPO in
April 2016.  It also raises questions about the previous
management's commitment to CAR, as growth slows for the leasing
business," Ms. Lu said.

The cooperation between CAR and UCAR, which has increased over
the past 12 months, could rise further with the new ownership and
management structure.  Consequently, S&P needs to seek
clarification from the new CAR management on the relationship,
strategy, growth performance, financial policy, and risk
framework.  S&P also needs to evaluate UCAR's control and
extraordinary support to CAR during distress.

S&P aims to resolve the CreditWatch placement within the next
three months.  In resolving the CreditWatch, S&P will review the
credit profile of UCAR, the potential credit profile of the
consolidated group encompassing UCAR and CAR, the strategy and
growth prospect of CAR and the group, and UCAR's influence as the
controlling shareholder.

In S&P's view, a weaker assessment of CAR's management and
governance could lead to a downgrade.  This could happen if: (1)
CAR adopts a more aggressive capital return policy, including
dividend payout; or (2) UCAR negatively intervenes in CAR's
strategy and operations.

S&P could lower the ratings by at least one notch if it believes
the UCAR-CAR combination has a weaker credit profile than CAR,
which will cap CAR's credit profile.


FOSUN INTERNATIONAL: Moody's Changes Outlook on Ba3 CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Fosun
International Limited's Ba3 corporate family rating to stable
from negative.

At the same time, Moody's has affirmed Fosun's Ba3 corporate
family rating, as well as the Ba3 rating on the senior unsecured
bonds issued by Sparkle Assets Limited and guaranteed by Fosun.

                         RATINGS RATIONALE

"The stable outlook reflects Fosun's demonstrated ability to
maintain its access to the funding markets and improve its debt
maturity profile," says Lina Choi, a Moody's Vice President and
Senior Credit Officer, also the International Lead Analyst for
Fosun.

Moody's placed the outlook on negative in December 2015 following
the involvement of Mr Guangchang Guo -- executive director,
chairman and the ultimate controlling shareholder of Fosun -- in
a government investigation.  Moody's was concerned the
investigation would add uncertainty over the group's ability to
address its refinancing needs, given its high level of short-term
debt and the funding required for its investments.

However, Fosun and its key subsidiaries have been able to obtain
bank credit and access the domestic capital markets since last
December.

Fosun has also improved its debt maturity profile moderately by
reducing its reliance on short-term debt to 42.6% of total debt
at the end of 2015 from 48.6% a year earlier.

The stable outlook also reflects Moody's expectation that Fosun
will prudently manage its expansion and strengthen its financial
discipline.

In a letter to Fosun's shareholders, Mr. Guo has indicated the
company will improve its financial profile by optimizing its debt
maturity profile and lowering its funding costs.  Fosun has
slowed the pace of its overseas acquisitions since the second
half of 2015, which has somewhat lowered its cash needs.

Fosun's Ba3 corporate family rating reflects its: (1) diversified
business profile; and (2) the multiple funding channels it has
available to support its investments.

However, the rating is constrained by its: (1) evolving
investment strategy; (2) rapid expansion into new businesses
through acquisitions, increasing execution risks; and (3) debt-
funded expansion, which has resulted in a moderate financial
profile and liquidity position.

Upward rating pressure could emerge if: (1) Fosun's financial
profile and liquidity position further improve; (2) Fosun
demonstrates stronger investment discipline and prudent financial
management at its pursued growth; and (3) Fosun delivers
satisfactory in its key businesses, such as insurance,
investment, healthcare and property.

Specific credit metrics that would indicate upward rating
pressure include: (1) its market value-based leverage (MVL) at
the holding company level of around 35%; and (2) (funds from
operations [FFO] + interest)/interest coverage ratio above 2x-3x
on a sustained basis.

On the other hand, downward ratings pressure could arise if: (1)
it continues its ambitious debt-funded growth; (2) the company
fails to raise enough equity capital or speed up its asset
disposals to fund its acquisitions; (3) the quality of its
investment portfolio deteriorates and contagion risk from its
investees increases; and/or (4) the company's financial profile
and liquidity position deteriorate significantly.

Credit metrics indicative of downward rating pressure include:
(1) Fosun's MVL at the holding company level exceeding 50%-60%;
and/or (2) an interest coverage ratio and an adjusted liquidity
ratio below 1.0-1.5x, for a prolonged period.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in December 2015.

Fosun Group was founded in 1992.  Fosun International Limited,
the holding company of the Fosun group, is headquartered in
Shanghai and listed on the Hong Kong Stock Exchange in 2007.

Fosun is an investment holding company with principal businesses
of integrated finance (wealth) and industrial operations.  The
integrated finance (wealth) business includes four major segments
which are insurance, investment, wealth management and internet
finance; while the industrial operations include five key
segments which are health, happiness, steel, property development
& sales and resources.

At end-Dec 2015, Fosun International Limited was 71.37%
beneficiary-owned by its chairman and co-founder, Mr. Guangchang
Guo, and the company's three other co-founders.

The Local Market analyst for this rating is Kai Hu, +86 (21) 2057
4012.


WINSWAY ENTERPRISES: Fitch Withdraws 'D' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn Winsway Enterprises Holdings
Limited's ratings.

Fitch is withdrawing the ratings as Winsway has chosen to stop
participating in the rating process.  Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Winsway.

These ratings have been withdrawn without affirmation:

  Long-Term Foreign-Currency Issuer Default Rating of 'D'
  Senior unsecured rating of 'C', with Recovery Rating of 'RR6'

                      RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.


* CHINA: 50% of Microcredit Lenders in Guangdong Deemed Insolvent
-----------------------------------------------------------------
Liz Mak at South China Morning Post reports that more than half
of all microcredit lenders in China's southern Guangdong province
are financially insolvent, according to industry experts.

SCMP relates that the insolvencies come amid a push by government
authorities for the financial industry to increase access and
services to the poor and the downtrodden at the grass root level.

The local Guangdong provincial government acknowledges the
financial problems faced by lenders and has sought to roll out
supportive policies to help them stay afloat. This includes
increasing their levels of leverage, SCMP says.

According to SCMP, Kuang Renshan, a deputy director general at
the Guangdong Financial Services Office, said a relaxation on
their capital requirement will go a long way in helping the
microcredit industry.

At a meeting of microlenders earlier this month, Kuang told
participants that his office is considering means to allow
microlenders to increase their level of leverages to 200% of
their book on funds raised from wholesale borrowing.

Excluding the Shenzhen metropolitan area, there are now 378
microcredit lenders operating in Guangdong, SCMP discloses. Of
this figure, Du Xiaoshan, director of China Association of
Microfinance estimated less than 100 are in "normal operations"
and fewer than 60 would likely demonstrate any sort of business
growth, says SCMP.

According to the report, Mr. Du said some microlenders have seen
their non-performing loans surge past 50%, which renders them
financial insolvent unless they access new capital.

Luo Haojie, general manager of Ebaodai, a Guangdong-based lender
estimated that fewer than 20% of industry peers are solvent, SCMP
discloses.

SCMP notes that microlenders are challenged by the same forces
that have flattened profit growth in the nation's biggest state-
owned lenders, causing industry-wide asset deterioration in this
latest earnings season. But unlike the big state-owned banks,
micro lenders' client exposure are more vulnerable to the
economic downturn and the lenders, owing to their small scale, do
not have the same balance sheet size and risk management
sophistication to withstand the current conditions.

According to the Guangdong Microcredit Association, the level of
non-performing loans saw a steep rise in 2015, SCMP discloses.
About 2.8% of loans were classed as non performing, up from
0.63% in 2014.  SCMP notes that the total level of bad debt now
amounts to CNY1.34 billion (HK$1.61 billion) in an industry that
has only CNY74 billion of registered capital, but loans out
nearly the full sum at CNY70.7 billion.

"When the real economy is bad, the operating environment
deteriorates. It is natural that loans cannot be collected," the
report quotes Shao Jianming, president of the Guangdong
Microcredit Association, as saying.


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


AASU EXIM: ICRA Reaffirms B+ Rating on INR4.56cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR4.56 crore term loans, INR0.15 crore cash credit facilities
and the INR0.69 crore unallocated limits of Aasu Exim Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR0.60 crore, non-fund based facilities of AEPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term, Term
   Loans                     4.56       [ICRA]B+/reaffirmed

   Long Term, Fund
   Based Limits              0.15       [ICRA]B+/reaffirmed

   Long Term, Unallocated    0.69       [ICRA]B+/reaffirmed

   Short Term, Letter of
   Credit                    0.60       [ICRA]A4/reaffirmed

The ratings reaffirmation continues to takes into account the
long standing promoter experience in textiles industry and the
improvement in operating margins during FY15 due to scale
benefits in manufacturing operations. The ratings, however,
continues to remain constrained due to the relatively small scale
of operations, exposure to intense competition due to fragmented
industry structure and high customer and supplier concentration.
ICRA also notes the significant debt funded capex plans, which is
likely to deteriorate the capital structure and put pressure on
profitability over the near to medium term.

Company Profile Incorporated in 1984, Aasu Exim Private Limited
is engaged in manufacturing of grey fabric since FY 2011 and
manufactures knitted furnishing, sportswear and designer wear
fabrics. AEPL supplies fabrics to major textile houses based in
South and Western parts of the country. The company has ~300 MT
knitting capacity at Bhiwandi and intends to increase it to 500
MT over the medium term. The company is managed by Mr. Raj Kumar
Kaushik who has over two decades of experience in the textiles
industry.

Recent results
As per audited results, for the financial year ending March 2015,
AEPL reported operating income of INR25.69 crore and profit after
tax (PAT) of INR0.83 crore as compared to operating income of
INR32.25 crore and net loss of INR0.04 crore in the previous
year.


ABC FRUITS: CRISIL Ups Rating on INR70MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of ABC Fruits (ABC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Long Term Loan            30       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that ABC's financial
risk profile, particularly liquidity would improve over the
medium term supported by steady cash accruals and absence of
major debt funded capital expenditure plans. The firm is expected
to generate net cash accruals of INR35 million to INR48 million
per annum over the medium term against repayment obligations of
INR7.2 million per annum. ABC's month end bank limit utilisation
remained moderate at 65 per cent for the 12 months ended December
2015.

The rating reflects ABC's modest scale of operations in an
intensely competitive fruit-processing segment and the
susceptibility of its revenues and profitability to volatility in
fruit prices. These rating strengths are partially offset by the
promoters' extensive experience in the fruit pulp industry and
the firm's moderate financial risk profile marked by moderate
gearing and debt protection metrics albeit constrained by a
modest net worth.
Outlook: Stable

CRISIL believes that ABC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm sustainably
improves its scale of operations and profitability, leading to
improvement in business and financial risk profiles. Conversely,
the outlook may be revised to 'Negative' if ABC's financial risk
profile weakens, most likely because of aggressive debt-funded
expansion, subdued cash accruals, or deterioration in its working
capital management.

Established in 2009, ABC processes fruit pulp, primarily mangoes
and guavas. The firm is promoted by Mr. K. Vijayan.

ABC reported a profit after tax (PAT) of INR31.1 million on net
sales of INR813 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR22.5 million on net
sales of INR329 million for 2013-14.


AMI RIDDHI: ICRA Reaffirms B+ Rating on INR11.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR11.00 crore (enhanced from INR6.50 crore) fund-based bank
facility of Ami Riddhi Chem Pvt. Ltd. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 assigned to the INR1.58 crore
short-term non-fund based bank facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund
   based Cash Credit     11.00       [ICRA]B+ reaffirmed

   Short-term non-
   fund based- Letter
   of Credit              1.50       [ICRA]A4 reaffirmed

   Short-term non-
   fund based Bank
   Guarantee             (0.50)      [ICRA]A4 reaffirmed

   Short-term Buyer's
   Credit                (1.50)      [ICRA]A4 reaffirmed

   Short-term Forward
   Contract               0.08       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the long standing
experience of ARCPL's promoters in the chemical trading business;
the company's low revenue concentration risk on account of its
diversified product portfolio; and improvement in capital
structure (gearing level declining from 4.56x as on March 31,
2015 to 1.72x as on December 31, 2015) owing to equity infusion
of INR2.00 crore during 9M FY2016. The ratings, however, continue
to be constrained by ARCPL's stretched financial profile
characterized by thin profitability margins and modest coverage
indicators. Despite some improvement in the operating margins,
the net margins remained under pressure (0.27% during FY2015) on
account of high interest expenses. Moreover, the debt coverage
indicators of the company also continue to remain weak. The
rating also factors in the intensely competitive environment by
virtue of the highly fragmented industry structure and low
product differentiation. The ratings also take cognisance of the
high customer concentration risk as the top three customers
contributed to more than 50% of the total sales during 9M FY2016.

Promoted by Mr. Vijay Sheth, Ami Enterprises was established as a
proprietorship firm in 1989 for trading in chemical compounds. In
2007, the firm was converted into a private limited company and
renamed as Ami Riddhi Chem Pvt. Ltd. (ARCPL). The company is
based in Mumbai and trades in chemicals that find application
primarily in the pharmaceuticals industries.

Recent Results
In FY2015, ARCPL reported a profit after tax (PAT) of INR0.20
crore on an operating income of INR74.66 crore. As per the
unaudited results for 9M FY2016, ARCPL has registered a Profit
Before Tax (PBT) of INR0.31 crore on an operating income of
INR52.37 crore.


ATC BEVERAGES: CRISIL Ups Rating on INR158MM LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of ATC Beverages Private Limited (ATC) to 'CRISIL B-/Stable' from
'CRISIL D'. This is on account of timely servicing of its term
debt.

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

   Long Term Loan           158       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating continues to reflect ATC's weak financial risk
profile, because of a weak capital structure and debt protection
metrics, and small scale of operations in the intensely
competitive contract-manufacturing industry. These weaknesses are
partially offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes ATC will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of a sustainable increase in
revenue while maintaining profitability leading to higher-than-
expected cash accrual along with managing its working capital
requirements efficiently. Conversely, the outlook may be revised
to 'Negative' if liquidity weakens owing to low cash accrual, a
stretch in the working capital cycle, or any large, debt-funded
capital expenditure.

ATC, based in Bengaluru, was established in 2004 by Mr. Prem
Goyal and his son Mr. Amitabh Goyal. The company undertakes
contract manufacturing of sweetened and non-sweetened aerated
drinks. It has a manufacturing facility at Nanjangard near Mysore
(Karnataka).


AUKLAND CERAMIC: ICRA Reaffirms 'B' Rating on INR4.13cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR2.00
crore fund based cash credit facility and INR4.13 crore term loan
facility of Aukland Ceramic Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR1.40 crore bank guarantee
facility of ACPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             4.13       [ICRA]B; Reaffirmed
   Cash Credit Limits     2.00       [ICRA]B; Reaffirmed
   Bank Guarantee         1.40       [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by ACPL's modest scale
of operations with a limited operating history; as well as weak
financial profile characterized by losses inccured, stretched
capital structure and weak coverage indicators. The ratings also
takes into account the modest debt protection metrics and
attaining break even capacity utilization would critically affect
the debt servicing capabilities of the company. While reaffirming
the ratings, ICRA considers the vulnerability of profitability
and cash flows to fluctuating prices of gas and power and
cyclicality inherent in the real estate industry, which is the
main consumer sector. The ratings are further constrained by the
restricted pricing flexibility in the business due to fragmented
nature of the industry and intense competition among the players.
The ratings however, favorably consider the commencement of
operations experience of the key promoters in the ceramic
industry as well as the location advantage enjoyed by the
company, giving it easy access to raw material.

Aukland Ceramic Private Limited (ACPL) was incorporated in
January 2014 to engage in the manufacture of heavy duty parking
tiles. The manufacturing unit of the company is located in Morbi,
Gujarat, with an installed capacity of 35000 metric tonnes per
annum. The company has commence its commercial production from
July 2015 The company is promoted and managed three directors
i.e. Mr. Paresh Gopani, Mr. Anil Gopani and Mr. Vinubhai Lenchiya
having a long experience in the line of ceramic business. The
directors of the company are associated with the other group
concerns i.e. Mega Vitrified Private Limited which is engaged in
manufacturing of vitrified tiles and M/s Radhe Krishna Cera Clay
a ceramic body clay manufacturing unit.

Recent Results
During 11MFY 2016, the company reported an operating income of
INR4.26 crore and has incurred net losses of INR1.60 crore as per
unaudited prvisional results.


AURA HOTELS: CRISIL Lowers Rating on INR400MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Aura Hotels and Resorts Private Limited (Aura) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'. The downgrade reflects
significant delays in project implementation along with cost
overrun. Furthermore, the company's term loan has not yet been
disbursed, leading to project funding risk.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                400       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating reflects Aura's exposure to risks related to
implementation and stabilisation of its ongoing four-star hotel
project in Shillong, and exposure to intense competition in the
hospitality industry. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of the
company's promoters in North-East India.
Outlook: Stable

CRISIL believes Aura will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of timely
disbursement of the term loan and project implementation without
any further cost overrun, and more-than-expected revenue and
profits after stabilisation of operations. Conversely, the
outlook may be revised to 'Negative' in case of delay in
commissioning of the project, or additional debt-funded capital
expenditure leading to deterioration in the company's financial
risk profile.

Incorporated in June 2010, Aura is promoted Mr. Vikash Agrawal
and Mr. Ronak Jain. The company is setting up a four-star hotel
in Shillong.


BLACK ENERGY: CRISIL Assigns 'D' Rating to INR110MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Black Energy India Pvt Ltd (BEIPL). The rating
reflects continual over utilisation of the company's cash credit
limit caused by weak liquidity owing to a stretch in the working
capital cycle and difficulties in debtor realisation.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              110       CRISIL D
   Overdraft Facility        90       CRISIL D

BEIPL has a small scale of operations and a weak financial risk
profile because of small networth and high gearing. The company,
however, benefits from the promoters' extensive experience in the
coal trading business.

BEIPL, incorporated in 2012, trades in coal. The company also
owns a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and
Mr. Rohit Singh are the directors. The operations are primarily
managed by Mr. Sanjay Singh.


CHANDIGARH HEALTHCARE: CRISIL Rates INR252.6MM Term Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chandigarh Healthcare Private Limited (CHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Term Loan               252.6      CRISIL B/Stable

The rating reflects CHPL's start-up phase and small scale of
operations in the highly fragmented healthcare industry, and weak
financial risk profile because of high gearing. These weaknesses
are mitigated by promoters' extensive industry experience and
funding support.
Outlook: Stable

CRISIL believes CHPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' on account of stabilisation
of operations at hospital and increase in occupancy, leading to
improvement in scale of operations and operating profitability.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates because of large debt-funded capital
expenditure, or decline in revenue and profitability, or
stretched working capital cycle.

CHPL, promoted by Mr. Harish Aggarwal, Dr. Deepak Tyagi, Dr.
Virender Ramphal Dhankar, Dr. Manoj Sharma, Dr. Anupam Jindal,
Dr. Rajesh Gulia, Dr. Ambrish Singhal, and Dr. Krishan Gopal
Singla, manages a 100-bed multi-specialty hospital, Mayo, in
Mohali. The hospital has departments for neurology, orthopaedics,
gynaecology & obstetrics, cardiology, physiotherapy, and
radiology. It began operations in October 2014.


COASTAL ENERGEN: ICRA Reaffirms D Rating on INR6,296cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D to INR6296.00
crore fund based facilities of Coastal Energen Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           6296.00       [ICRA]D reaffirmed

The assigned rating factors in continued delays in debt servicing
by the company owing to significant time over runs faced in the
commissioning of unit-2 (600 MW), which was due to delay in the
sanction of debt for cost overruns by the lenders, infusion of
equity and disbursement of bank debt. The rating also takes into
account the off-take risk associated with unit 2 given that power
purchase agreements (PPAs) are yet to be tied-up for this
capacity. CEPL's cost competitiveness would also remain exposed
to fluctuations in international coal prices given the dependence
on imported coal and the structure of the Coal Supply Agreement
(CSA), which permits price fluctuations to be passed to CEPL for
around 80% of the supply as per CERC escalation index. ICRA also
takes note of limited fuel risk with the CSA in place with Coal &
Oil Company DMCC (C&O) and also the presence of back to back
contracts of C&O with Indonesian mining companies for the same.
Further, commencement of operations of unit-1 (600 MW) in Dec,
2014 coupled with long term PPA in place for the entire capacity
of unit-1 with TANGEDCO (Tamil Nadu Generation and Distribution
Corporation Limited) and timely receipt of payments from TANGEDCO
is a source of comfort. ICRA also notes that unit-2 of 600 MW has
commenced operations in Jan, 2016.

Going forward, the ability of the company to service the debt
obligations in a timely manner, to tie-up PPA for unit-2 and to
achieve satisfactory operational parameters are the key rating
sensitivities.

Coastal Energen Private Limited is an special purpose vehicle
(SPV) promoted by Mr. Ahmed Buhari (promoter of the Coal & Oil
Group) for the development of a 1200 MW imported coal based
thermal power plant at Tuticorin in Tamil Nadu. The Coal & Oil
Group is a Dubai based energy conglomerate which operates as an
integrated fuel solution provider with interests in coal trading,
technical consultancy for fuel sourcing, handling, shipping,
logistics etc. The flagship company of the group is Coal & Oil
Company DMCC (C&O). In India, the Group operates through Coastal
Energy Private Limited; CEPL together with C&O, supplies approx 9
million tonnes of coal to various customers in India. Coal is
generally procured by C&O through short term purchase agreements
with major coal suppliers like Anglo Coal, Xstrata, BHP Billiton
as well as through long term supply arrangements with mines in
Australia/Indonesia.

The total revised project cost for CEPL of INR7870.00 crore
(increased from earlier INR6822.89 crore) is funded through
debt/equity of 80:20. Unit-1 of 600 MW has commenced operations
from Dec, 2014 and unit-2 from Jan, 2016.


CRACKERS INDIA: CRISIL Assigns 'C' Rating to INR650MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facility of Crackers India Infrastructure Limited (CIIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           650       CRISIL C

The rating reflects CIIL's below-average financial risk profile,
marked by weak debt protection metrics, exposure to risks related
to timely completion and stabilisation of its hotel project, and
modest scale of operations. These weaknesses are partially offset
by its promoters' extensive experience in the hospitality
segment.

CIIL, incorporated in 2007, started operations in the retail and
the hotel segments. However, over time, it transferred its retail
operations to group entity The World Retail Pvt Ltd, and now has
two hotels: The World Business Hotel at Barbil in Odisha, and The
World Backwaters at Allepey in Kerala. CIIL is constructing an
11-storied hotel in Bhubaneswar, which is expected to commence
operations in June 2016.


DBS AUTOMOBILES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of DBS Automobiles Private Limited (DAPL).
The rating reflects DAPL's initial stage of operations and
exposure to intense competition in the automotive dealership
business. These weaknesses are partially offset by its promoter's
considerable industry experience.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL B+/Stable
   Term Loan                 20       CRISIL B+/Stable

Outlook: Stable

CRISIL believes DAPL will benefit from the established brand and
market position of its principal, Tata Motors Ltd (TML; rated
'CRISIL AA/Stable/CRISIL A1+') in commercial vehicle segment. The
outlook may be revised to 'Positive' if DAPL achieves more-than-
expected revenue or cash accrual, or if substantial capital
infusion leads to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accrual, or stretch in working capital
management, or significant debt-funded capital expenditure,
weakening financial risk profile, particularly liquidity.

DAPL, incorporated in June 2015, is an authorised dealer of TML's
light, medium, and heavy commercial vehicles in Rohtas, Kaimur,
Buxar, and Bhojpur districts of Bihar. The company has set up a
3S (sales, service, and spares) facility in Rohtas, which started
commercial operations in March 2016.


DHARESHWAR COTTON: ICRA Reaffirms 'B' Rating on INR7.0cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR1.08 crore term
loan and INR7.00 crore cash credit facilities of Dhareshwar
Cotton Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.00       [ICRA]B; Reaffirmed
   Term Loan              1.08       [ICRA]B; Reaffirmed

The rating continues to be constrained by the company's modest
scale of operations, with weak financial profile charecterised by
losses incurred at net level, stretched capital structure and
modest coverage indicators. The rating is further constrained on
account of low value additive nature of operations and intense
competition on account of the fragmented industry structure
leading to thin profit margins. The rating also takes into
account vulnerability of profitability to adverse fluctuations in
raw material prices which are subject to seasonal availability of
raw cotton and government regulations on MSP and export quota.
The rating however, favorably factors in the company's strategic
location in cotton growing belt which ensures easy availability
of cotton and the moderately diversified product profile due to
presence in crushing operations.

Incorporated in 2011, Dhareshwar Cotton Pvt Ltd. (DCPL) is
engaged in cotton ginning, pressing and seed crushing business.
The company has 28 ginning machines with an intake capacity of
around 120 MTPD of raw cotton to produce cotton bales and cotton
seeds. For seed crushing, the company has installed 4 expellers
with an intake capacity of around 35 MTPD of cotton seeds to
produce oil and oil cakes. The company is managed jointly by Mr.
Sanjay Namera, Mr. Durlabhji Bhagiya, Mr. Ganesh Devda and Mr.
Arvind Bhagiya who are also directors of the company.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR33.62 crore and net losses of INR0.26
crore.


DIVYA COTTON: ICRA Assigns B+ Rating to INR6.0cr Cash Loan
----------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR6.00 crore cash
credit facility and INR0.12 crore term loan facility of Divya
Cotton.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limits       6.00      [ICRA]B+ assigned
   Term Loan                0.12      [ICRA]B+ assigned

The assigned rating is constrained by the firm's weak financial
profile as reflected by stretched liquidity position as evident
from high level of working capital utilization which has further
led to adverse capital structure along with weak debt coverage
indicators. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure leading to thin profit margins.
The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices
which are subject to seasonal availability of raw cotton and
government regulations on MSP for procurement of raw cotton.
Further, DC being a partnership firm, any significant withdrawals
from the capital account would affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage the firm enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton.

Established in 2006, Divya Cotton is engaged in ginning and
pressing of raw cotton to produce cotton bales and cotton seeds.
The plant of the firm is situated at Gondal, Rajkot district,
Gujarat. At present the plant is equipped with 12 ginning
machines and one pressing machine. The total installed
manufacturing capacity of the firm is ~180 bales per day.
Currently, the firm is managed by Mr. Chandresh Thummar and Mr.
Kalpesh Thummar.

Recent Results
For the year ended 31st March 2015, the company reported an
operating income of INR41.92 crore and profit after tax of
INR0.16 crore.


GANESA HITECH: CRISIL Assigns 'B' Rating to INR37MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ganesa Hitech Agroo Foods (GHAF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working
   Capital Facility         37        CRISIL B/Stable
   Cash Credit              30        CRISIL B/Stable
   Long Term Loan           33        CRISIL B/Stable

The rating reflects the firm's nascent stage and hence, modest
scale, of operations in the intensely competitive rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and an
average financial risk profile.
Outlook: Stable

CRISIL believes GHAF will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if revenue and profitability
increase substantially, leading to an improvement in its business
risk profile. Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected debt-funded expansions
or a substantial decline in accrual, leading to deterioration in
the financial risk profile.

GHAF was set up as a partnership firm in December 2014 in Salem.
The firm mills and processes paddy into rice, rice bran, broken
rice, and husk. Its operations are managed by its partner, Mr. P
Madheswaran.


GOLHAR GINNING: ICRA Assigns 'B' Rating to INR4.75cr Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR4.75
crore fund based working capital facility, INR4.10 crore fund
based term loan and INR1.15 crore unallocated limits of Golhar
Ginning & Oils Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.75        [ICRA]B; Assigned
   Term Loan              4.10        [ICRA]B; Assigned
   Unallocated Limits     1.15        [ICRA]B; Assigned

The assigned rating factors in the weak financial risk profile of
the company characterized by the modest scale of operations and
loss during the first year of operations that has turned debt
coverage indicators negative. The rating is also constrained by
high gearing level on account of high reliance on external debt.
ICRA also notes vulnerability of profitability on account of the
highly competitive and fragmented industry structure with low
entry barriers leading to suppressed margins coupled with the
vulnerability of the company's profitability to movements in
cotton prices on account of seasonality. The rating also takes
into account the company's exposure to regulatory risks,
specifically with respect to minimum support prices and export
restrictions.

The rating, however, positively factors in the favorable location
of the company as it is situated in the cotton producing belt of
Vidarbha region gives easy accessibility to raw cotton as well as
diversification achieved through crushing facilities providing
additional revenues.

Golhar Ginning & Oils Private Limited was incorporated in
November 2012 and commenced business operations since December
2014. It is engaged in the business of ginning, pressing of
cotton and crushing of cotton seed oil. The factory is located in
Hingaghat, Dist. Wardha (Mharashtra). GGOPL is equipped with 24
ginning machines and 1 pressing machine to carry out operations.
It is presently managed by Mr. Damodar Golhar and Mr. Dhanraj
Golhar.

Recent Results
During the four months of operations during the financial year
FY15, GGOPL registered net loss of INR0.62 crore on an operating
income of INR24.47 crore.


HANS RUBBER: ICRA Suspends B+/A4 Rating on INR11.8cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR11.80 crore, bank lines of Hans Rubber & Sports Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company


K.K. COTEX: ICRA Reaffirms B+ Rating on INR22cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR22.00 crore
fund based facilities of K.K. Cotex. ICRA has also assigned
[ICRA]B+ rating for the INR2.70 crore fund based term loan
facility of KKC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     22.00       [ICRA]B+ reaffirmed

   Long Term Fund
   Based-Term Loan        2.70       [ICRA]B+ assigned

The rating continue to be constrained by KKC's weak financial
profile as reflected by low profitability, adverse capital
structure and weak debt coverage indicators. The rating also
takes into account the low value additive nature of operations
and the intense competition on account of the fragmented industry
structure leading to thin profit margins. The rating is further
constrained by the vulnerability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on the minimum support price
(MSP) for the procurement of raw cotton. Further, the rating also
considers partnership nature of the firm whereby any significant
withdrawals from the capital account would affect its net worth
adversely.

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

K. K. Cotex was formed in 2007 as a partnership firm by Mr.
Kishorbhai S Patel and Mrs. Bhavitaben K Patel, with more than a
decade of experience in the cotton industry. The firm has set up
a unit for cotton ginning and pressing at Hadamtala, District
Rajkot with 1 pressing and 24 ginning machines

Recent Results
For the year ended 31st March 2015, K.K. Cotex reported an
operating income of INR90.00 crore and profit after tax of
INR0.61 crore.


K. P. SAHA: ICRA Reaffirms B+ Rating on INR2.69cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.69 crore term loan, INR2.50 crore cash credit and INR0.13
crore bank guarantee facility of K. P. Saha Private Limited Unit:
Maa Bameswari Rice Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.69        [ICRA]B+ Re-affirmed
   Cash Credit           2.50        [ICRA]B+ Re-affirmed
   Bank Guarantee        0.13        [ICRA]B+ Re-affirmed

While reaffirming the rating, ICRA has considered the standalone
financial performance of the rice mill, since this unit
contributed around 98% to the company's overall turnover during
FY2015. The reaffirmation of the rating primarily takes into
consideration the small scale of current operations of the unit,
a weak financial profile of the unit as reflected by low
profitability, high gearing and weak coverage indicators. ICRA
also take note of the intensely competitive nature of the
industry as characterized by a large number of small players.
ICRA also takes cognizance of the regulated nature of operations
of the company which is subject to Government policies towards
agro based commodities keeping the profitability under pressure
and the agro climatic risks which can affect the availability of
paddy in adverse weather conditions. The rating, however,
favourably takes into account the fact that the mill is located
in a major rice growing region thereby ensuring easy availability
of paddy and significant growth in revenue during FY2015 owing to
increased volume sales. ICRA also takes into account the
favourable demand prospects of the industry with rice being a
staple food grain and India being the world's second largest
producer and consumer of rice.

K.P. Saha Private Limited was set up in 1989-90 and the unit Maa
Bameswari Rice Mill was set up in 2010 at Dhaniakhali, West
Bengal. It started operations in December 2010. K.P. Saha also
owns two cinema halls at Kalyani and Kolkata, West Bengal. MBRM
is engaged in manufacturing of parboiled rice and has a milling
capacity of 96 MT per day on a double shift basis, translating
into an annual milling capacity of 28,800 MT.

Recent Results
In FY2015, MBRM reported profit after tax (PAT) INR0.11 crore on
an operating income (OI) of INR25.55 crore, as compared to PAT of
INR0.08 crore on an OI of INR20.45 crore in FY2014.


KUBER AGRICOLD: CRISIL Assigns B- Rating to INR99MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the long-
term bank loan facilities of Kuber Agricold Private Limited
(KAPL). The rating reflects KAPL's initial and modest scale of
operations in a highly fragmented industry, and constrained
financial risk profile with average liquidity. These weaknesses
are partially offset by promoters' extensive entrepreneurial
experience.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              1        CRISIL B-/Stable
   Term Loan               99        CRISIL B-/Stable

Outlook: Stable

CRISIL believes KAPL will continue to benefit over the medium
term from its promoters' entrepreneurial experience. The outlook
may be revised to 'Positive' if KAPL scales up operations and
sustains profitability, leading to significant increase in cash
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates due to lower revenues,
profitability or a stretch in working capital cycle leading to
further weakening of liquidity.

Kuber Agricold Private Limited (KAPL) was incorporated in
December 2013 and provides cold storage services for fruits and
vegetables in Rajkot, Gujarat. The total installed capacity being
3000 tons per annum. The Company is promoted by Mr. Vishal
Monpara, Mr. Dhanji Chovatiya, and Mr. Sanjay Sorathiya.


LAKSHMI PRABHA: CRISIL Lowers Rating on INR80MM LT Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Lakshmi Prabha Engineering Industries Pvt Ltd (SLP) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           50       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              30       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term       80       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects weakening of the company's business risk
profile, driven by a decline in scale of operations and a
stretched working capital cycle. Revenue declined by about 25 per
cent year-on-year to around INR120 million in 2015-16 (refers to
financial year, April 1 to March 31), and is expected to remain
muted over the medium term on account of limited orders of INR50
million in hand as on February 29, 2016 (about 0.4 time of 2015-
16 revenue). The working capital cycle also remains stretched
with gross current assets of around 185 days as on March 31,
2016. A substantial increase in scale of operations or sustained
improvement in working capital cycle remains a key rating
sensitivity factor.

The ratings reflect SLP's small scale of operations in the
intensely competitive engineering goods industry, large working
capital requirement, a small networth limiting financial
flexibility, and susceptibility of operations to cyclicality in
end-user industries. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters,
and its above-average financial risk profile because of a low
gearing and moderate debt protection metrics.
Outlook: Stable

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

SLP was originally set up as a partnership firm, Sri Lakshmi
Prabha Engineering & Fabrication Works, in 1985 by Mr. Arjuna Rao
and his family members; the firm was reconstituted as a private
limited company with the current name in 2011. The company
fabricates and manufactures equipment and components, such as
columns, pressure vessels, heat exchangers, storage tanks, piping
valves, filters, saturators, stacks, technological structures,
acid catchers, scrubbers, primary gas coolers, and heaters. It is
based in Visakhapatnam.


LASER FIBERS: ICRA Reaffirms 'B' Rating on INR12.80cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR12.80 crore cash credit facility and to INR1.72 crore term
loan facility of Laser Fibers Pvt Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits
   Term loan               1.72       [ICRA]B reaffirmed

   Fund based limits
   Cash Credit            12.80       [ICRA]B reaffirmed

   Fund based limits
   PC cum FBP-FBD         (2.00)      [ICRA]A4 reaffirmed

   Non Fund based
   Limits- Bank
   Guarantee              (0.50)      [ICRA]A4 reaffirmed

ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR2.50 crore fund based and non-fund based sub-limits of cash
credit facility of LFBPL.

The re-affirmed ratings continue to remain constrained by Laser
Fibers Private Limited's (LFBPL) moderate scale of operations in
a highly fragmented and competitive industry structure with low
entry barriers, which limits pricing flexibility. The ratings are
further constrained by the company's low value additive nature of
yarn processing business which has kept the profit metrics weak.
Further, the company's profit margins are vulnerable to price
fluctuations in primary raw material i.e. partially oriented yarn
(POY) which is in turn pegged to crude oil prices. Despite
moderate capital structure, the company's thin profitability has
led to weak coverage indicators, with elevated total debt/OPBDITA
and low DSCR. The ratings also factor in the company's high
working capital intensive nature of operations and low accruals
which has led to tight liquidity position as reflected in high
utilization of sanctioned bank limits.

The ratings, however, continue to favourably factor in the long
experience of the promoters in the textile industry and the
favourable location of the company's manufacturing facility in
Surat resulting in easy access to key raw materials and proximity
to end users. ICRA also notes that strategic restructuring
carried out with its sister concern (Laser Filament Private
Limited) to consolidate the texturising operation under one
entity and foray into knitting operations is likely to improve
the scale of operation of the company in the near term and
benefit in providing economics of scale.

Going forward, the company's ability to improve its operating
profitability in the backdrop of competitive pricing pressure
will be critical for improvement in debt coverage indicators and
hence will be the key rating sensitivities.

Laser Fibers Private Limited (LFBPL) promoted by Mr. Murarilal L.
Saraf and Pawankumar L. Saraf was incorporated as a private
limited company in the year 2009 and commenced its operations in
the year 2011. The company since inception is engaged in the
business of manufacturing polyester texturised yarn. In FY15, the
company has forayed into manufacture of Knitted fabrics. LFBPL
has its registered office at Jash Textile Market in Surat,
Gujarat and manufacturing facility setup at Mangrol, near Surat,
Gujarat
The company's sister concern Laser Filament Private Limited
(LFPL) is also engaged in the business of manufacturing polyester
texturised yarn. It has a manufacturing facility at Karanji in
Mandvi Taluka near Surat, Gujarat and a registered office at Jash
Textile Market in Surat.

In February 2015, the firm has taken over the running business of
its sister concern Laser filament Private Limited. The takeover
has been facilitated under 10 years lease agreement with Laser
Filament Private Limited.

This arrangement is primarily done to avoid duplication of
efforts and diversions of resources since both the companies have
similar operation. The primary aim of the management in such
arrangement is to have a single point control over production and
other business operations.


M MAHESH: ICRA Suspends B- Rating on INR10.5cr Loan
---------------------------------------------------
ICRA has suspended the rating of [ICRA]B- assigned to the INR10.5
crore fund based facilities (including INR1.10 crore unallocated
limits) of M Mahesh Shenoy. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


M.M. VORA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR11.51 crore
fund based facilities (enhanced from INR8.33 crore) of M.M. Vora
Automobiles Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Limits (Cash
   Credit/Overdraft)     10.00       [ICRA]B+ reaffirmed

   Term Loan              1.51       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in the low
profitability associated with dealership business, weak capital
structure, poor coverage indicators and working capital intensive
nature of company's operations. The rating continues to remain
constrained by the high competitive pressures faced by Mahindra &
Mahindra Limited (M&M) from other established Original Equipment
Manufacturers (OEM) as well as new players and the susceptibility
of company's operations to any slowdown in the automobile
industry.

The rating reaffirmation, continues to positively factor in
MMVAPL's long standing relationship with its principal (M&M) and
M&M's strong presence in the Utility Vehicle/Sports Utility
Vehicle car segment, extensive experience of the promoters in
auto dealership business with multiple showrooms in Gujarat
(Vadodara, Anand and Nadiad) and aligned servicing facilities.
The rating also considers the healthy growth in the operating
income of the company over the last three years and its presence
in multiple vehicle segments, sale of spares and service
providing revenue diversification.

Established in 1932 as a proprietorship concern, M.M.Vora
Automobiles Private Limited (MMVAPL) is promoted and managed by
the Vora family of Vadodara (Gujarat). MMVAPL currently is
involved in the automobile dealership of Mahindra & Mahindra
Limited (M&M) and have showrooms and servicing facilities in
Vadodara, Anand and Nadiad in Gujarat.

Recent Results
During FY 2015, the company reported an operating income of
INR148.50 crore and net loss of INR0.71 crore as against an
operating income of INR129.41 crore and profit after tax of
INR0.17 crore in FY 2014.


MAA BAMESWARI: ICRA Reaffirms B Rating on INR1.31cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR0.54 crore  working capital loan and INR1.31 crore term loans
of Maa Bameswari Cold Storage Private Limited. ICRA has also re-
affirmed the short term rating of [ICRA]A4 to the INR3.72 crore
seasonal cash credit facility of MBCS.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Seasonal Cash
   Credit                3.72       [ICRA]A4 Re-affirmed

   Working Capital
   Loan                  0.54       [ICRA]B Re-affirmed

   Term Loan             1.31       [ICRA]B Re-affirmed

The reaffirmation of the ratings primarily take into account
MBCS's weak financial risk profile as reflected by an adverse
capital structure and weak coverage indicators, high working
capital intensive nature of operations on account of upfront
advances to be extended to the farmers at the time of loading of
potatoes, which in turn keeps the gearing at a high level. The
ratings are further constrained by the regulated nature of the
industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability and MBCS's exposure to agro-climatic risks, with
its business performance being entirely dependent upon a single
agro commodity, i.e. potato. Further, ICRA notes that the loans
extended to farmers by MBCS may lead to delinquency, if potato
prices fall to a low level. The ratings also take cognizance of
the debt funded capacity expansion of MBCS which might lead to
stretched liquidity position in the short term due to high debt-
servicing obligations relative to expected net cash accruals from
operations. The ratings, however, derive support from the long
track record of the promoters in the management of cold storages,
the locational advantage of MBCS by way of presence of its cold
storage units in West Bengal, a state with large potato
production and the significant increase in revenue during FY2015
primarily owing to increased storage capacity.

Incorporated in 2005, MBCS is promoted by the Saha and the Shaw
family. It is located in the Hooghly district of West Bengal and
is primarily engaged in the business of storage and preservation
of potatoes. Currently, MBCS has an annual storage capacity of
19,300 tonne.

Recent Results
In FY2015, MBCS reported net loss of INR0.16 crore on an
operating income (OI) of INR2.68 crore, as compared to a net loss
of INR0.02 crore on an OI of INR1.88 crore in FY2014.


MAHESH GINNING: ICRA Reaffirms B+ Rating on INR3.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.25 crore fund based bank facilities of Mahesh Ginning
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limit
   CC Limit               3.50        [ICRA]B+; reaffirmed

   Fund based limit
   Term Loan              1.75        [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained on account of declining
operating profit margins and sluggish top-line performance. The
rating also factors in the thin margins in the ginning industry
owing to limited presence in the textile value chain, low value
additive nature of the work and fragmented nature of the cotton
ginning industry. This coupled with the working capital intensive
nature of operations and limited equity infusion by the promoters
has led to continued weak liquidity. The rating also factors in
the seasonal nature of the ginning industry as well as the
regulatory risk (typical of ginning industry) which imparts
volatility to cash flows. The rating action also takes into
account the~14% year-on-year decline in the company's operating
income, a trend which has continued in FY16 owing to sluggish
volume offtake and lower realizations. However, the rating
continues to derive comfort from MGPL's experienced management
which has been engaged in the cotton ginning business for more
than two decades, as well as the favourable location of its
manufacturing facilities in proximity to the cotton producing
belt of Maharashtra and Madhya Pradesh, resulting in ease of
access to raw material.

The ability of the company to improve profitability and attain an
optimal working capital cycle will be key determinants of its
debt coverage indicators and liquidity and hence will be the key
rating sensitivities going forward.

MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is a part of the Mahesh Group belonging to
the Tayal family of Sendhwa, Madhya Pradesh, which is
predominantly engaged in cotton trading and ginning, and has more
than two decades of experience in this line of business.
MGPL procures kapas from farmers/mandis, which is processed in
ginning mills for removing seeds and other impurities. The cotton
bales are sold to spinning mills and traders whereas cotton seeds
are sold to oil extraction units.

Recent Results
The company reported a net profit of INR0.18 crore on an
operating income of INR40.41 crore in FY15 as against a net
profit of INR0.26 crore on an operating income of INR46.98 crore
in FY14.


MANMOHAN GINNING: ICRA Reaffirms B+ Rating on INR12cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore
fund-based cash credit facility of Manmohan Ginning Industries.
ICRA has also reaffirmed an [ICRA]A4 rating to INR0.10 crore
short-term non fund based facilities of
MGI.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             12.00      [ICRA]B+; Reaffirmed
   EPC/PCFC                (2.00)     [ICRA]B+; Reaffirmed
   Credit Exposure limit    0.10      [ICRA]A4; Reaffirmed

The ratings continue to be constrained by MGI's weak financial
position as is evident in the thin profitability, modest capital
structure and weak debt protection indicators. The rating is
further constrained by highly competitive and fragmented industry
structure due to low entry barriers. The rating further
incorporates the susceptibility of the cotton prices to
seasonality and regulatory risks which together with the highly
competitive industry environment exerts pressure on the margins.
ICRA also notes that Manmohan Ginning Industries is a partnership
firm and any significant withdrawals from the capital account
will affect its net worth and thereby the gearing levels.
The ratings, however, continue to factor in the long standing
experience of the promoters in the cotton industry as well as
established track record of the firm and strategic location,
giving it easy access to high quality raw cotton.

Manmohan Ginning Industries was incorporated in the year 1989 as
a partnership firm and is engaged in ginning, pressing and
crushing operations. The business is owned and managed by Mr.
Narendra Lakhani along with other family members. The firm's
manufacturing facility is located in Rajkot, Gujarat. The firm is
equipped with 30 ginning machines, 16 expellers and 1 fully
automatic pressing machine.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR116.88 crore with profit after tax (PAT)
of INR0.25 crore. Further during eleven months in current fiscal
(i.e. FY16) the firm reported operating income of INR47.07 crore
with profit before depreciation and taxes of INR0.24 crore.


MAYUR ENTERPRISE: ICRA Reaffirms B+ Rating on INR4.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR4.55 crore
fund-based cash credit facility and INR0.97 crore fund-based term
loan facility of Mayur Enterprise. ICRA has also reaffirmed an
[ICRA]A4 rating to INR2.00 crore short term non fund based
facility of ME.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       [ICRA]B+; Reaffirmed
   SOD(Dep) limit

   (against FDR)          0.55       [ICRA]B+; Reaffirmed

   Term Loan              0.97       [ICRA]B+; Reaffirmed

   FBDP/FUDBP             2.00       [ICRA]A4; Reaffirmed

The ratings continue to be constrained by ME's modest scale of
operations, financial profile characterized by degrowth in
turnover by ~40% in FY15 resulting from weak demand scenario both
in domestic and international market, though margins as well as
capital structure has reported improvement during FY15. The
ratings are further constrained by the intense competitive
pressures owing to the presence of a large number of organized as
well as unorganized players in the groundnut processing industry.
The ratings further consider the exposure of profitability to
agro climatic risks and government policies which can cause
volatility in raw material prices. ICRA also notes that Mayur
Enterprise is a partnership firm and any significant withdrawals
from the capital account will affect its net worth and thereby
the gearing levels.

The ratings, however, continue to factor in the long standing
experience of the promoters in the cotton industry as well as
established track record of the firm and strategic location,
giving it easy access to high quality raw cotton.

Mayur Enterprise was established in 1998 as a partnership firm by
Mr.Gopal Saparia with three other partners, to engage in
groundnut and roundnut seed processing. Apart from this, the firm
is also involved in trading in groundnut and other agro
commodities based on market conditions and demand. The partners
of the firm have experience of about 25 years in the field of
groundnut and other agro commodities. The partners are also
associated with one of the group concern i.e. Jaykishan Fibre
Private Limited involved in the cotton ginning and crushing
business.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR28.86 crore with profit after tax (PAT) of
INR0.62 crore. Further during eleven months in current fiscal
(i.e. FY16) the firm reported operating income of INR29.52 crore
with profit before depreciation and taxes of INR1.05 crore.


MICRO PRECISION: ICRA Reaffirms B+ Rating on INR3.0cr Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR3.00 crore fund based facilities, the INR2.50 crore
non-fund based facilities, and the INR2.00 crore unallocated
facilities of Micro Precision.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT-Fund based
   facilities            3.00         [ICRA]B+ Reaffirmed

   LT-Non-fund based
   facilities            2.50         [ICRA]B+ Reaffirmed

   LT-Unallocated
   facility              2.00         [ICRA]B+ Reaffirmed

The reaffirmation of rating considers the significant experience
of the promoters in dealing with the defence sector agencies and
in supplying precision components, and the healthy growth in
revenues witnessed by the firm in the current fiscal through its
established clientele base supporting volumes through repeat
orders. The company's performance during FY15 has improved on the
back of healthy order flows from the Firm's key customers in the
defence coupled with improvement in the pace of execution of the
orders. The rating however remains constrained by the firm's
limited scale of operations which restricts its financial
flexibility, high customer concentration and stretched working
capital intensity owing to large inventory holding. Going
forward, with the ISO certification secured the firm's ability to
grow its revenues while protecting its profit margins and manage
its working capital cycle efficiently would be key credit
monitorables.

Micro Precision is a partnership firm incorporated in 1989 by Mr.
D Magesh and his wife Mrs. M Sandhya and is a Tier 1 supplier of
precision metal components primarily to the agencies/divisions
under the Ministry of Defence (Army and Navy). Precision
components supplied to the army are used in Army tanks.
Components supplied to the Navy include valves, pressure
fittings, fasteners, Regeneration boxes and filters for ships and
submarines. Over 90% of the supplies are directly made to the
Defence sector and the rest is supplied to other Tier 1
suppliers.

Recent Results
According to audited results, the firm's net profits stood at
INR0.40 crore on an operating income of INR9.60 crore during
FY2014-15. For the fiscal, 2013-14, the firm reported an
operating income of INR5.13 crore with a net profit of INR0.02
crore.


NAATCHIAR TEXTILE: CRISIL Assigns B+ Rating to INR1.5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Naatchiar Textile Exporters (NTE).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term
   Bank Loan Facility        1.5        CRISIL B+/Stable
   Packing Credit in
   Foreign Currency         70.0        CRISIL A4
   Foreign Bill
   Negotiation             115.0        CRISIL A4
   Letter of Credit         30.0        CRISIL A4

The ratings reflect a modest scale of operations in the intensely
competitive textile industry, and susceptibility of margins to
volatility in raw material prices. The ratings also factor in a
below-average financial risk profile because of a modest networth
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the textile industry.
Outlook: Stable

CRISIL believes NTE will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in revenue and profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of significant decline in revenue or
profitability margins, a stretched working capital cycle, or
larger-than-anticipated, debt-funded capital expenditure,
resulting in deterioration in the financial risk profile.

NTE is a partnership firm established in 1994 in Rajapalayam,
Tamil Nadu, by Mr. Balasubramian and his wife, Ms. Jayamani. The
firm manufactures and exports grey fabric used in the textile
industry.


NACHIAR SPINNING: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nachiar Spinning Mills Private Limited
(NSMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       2         CRISIL B+/Stable
   Cash Credit             50         CRISIL B+/Stable
   Letter of Credit        70         CRISIL A4

The ratings reflect the company's modest scale of operations in
the intensely competitive and highly fragmented textile industry,
and susceptibility of its margins to volatility in raw material
prices. The ratings also factor in a below-average financial risk
profile because of a modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes NSMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a sustainable
increase in scale of operations and profitability, resulting in
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a considerable
decline in cash accrual, large, debt-funded capital expenditure,
or weakening of working capital management, leading to
deterioration in the financial risk profile.

NSMPL was set up in 1986 by Mr. Balasubramanian and his wife Ms.
Jayamani. The company manufactures cotton yarn of 20s to 60s
counts at its unit in Rajapalayam, Tamil Nadu.


NAGARJUNA HOSPITALS: CRISIL Puts B Rating on INR132MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Nagarjuna Hospitals Limited (NHL).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Long Term Loan                132       CRISIL B/Stable
   Secured Overdraft Facility     10       CRISIL B/Stable

The rating reflects NHL's below average financial risk profile
marked by modest debt protection metrics, and risks related to
its ongoing expansion project. These rating weaknesses are
partially offset by benefits derived from the extensive
experience of NHL's promoters and its healthy regional presence
in the super-speciality hospital segment.
Outlook: Stable

CRISIL believes that NHL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely completion and
stabilisation of its ongoing expansion project resulting in
larger revenues and profitability and hence improved liquidity.
Conversely, the outlook may be revised to 'Negative' if NHL's
financial risk profile, particularly liquidity weakens further
because of any significant time or cost overrun in its ongoing
project or because of deterioration in its working capital
management.

Incorporated in 1987, Vijayawada (AP) based NHL runs a 140 bedded
super-specialty hospital. NHL is promoted and managed by Dr.
Kodali Jagan Mohan Rao.

During 2014-15 (refers to financial year April 1 to March 31),
NHL reported a net loss of INR10.6 million on net sales of INR168
million against a net profit of INR4 million on net sales of
INR178 Million for 2013-14.


NARMADA DAL: ICRA Assigns B+ Rating to INR10.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to INR4.00 crore of term
loan and INR10.00 crore fund based cash credit facility of
Narmada Dal Mill.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loan              4.00      [ICRA]B+; Assigned
   Cash Credit Limits    10.00      [ICRA]B+; Assigned

The assigned ratings are constrained by NDM's financial profile
characterized by thin proft margins, leveraged capital structure
and moderate coverage indicators. The ratings also factors in the
highly competitive and fragmented industry with presence of
numerous small and medium sized players and established players
as well as low value additive nature of the work limits the
profitability of the firm. The ratings further factors in the
susceptibility towards margins to movement in price of pulses
which are subject to seasonality and government intervention. The
ratings are also constrained by the constitution of the entity as
a partnership firm as any significant withdrawals could affect
the capital structure resulting in higher gearing levels.

The ratings, however, favorably factor in the long experience of
the promoters in the agro business as well as favorable demand
outlook for the pulses on as it is a part of staple food.

Narmada Dal Mill is a partnership firm started on 23rd April 2013
and is promoted and managed by Mr. Ratilal Modi alongwith his
family members. The firm has set up plant for processing of
pulses such as green gram to produce moong dal, mogar and
polished moong. The commercial production of the firm commenced
from end of February 2014. The manufacturing facilities of the
firm is situated in Deesa, Gujarat having an total annual
installed capacity of manufacturing 18000 metric tonnes of moong
products.

Recent Results
During FY15 as per audited results, the firm reported operating
income of INR50.16 crore and profit after tax of INR0.07 crore.


NEEDS SUPERMART: CRISIL Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
Needs Supermart Private Limited (NSPL) on 'Notice of Withdrawal'
for 180 days; the rating will be withdrawn at the end of the
notice period. The rating action is in line with CRISIL's policy
on withdrawal of ratings on bank loans.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B+/Stable (Notice of
                                   Withdrawal)

NSPL operates in the organised retail business through its Needs
brand of stores. Originally set up in 2000 as a partnership firm,
it was reconstituted as a private limited company in 2013. Its
operations are managed by Major Murli Dhar and his brother, Mr.
Kamlesh Dhar. The company presently operates 22 supermarket
stores in Gurgaon.


NIRMAN ASSOCIATES: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Nirman
Associates (Nirman) continues to reflect the firm's exposure to
risks related to completion, funding, and saleability of its
ongoing project and the susceptibility of revenue to cyclicality
inherent in the real estate industry. These weaknesses are
partially offset by the benefits that Nirman derives from its
partners' extensive experience and established track record in
the real estate industry in Pune.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan           80       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Nirman will continue to benefit over the medium
term from the partners' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' if
significantly better bookings of units and timely receipt of
customer advances lead to substantially high cash inflow.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates either because of delays in receipt of customer
advances, lower-than-expected bookings, or significant time or
cost overrun in project implementation.

Set up in 2007, Nirman is a partnership firm engaged in real
estate development in Pune. The key partners, Mr. Sandeep
Maheshwari and Mr. Shashikant Sule, have been in the construction
and real estate business in Pune since 1993.


P.K. COLD: CRISIL Assigns B- Rating to INR60MM Overdraft Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank loan facilities of P.K. Cold Storage (PKCS).

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

The rating reflects PKCS's constrained financial risk profile
because of a small net worth and average capital structure,
modest scale of operation in a fragmented industry and exposure
to timely realisation of payments from the farmers. These
weaknesses are partially offset by partners' extensive experience
in the cold storage industry.
Outlook: Stable

CRISIL believes PKCS will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if PKCS scales up operations
and sustains profitability, leading to significant increase in
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile and liquidity deteriorates due to pressure
on profitability or delays in realisation of advances granted to
farmers.

PKCS, set up in 2004 as a partnership firm and based in Deesa
(Gujarat), PKCS provides cold storage facilities for potatoes. It
is promoted by Mr. Prahalad Mali and his family members.


PACK PRINT: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------
CRISIL has placed its ratings on the bank guarantee facilities of
INR5 million, cash credit facilities of INR85 million and import
letter of credit facilities of INR30 million of Pack Print
Industries India Private Limited (PPIPL) on 'Notice of
Withdrawal' for a period of 60 days; the ratings will be
withdrawn at the end of the notice period. The rating action is
in line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 (Notice of
                                    Withdrawal)
   Cash Credit            85        CRISIL B+/Stable (Notice of
                                    Withdrawal)
   Import Letter of       30        CRISIL A4 (Notice of
   Credit Limit                       Withdrawal)
   Term Loan              30        CRISIL B+/Stable (Reaffirmed)

CRISIL has reaffirmed its rating on the term loan of PPIPL at
'CRISIL B+/Stable'.

CRISIL's ratings on the bank loan facilities of PPIPL continue to
reflect its working capital intensive nature of operations,
exposure to intense competition in packaging industry. The
ratings also factors in below-average financial risk profile
marked by low net worth, high gearing and subdued debt protection
measures. These rating weaknesses are mitigated by the extensive
experience of the promoters in the industry and established
relations with its customers.
Outlook: Stable

CRISIL expects PPIPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the
company reports higher than expected growth in revenues and
profitability, thereby improving its capital structure.
Conversely the outlook may be revised to 'Negative' if PPIPL's
financial risk profile deteriorates, because of sharp decline in
profitability or revenues, a higher-than-expected debt-funded
capital expenditure, or deterioration in its working capital
cycle.

Update
PPIPL's revenues grew by 3 per cent to INR882.9 million in 2014-
15 (refers to financial year, April 1 to March 31), along with a
marginal recovery in operating margin to 4.9 per cent from 4.6
per cent in the previous year, resulting in net cash accruals
increasing to INR18.1 million from INR14.4 million during the
same period. The company is expected to achieve moderate growth
in volumes at about 10-15 per cent on the back of healthy demand
from its existing customers. Backed by the increasing volumes,
the net cash accruals are expected to increase to INR25-30
million annually over the medium term due to stable conversion
charges per unit volume earned by the company.

PPIPL's working capital cycle continues to remain stable marked
by gross current assets (GCAs) at 93 days as on March 31, 2015.
The stable working capital cycle supports the liquidity profile,
which is marked by moderate utilization of bank lines at about 87
per cent for the twelve months ended October 2015. PPIPL's net
cash accruals are expected to be adequate for its scheduled term
loan obligations of up to INR12 million annually.

PPIPL's financial profile continues to remain modest marked by a
low net worth and aggressive gearing at INR30.6 million and 4.96
times respectively as on March 31, 2015. Although the capital
structure moderated in 2014-15, it continues to be aggressive.
Going forward, the improvement in accretion to reserves will
remain a key rating sensitivity factor over the medium term,
affecting the financial and liquidity profiles.

Pack Print Industries (India) Pvt. Ltd (PPIPL) was incorporated
in 2011 by Mumbai based Shah family, Mr. Prakash Shah and his
brothers, Mr. Hasmukhlal Shah. The company took over the business
of Pack print Industries, a partnership firm of the shah family
which was established in 1975. The company is engaged in the
manufacturing of plastic bags, plastic rolls, and plastic sheets.
The manufacturing facility, located in Daman. The company's
clientele is diversified across industries like pharmaceuticals,
textiles and FMCG. The registered office is located at Lower
Parel, Mumbai.


PROVIEW RISHABH: ICRA Suspends D Rating on INR31cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR31.00 Crore bank
facilities of Proview Rishabh Infra Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PUREWAL STONE: ICRA Reaffirms B Rating on INR8.60cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR8.60 crore fund based bank facilities and INR0.40 crore
unallocated limits of Purewal Stone Crusher.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits
   Long Term              8.60        [ICRA]B; reaffirmed

   Unallocated- Long
   Term                   0.40        [ICRA]B; reaffirmed

PSC commenced operations from March 2015, however, its capacity
utilisation was low as the plant was closed from April 2015 to
August 2015 due to legal issues related to stock disclosures and
pollution control certificate. While the firm's operating income
was low, given the firm's low overhead costs it reported healthy
operating margins for its operations in part of FY2016.
ICRA's rating continues to take into account PSC's limited track
record of operations, small scale of operations and high level of
competitive intensity due to the presence of a large number of
crushers in the vicinity. The rating factors in the exposure of
the firm to regulatory restrictions on river-bed mining which
might impact raw material availability, coupled with stringent
norms on stocking of river bed material, which may impact the
business viability of the firm. ICRA also takes into account the
vulnerability of PSC's profitability to a slowdown in the real
estate and construction sectors, which are its key off takers.
Further, the rating is also constrained by the high gearing
levels, due to the high working capital intensity of the firm,
given the substantial inventory levels it is required to maintain
on account of seasonal nature of the business and debt funding of
the capital expenditure incurred in FY2015. The rating also takes
into account the firm's scheduled debt repayment obligations,
which are large relative to its projected cash accruals. However,
the rating derives comfort from the experience of the promoters
in the industry, and favorable demand outlook for stone grits
given the healthy level of construction activity in the
surrounding areas.

Going forward, the firm's ability to ramp up its operations and
maintain an optimal working capital cycle will be the key rating
sensitivities.

PSC is engaged in screening and crushing of stones which are
sourced from river-beds in the Kashipur region of Uttarakhand.
The firm is duly licensed and authorized by the Geology and
Mining Department, Forest Department and the State Government of
Uttarakhand. The stone crushing site of the firm is located in
village Veerpur Lachhi, (Uttarakhand), over an area of 12 acres,
with an installed annual crushing capacity of 300 Metric Tonnes
(MT) per day. The plant commenced operations from March, 2015.

Recent Results
PSC reported a net profit of INR0.26 crore on an operating income
of INR6.23 crore for 9MFY2016.


PURNAM: ICRA Reaffirms 'B' Rating on INR12.75cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR12.75 crore term loan and INR0.80 crore cash credit
facilities of Purnam.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan             12.75        [ICRA]B reaffirmed

   Fund Based Limit
   Cash Credit            0.80        [ICRA]B reaffirmed

The reaffirmation of the rating takes into account PM's small
scale of current operations with no major top-line growth in the
past few fiscals due to low level of occupancy, which has not
witnessed any significant improvement during the current fiscal.
ICRA notes that although the operating margin witnessed some
improvement in the current fiscal, cash accruals generated by PM
are still insufficient for meeting the debt repayments, leading
to dependence on infusion of capital by the partners. The rating
are also constrained by PM's weak financial profile characterized
by net losses suffered since commencement of its operations,
resulting in depressed coverage indicators and risks pertaining
to the withdrawal of capital by the partners due to its legal
status of being a partnership firm. ICRA further notes that the
firm faces high competition from existing well established
hospitals and nursing homes located in close vicinity, which may
exert pressure on the growth prospect and margins of the firm.
Moreover, recruiting and retaining good doctors in light of
heightened competition in Kolkata will remain a challenge going
ahead. The rating, however, positively factors in the favourable
location of the nursing home and polyclinic, which is located at
a prominent place in south Kolkata and PM's status as a part of
the 'Aparna Group', which has diversified business interests with
a strong presence in Kolkata.

Established in August 2011, Purnam (PM), a part of the Kolkata-
based "Aparna" group, acquired an existing nursing home and after
significant renovation commenced operations in January, 2013. PM
was promoted by four partners - Mr. K.D. Paul, Mr Arpan Paul, Mrs
Manjusri Paul and Mrs Devika Paul. PM currently runs a 57 bedded
multi-specialty nursing home, located at a prominent place in
south Kolkata. The nursing home provides treatment in various
departments viz. general medicine, orthopaedic, paediatric,
neurology, gastroenterology, gynaecology, oncology, cosmetic
surgery, cardiology, nephrology among others. In September 2015,
the firm has also opened a polyclinic cum diagnostic centre for
various departments viz. ENT, Dental, and Dermatology. ICRA has
also rated one of the entities of the Aparna group, viz. Saj Food
Products Private Limited (rated at [ICRA]A- /Stable/ [ICRA]A2+),
engaged in confectionery business under the brand name of 'Bisk
Farm'.

Recent Results
During the first nine months of 2015-16, PM posted a net loss of
INR1.30 crore (provisional) on an operating income of INR6.37
crore (provisional). The firm reported a net loss of INR2.40
crore on an operating income of INR7.11 crore in 2014-15.


R. J. BUILDCON: ICRA Reaffirms 'B' Rating on INR4.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR8.00 crore long term
fund based facilities of R. J. Buildcon Private Limited. ICRA has
also reaffirmed the [ICRA]A4 rating to INR6.00 crore short term
non fund based facility of RJBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Bank Overdraft         4.00        [ICRA]B reaffirmed

   Long Term, Fund
   based limits
   Term Loan              4.00        [ICRA]B reaffirmed

   Short Term, Non
   fund based limits      6.00        [ICRA]A4 reaffirmed

The rating reaffirmation takes into consideration improved
capital structure on back of healthy accruals, adequate coverage
indicators on account of comfortable profitability and low debt
levels. ICRA also take into account the approved status of the
company with various government and civil bodies in Maharashtra
and Karnataka. The ratings are however constrained by moderate
order book of INR71.13 crore as on Feb'16 which is 1.78x of
FY2015 operating income limiting revenue visibility in the near
term. Further, the client profile consists of government and
civil bodies who typically seek high credit period resulting in
strained liquidity position. ICRA also takes note of modest scale
of operations of the company with promoters' have limited track
record in executing government contracts. Improvement in order
inflow and timely execution of contracts along with adequate
working capital management will remain key rating sensitivities
going forward.

Incorporated in 2008, RJBPL is involved in executing contracts
for roads, irrigation systems and buildings for state government
and civil bodies. The company is a class I(A) contractor with
Public Works Department (PWD) of Government of Maharashtra and an
approved contractor for various government and civil bodies.


RANGAR BREWERIES: CRISIL Cuts Rating on INR70MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Rangar Breweries Limited (RBL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term       23.8      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Term Loan                44.1      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects the company's weak liquidity
because of its fully utilised cash credit limit of INR70 million.
Liquidity is also constrained by stretched receivables, with high
debtors of greater than six months. CRISIL believes liquidity
will remain weak over the medium term on account of a fully
utilised bank limit and an increase in working capital
requirements.

The rating reflects the company's modest scale of operations and
exposure to risks related to the highly regulated distillery
industry. These rating weaknesses are partially offset by an
established market position in liquor manufacturing in Himachal
Pradesh and longstanding customer relationship.
Outlook: Stable

CRISIL believes RBL will continue to benefit over the medium term
from its established industry position and its longstanding
relationship with customers. The outlook may be revised to
'Positive' in case of a significant increase in scale of
operations and operating margin while capital structure and debt
protection metrics are maintained. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenue
and profitability, or additional debt-funded capital expenditure,
leading to deterioration in the company's financial risk profile.

RBL was incorporated in 1974. Mr. Kunal Yadav is its current
promoter. It manufactures rectified spirit, extra-neutral
alcohol, country liquor, Indian-made foreign liquor, and malt
spirit. Its factory is in Mehatpur (Himachal Pradesh) and
registered office in New Delhi.


RASIK PRODUCTS: ICRA Suspends B+ Rating on INR13cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA] B+ rating assigned to the INR13.00
crore, bank lines of Rasik Products Private Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RELIANCE DIAMOND: CRISIL Ups Rating on INR65MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Reliance Diamond Tools (RDT) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               6        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Cash            10        CRISIL B+/Stable (Upgraded
   Credit Limit                       from 'CRISIL B/Stable')

   Proposed Long Term       49        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan                65        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RDT's business risk
profile, backed by successful capacity addition and addition of
customers. Revenue was INR129 million in 2014-15 (refers to
financial year, April 1 to March 31) and is expected to grow at a
healthy rate over the medium term.

Operating profitability was robust at 24 percent during 2014-15.
Liquidity remains adequate with cash accrual sufficient to meet
debt obligations and funding support from the promoters in the
form of unsecured loans.

The rating also reflects RDT's large working capital requirements
and its modest scale of operations. These weaknesses are
partially offset by the moderate financial risk profile, because
of high gearing and comfortable debt protection metrics, and the
extensive experience of the proprietor in the tool manufacturing
industry.
Outlook: Stable

CRISIL believes RDT will benefit over the medium term from the
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a considerable increase in
revenue, while maintaining profitability, leading to better-than-
expected cash accruals and improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if RDT reports lower-
than-expected revenue or profitability, or if the working capital
management weakens resulting in weak liquidity, or if the firm
undertakes a large, debt-funded capital expenditure programme
leading to weakening of the financial risk profile.

Set up in 1994, RDT manufactures diamond-cutting tools, which are
used in automobile industries. The operations are managed by the
proprietor, Mr. J Ravi.


S.K. COTTON: ICRA Assigns 'B' Rating to INR4.50cr Cash Loan
-----------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR6.00 crore long term
fund based facilities of S.K. Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   Based-Term Loan        1.50        [ICRA]B Assigned

   Long term, fund
   based limits
   Cash Credit            4.50        [ICRA]B Assigned

The assigned ratings favorably factors in the moderate experience
of the promoters in the cotton ginning business, favorable
location of the unit with respect to raw material procurement and
stable demand outlook for cotton and cotton seeds.
The assigned ratings are however constrained by firm's moderate
scale of operation, highly competitive business environment given
the fragmented nature of the cotton ginning industry;
vulnerability of profitability to adverse fluctuations in raw
material prices due to seasonality and crop harvest; and
regulatory risks such as MSP and restrictions imposed by GOI on
direct export of cotton. While assigning the ratings, ICRA also
notes that SKCI is a partnership firm and any significant
withdrawals from the capital account could adversely affect its
net worth and thereby its capital structure.

SKCI, promoted by Mr. Murtaza Shakir, Mr. Mohammad Shakir, and
Mr. Khujema Shakir and incorporated in 2011, is engaged in
ginning and pressing of cotton to produce cotton bales and cotton
seeds. Manufacturing unit of the firm is located in Jalgaon
district in Maharashtra with an installed capacity of 180 bales
per day. The plant has 24 Double Rolled gins.

Recent Results
SKCI reported a profit after tax (PAT) of INR0.02 crore in FY15
on an operating income of INR43.35 crore. The company has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR1.25 crore in the same
period.


SAI GLOBAL: ICRA Reaffirms 'B+' Rating on INR28.88cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ to the INR28.88 crore (revised from
INR34.56 crore) long term fund based limits of Sai Global Yarntex
(India) Pvt. Ltd. ICRA has reaffirmed [ICRA]A4 to the INR2.10
crore short term non-fund based limits of SGYIPL. ICRA has also
reaffirmed [ICRA]B+/A4 to the INR8.75 crore (revised from INR3.07
crore) unallocated limits of SGYIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          28.88       [ICRA]B+; reaffirmed

   Short Term Non-
   Fund Based Limits      2.10       [ICRA]A4; reaffirmed

   Long/Short Term
   Unallocated Limits     8.75       [ICRA]B+/A4; reaffirmed

The re-affirmation of ratings takes into account the modest scale
of SGYIPL's operations, highly competitive and fragmented nature
of the spinning industry which limits the company's ability to
pass on the hike in input costs. The ratings are constrained by
19% decline in operating income in FY 2014-15 on account of rapid
decrease in realizations; stretched financial profile as
reflected in high gearing of 3.43 times and weak coverage ratios
as on March 31, 2015. The ratings also take into account the
constrained liquidity position as evidenced by high utilization
of the working capital limits during the last 12 months on
account of large inventory holding and low debt servicing
coverage ratio; however, term loans have been supported by
infusion of unsecured loans. ICRA also notes that the company is
vulnerable to regulatory risks with regards to MSP (minimum
selling price) for raw cotton and curbs on exports for cotton
lint and yarn. The ratings however, favourably take into account
the significant experience of the promoters in the spinning
industry and proximity to cotton growing areas of Guntur in the
state of Andhra Pradesh which provides the company competitive
advantage along with Technology Upgradation Fund Scheme (TUFS)
subsidy leading to better profitability.
Going forward, increase in scale of operations with stability in
margins, improvement in financial structure and liquidity
position will be the key rating sensitivities.

Sai Global Yarntex (India) Private Limited (SGYIPL) incorporated
in December 2005 is primarily engaged in manufacturing of medium
count hosiery yarn in the count range from 30s to 40s. Based in
Ongole, Prakasam district of Andhra Pradesh, SGYIPL initially
started with a capacity of 13,380 spindles which was further
increased to 26,000 spindles by April 2011. The company is
promoted by Mr. Koti Reddy, Mr. Veeraprakasa Rao, Mr. G B
Narayana, Mr. Srinivasa Rao, Mr. Gopala Reddy and Mr. Desu
Subrahmanyam.

Recent Results
As per audited financials for FY15, SGYIPL reported an operating
income of INR66.28 crore with profit after tax of INR0.42 crore
as against INR81.49 crore of operating income with profit after
tax of INR2.02 crore in FY14.


SEW KRISHNAGAR: CRISIL Reaffirms 'D' Rating on INR6.0BB Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sew Krishnagar
Baharampore Highways Limited (SKBHL) continues to reflect
instances of delay in meeting its debt obligations, mainly due to
weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              6003.2      CRISIL D (Reaffirmed)

Holdup in disbursement of a term loan because of lag in equity
infusion by the sponsor (SEW Infrastructure Ltd [SIL]) resulted
in delays in interest payment by SKBHL. SIL plans to divest stake
in some projects to meet its equity contribution for ongoing
projects. SIL's ability to infuse adequate equity into SKBHL will
remain a key monitorable.

SKBHL's road project is behind schedule as right of way (ROW) for
21 kilometre (km) of the 78-km project stretch is pending due to
delay in land acquisition by National Highways Authority of India
(NHAI; rated 'CRISIL AAA/Stable'). The company has completed
construction work for 39 km. The project had achieved financial
progress of 72 percent as of March 2016. However, SKBHL benefits
from limited exposure to revenue risk because of the annuity
model of the project.

SKBHL is a wholly owned SPV of SEW Transportation Networks Ltd
(STNL), which is a 100-percent subsidiary of SIL. SKBHL was
awarded a build-operate-transfer contract by NHAI for converting
to four lanes from two lanes the 78-km stretch between Krishnagar
and Baharampore in West Bengal (from 115 km to 193 km on National
Highway-34, which connects Kolkata to Dalkhola in northern West
Bengal). The total project cost of INR7.55 billion is being
funded in a debt-to-equity mix of 4:1. SIL spent INR5.4 billion
(equity of INR1.1 billion, and balance debt) on the project as of
March 2016. The project was awarded in 2011 and has a concession
period of 15 years, ending in 2027.

The scheduled commercial operations date (COD) for the project
was July 2014, six months post which SKBHL was to receive its
first semi-annual annuity of INR612 million. Because of delay in
land acquisition, NHAI granted extension by 315 days for COD to
November 20, 2014. However, SKBHL could not complete the project
and has applied to NHAI for further extension. The company
expects to complete the project and commence commercial
operations by September 2017.


SEW LSY: CRISIL Reaffirms 'D' Rating on INR17BB Term Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of SEW LSY
Highways Limited (SLHL) continues to reflect instances of delay
by the company in meeting its debt obligations.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              17,000      CRISIL D (Reaffirmed)

The delay in disbursement of a term loan because of a delay in
equity infusion by the sponsors (SEW Infrastructure Ltd [SIL] and
Prasad & Company Project Works Ltd [PCL; rated 'CRISIL
BB+/Negative/CRISIL A4+']) has resulted in the delay by SLHL in
making its interest payment. SIL plans to divest its stake in
some of its projects for meeting the equity contribution for its
ongoing projects. The sponsors' ability to infuse required equity
in a timely manner into SLHL will remain a key monitorable.

SLHL is also exposed to risks related to project implementation,
with its project still in the nascent stage of execution. The
project has been delayed by around two years and had achieved
physical progress of 13 percent as of March 2016. The delay in
land acquisition from Uttar Pradesh State Highways Authority
(UPSHA) and receipt of approval from the Ministry of Environment
and Forests for cutting trees along the route led to delay in the
project. The project was scheduled to be commercially operational
in September 2014. There have, however, been substantial delays
resulting in cost overrun. Post completion, SLHL will be exposed
to inherent revenue risk associated with traffic volatility in
toll-based projects. The company, however, benefits from the
fixed-price, fixed-time nature of its engineering, procurement,
and construction contract.

Incorporated in July 2011, SLHL is a special-purpose vehicle
(SPV) promoted by SIL and PCL, which own 70 percent and 30
percent stake, respectively, in the SPV. SLHL has been awarded a
contract by UPSHA for converting to four lanes the existing two
lanes of the 206-kilometre (km) stretch from 10.91 km to 217.00
km on the Delhi-Saharanpur-Yamunotri section of State Highway 57
in Uttar Pradesh, up to the Uttarakhand border. The contract is
on a design, build, finance, operate, and transfer toll basis.

The total project cost is about INR27.7 billion, which is being
funded through external debt of INR17.0 billion and a grant of
INR3.4 billion from the Empowered Committee (Government of
India); the remaining INR7.3 billion is being funded through
equity and unsecured loans from SIL and PCL. The project is being
funded in a debt-to-equity-to-grant mix of about 62:26:12. The
company has spent INR9.7 billion (equity of INR3.8 billion and
the balance debt) on the project as of March 2016. The grant of
INR3.4 billion is yet to be disbursed by the authority.

Out of the total 206 km stretch, the project has right of way
(ROW) for 181 km, of which the company has achieved physical
progress of 13 percent as of March 2016. Delay in equity infusion
has resulted in slowdown in project execution. Considering the
weak liquidity position of the sponsors, their ability to fund
the balance equity remains a key rating sensitivity factor.


SINGHAL COMMODITIES: Ind-Ra Suspends B+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Singhal
Commodities Pvt Ltd (SCPL) 'IND B+' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND B+(suspended)' on the agency's website.

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

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

SCPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR50 mil. fund-based limits: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR5 mil. term loans: migrated to 'IND B+(suspended)' from
      'IND B+'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


SONAPUR HERBAL: ICRA Reaffirms 'D' Rating on INR11.88cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D assigned to
the INR11.88 crore (revised from INR16.00 crore earlier) term
loan facility of Sonapur Herbal Centre Private Limited. ICRA has
also reaffirmed a long-term rating of [ICRA]D to the funded
interest term loan of INR2.30 crore and an untied limit of
INR1.82 crore of SHCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit
   Term Loan            11.88       [ICRA]D/reaffirmed

   Fund-Based Limit
   Funded Interest
   Term Loan             2.30       [ICRA]D/reaffirmed

   Fund-Based Limit
   Untied Limit          1.82       [ICRA]D/reaffirmed

The reaffirmation of rating primarily takes into account SHCPL's
unsatisfactory track record in the timely servicing of debt.
Besides, the rating is constrained by the small scale of the
company's operations, given that it has just a single property in
Assam. The hospitality market in the region is intensely
competitive, with several renowned international and domestic
players vying for market share. The rating also takes into
account the significant delay in the implementation of SHCPL's
ongoing project, which has led to time overrun as well as major
cost escalation. Further, SHCPL also faces funding risks as debt
for the additional capex is yet to be tied up. The rating,
however, takes a favourable view of the continued financial
support extended to SHCPL by the project's promoters and the
locational advantage the resort enjoys, being close to Assam's
central business area. Going forward, timely completion of the
project without any further cost overrun and achieving the
required occupancy levels while maintaining profitability, would
be the key rating sensitivities.

Incorporated in 2000, SHCPL currently owns and operates a 20-room
resort, "Spring Valley Resort" at Sonapur, Assam. The company is
in the process of converting the existing resort into a four-star
hotel-cum-resort with 60 rooms/cottages (including the existing
20 cottages). Currently, the resort also operates a multi-cuisine
dining-cum-restobar, coffee shop, spa-cum-saloon, conference
room, banquet hall and swimming pool, all within the same
premises.

Recent Results
SHCPL reported a net profit of INR0.01 crore on an operating
income of INR3.28 crore during FY2015, as against a net profit of
INR0.30 crore on an operating income of INR2.91 crore during
FY2014.


SOORYA CASHEW: CRISIL Cuts Rating on INR90MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Soorya Cashew Factory (SCF) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that SCF's liquidity will
remain under pressure over the medium term because of low cash
accrual (expected at INR3-4 million) to meet debt obligation
(Rs.1 million). Additionally the firm's bank lines were utilised
extensively to meet incremental working capital requirement.

The rating reflects SCF's large working capital requirement, and
below-average financial risk profile because of small networth
and high total outside liabilities to tangible networth ratio.
These weaknesses are partially offset by its promoter's extensive
experience in the cashew industry.
Outlook: Stable

CRISIL believes SCF will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of considerable increase in revenue
and profitability, leading to better-than-expected cash accrual
and improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability, stretch in working capital cycle, or
large debt-funded capital expenditure weakens financial risk
profile, particularly liquidity.

SCF, set up in 2005 and based in Kollam, processes and trades in
raw cashew nuts. Its daily operations are managed by Mr.
Sahadevan Pillai.


SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR440MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Kumarswamy
Mineral Exports Private Limited (SKMEPL) continues to reflect the
company's delay in servicing its term debt because of weak
liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           440       CRISIL D (Reaffirmed)

Cash flow mismatch and large working capital requirement have led
to weak liquidity for SKMEPL. The company, however, benefits from
its promoters' extensive experience in the mining industry.

SKMEPL, set up in 1992 and based in Bellary, Karnataka, is
promoted and managed by Mr. Shantesh Gureddi, Mr. Ravindranath
Alva, and Mr. Bhavani Prasad. It has acquired iron ore mines on
lease from the Government of Karnataka.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR70MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lakshmi
Constructions (SLC) reflects the firm's modest scale of
operations in a highly competitive industry and working-capital-
intensive operations.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Long Term Loan         25        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     70        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SLC derives from its partners' extensive experience in the civil
construction industry and its moderate financial risk profile,
marked by moderate gearing and debt protection metrics.
Outlook: Stable

CRISIL believes that SLC will continue to benefit over the medium
term from its partners' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive'
if SLC records higher-than-expected cash accruals while
maintaining its profitability and improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
if there is a sharp decline in the firm's profitability or
stretch in its working capital cycle or in case of larger-than-
expected debt-funded capex, leading to further weakening in its
financial risk profile.

SLC (formerly C Viswanatha Naidu), set up in 1980 as a
proprietorship concern by Mr. C Viswanatha Naidu, was converted
into a partnership firm in 2014. The firm is engaged in
construction and repair of roads in Chittoor (Andhra Pradesh).


SUDARSHAN SULZ: ICRA Reaffirms B+ Rating on INR6.37cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR6.37 crore fund based bank facilities and INR0.50 crore
unallocated limits of Sudarshan Sulz Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 on the INR0.30
crore non-fund based bank facilities of SSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based bank
   facilities            6.37        [ICRA]B+; reaffirmed

   Non fund-based
   bank facilities       0.30        [ICRA]A4; reaffirmed

   Unallocated           0.50        [ICRA]B+; reaffirmed

ICRA's ratings continues to favorably take into account the
promoters' track record of over two decades in the weaving
business. The ratings reaffirmation also takes into account the
improvement in capacity utilization levels of the company's
manufacturing unit over the past two years, which led to a
revenue growth of 5% and a slight improvement in operating profit
margin in FY2015. However, the ratings continue to remain
constrained by the company's weak financial profile characterized
by modest profitability and long working capital cycle due to the
high inventory holding requirements. Further, given the limited
pricing power of the company, on account of its modest position
in a highly fragmented industry, the profits remains susceptible
to adverse movement in raw material prices. Moreover, owing to
modest profitability and accruals, the company has remained
dependent on borrowings for part funding of incremental working
capital and capital expenditure requirements. This has resulted
in a leveraged capital structure and consequently stretched debt
coverage indicators.

Going forward, the ability of the company to improve its
profitability in a sustained manner and prudently manage its
working capital cycle will be the key rating sensitivities.
Further, given the high capacity utilization of 97% during 2014-
15, going forward any further growth in sale volumes would
necessitate either an increase in capacity or outsourcing of
production, and the impact of these on the company's
profitability and cash flows will also be the rating
sensitivities.

Incorporated in 1993, SSPL is engaged in weaving of polyester
blended fabric at its manufacturing unit located in Bhilwara,
Rajasthan. The unit is equipped with 50 looms and has a weaving
capacity of ~34 lakh meters per annum. SSPL started with trading
of fabric and set up its in-house weaving capacity during 1999-
2000. The company produces the fabric on job work basis and also
sells directly through a network of distributors in the domestic
market. The company is managed by Mr. Raj Kumar Melana and his
family.

Recent Results
The company reported an Operating Income (OI) of INR16.10 crore
and Profit after Tax (PAT) of INR0.15 crore in 2014-15 as
compared to an OI of INR15.33 crore and PAT of INR0.09 crore in
the previous year.


SUNLAND CERAMIC: ICRA Reaffirms B+ Rating on INR4.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR2.74 crore (reduced from INR3.93 crore) term loan and INR4.00
crore cash credit facility of Sunland Ceramic Private Limited.
ICRA has also reaffirmed the short term rating at [ICRA]A4 to
INR1.50 crore bank guarantee facility of SCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.74        [ICRA]B+ reaffirmed
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Bank Guarantee        1.50        [ICRA]A4 reaffirmed

The rating reaffirmation continues to reflect the company's
modest scale of operations, the competitive business environment
in which the company operates, vulnerability of its profitability
to cyclicality inherent in real estate industry and to adverse
fluctuations in raw material and fuel prices. Further, debt
funded nature of capex and impending debt repayments are likely
to exert pressure on cash flows of the company in near future.
The rating, however, positively factors in the promoters'
extensive experience in the ceramic industry and favorable
location of the plant with proximity to raw material sources.

Sunland Ceramic Pvt Ltd (SCPL) is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in December 2010, while the company commenced its operations in
January 2012. SCPL is promoted and managed by Mr. Kishor
Kundariya who is the current Managing Director of the company.
The plant has an installed capacity of 43,950 MTPA to manufacture
wall tiles. SCPL currently manufactures wall tiles of size 8" X
12" with the current set of machineries at its production
facilities.

Recent Results
During FY2015, the company reported a net profit of INR0.03 crore
on an operating income of INR12.74 crore.


SWOSTI PREMIUM: Ind-Ra Assigns 'IND BB' Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swosti Premium
Ltd (SPL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                         KEY RATING DRIVERS

The ratings reflect SPL's moderate scale of operations and credit
profile, as reflected in its revenue of INR254 mil. in FY15
(FY14: INR231 mil.), interest coverage of 2.9x (2.9x) and net
financial leverage of 2.5x (2.4x).  The ratings are constrained
by the company's present large debt-funded capex of INR769.7 mil.
to set up a new resort besides Chilka Lake in Odisha, which is
likely to affect the overall credit profile of SPL.  SPL has
availed a fresh term loan of INR512.5 mil. to fund the capex
programme which is likely to be commercialized from January 2017.

The ratings also factor SPL's tight liquidity profile as
reflected by its average maximum working capital limit
utilization of close to 97% during the 12 months ended March
2016.

The ratings, however, are supported by the three decades of
operating experience of one of the company's promoters in the
hospitality industry.

                        RATING SENSITIVITIES

Positive: Timely completion of the ongoing capex along with
stabilization of operations leading to an improvement in the
scale of operations would lead to a positive rating action.

Negative: Any delays in the completion of the ongoing capex
beyond January 2017 resulting in cost overruns and deterioration
of the overall liquidity profile will lead to negative rating
actions.

                          COMPANY PROFILE

SPL was incorporated as a public limited company in 1997 and
commenced operation in 2000.  The company operates a three-star
hotel Swsoti Premium in Bhubaneswar, Odisha.

SPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR40 mil. fund-based facilities: assigned 'IND BB';
      Outlook Stable
   -- INR701.1 mil. long-term loans: assigned 'IND BB'; Outlook
      Stable
   -- INR9.6 mil. non-fund-based facilities: assigned 'IND A4+'


T BHIMJYANI: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned T Bhimjyani
Realty Private Limited (TBRPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  The agency has also assigned
the company's INR1,800 mil. long-term loans an 'IND BB+' rating
with Stable Outlook.

                        KEY RATING DRIVERS

The ratings reflect TBRPL's execution risk in its ongoing
residential project Neelkanth Woods in Thane, Mumbai.  Only
13.19% of the total construction has been completed, and the
project is scheduled to be completed by January 2019.

The ratings benefit from the promoter's experience of around five
decades in the real estate sector, and the project's proximity to
all the basic amenities such as schools and colleges.  The
ratings are supported by the customer advances received
(INR1,926.97 mil.) by the company till November 2015, which is
equal to 23.44% of the total project cost.

                       RATING SENSITIVITIES

Positive: The timely progress of the project and the sale of a
substantial number of housing units leading to strong cash flow
visibility will be positive for the ratings.

Negative: Any slowing down of flat booking leading to a cash flow
shortfall will be negative for the ratings.

                          COMPANY PROFILE

TBRPL was incorporated in 2011as Ravechi Infrastructure Projects
Pvt Ltd and during 2013, its name was changed to T Bhimjyani
Realty Private Limited.  This project is to be developed in 43
acres of land located at the foot of Yeoor Hills with access from
Ghodbunder Road.  The project includes 12 residential towers.
The company is planning to develop Phase 1 and Phase 2 which
includes six towers with a total saleable area of 12,52,130 sq.
ft.  Tulsi Bhimjyani is the chairman of the company, and Anshul T
Bhimjyani and Devang T Bhimjyani are the other directors of the
company.


TAXUS INFRASTRUCTURE: CRISIL Rates INR50MM Cash Loan at 'C'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Taxus Infrastructure And Power Projects Private
Limited (TIPPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL C
   Letter Of Guarantee      150       CRISIL A4

The ratings reflect the company's large working capital
requirement and stretched liquidity. These weaknesses are
partially offset by revenue visibility from its long-term power
purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) and
diversified revenue profile.

TIPPPL, established in 2009, executes turnkey projects for
automatic power factor control panels and trades in electrical
equipment. In 2011-12 (refers to financial year, April 1 to
March 31), it started setting up a 5-megawatt solar power plant
in Gujarat, which became operational in April 2013.


TEN CONSTRUCTION: CRISIL Assigns 'B' Rating to INR50MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ten Construction India Private Limited
(TCPL; part of the Ten group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B/Stable
   Overdraft Facility       50        CRISIL A4
   Bank Guarantee           75        CRISIL A4
   Line of Credit           25        CRISIL A4

The ratings reflect a modest scale and working capital-intensive
nature of operations in the intensely competitive civil
construction industry. These weaknesses are partially offset by
the extensive industry experience of the group's promoters and
its moderate financial risk profile because of an adequate
capital structure.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TCPL and Opera Infra Projects Pvt Ltd
(OIPPL). This is because the two companies, together referred to
as the Ten group, belong to the same promoters, are in the same
line of business, and have significant operational and financial
linkages.
Outlook: Stable

CRISIL believes the Ten group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of an
improvement in scale of operations and working capital
management, or a much better financial risk profile, backed by
significant equity infusion. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens, most
likely because of a stretched working capital cycle, decline in
revenue or profitability, or larger-than-expected debt-funded
capital expenditure.

TCPL was incorporated in 2003, and OIPPL in 1995. The group
undertakes civil construction. Operations are managed by Mr.
Mitesh Shah and Mr. Sumer Singh. The company is based in Mumbai.


VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijayasree Foods (VF)
continue to reflect its modest scale of operations in the
intensely competitive rice milling industry, and susceptibility
of its profitability margins to changes in paddy prices and
government regulations. The ratings also factor in the firm's
below-average financial risk profile, with small networth,
moderate gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the partners' extensive
experience in the rice milling industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           15      CRISIL A4 (Reaffirmed)
   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan            5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VF will continue to benefit over the medium term
from the partners' extensive industry experience. The outlook may
be revised to 'Positive' if revenue and profitability improve
substantially and sustainably, or sizeable equity infusions
considerably strengthen networth. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or a stretch in its working capital
cycle.

VF is a partnership firm set up by Mr. M K V Rami Reddy and Mr. M
L G K Avathar Reddy, and their families in 2011. It mills and
processes paddy into rice, and generates by-products such as
broken rice, bran, and husk. The firm is based in Tenali
District, Andhra Pradesh.


VIVA INFRAVENTURE: CRISIL Assigns B+ Rating to INR5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Viva Infraventure Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           45        CRISIL A4
   Overdraft Facility        5        CRISIL B+/Stable

The ratings reflect the company's modest scale of operations and
weak financial risk profile because of a high total outside
liabilities to adjusted networth ratio and a low current ratio
owing to large unrelated investments in real estate assets. These
weaknesses are partially offset by the promoters' extensive
experience in the construction industry and moderate order book
position.

Outlook: Stable

CRISIL believes Viva will benefit over the medium term from the
promoters' extensive industry experience and its moderate order
book position. The outlook may be revised to 'Positive' if there
is substantial improvement in sales and cash accrual along with a
decline in outside liabilities. Conversely, the outlook may be
revised to 'Negative' if there is further deterioration in the
financial risk profile owing to an increase in outside
liabilities due to a stretch in the working capital cycle or an
increase in unrelated investments in real estate assets.

Viva was incorporated in 2010 and the company started operations
as a road construction contractor in January 2013. Its registered
office is in Lucknow and does road construction projects for
Public Works Department in nearby regions, including Kanpur,
Lalitpur, and Etawah. The company also does work for Noida
Authority in the Noida region.


WATER SYSTEMS: CRISIL Assigns B+ Rating to INR10MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Water Systems India Pvt. Ltd (WSIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B+/Stable
   Letter of Credit          5        CRISIL A4
   Bank Guarantee           50        CRISIL A4
   Cash Credit              10        CRISIL B+/Stable

The ratings reflect WSIPL's small scale of operations and large
working capital requirement in the fragmented and competitive
civil construction industry. These weaknesses are partially
offset by its promoter's extensive industry experience, and its
healthy financial risk profile because of low gearing and
adequate debt protection measures.
Outlook: Stable

CRISIL believes WSIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of increase in
revenue and profitability, or better working capital management,
leading to improvement in financial risk profile, especially
liquidity. Conversely, the outlook may be revised to 'Negative'
if working capital cycle lengthens, or if the company undertakes
sizeable debt-funded capital expenditure, or if its profitability
declines, weakening liquidity.

WSIPL, set up by Mr. N Krishnan in 2000, is an environmental
engineering company based in Chennai. It undertakes turnkey
projects and offers start-to-end solutions in water purification
and management, wastewater treatment plants, recycling and
revamping of effluent treatment plants, and rejuvenation of water
supply projects. It caters to government as well as private
sector entities.


WELCOME DISTILLERIES: Ind-Ra Withdraws BB+ LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Welcome
Distilleries Pvt Limited's (WDPL) 'IND BB+(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn WDPL's INR140.0
mil. fund-based limits' 'IND BB+(suspended)' rating.

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

Ind-Ra suspended WDPL's ratings on June 29, 2015.


* INDIA: Corporate Debt Worth $178BB at Default Risk, BNP Says
--------------------------------------------------------------
Economic Times reports that a whopping 16.1% or $178 billion
worth of corporate credit in India is at risk of default, making
the domestic banking system the worst in Asia in terms of bad
loans, says a report.

ET, citing a report by French financial services major BNP, says
that of the total bank credit of $1,109 billion in the country,
corporate debt worth $178 billion, 16.1% of the total bank
credit, stands the risk of default.

India is followed by Indonesia and China with 7.2% and 6.6% of
respective total bank credit at the risk of default, ET
discloses.

While in Indonesia, $22 billion of its total bank credit of $305
billion is at potential risk of default, China stares at $1,050
billion of potential bad loans. The Chinese banking system is
worth $15,884 billion, according to ET.

ET relates that the brokerage did not specify the time-frame of
the report which is based on an analysis of 738 listed companies
in Asia which have a combined gross debt of $1.7 trillion.

"Mounting corporate debt is one of the biggest problems for Asian
economies," the report, as cited by ET, said.

"Our country-wise analysis highlights the following percentages
of bank loans at risk: 6.6% in China, 16.1% in India, 5.8% in
Korea, 2.4% in Thailand and 7.2% in Indonesia," it said.

As per BNP Paribas, policymakers in every country are trying to
tackle the debt problem in different ways. "China's solution
seems to be a debt-to-equity swap. This was tried in China in the
late 1990s," the report said.

"The present instance, however, could be different . . . the
government may not assume a significant part of the debt, as it
did in the last instance," it added.

India's approach is more direct as the "Reserve Bank's asset
quality review is forcing banks to acknowledge and write off
stressed assets leading to severe short-term pain, particularly
for PSU banks, but also potential long-term gain once bad loans
are fully recognised," the report, as cited by ET, noted.

Last December, RBI conducted an asset quality review under which
it identified 150 top corporate accounts which are stressed, ET
recalls.

Following this, the regulator asked banks to make provisions for
all these 150 accounts by December and March quarters and get the
entire books cleaned up by March next, ET relates.

This had all the banks, including the private sector ones,
reporting massive spikes in bad loans and adding a whopping Rs 1
trillion in fresh slippages between the September and December
quarters, according to ET.

Already, total NPAs and stressed assets have touched 13% of the
system and are set to rise again in the March quarter, ET notes.



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


BERAU COAL: Moody's Withdraws Caa2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for P.T.
Berau Coal Energy TBK (Berau), including the Caa2 corporate
family rating and the Caa2 ratings on its senior secured bonds
issued by Berau and Berau Capital Resources Pte. Ltd., which are
guaranteed by Berau.

RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating. Please refer to the Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its website, www.moodys.com.

The following ratings and outlooks were withdrawn:

-- Issuer: Berau Coal Energy TBK (P.T.)

-- Corporate Family Rating, Withdrawn, previously rated Caa2

-- $500 million senior secured notes due 2017, Withdrawn,
    previously rated Caa2

-- Outlook, Changed To Rating Withdrawn From Negative

-- Issuer: Berau Capital Resources Pte. Ltd.

-- $450 million senior secured notes due 2015, Withdrawn,
    previously rated Caa2

-- Outlook, Changed To Rating Withdrawn From Negative


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


MITSUBISHI MOTORS: Scandal Could Push Firm to Brink Again
---------------------------------------------------------
Bloomberg News reports that Mitsubishi Motors Corp.'s disclosure
that it manipulated fuel economy tests risks putting the carmaker
back in a familiar position: needing help from Mitsubishi group
companies to stay in business.

According to Bloomberg, President Tetsuro Aikawa bowed in apology
on April 20 before telling reporters the fuel efficiency of
625,000 minicars had been exaggerated by as much as 10%. The
firm's shares were set to fall by the 20% daily limit on April 21
in Tokyo trading after plunging 15% on April 20, the biggest
decline in more than a decade.

A bigger issue may lie in store: Mitsubishi Motors has been
testing cars using a method not compliant with Japanese standards
since 2002, Mr. Aikawa, as cited by Bloomberg, said. While the
company said it is unclear whether the flawed method enhanced or
reduced fuel economy, further revelations that ratings have been
exaggerated may overwhelm the carmaker, which has the lowest
level of cash among its Japanese peers. Bloomberg says the
company required two rounds of bailouts more than a decade ago
from Mitsubishi group companies to survive a scandal involving a
cover-up of deadly defects.

"Since the cover-up of recalls in the 2000s, we have tried to
reinforce compliance within the company, but a compliance sense
still hasn't penetrated to every employee," Bloomberg quotes Mr.
Aikawa as saying. "I deeply understand how difficult it is to
strengthen compliance, and I think this is a very shameful
issue."

The transport ministry inspected the company's plant and
technical center in Aichi Prefecture on April 21, Bloomberg says.
Of the affected minicars produced in the past three years, three-
quarters were supplied to Nissan Motor Co. In testing for their
fuel efficiency, Mitsubishi Motors undervalued how much air and
tire resistance the cars would encounter out on the road.

According to Bloomberg, Mr. Aikawa said the deliberate use of
biased data led to fuel efficiency being overstated for the
Mitsubishi eK Wagon and eK Space, which are also sold by Nissan
as the Dayz and Dayz Roox. The mishandling of the test data was
intentional.

The violation could result in Mitsubishi Motors having to pay
back government tax rebates its minicars should not have been
eligible for, said Ryugo Nakao, an executive vice president,
Bloomberg notes. The company is checking whether its improper
conduct affects overseas models and said it is unable to estimate
the impact on its business at this point.

According to Bloomberg, Mitsubishi Motors may need to consider
selling noncore assets or increasing capital, Koichi Sugimoto, a
Tokyo-based analyst at Mitsubishi UFJ Morgan Stanley, wrote in a
report. The earnings impact is likely to be substantial as the
company may need to compensate its customers and Nissan, as well
as face lawsuits and government penalties, Sugimoto said.

Bloomberg says the maker of Lancer cars and Outlander SUVs has
been seeking to restore confidence in its vehicles after a series
of scandals more than 10 years ago led it to seek multiple
bailouts from Mitsubishi group companies. Mitsubishi Motors had
covered up defects involving flawed axles that could lead wheels
to detach.

"It's not the first time for Mitsubishi to have this kind of
(issue) and this definitely won't help them rebuild their
reputation," Bloomberg quotes Seiji Sugiura, an analyst at Tokai
Tokyo Research Center, as saying. "Investors are shocked. Those
who didn't take action today may rush to sell tomorrow."

Mitsubishi Motors reported having JPY484.7 billion in cash and
equivalents as of the end of December, the least among the
nation's major automakers and about one-tenth the cash pile on
Toyota Motor Corp.'s balance sheet, Bloomberg discloses.

Bloomberg says the company's meager financial resources leave it
stretched thin for research and development. Mitsubishi Motors
forecast spending JPY82 billion for the fiscal year that ended in
March. By contrast, Toyota would have had to spend about JPY88
billion on average per month to meet its annual projection.

It is unclear whether the Mitsubishi Motors data manipulation
will compromise its minicar alliance with Nissan, which
discovered the discrepancy. Nissan voluntarily suspended sales of
the Dayz and Dayz Roox models on April 20 until Mitsubishi Motors
provided further clarification, said Jonathan Adashek, a Nissan
spokesman, Bloomberg relays.

According to Bloomberg, the episode deals another blow to an
industry already dealing with reputation damage. Volkswagen AG
admitted last year to rigging diesel models with software to meet
U.S. emissions standards. Hyundai Motor Co. and Kia Motors Corp.
agreed to pay fines and forfeit emissions credits in late 2014 to
settle U.S. claims they overstated mileage ratings. Ford Motor
Co. also lowered ratings for hybrid models in 2014 and 2013.

Bloomberg adds that the scandal also draws parallels to another
crisis engulfing a Japanese auto company at the center of the
industry's largest safety recall: troubled parts supplier Takata
Corp. The company has admitted to manipulating air-bag inflator
test data, prompting a rebuke from its biggest customer, Honda
Motor Co.

Takata is now seeking sponsors that would replenish its capital
and allow it to emerge as a new company, a person familiar with
the matter said this month, Bloomberg reports.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's
long-term corporate credit rating ratings of 'BB+'.


TOSHIBA CORP: Starts Search for Next President
----------------------------------------------
Nikkei Asian Review reports that Toshiba Corp, the Japanese
electronics maker reeling from an accounting scandal, has
officially begun discussions on choosing a successor for the
current company head via its nominating committee.

Nikkei relates that President Masashi Muromachi has led Toshiba
on an interim basis since July, when predecessor Hisao Tanaka
left in the wake of the book-cooking revelations. Now that
Toshiba has sold off its medical device unit and announced
business plans for this fiscal year, the company feels the time
is ripe to install a new chief who will be the centerpiece of a
born-again enterprise, the report says.

According to Nikkei, the five-person committee is made up
entirely of outside directors and is headed by Yoshimitsu
Kobayashi, who is chairman of Mitsubishi Chemical Holdings. The
panel began deliberations April 20 with the debate over a likely
successor, who may be picked from three senior executive vice
presidents.

Apparently no decisions were reached, the report says. Other
topics included whether Mr. Muromachi will regain his chairman
position.

Nikkei says Mr. Muromachi was chairman when he took on the
president's job as well, then quit the chairman's post last
September. Under his watch, the company is restructuring itself
in part by selling off the medical device and white goods
businesses, and by cutting some 14,000 jobs worldwide.

Mr. Muromachi was initially expected to step down in September
this year, about when the Tokyo Stock Exchange decides whether to
take Toshiba off a watch list. But a proposal has been floated
moving the date up to June, when the company will hold a
shareholders meeting, adds Nikkei.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating
two notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term
ratings on Toshiba on CreditWatch with negative implications,
where S&P placed them Dec. 22, 2015, when it lowered the long-
term corporate credit rating.  S&P has affirmed its short-term
corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


FE INVESTMENTS: S&P Puts 'B' ICR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'B'
long-term and short-term issuer credit ratings on New Zealand-
based FE Investments Ltd. (FEI) on CreditWatch with negative
implications.

Standard & Poor's is placing its ratings on FEI on CreditWatch
with negative implications in response to a potential increase in
credit risk following a recent announcement from one FEI's key
borrowers, Australian-based Tomizone Ltd. (Tomizone; unrated).

The announcement highlighted that FEI has agreed to restructure
its loan of about A$1.7 million to Tomizone, of which A$1.25
million will be refinanced into convertible notes.  S&P notes
that the loan restructure has, in some ways, strengthened FEI's
rights as a creditor to Tomizone.  Nevertheless, S&P considers
that heightened financial risks faced by Tomizone could expose
FEI to a significant increase in loan impairments, given that
FEI's loan (post-restructure) would account for about 20% of the
finance company's capital base.

As a result, S&P believes FEI's ability to maintain its risk
adjusted capitalization -- which S&P currently assess as very
strong -- is likely to come under increased pressure if the
financial difficulties faced by Tomizone are not quickly and
effectively resolved.

S&P previously expected FEI's risk-adjusted capital (RAC) ratio
to remain broadly unchanged through to fiscal 2017 (ending March
2017) from a static ratio of 15.1% as at Dec. 31, 2015, before
trending higher in the subsequent 12 months in response to
earnings growth and a slowdown in lending growth.  S&P's
expectations also incorporated further capital injections from
FEI's shareholders to support its growth aspirations.  S&P
believes the majority of these expectations remain unchanged.
However, S&P believes the increased uncertainty stemming from the
finance company's exposure to Tomizone reduces S&P's confidence
in FEI's ability to maintain an RAC ratio at the current level.
S&P notes that its threshold for our current assessment of FEI's
capital is 15%.

S&P understands FEI's loan to Tomizone is currently performing,
and that FEI may be able to exit or manage these exposures
through a number of possible measures such as appointing a
replacement operator to discharge Tomizone's contracts to its end
customers, or through a sale of the underlying contracts.
Nevertheless, S&P considers that enforcement of these measures
would be subject to delays, particularly if Tomizone's
performance deteriorates further or faces increasing risk as a
going concern.

"Relatedly, we also consider that an increase in credit
impairments could also heighten the liquidity risks that FEI
faces.  We believe FEI has sufficient balance sheet flexibility
to cover funding needs over a 12-month forecasted period.  We
believe FEI would curb new lending within a reasonably short
period if either nonperforming loans rose sharply -- as they lead
to uncertainty around inflows, particular as some loans are
relatively large -- or if a loss in investor confidence triggered
a sharp drain in on-balance sheet liquidity.  We note that FEI
has a record of cutting its new lending a few years ago when the
finance company dealt with a significant level of nonperforming
loans.  Supplementing our analysis, we believe FEI's reliance on
household debentures provides some consistency and predictability
to cash inflows and outflows on a monthly basis, particularly
given the high reinvestment rates in recent periods--although we
believe they are explained, in part, by high debenture offer
rates," S&P said.

The CreditWatch with negative implications reflects S&P's opinion
that a high degree of uncertainty surrounds S&P's capital
forecasts for FEI.  S&P expects to lower its long-term rating on
FEI to 'B-', and the short-term rating to 'C', if S&P came to the
view that the finance company's forecast RAC ratio will fall
below 15% within the next two years.

S&P is likely to form this view if, in its opinion, FEI's
exposure to Tomizone deteriorates further -- which could be
indicated by, for example, an unsuccessful capital raising by
Tomizone -- and no action is taken by FEI to effectively offset
the impact of such potential impairments.  S&P would also lower
its ratings on FEI if the finance company faced a subsequent
liquidity stress-event, although in S&P's base case we expect the
finance company has the flexibility and willingness to
effectively manage its liquidity.

Even if FEI's exposure to Tomizone is improved in the short term,
which may be highlighted by a successful capital raising, S&P
believes longer-term uncertainty would still remain as S&P
believes the finance company would still be exposed to some risk
of increased credit impairments.  In this instance, S&P would
expect to affirm the ratings and revise the outlook on its issuer
credit ratings on FEI to negative.

S&P expects to affirm the ratings and revise the outlook to
stable if FEI were able to successfully exit its exposure to
Tomizone that involved minimal financial loss, coupled with an
expectation that the finance company's RAC ratio will remain
above 15% over the next two years.

In addition, should FEI adopt further capital measures -- beyond
S&P's current expectations -- that, in its opinion, would likely
result in the finance company's RAC ratio remaining above 15%
over the next two years, irrespective of the performance of its
loans to Tomizone, S&P would also expect to affirm the ratings
and revise the outlook to stable.


STONEWOOD HOMES: Two Stonewood Firms Placed Into Liquidation
------------------------------------------------------------
Myles Hume at Stuff.co.nz reports that two Stonewood Homes
companies owing more than NZ$1 million in taxes have been placed
in liquidation.

Stuff.co.nz says Inland Revenue Department filed proceedings
against Stonewood Homes New Zealand Ltd and Stonewood Homes Ltd,
both in receivership, at the High Court in Christchurch on
March 3.

The companies went into liquidation, unchallenged, shortly after
10:30 a.m. on April 21, the High Court ordered, Stuff.co.nz
relates.

According to Stuff.co.nz, Inland Revenue claimed Stonewood Homes
Ltd owed it NZ$864,323. Stonewood Homes New Zealand Ltd owed
NZ$183,224 - totalling more than NZ$1m.

Stuff.co.nz relates that Webco Joinery supported Inland Revenue's
application for Stonewood Homes Ltd, while Carter Holt Harvey
Ltd, trading as Carters, backed the Stonewood Homes New Zealand
Ltd application.

Ernst & Young liquidators Rhys Cain and Rees Logan have been
appointed as liquidators, Stuff.co.nz discloses. They were
previously charged with the liquidation of Stonewood's
shareholder company Holmfirth Group Ltd.

According to Stuff.co.nz, Mr. Cain said the liquidators would
examine company transactions leading up to the receivership to
investigate whether any insolvent transactions needed to be
reclaimed, or if some creditors were favoured over others.

"It's going to be quite an unpopular job, we may have to ask some
creditors to pay back money they already received, but the
reality is some creditors may have received preference over
others," the report quotes Mr. Cain as saying.  "Our second job
will be looking at the management of the company in the last
couple of years to ensure that the directors and management team
have met all their statutory obligations."

Mr. Cain hoped the liquidators would meet with KordaMentha
receivers next week, the report says.

Stuff.co.nz relates that insolvency expert Jeremy Johnson, of
Christchurch firm Wynn Williams, said liquidating entities
associated with the Stonewood collapse would allow liquidators to
comb through the entire operation and any director liability.

According to Stuff.co.nz, Mr. Johnson said liquidators could look
at whether senior figures operated in good faith, worked in the
companies' best interests and fulfilled their duty not to trade
recklessly or while insolvent.

"The liquidators will get access to all company records, that
will include emails on servers, company bank accounts, company
accounting records."

On February 22, Stonewood Homes New Zealand Ltd - the master
franchisor of the Stonewood Group - and sister companies
Stonewood Homes Ltd and Sterling Homes (Christchurch) went into
receivership owing unsecured creditors NZ$15 million.

Inno Capital, a company owned by property magnates Michael and
John Chow and finance specialist Clint Webber, bought the
business assets for an undisclosed sum on March 9, Stuff.co.nz
discloses.



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


CAPITOL INVESTMENT: Partner Files Wind Up Bid Over Deadlock
-----------------------------------------------------------
The Business Times reports that Perennial Real Estate Holdings
(PREHL) has filed applications for the Singapore High Court to
wind up three associated companies related to its integrated
development, Capitol Singapore at City Hall, due to a deadlock
with its partner.

The three firms are Capitol Investment Holdings, Capitol Retail
Management and Capitol Hotel Management, the report discloses.

BT relates that the applications were made because "the
shareholders and management of the Capitol entities are in
deadlock, and that their relationship has been adversely affected
such that the shareholders cannot realistically continue to work
together constructively," it said in a filing to the Singapore
Exchange.

According to the report, PREHL said on April 14 that the
shareholders were unable to agree on a number of key issues
related to the project in the last few months. It did not say
what these issues were.

"The prevailing state of affairs is not conducive to the business
interests of the Capitol project, the Capitol entities or their
respective shareholders. It is therefore necessary for the
shareholders to disengage from the joint enterprise, such that
the Capitol project is ultimately fully controlled by either
shareholder, or by a third party buyer," PREHL, as cited by BT,
said.

The Capitol entities together hold the assets of Capitol
Singapore, an integrated development at the junction of Stamford
Road and North Bridge Road, BT discloses.

PREHL owns an effective 50% stake in each of the three Capitol
entities. Its chief executive officer is retail mall veteran, Pua
Seck Guan.  Chesham Properties holds the remaining 50 per cent.
Chesham is a member of the Kwee family's Pontiac Land Group, a
privately-held luxury property developer

All components of the integrated development - retail, theatre,
hotel and residences - have received their temporary occupancy
permits, the report notes.

BT adds that PREHL said the winding up proceedings were not
expected to have any material impact on its net tangible assets
or earnings per share for the current financial year ending
December 31, 2016.



                             *********

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

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

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


                            *********


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

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

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

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

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



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